From economicist to culturalist development theories: How strong is the relation between cultural aspects and economic development?

Culture has been either neglected as a determinant of economic growth by
economicist theories or deemed the main explanation behind international
developmental differences by culturalist theses. Empirical evidence supports neither
of these arguments. Less ambitious theories connecting concrete cultural aspects, such
as trust and associational participation in communities, have more convincingly
estimated a significant and positive impact on economic welfare. Using the case of
Honduras, this paper similarly estimates a positive, significant and mutual relation
between interpersonal trust and participation in community management and
economic welfare.