Culture and cultural diversity as a competitive advantage for economic development

Redžepagić, Srđan and Erić, Dejan and Stošić, Ivan (2011) Culture and cultural diversity as a competitive advantage for economic development. In: Organizational behaviour and culture: globalization and the changing environment of organizations. VDM Verlag Dr. Müller, Saarbrücken, pp. 261-279. ISBN 978-3-639-35923-7

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Abstract

It is difficult to separate a nation's behavior that results from the culture of behavior from that which is caused or encouraged by the economic system. Modern economic growth is directly related to capitalist institutions. However, there are different forms of economic systems that have a link between the real values that lie in the national culture and the nature of a successful modern business. Sometimes the differences between countries can be explained by geographic or religious factors. There are indications that the Muslim countries of North Africa and the Middle East recorded a long period of weak economic development in spite of their favorable geographical conditions (temperate zone, specifically the Mediterranean climate and coastal orientation). However, there is no evidence that they continued to show poor results after 1965, and several Muslim countries have significantly exceeded the world average rate of economic growth, at least during the last ten years. The significance of international factors in social change has been very high, at least during the last two centuries, and is likely to be even higher in the future under the pressure of the globalization of society, politics and economics. The analysis of cultural explanations of economic performance is very important under the current conditions of global business. An interdisciplinary approach is definitely an unavoidable feature of modern management. Many organizations have international activities and orientations, and are forced to deal with different cultures. In addition, there is an urgent need to comply with organizational elements of national culture. Finally, we found that, in those organizations where there is harmony between the elements of organizational culture and the formulation of a strategy, durable competitive advantages may be created which leadto better business performance, and may have a positive impact on the national economy as a whole.

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