Economic growth and economic development 190
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Introduction to Modern Economic Growth
equilibrium? Perhaps culture may be related to this process of equilibrium selection. “Good” cultures can be thought of as ways of coordinating on better (Pareto
superior) equilibria. Naturally, the arguments discussed above, that an entire society could being stuck in an equilibrium in which all individuals are worse off than
in an alternative equilibrium is implausible, would militate against the importance
of this particular role of culture. Alternatively, different cultures generate different
sets of beliefs about how people behave and this can alter the set of equilibria for a
given specification of institutions (for example, some beliefs will allow punishment
strategies to be used whereas others will not).
The most famous link between culture and economic development is that proposed by Weber (1930), who argued that the origins of industrialization in western
Europe could be traced to a cultural factor–the Protestant reformation and particularly the rise of Calvinism. Interestingly, Weber provided a clear summary of his
views as a comment on Montesquieu’s arguments:
“Montesquieu says of the English that they ‘had progressed the farthest of all peoples of the world in three important things: in piety,
in commerce, and in freedom’. Is it not possible that their commercial superiority and their adaptation to free political institutions are
connected in some way with that record of piety which Montesquieu
ascribes to them?”
Weber argued that English piety, in particular, Protestantism, was an important
driver of capitalists development. Protestantism led to a set of beliefs that emphasized hard work, thrift, saving. It also interpreted economic success as consistent
with, even as signalling, being chosen by God. Weber contrasted these characteristics of Protestantism with those of other religions, such as Catholicism and other
religions, which he argued did not promote capitalism. More recently, similar ideas
have been applied to emphasize different implications of other religions. Many historians and scholars have argued that not only the rise of capitalism, but also the
process of economic growth and industrialization are intimately linked to cultural
and religious beliefs. Similar ideas are also proposed as explanations for why Latin
American countries, with their Iberian heritage, are poor and unsuccessful, while
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