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Pál Czeglédi and Carlos Newland
Authors registered in the RePEc Author Service: Pál Czeglédi ()

Economic Affairs, 2018, vol. 38, issue 2, 240-256

Abstract: This article demonstrates the existence of conglomerates of nations that seem to have similar ideological attitudes towards capitalism. The main finding is the existence of relatively homogeneous global cultural clusters, the Anglosphere and Northern European nations showing the highest appreciation for free markets, followed by the Sinosphere. The rest of the world tends to be more anti†capitalist, with the Middle East and Eastern Europe standing out for being at the end of the spectrum. Statistical analysis suggests that the capitalist mentality is to some extent autonomous, and does not seem to be determined strongly by other variables such as income, growth or inequality. At the same time, the capitalistic mentality appears to correlate with economic freedom, as measured by the Economic Freedom of the World index. If a pro†capitalist ideology is connected to institutional development, then some conglomerates seem to be in a better position to attain or maintain economic growth in the future.

Date: 2018
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