Question

What is the connection between Individualism, Collectivism, and Economic development?

*200 words please, someone who writes English well* thank you:) PLEASE TYPE ANSWER

Answer 1

While an individualistic society values personal control, autonomy and individual achievements, a collectivist puts a premium on loyalty and unity and imposes collective responsibilities within in-group background. It has been argued that individualism, in contrast to collectivism, would explicitly encourage economic development by sharpening individual opportunities for consumption, innovation and wealth accumulation. The individualistic-collectivist element can also affect growth by focusing on the quality of governance.

In the public sphere, the in-group favoritism inherent in collectivist societies is likely to result in inequality, nepotism, and clientelism. The relative weakness of in-group pressures and focus on personal achievement and worth in individualistic societies should lead to a more meritocratic and productive public sector for long-term growth.

Recognition of this two-way causality suggests four broad theories about the relationship between economic and cultural factors: (1) economic development is impeded by collectivism and encouraged by individualism; (2) economic development is facilitated by collectivism and hindered by individualism; (3) economic development promotes collectivism and erodes individualism; and (4) economic development promotes individualism;