David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
Learn more about PhilPapers
Journal of Business Ethics 84 (3):297 - 311 (2009)
Neo-liberal economics is built upon the claim that the freedom to pursue one's self-interest and rational choice leads to economic growth and development. Against this background neo-liberal economists and policymakers endeavoured to universalise this claim, and insistently argue that appropriate economic policies produce the same results regardless of cultural values. Accordingly, developing countries are often advised to embrace the neo-liberal economic credo for them to escape from the trap of underdevelopment. However, the economic success of South East Asia on the one hand and the failure of economic development in sub-Saharan Africa on the other, are increasingly proving that the 'economic' argument cannot be taken dogmatically: self-interest and rationality do not seem to be the sufficient explanations for economic development. One other avenue to be taken seriously is the link between cultural values and economic development. After viewing the principle of self-interest against its historico-cultural background, I consider this link in the African context, and argue that, although they cannot be taken as the sole factor, people's cultural beliefs and values are crucial for economic development. Economic growth and development need to be a substantiation of a people's beliefs and values. In African value system, this substantiation could lead to what one would call 'ubuntu economy' in which the state, the markets and the people are all agents, and not patients, in the process of economic growth and development
|Keywords||economic growth and development cultural values self-interest and rational choice Bantu conception of reality ubuntu economy|
|Categories||categorize this paper)|
Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
|Through your library|
References found in this work BETA
Ann E. Cudd (1993). Game Theory and the History of Ideas About Rationality: An Introductory Survey. Economics and Philosophy 9 (01):101-.
Kwame Gyekye (1997). Tradition and Modernity: Philosophical Reflections on the African Experience. OUP USA.
Robert Nozick (1974). Anarchy, State and Utopia. Basic Books.
Alexander Rosenberg (1992). Economics: Mathematical Politics or Science of Diminishing Returns? University of Chicago Press.
Michael Sandel (2003). Liberalism and the Limits of Justice. In Derek Matravers & Jonathan E. Pike (eds.), Debates in Contemporary Political Philosophy: An Anthology. Routledge, in Association with the Open University.
Citations of this work BETA
Andrew West (2013). Ubuntu and Business Ethics: Problems, Perspectives and Prospects. Journal of Business Ethics 121 (1):1-15.
Similar books and articles
David Hollenbach (1998). Solidarity, Development, and Human Rights: The African Challenge. Journal of Religious Ethics 26 (2):305 - 317.
Arjo Klamer (2003). A Pragmatic View on Values in Economics. Journal of Economic Methodology 10 (2):191-212.
Daniel R. Fusfeld (1996). Rationality and Economic Behavior. Journal of Economic Methodology 3 (2):307-315.
Gail Hochachka (2005). Integrating Interiority in Community Development. World Futures 61 (1 & 2):110 – 126.
Rabia Naguib & Joseph Smucker (2009). When Economic Growth Rhymes with Social Development: The Malaysia Experience. [REVIEW] Journal of Business Ethics 89 (2):99 - 113.
Wenceslao J. González (2008). Economic Values in the Configuration of Science. Poznan Studies in the Philosophy of the Sciences and the Humanities 96 (1):85-112.
Nils Goldschmidt & Bernd Remmele (2005). Anthropology as the Basic Science of Economic Theory: Towards a Cultural Theory of Economics. Journal of Economic Methodology 12 (3):455-469.
Yu-Shu Peng & Shing-Shiuan Lin (2009). National Culture, Economic Development, Population Growth and Environmental Performance: The Mediating Role of Education. [REVIEW] Journal of Business Ethics 90 (2):203 - 219.
Added to index2009-10-10
Total downloads25 ( #66,443 of 1,096,632 )
Recent downloads (6 months)4 ( #71,259 of 1,096,632 )
How can I increase my downloads?