Methodological approach to conduct the analysis which examines the significance of institutional changes in resolving socioeconomic development issues. This condition is most severe in nations with subpar institutions, which highlights the significance of determining the conditions and factors that influence this quality. One of these factors may be cultural norms.
This study aims to demonstrate the hypothesis that institutional changes and cultural characteristics are interdependent and have an impact on economic and financial development trajectories. Utilizing comparative historical analysis techniques, including economic processes, is necessary to accomplish this objective. Cultural characteristics have influenced and continue to influence the nature of economic decisions, accelerating or stifling financial development and economic growth, according to historical analysis. These characteristics correspond to a particular quality of institutions. Because they are inertial in nature, reform impulses can change these characteristics, laying the groundwork for new and productive institutions in the future.
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