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What examples can you think of where different cultures exhibit differences in how they view or use economics?

Economics Sep 02, 2020

What examples can you think of where different cultures exhibit differences in how they view or use economics?

Expert Solution

Different cultures view and look upon economic activities in different ways. The western world, for instance North America, Western Europe and Australia/New Zealand have a capitalistic set up of economy, where money and power is not evenly distributed in the masses. Except the USA, however most other countries in the western style economies have some degree of socialistic structure incorporated into their capitalistic economies, like free health care, unemployment payments etc. Time is, however, viewed in terms of money and hospitality, social relationships, and maintaining cordiality seem to be secondary. In the highly developed economies of East and South-East Asia, time is not entirely viewed in terms of money. Social respect, cooperative decision making, and coherence probably are as important in making important economic decisions. In the oil-rich middle-east, the economies are though capitalistic and wealthy, but level of human development is poor. Time is something secondary and luxuries, social relationship, and hospitality seem to take prominence. In the third world countries, the economies are primarily socialistic, and they are struggling to provide a basic sustainable level of living to their citizens instead of a reasonable level of living.

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