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Chindia: Does Culture Matter in Hindu and Confucian Economies?
Leah Green,Patrick Mendis 연세대학교 동서문제연구원 2008 Global economic review Vol.37 No.4
China and India (Chindia) have begun in recent years to enjoy growing measures of economic success, reversing the centuries of structural poverty and their negligible rates of economic growth. This article examines the influence of varying cultural propensities-Hinduism in India and Confucianism in China--and their impact on each country`s economic turnaround. It discusses the historical circumstances that shaped Chindia`s perspectives on foreign direct investment and how the external forces contributed to their domestic policymaking. It also addresses three ways in which culture can affect economy and the two major events that cemented the direction of Chindian economic growth. Finally, the paper presents a comparative analysis of China and India and their respective impact of culture on development. It asserts that the forces of culture and its historical development do matter, especially when it comes for a nation to reverse its deprived and stagnated situation and to achieve a status of economic powerhouse.