The role of culture in the economic development of countries
The role of culture in the economic development of countries is often overlooked by economists, yet it can significantly affect a country’s economic development. Culture generates assets, such as skills, products, expression, and insight that contribute to the social and economic well being of the community. I will show the benefit of culture’s impact on economic development through tourism, social capital, and corporate governance. In contrast, culture can produce negative outcomes in economic development. Cultural issues, such as gender inequality, lack of social capital, and diminishing cultural heritages, contribute to a downgrading economy.
To understand culture’s impact on a country’s economic development, it is …show more content…
The development of sustainable tourism will attract more people to become involved in introducing new tourism products, protecting the environment, and preserving historical and cultural sites. Many localities are becoming increasingly aware of the contributions of tourism to the increase of their GDP growth, so they have produced various investment strategies for tourism development in their regions.
The strength of social capital, in the form of leadership, partnerships, and community spirit, is another important driver of economic growth and development. Social capital is a community’s human wealth: the sum total of its skills,