Culture Shock and Direct Investment in Poor Countries
研究提出跨文化交易成本是贫困国家缺乏现代资本和技术的原因，并基于文化扩散降低成本的假设，检验了殖民时代结束时贫困国家直接投资存量与西方文化扩散的正相关关系。
The role of culture in economic development is experiencing renewed interest among scholars. This study proposes high intercultural transactions costs as a reason for the enduring scarcity of modem capital and technology in poor countries and conducts a statistical test based on the premise that cultural diffusion reduces these costs. The stock of direct investment in poor countries at the end of the colonial era is shown, as predicted, to be directly correlated with the diffusion of Westem culture in the European empires and elsewhere.