Collectivism as an Aid or Obstacle to Economic Growth

  • Panagiotis E. Petrakis


The present chapter analyzes a cultural dimension of particular importance, which concerns the extent that individualism and collectivism characterize every society. Collectivism can primarily be defined as a social stereotype comprising strong cohesive ties among individuals that consider themselves members of one or more groups (e.g., family, race and nation). Individuals act on the basis of the group’s norms and give priority to group goals over their own. Individualism, on the other hand, can be defined as a social stereotype in which individuals consider themselves as independent entities. These particular individuals act primarily on the basis of their own preferences, needs and goals, and the only incentive to enter into social relationships is for their own personal benefit.


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Copyright information

© Springer-Verlag Berlin Heidelberg 2014

Authors and Affiliations

  • Panagiotis E. Petrakis
    • 1
  1. 1.Department of EconomicsUniversity of AthensAthensGreece

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