The focus of much work in comparative and international economics has been to examine the conditions underlying harmonization and increased integration as well as the impact of closer economic and regulatory ties.  As countries move closer together through shared decision making and greater trade, we have noted patterns of both required and acquired harmonization of various financial characteristics.            Another interesting question is “what is the impact on culture and the underlying values of a society?”  Do countries that are most alike in terms of culture and values create the closest bonds?   Does greater economic integration pull countries closer together in terms of social values as well?            Given the questions that surround greater integration between countries that have been defined as a part of different empires, such questions become increasingly interesting and important. 

Objectives            In this paper, I use historic and current World Values Survey data from European and other nations to examine trends and how these trends related to integration experiences and economic outcomes. 

Data and Methods

The data used in this paper come primarily from the World Values Survey along with various measures of economic performance and institutional characteristics from the World Bank, United Nations, and Heritage Foundation.  

First, I ask if various values relating to society’s view of the market process are linked with economic outcomes.  I then examine trends in European and Asian nations to determine if increased global integration are correlated with changes in social values.  Using techniques standard to measuring harmonization, I incorporate data based analysis of social viewpoints.  The experience of European nations in particular is utilized to motivate a discussion regarding increased integration.

Results/Expected Results            The methods used will highlight graphically and mathematically another way to think about the convergence and impact of globalization.  The paper points out the use of sociological and psychological characteristics which have an important impact on the direction and success of a nation.  The paper concludes with an evaluation of the “civilizations” point of view when discussing increased global cooperation and harmonization.  Trends in social values are considered and alternative points of view regarding global cooperation are pointed out.