The paper examines the role of cultural factors in economic analyses. It aims to identify and examine areas in which economic analysis takes into account cultural factors that play a role in business. The first part of the paper lists arguments on why economic research should be more sensitive to cultural factors. This primarily results from the fact that economics, like all other areas of human endeavor, is part of global culture, Kostra writes. The second part of the article describes the aspects of culture that are closely related to socioeconomic life. It discusses the idea of economic culture, or value systems linked with business, knowledge and models of behavior. The author also reviews research achievements in this area. The analysis takes into account the results of studies carried out by researchers such as Geert Hofstede, Richard Gesteland, Lawrence Harrison, and Mariano Grondona. Another related notion that is examined in this part of the paper is organizational culture. The third part of the paper deals with the achievements of institutional economics and shows links and relationships between cultural and social institutions. The author sets out to determine if the role of cultural factors in economic processes will decrease as globalization gains momentum. He concludes that despite the convergence of economic systems around the world, based on the emergence of a universal system of values, beliefs and attitudes, cultural differences continue to exist. This largely explains why some countries still hold an advantage over others, Kostro notes.