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Culture Shock and Direct Investment in Poor Countries

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  • Hanson, John R.

Abstract

The role of culture in economic development is experiencing renewed interest among scholars. This study proposes high intercultural transactions costs as a reason for the enduring scarcity of modem capital and technology in poor countries and conducts a statistical test based on the premise that cultural diffusion reduces these costs. The stock of direct investment in poor countries at the end of the colonial era is shown, as predicted, to be directly correlated with the diffusion of Westem culture in the European empires and elsewhere.

Suggested Citation

  • Hanson, John R., 1999. "Culture Shock and Direct Investment in Poor Countries," The Journal of Economic History, Cambridge University Press, vol. 59(1), pages 1-16, March.
    • Handle: RePEc:cup:jechis:v:59:y:1999:i:01:p:1-16_02
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    Cited by:

    1. Eduardo Henrique de Borba & Ana Paula Menezes Pereira, 2020. "Political environment and attraction of foreign direct investment: an institutionalist approach," Economics Bulletin, AccessEcon, vol. 40(1), pages 837-845.
    2. Mudambi, Ram & Navarra, Pietro, 2002. "Institutions and internation business: a theoretical overview," International Business Review, Elsevier, vol. 11(6), pages 635-646, December.

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