An Empirical Analysis Between Economic Development and Soft Power
DOI:
https://doi.org/10.18568/internext.v16i1.632Keywords:
Soft power, Economic development, GDP per capitaAbstract
Objective: To empirically identify the impact of economic development and its volatility on soft power.
Method: Research of an empirical nature with the use of econometric instruments by simple regression and instrumental variables, using data from several sources, especially McClory (2017) and IMF.
Main results: It corroborates the idea that countries with greater economic development have more soft power and also that the greater volatility of this development is related to lesser soft power.
Relevance and originality: In recent years, the discussion about soft power has grown, especially for emerging countries where hard power is less. But can't the capacity for external influence through soft power be dissociated from the country's own development capacity? This subject is scarcely analyzed in the literature and especially the idea that more volatile countries lead to less soft power is particularly unprecedented.
Theoretical contributions: The article brings to light the necessary discussion of the role of economic development in the generation of soft power in different countries. More developed countries would be able to better exploit their soft power capabilities.
Social contributions: In times of such profound geopolitical changes with the dispute between China and the United States, it is important to understand that exploiting each country's soft power capital would be facilitated if conditions for domestic economic progress were better anchored. The economic and social development of each country comes before seeking greater soft power.
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