National symbols, globalization, and the well-being of nations

I estimate the effects of national symbols and globalization on the well-being of 88 countries. I find that conventional determinants of production affect national well-being, measured as human development index (HDI). The effects on HDI of national symbols like national flag colors are unstable, while those of globalization are strong, with social globalization having the strongest effect. The results suggest that national symbols are important to national well-being, but nations gain more from global interactions with other nations than from national pride. Even as there is a need for further research to improve upon the results associated with the effects of national symbols, the policy implications of the findings clearly recommend increased investment in material conditions of nations and globalization.