Value of Anthropology in Business & Finance Case Solution
The Value of Anthropology in Finance is one of the more interesting trends that has come up in the recent years. Many business people have found that it is not as difficult as they had thought, to study anthropology and in the process help their business by giving it a more positive view. They will also find out what the future might hold for their company when it comes to understanding the different culture and societies that are there and how they relate with the ones around them. Anthropology in business is quite essential to achieve business goals and attain competitive advantage.(ROBERT GUANG TIAN, 2018)
Anthropology in finance is more than just looking at the economic aspects of the world. It is about understanding how the different countries look at the world and where they stand in it. It is about knowing who the major players are in the world today, which is why many business people are looking at how the human beings of different cultures interact with each other. When they get this information, it can be used as an indicator of which country or culture is going to be dominant in the global economy in the future.
It is a broad field that covers the cultural practices, cultural traditions, human societies, and the human mind. The value of anthropology in finance is one of its defining characteristics. Since its inception, finance has developed an interest in the study and understanding of the human mind. (Cabrera, 2008)
Anthropology in Financial Markets
It was only relatively recently that the financial markets recognized the value of anthropology in finance. As the market for derivatives grew rapidly in the 1970’s, finance became increasingly interested in the study of cultural phenomena and their impact on the market. In the case of financial derivatives, this meant learning about the cultural values and beliefs of the individual participants of the derivative transaction. For example, if a financial institution wanted to determine the value of the cultural belief that a particular culture had about divorce, it would have to learn about its cultural norms before being able to apply them to the case of the individual.
Eventually, most financial institutions began to place more focus on studying the cultural values and beliefs of the individual participants of the derivative transaction. A notable exception is the fact that the United States government still considers the cultural values of certain cultural groups to be unimportant to its overall economy.
Significance of Cultural Values and Believes
In the case of the United States, the importance of the cultural values of the native American Indians, for example, did not play a significant role in determining the success or failure of the New Deal. On the contrary, it did have an effect on the economy, and the government eventually ended its restrictions on the sale of federally sponsored reservations. This is because many of the social and economic norms of these native Americans did not conform to the values of the modern world……………………
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