Social and Cultural Factors

Are no less important and are very extensive in scope. In a work like this we can at best just mention a few of them. Each society has certain social institutions which have a strong bearing on economic development. In India, for example, the institution of caste, joint families, non- materialistic arritude of the people , and their fatalism based on the philosophy of karma have been some of the serious impediments to economic development. Any attempt at accelerating development must aim at changing these age- long institutions and a fundamental change in the outlook and attitudes of the people must be brought about similarly , the prevalence of customs brought about similarly , the prevalence of custom as against contract and the religious taboo among large sections of the population against usury are still other examples of social factors that inhibit the growth of the economy.