Is the Individualism/Collectivism Dimension Decisive in Generation of Economic Growth?

The article critically studies the perception that individualistic cultures are more successful from the economic development point of view. The relation has been investigated between Hofstede's IDV dimension and two indicators of economic growth – GDP per capita in current prices and GDP per capita growth. The analysis has been conducted on the data set of 102 countries. Upon analyzing the relationship between individualism index and two indicators of economic growth, it has been revealed that there is no evidence for any distinctive relation between individualism/collectivism dimension of a culture and its economic growth