THE INFLUENCE OF RELIGION TO ECONOMIC DEVELOPMENT. A CRITICAL PERSPECTIVE OF RECENT QUALITATIVE AND QUANITATIVE STUDIES.

Abstract

Even though nowadays religion is not considered as a decisive factor for economic development, its features of personal beliefs and institutions can be add-ins to economic success and sustain societal development. In the same time, religious beliefs may undermine or delay development. The literature specialized in investigating the relationship between religious beliefs and economic development is diverse. Religious individuals or institutions may be considered as agents of economic development, of financing, or innovation, of improving the quality of human resources and of promoting confidence among the population. Moreover, the religious persons and institutions may contribute to any incitement to violence, may restrict wealth accumulation and profit, and may oppose to society modernization as a matter of women's rights or by absorption of financial resources for a free market. From scientific perspective, economic development implies the existence of some determinants like the financial capital addition, the quality of human capital, an increased stock of social capital or free market guarantees. Thus, evidence from empirical, theoretical and historical research is used for a critical assessment in order to provide some assumptions, according to which religion is considered to be a complementary factor to economic development, but only to the extent where it does not promote the extremes.

Keywords

• religion
• development
• economic performance
• human capital
• social capital