Trust is an essential component of properly functioning economies, business practices and the overall functioning of society. When trust is in scarce supply, or even disappears completely, it can lead to the fragmentation and polarization that is a feature of many modern liberal democracies. Trust in individuals, institutions, political parties, governments, and their policies has deteriorated. Trust Is Priceless argues that conventional economic thinking about such problems has tended to ignore the importance of trust in the functioning of capitalist economies. It argues that to achieve higher levels of trust in others, free market economies and their institutions need to foster altruism and shared values. Complementing mainstream economics with insights and evidence from related fields, this book provides examples and stories that illustrate with real life events the relevance of the social and economic problems generated by the lack of trust in our societies.
