The influence of the market economy and economic freedom on culture

Eelke de Jong

Chapter 18 in Handbook of Research on Economic Freedom, 2024, pp 259-272 from Edward Elgar Publishing

Abstract: This chapter discusses empirical research on the effects of a market society on culture in the sense of dominant values. Two aspects of a market society are distinguished: institutions and policy on the one hand, and the market process itself - the interaction between buyers and sellers. Institutions and polices are measured by the Economic Freedom of the World index. It appears that free markets have a positive influence on civic virtues, trust and tolerance. In particular, the protection of property rights and a good judicial system seem to be relevant. Some additional regressions suggest an increase in other-regarding behavior if the free market is regarded as fair. The influences are larger within a set of rich, Western countries than in non-Western countries. There is evidence that the interaction between buyers and sellers can increase bilateral trust and self-attribution. Establishing the exact causal path appears to be difficult.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2024
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