Sociocultural factors in economics: Milestones and perspectives

The paper analyzes key achievements in sociocultural research of economic development for the last twenty years. Firstly, the paper describes the main approaches in sociocultural studies and key trends in empirical research (including causality issues). Secondly, it poses critical open questions in sociocultural research concerning the relationship between culture and institutions, within-country cultural differences, and culture in dynamics. It demonstrates how the research into culture is connected to the studies of social capital. Finally, the paper formulates the theses of the sociocultural economics research field.