OK. If I anderstand you assert that Western countries (although population being 99% monotheistic) apply principles of polytheism in their economic system. Is that right?
I think you are confusing religion and economy (although there is some overlapping and influence), correlation and causation. Besides that, modern economic systems are not totally free market capitalism. These countries have a mixed economy.
Studies suggest there is a channel from religious behaviours to macroeconomic outcomes of economic growth, crime rates and institutional development.[19] Scholars hypothesise religion impacts economic outcomes through religious doctrines promoting thrift, work ethic, honesty and trust.[20] These channels were described by Max Weber in his work The Protestant Ethic and the Spirit of Capitalism. Weber indicates that Protestant teachings were an important force behind the transition to modern day capitalism in Europe.[21] Other studies highlight the effects of religion on human capital formation as the main mechanism behind the dependency. Human capital formation is driven by higher religious importance of literacy [22]
The correlation between religion and economic outcomes can be interpreted in two ways: (1) a feature intrinsic to religion which affects growth or (2) a feature correlated to religion but not religion itself which affects growth. Existing cross-country literature is criticised for inability to distinguish between the two explanations, a problem termed endogeneity bias. Controlling for country fixed effects mitigates bias but more recent studies utilise field and natural experiments to identify the causal effect of religion.[29] Robustness of cross-country results to changes in specification of the statistical models is criticised in the literature.[30]
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