Cultural Factors Analysis In The Development Of Regional Economy

Culture and economics are tied to each other in today’s globalized world. People value the relationship between local culture and regional economics. Toynbee said:"Culture is the power of economic development." Because culture is an important factor in promoting economic development, activities, and resources. It promotes the economic behavior and gives the spiritual power for economic development.Cultural development is the solid foundation of economics. Every region has its unique culture, which affects regional economics. And regional economic growth affects the formation of local culture. Factors such as geographical location, available resources, weather, customs, transportation lead to the differentiation of regional economic structures, and local customs and beliefs. Therefore, the progress in local culture and regional economy cannot be separated. The development of regional economics shapes local culture. So, the key to growing the regional economy is to be cognizant of the existence of the local economy and to raise its height.The variety of culture leads to the formation of unique industries, products, and brands, and distinctive in local technologies. This is the means by which local culture affects regional economics and its competitiveness, which relies on the liveliness of its industries. Innovation in culture can raise the development of regional economics. The correlation between cultural innovations and economic innovations rely on innovation of promoting regional culture. Cultural Innovation is also linked to innovation in thinking, technology, and administrative systems.Cultural paradigm shift is the key to the reformation of corporate governance. To promote cooperation of local culture and regional economic relationship will drive sustained economic growth in order to achieve harmony in local culture, and regional economics. This maximizes the advantage of local culture, strengthens regional economics, raises its competitiveness, and promotes comprehensive and balanced economic development.