Introduction
Over the years, several researchers have consistently argued that religion play a bigger role in any form of economic development (Neill, 2010). Some have pointed out to the issue by claiming that the role is quite conspicuous and cannot be overlooked, well, the subject remains an issue of controversy; it attracts diverse opinions from all walks of life. However, several inquiries into the study have indeed pointed towards the direction, above all, they conclude by citing a close proximity between religions and the economic spur (Michael, 2012).
Most importantly, some of these researchers have proposed that the topic of the alleged role played by religion to economic development should be broadened; broadened to encompass cultural determinants; an aspect that is thought to have potential outcome on economic development (Albaum, 2013).
Nonetheless, culture can greatly impact on economic development; a typical case is where personal traits such as honesty, the willingness to work hard, openness to strangers and thrift are some of the few factors that impact on economic development, in their very own nature and the nature of the society at large. These personal traits can be greatly controlled by religion (Neill, 2010).
Nonetheless, religion is viewed to be providing a streamlining role to the factors that brood economic progress. All said, there is therefore, an open pointer to the fact that indeed religion has a big role in economic progress, furthermore, religion is viewed as an important aspect of culture (Michael, 2012).
However, it is quite obvious that veteran economists, including the present and economical researchers have turned their back against this area of study. However crucial it is, economists have continually ignored the fact that indeed religion plays a bigger role in economic development, perhaps, it’s the reason why the topic has scanty information at the dispensation of the enduring researchers (Albaum, 2013).
Besides, it is quite noticeable that religion plays some given role in any economic development taking place. The fact that religion is a major milestone in economic development can be seen in almost all the countries of the World; furthermore, all the national governments at least have some form of religion in which they refer to in times of religious matters (Albaum, 2013).
In such cases, religion plays some role in such a country’s economic progress, more often; countries have national worship days, be it Friday, Saturday or even Sunday. In its very basic terms, a national worship is a day that is less productive than any other normal day. Even more, a country is likely to set its economic policies with an inclination to its religious beliefs; popularly referred a religiosity of a country (Foucault, Senellart, & Ewald, 2011).
Discussion
Since time immemorial, there has been the presence of state religion, a concept that has greatly led to religiosity. Several scholars have attributed the concept of religiosity to the flow of subsidies that are thought to flow to some of the most established religions in such countries, nevertheless, such subsidies greatly impact on the economic situation of the country consequently leading to an economic boom (Neill, 2010). Therefore, the presence of religions in a country and the nations inclination towards religiosity is a positive economic trend; an aspect that leads to the flow of extra income to a particular country.
Contrary to the opinion that religions plays very little or no role in economic development, the concept of religiosity disapproves the view, consider the case of a country that has several established denominations, it therefore, means that enormous subsidies will be channeled to the country to support such churches; that is basically developing the economy of such a country (Albaum, 2013).
Nonetheless, religiosity is a factor that can significantly decline as a result of a strict government regulation; a government that strictly regulates religion and its related activities is like to oppress religion and consequently affecting the flow of currencies into such a given country, furthermore, the flow of subsidies to well established churches across the globe is a form of international exchange (Neill, 2010). The strict regulation of religion is a factor that is mostly evident among Communism societies, if not properly checked, economic development of such countries will slightly lag behind; a fact that can be proved among particular communism societies (Fox-Genovese, 2011).
Studies have shown that a significance diversity of religion, that is, a significance number of existing religions; religious pluralism, is a fact that is characterized by a relatively higher number of church goers coupled with strong religious beliefs (Albaum, 2013). Such countries that contain religious pluralism are countries that spur due to religious activities undertaken in their countries by both the local and foreign believers.
Countries that have a higher level of religious pluralism like the United States of America, Switzerland, Malaysia, South Africa, Australia, Germany and the Netherlands have sound economic development, the presence of numerous denominations in such countries have for sure led to good economic development in such countries, a very good example is South Africa; one of the best economies in the African continent (Foucault, Senellart, & Ewald, 2011).
However, there are several researchers who have developed divergent issues on the topic of whether religion plays any role on the economic progress of a given country. These studies however, show that there are significant differences in the way religiosity affect economic progress (Foucault, Senellart, & Ewald, 2011).
For some particular religious beliefs, a significant increase in the number of people who attend church services and any other related activity, there would be a consequent decrease in economic progress, the major reason is that people would be much occupied by religious activities therefore, would not participate in any activity that would lead to economic growth, thus, the effect of religion on a country’s development can either be positive or negative depending on the terms (Fox-Genovese, 2011).
Nonetheless, for some particular beliefs, increase in particular religious beliefs such as hell, the life after death and heaven are some of the factors that can be attributed to an increase in economic progress (Neill, 2010). In simple terms, economic growth majorly relies on the extent at which people believe; however, this is compared to the aspect of belonging. In such beliefs, people tend to find reasons on whether to take part in activities that relate to economic terms. Furthermore, some of these beliefs have been the reasons that have made other people to work even harder or completely stop working (Michael, 2012).
Through these beliefs, there are significant roles that are being played by religion on a county’s economic progress. A typical example is where some people hold different views on the belief of heaven and earth. Consequently, some people really fear the issue of hell, and therefore, it becomes more portent for economic growth than the relative prospect of the belief of heaven. These studies conspicuously indicate the causal influences of religion to economic development and not the reverse (Foucault, Senellart, & Ewald, 2011).
However, some other researchers suggest that a higher rate of the religious beliefs spur economic growth; these beliefs play a role of helping to sustain particular aspects of an individual’s behavior thereby enhancing their productivity (Fox-Genovese, 2011).
Furthermore, it’s believed that a higher rate of church service attendance would have a stunting effect of economic progress; it greatly signifies that such beliefs make use of enormous resources to the religious sector. Even though such believes have a stunting effect, it’s the extent at which the attendance can lead to greater effects, all these put together, the economic growth would be greatly encouraged (Rothschild, 2013).
Another important approach in the field of sociology and the literature of religion is the approach of the religion through the concept of Religion Market Model. This model addresses the way in which a government can effectively interact with religion and the way a government can affect the religious sector by its interaction and regulation (Neill, 2010). Furthermore, the government can also affect the religious sector by controlling the extent of religious beliefs.
Therefore, a government that regulates the market would be promoting the monopoly of a particular religion and therefore, making it more difficult for other relatively smaller religions to build up and possibly flourish. Nonetheless, if a particular religion is given an opportunity to flourish, just the same as others that have greatly flourished, there would be major increase in economic progress (Fox-Genovese, 2011).
Under the theory of Religion Market Model, the government can relatively undermine religion by making it more difficult for believers to exercise their beliefs by finding it more difficult to attend services (Rothschild, 2013). Nonetheless, when a government exercises the theory of Religion Market Model, it would be subsidizing certain religious activities that are likely to take place, it’s these activities that can spur the economic progress of a country (Wellington, 2014).
However, in one way or another, a government could be influencing the number and amount of formal religious functions, the lack of formality in its very basic sense hinders economic progress. A particular example of the influence is where such regulation hinders the establishment of an official religious denomination in a particular country (Neill, 2010).
Conclusion
Religion plays a very critical role in a country’s economic development. There are several hidden factors that make the church an important entity that can serve as an economic boost of a country (Ware, 2011). The fact that a country can host an international function; a fact that has been evidence all over the World, means that the hosting country would benefit economically, from the funds that world be remitted to churches from their international counterparts, furthermore, when people travel into a county, they bring with them foreign currency that be used to boost a nation’s economy (Wellington, 2014).
International remittances to the established religions can be directly or indirectly used to develop the economic activities of a country, furthermore, these religious outfits cannot keep these currencies; they must just use them in the country of locality (Ware, 2011). Nonetheless, through the beliefs religions instill on people, they can either engage in activities that spur economic development or totally shy away from them. Some beliefs make the believers have a notion that can hinder economic development; however, some of these opinions are contrary. Furthermore, it’s an area that attracts diverse opinions. But most importantly, religion plays a very critical role in economic development (Rothschild, 2013). The interaction between religion and economics is vividly supported by various economic constricts and views. According to Marshall, et al, (1996), there is a substantial reasoning that religion holds significant attribute in determining the services offered to the society; this idea is mainly concerned with the prospects of religion in realizing critical reasons in rendering critical services to the society. On the other hand, Torrance, (1995), reiterates Maxis ideological viewpoint that the society is held by ideological superstructure comprising of three distinct Engels, where religion and its teaching holding a greater determination to human economic parlance. Adam Smith’s economic viewpoints are celebrated for the unprecedented success they generated to the society, but one of their critical elements entailed religious views as a precept towards economic prosperity (Kubo, & Kansei, 1987). In addition, Adam Smith’s economic theory was embedded on the theory of moral sentiments, which invoked religious predispositions (Young, 1995).
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