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The influence of the market economy and economic freedom on culture

In: Handbook of Research on Economic Freedom

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  • Eelke de Jong

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.

Suggested Citation

  • Eelke de Jong, 2024. "The influence of the market economy and economic freedom on culture," Chapters, in: Niclas Berggren (ed.), Handbook of Research on Economic Freedom, chapter 18, pages 259-272, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21220_18
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    File URL: https://www.elgaronline.com/doi/10.4337/9781802206159.00028
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    Keywords

    Economics and Finance;

    Statistics

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