Essay on Cultural and Financial Management

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This paper will scrutinizes the actual impact of culture on financial management. Before I proceed to what I believe to be not only a factually inept argument of cultural influence on economics but also a grossly delusional and rather prejudiced view as well, I must first set some sort of context to what I am alluding to. The assignment stipulates for me to, address if the framework of financial management can apply to any country or culture. The simple and short answer to this is “no”, financial management is different depending on the country and or culture. For example Germans don’t buy into the same type of capital structure that North Americans do, nor do Muslims have the same type of financial system to that of the west. Simply put…show more content…
Opponents of Marx say that he inverted the correlation of culture and economic relations (Guiso, Sapienza & Zingales 2006 p.5). In other words these opponents of Marx think that culture dictates the financial system and or economy. Although at first glance this may seem like a silly argument akin to nature vs. nurture and origins of which came first the chicken or the egg, corresponding into nothing more than, probably some level of both or worse an irrelevant loop, there is nevertheless an important fundamental difference to the exact correlation of culture and the economy. Thus, I proclaim that Marx is not only factually correct, (economy supersedes culture) but morally as well. Marx is factually correct because I can use his hypothesis to logically dispute all claims that culture supersedes the economy. The first prominent opponent of Marx’s theory in favour of culture was Max Weber who stipulated that the Protestant Reformation taught that the pursuit of wealth should be regarded not merely as an advantage, but as a duty (Guiso, Sapienza & Zingales 2006 p.6). This meant that the Protestants reinforced with a new cultural imperative went on to become financially stronger. If Marx was still alive he would have scoffed at such an exaggerated claim, stating that if it was not for the invention of the printing press, which caused the Catholic Church to lose its monopoly on scripture, then such a reformation would never have happened. Also the changing economic
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