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Economic growth may also be culturally determined by factors such as work ethic, leadership, and entrepreneurship. Great ingredients do not guarantee a tasty dinner—such an outcome depends importantly on the cook. The M&A country analyst needs to assess the ability of the local culture to nurture these important attributes. Any scientific effort to do so borders on organizational psychology and anthropology, disciplines well beyond the scope of this book. But one can start a rich process of observation by focusing on inflection points in the foreign culture: selection of leaders, treatment of upstarts, tolerance of risk and of failure, and appetite for profit.

Exhibit 5.12 summarizes these factors and graphically suggests that the four categories (macroeconomic, microeconomic, institutional, and cultural) jointly complete the mosaic of assessment. A view about the economic future of a country relies on a coherent assessment of all perspectives.