Modifying Culture to Advance Economic Growth

Abstract

In furthering the discussion on the linkage between economic development and culture, this chapter attempts to answer the question, “Can culture be modified to advance economic growth?” and uses Singapore as a case in point. It traces the country's restructuring of cultural values to foster economic growth and development, which allowed Singapore to grow from a small island state with a sagging economy and no natural resources to one of the most respected and widely recognized developmental models of the modern era. This study shows that social controls can help newly developing countries in creating political stability and social cohesion that allows for rapid economic development. However, the side effects of such measures lead to the creation of a compliant society that lacks creativity and innovation, is risk averse in entrepreneurial activity, and is prone to talent depletion.