Impact of the cultural factor on economic growth and entrepreneurial activity: challenges of modern globalization

Thumbnail Image
Journal Title
Journal ISSN
Volume Title
Ivane Javakhishvili Tbilisi State University Press
The modern world is characterized by a high degree of uncertainty. The processes taking place in various spheres of society, which with their scope of action go beyond the borders of one sphere and in many cases are the cause of significant, sometimes crisis shock effects in other spheres, leading to the growth of insecurity in the future as well. Under these conditions, the most important thing for any state is to ensure the sustainability of the functioning of the socio-economic system of its country. In this regard, the systematic presentation of the cultural factors of the country's economic growth and entrepreneurial activity based on modern challenges and its effective use is relevant today. In the paper, based on a systematic approach, such factors as cultural and value characteristics are distinguished. Their modern features and possible directions of modernization are presented for Georgia.
1. Acemoglu, D. (2002). Introduction to Modern Economic Growth. Department of Economics, Massachusetts Institute of Technology. 2. Agarwal, P. (February 25, 2022). Economic Growth. Intelligent Economist. 3. Aghion P., Peter Howitt, P. (2009). The economics of Growth. Cambridge, Massachusetts London, England. 4. Baker, S., Bloom, N. & S. J. Davis, S., J. (2016). Measuring Economic Policy Uncertainty. Quarterly Journal of Economics. 131, 1593–1636. 5. Bedianashvili, G. (1995). State, Power Structure and Socio-Economic Reform of Society. Tbilisi, Mecniereba. 6. Bedianashvili, G. (2014). Culture as an Institution in the Context of the Country’s Socio-Economic Development and International Business. Journal „Economisti”, Ivane Javakhishvili Tbilisi State University, Paata Gugushvili Institute of Economics, 6 (In Georgian). 7. Bedianashvili, G. (2016). Global Business Environment, European Integration and Cultural Potential of Socio-Economic Development of Georgia. Globalization and Business, 1, 19-25 (In Georgian). 8. Bedianashvili, G. (2017). The Culture as an Informal Institute and the Factor of Social-Economic Development and Business in the Context of European Integration. CONFERENCE PROCEEDINGS 1 ISCBE'17 BUILDING BRIDGES BETWEEN BUSINESS RESEARCH AND INDUSTRY NEEDS CONFERENCE PROCEEDINGS. At: South East European University, Tetovo, Republic of Macedonia. 147-153. 9. Bedianashvili, G. (2018). Knowledge Economy, Entrepreneurial Activity and Culture Factor in Modern Conditions of Globalization: Challenges for Georgia. Globalization and Business. 5, 32-37. 10. Bedianashvili, G. (2020). Culture as an Institution in Economics and Business: Macroeconomic System Approach. Universali. – 226 p. 11. Bedianashvili, G. (2021). Macroeconomic and Cultural Determinants of the COVID-19 Pandemic Crisis. Bulletin of the Georgian National Academy of Sciences, 15(2), 191-197. 12. Bedianashvili, G. (2022). The COVID-19 Pandemic, Globalization and the Socio-Economic System of the Country (Macro Aspect). Materials of International Scientific Conference: Covid-19 Pandemic and Economics. Tbilisi, Ivane Javakhishvili Tbilisi State University, Faculty of Economics and Business. 38-42. 13. Chikobava, M. (2012). Possibilities of convergence from the point of view of neoclassical and endogenous models of growth. Economics and Business, 4, 11-24. 14. Culture Matters. How Values Contribute to Social Progress (2002. Edited by L. Harrison and S. Huntington. M., (In Russian). 15. Didero, M., Gareis, K., Marques, P., &Ratzke, M. et al. (2008). Differences in Innovation Culture across Europe, Discussion paper, TRANSFORM project report, URL: http:// Differences in Innovation Culture.pdf (retrieved 10. 7. 2008). 16. Dobler, C. (2009). The Impact of Institutions, Culture, and Religion on Per Capita Income. University of Hohenheim. Stuttgart. No. 28. P. 1-3. 17. England, G. W., Dhingra, O. P., &Agarwal, N. C. (1974). The Manager and Man: A Cross-Cultural Study of Personal Values. K. OH. 18. Geertz, C. (1973). The Interpretation of Cultures. New York, Basic Books. 19. Gesteland, R. (2003). Cross-Cultural Behavior in Business. Marketing Research, Negotiation, and Management in Various Cultures. Dnepropetrovsk (In Russian). 20. Gladwin, Т. N., &Terpstra V. (1978). Introduction in the cultural environment of international business / Ed. by V. Terpstra, Cincinnati: Southwestern, p. xiv. 21. Gvelesiani, M., & Veshapidze, S. (2016). Values: Limits and Contradictions. Globalization & Business, 1, 35-39. (In Georgian). 22. Helman, E. (2004). The Mystery of Economic Growth. Cambridge. Massachusetts, and London, England: The Belknap Press of Harvard University Press. 23. Hall, E. (1976). Beyond culture. N. Y. 24. Harris, P.R., &Moran R.T. (1979). Managing Cultural Differences. Houston. 25. Hofstede G. (2000). Cultures and Organizations: Software of the Mind. New York. 26. Hofstede G., &Hofstede G.I. (2011). Cultures and Organizations. Mind software. Tbilisi (In Georgian). 27. Hofstede, G. (2011). Dimensionalizing Cultures: The Hofstede Model in Context. Online Readings in Psychology and Culture, 2(1). 28. Holden, N. (2002). Cross-cultural Management. A Knowledge Management Perspective. Harlow; New York: Financial Times Prentice Hall. 29. Inglehart, R., & Welzel, K. (2011). Modernization, Cultural Change, and Democracy. The sequence of Human Development. M.: New Publishing House (In Russian). 30. Jamagidze,L., Papachashvili, N., Shaburishvili, Sh., &Sikharulidze, D. (2011). Socio-Cultural Environment of Business in Georgia. (In Georgian). 31. Kakulia, N., Zhghenti, T. (2019). Institutional Determinants of Economic Growth in Georgia and in Other Post-Communist Economies. World Academy of Science, Engineering and Technology. 13 (5), 642-645. 32. Kaklauskas, A., Kaklauskiene, L. (2022). Analysis of the impact of success on three dimensions of sustainability in 173 countries. Sci Rep 12, 14719. 33. Khizanishvili, S., Kulijenashvili, A., &Tsikaridze, L. The Culture of Business Relationships. Tbilisi, 2007 (In Georgian). 34. Konya, I. (2018). Economic Growth in Small Open Economies. Lessons from the Visegrad Countries. Centre for Economic and Regional Studies Budapest, Hungary 35. Krasilnikova, M.B., & Sevastyanova, S.K. (2015). To the Question of modern approaches to the definition of the concept of “Culture” // Observatory of Culture. (In Russian). 36. Kroeber, A.L., &Kluckhohn C. (1952). Culture: a Critical Review of Concepts and Difinitions //Papers Peabody Mus. Am. Archeol. Etnol. 47, N 1. 37. Lewis, D. (2012). When Teams Collide: Managing the International Team Successfully. Nicholas Brealey Publishing. 38. Matsumoto, D. (1996). Culture and Psychology. Pacific Grove, CA: Brooks/Cole. 39. Moran, R., Abramson N., & Moran S. (2014). Managing Cultural Differences. 40. Murdock, G. (1965). Culture and Society. Pittsburgh. 41. North, D. (1990). Institutions, Institutional Change and Economic Performance. Cambridge, CUP. 42. Papava, V. (2012). Economic Growth in the Central Caucaso-Asian Countries Adjusted for the Catch-Up Effect. CENTRAL ASIA AND THE CAUCASUS. 13(4), 120-128. 43. Papava, V. (2014). The Catch-Up Effect and Regional Comparisons of Growth Indicators (With the Eastern Partnership Countries as an Example). Problems of Economic Transition, 57(3), 3–12. 44. Papava, V. (2018). Catching Up and Catch-Up Effect: Economic Growth in Post-Communist Europe (Lessons from the European Union and the Eastern Partnership States). European Journal of Economic Studies, 7(2), 109-125. 45. Papava, V. (2019). On the economic growth in post-communist countries of Eastern Europe. Economics and Mathematical Methods, 56(1), 34-43. 46. Papava, Vladimer. (2022a). “Pandemic, War and Economic Sanctions: From Turbulent to Confrontational Globalization.” Eurasia Review, May 23. sanctions-from-turbulent-to-confrontational-globalizationoped/? fbclid=IwAR1zLFJs1kUFJWgp6qRXRWhLOy2OWnWjwIVUjMwjphnjqs0OKoUQSi12Z4I 47. Papava, V. (August 04, 2022b). On Economic Growth in G20 Countries in 2022, Adjusted for Catch-Up Effect. Eurasia Review. 48. Petrakis, E. P. 2014. Culture, Growth and Economic Policy. Springer Heidelberg New York Dordrecht London 49. Paresashvili, N. (2011). The dynamism of organizational culture in the context of continuous change. Economics and Business, No. 3, pp. 184-197 (In Georgian). 50. Robertson, R. (1985). The relativization of society: Modern religion and globalization. In: Shepherd, William C. and Robbins, Thomas (eds) New Religious Movements and the Law. New York: Crossroads Books. 51. Robertson, R. (1988). The Sociological Significance of Culture: Some General Considerations. Theory, Culture & Society. V. 5 issue: 1, pp. 3-23. 52. Rokeach, M. (1973). The Nature of Human Values. N. Y. 53. Ronen, S., & Shenkar O. (1985). Clustering Сountries on Аttitudinal Dimensions: A Review and Synthesis // Academy of Management Review, July. pp. 435-454. 54. Royd R., & Richerson P.J. (1988). Culture and the Evolutionary Process. The University of Chicago, London. 55. Rodrick, D. (2013). The Past, Present, and Future of Economic Growth. 56. Rodrik, D. (2019). Where are we in the Economics of Industrial Policy?, 21 January 57. Ros, J. (2013). Rethinking Economic Development, Growth, and Institutions. Oxford University Press. 58. Schumpeter, J. A. (1934). The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle. Cambridge: Harvard Business Press. 59. Schwartz, S. (2008). Cultural Value Orientations: Nature and Consequences of National Differences. Psychology. Journal of the Higher School of Economics. V. 5, No. 2. C.37-67. (In Russian). 60. Sengupta, J. (2011). Understanding Economic Growth: Modern Theory and Experience. The University of California, Santa Barbara College of Letters & Science. 61. Shengelia, T. (2016). Multiculturalism as a Socio-Economic Event and the Determinant of Business. Tbilisi (In Georgian). 62. Shengelia, T. (2018). Social capital of dominant ethnic groups and its impact on business. 63. Shengelia, T. (2019). Research methodology and the impact of social entrepreneurship on the solution of social problems in Georgia. 64. Sumbadze, N. (2012). Generations and Values. Tbilisi (In Georgian). 65. Tambovtsev, V. L. (2014). Economic Theory of Informal Institutions. M., (In Russian). 66. Tambovtsev, V. L. (2018). Innovations and culture: Importance of the analysis methodology. Voprosy ekonomiki. 9, 70-94. (In Russian). 67. Veshapidze, S. (2017). The Traditions Orientated on European Values in Georgia. Sciences of Europe, (13-4), 14-18. 68. Weil, David, N. 2012. Economic Growth. New York: Pearson. 69. Zoidze, G., & Veshapidze, S. (2022a). The Modern Economy and Values. Cambridge Scholars Publishing. P. 125.
cultural factor, globalization, the socio-economic concept of the country, uncertainty, long-term view on economic growth, entrepreneurship and culture
VII International Scientific Conference Dedicated to the 100th Anniversary of the Faculty of Economics and Business "Challenges of Globalization in Economics and Business", Tbilisi, 2022, pp. 53-58.