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Cultural values, economic growth and development
Symphorien, Ntibagirirwa
Symphorien, Ntibagirirwa
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Neo-liberal economics is built upon the claim that the freedom to pursue one’s selfinterest and one’s rational choice lead to economic growth and development. Neo-liberal economists and policymakers endeavoured to universalize this claim, and argue that appropriate economic policies produce the same results regardless of cultural values. Accordingly, developing countries are advised to embrace the neo-liberal economic credo for them to escape from the trap of underdevelopment. However, the economic success of South East Asia on the one hand and the failure of economic development in Sub-Saharan Africa on the other, are increasingly proving that the “economic” argument cannot be taken dogmatically: self-interest and rationality do not seem to be the only explanation for economic development. One other avenue being explored is the link between cultural values and economic development. I consider this link particularly in the African context, and argue that, although they cannot be taken as the sole factor, cultural values are crucial for economic development. For economic growth and development to occur, they need to be a substantiation of a people’s values, such that even for foreign economic policies to be effectively implemented in a culture other than that which generated them, they must be appropriated by it.
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2008
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With permission of the license/copyright holder