Socialization is generally defined as a process through which individuals learn to interact in society. So far, comparatively little research has been done on economic socialization than on other aspects of social development (e.g. moral development). Still less has been done on how economic knowledge and beliefs are acquired as opposed to the content of the knowledge base (Berti and Bombi, 1988; Haste and Torney-Purta, 1992). Furthermore it has not been until comparatively recently that researchers have looked at young people’s reasoning and understanding about economic issues.