Political Economy of Interculture Differences: An EU Perspective

Abstract

Economic development is always linked with systematic changes in human behavior, its basic value and cultural change are paths dependent on it. The study illustrates the culture value that converges the EU into a single European value landscape. Current economic growth theories do not take into account cultural variables at national levels and economic life happens in asocial context and it affects economic development. This paper gives an overview of earlier relevant studies on cultural and economic growth and established linkage between cultural norms and its economic outcome from the EU perspective. The paper concludes that culture is ought to play a central role in devising the plan for the future of Europe. The paper suggests some recommendations that a new approach may be allowed with a change of mindset which should not practice the notion that what is not allowed is forbidden to what is not forbidden is allowed.