Rebuilding trust, one of the most important challenges for the economy

Rebuilding trust, one of the most important challenges for the economy

The trust factor, which has also been eroded by the pandemic, needs to be rebuilt as the basis of any socio-economic system that seeks to progress.

Posted shortly before by an article by Vittorio Pelligra sun 24 hours, an interesting picture can be drawn of the current economic situation. We are talking about how, in fact, there is a lack of confidence of its actors in the elements that are crippling the economic system. When trust within a system is eroded, unfortunately, the natural consequence is the inability to be able to function spontaneously, as relational expectations had changed their foundation by that moment.

First of all, what does it mean Self-confidence, It can be considered as an element that makes it possible to create an environment in which what is important to us can grow and develop. Certainly, as mentioned in our previous article, belief can be seen as a way through which we define our beliefs and guide our choices. Or, as a redress of uncertainty caused by a type of information asymmetry that underlies the terms of any contract and economic transaction.

In any case, belief is something that orients and influences human behavior, but when we refer to an economic system, things can be very different because a contradiction,

Everything starts with the concept that the more progress a company can make, the stronger the bond of trust. At the same time, however, the more society progresses, the more the actors of the system become rational and helpful beings in representing themselves. This makes them less able to give and receive trust. This concept, articulated by the philosopher Martin Hollis, sheds light on how it is the system, which, as it progresses, erodes the founding element of this evolution over time.

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Exactly the same appears to have happened with the capitalist system which has entered into a deeper crisis than it was yesterday. with him Modernity And technological development, the social and economic environment that has arisen, presents many opportunities on the one hand, but on the other the choices and behaviors of economic and social actors are less predictable.

To all this we must also add to the exponential growth of cities and organizations that have encouraged a sense of impersonality and anonymity of the relationships that have been the basis of each of us’s lives. We are facing a social and economic change that brings with it a long gap. two traditions of thought, One of Scottish Enlightenment origins, involving David Hume and Adam Smith, and the other referring to the civil and Mediterranean economy of Gaetano Filangieri and Antonio Genovese. Both varieties try to explain what might be the relationship between the advancement of a business society and the spread of institutional and impersonal trust.

According to Adam SmithTrust is something that is built with reputation, which will have more value the more exchanges. So in a society where trade is less and trade is less widespread, there will be many opportunities to cheat. Otherwise, if exchanges occur frequently, it will be necessary for each actor to maintain the rules of honesty and trustworthiness, so as not to miss the opportunity to continue trading their goods in the future. Therefore, belief is not so much a precondition of society, but a consequence of its basis. greed,

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In contrast, however, there are theorists ofCitizens and the Mediterranean Economy, For them, in fact, prestige and trust are not a consequence and, therefore, a side-effect of the development of a business society, but a precondition. Without these, commerce could not exist as well as the accumulation of wealth, according to the principle that where “there is no trust, there is no certainty of contracts, no force of laws, no person-to-person -Person is not trust. Because contracts are bonds, and civil law, agreements and public contracts too ยป.

And even though trust can be generated from the prestige of individuals (just look at the Dravidian effect that created more peace in the markets even with an appointment as prime minister), contemporary capitalism seems more in favor of civil economy theorists. .

Unfortunately, there are few data in support of this which suggest that today there is worry, insecurity and mistrust at the global level as well as at the national level, which weakens the system itself. It is this climate of mistrust of the economic model that is increasingly destroying what is most needed to grow and develop, as claimed by Hollis. We are talking about the latest reports “Edelman Trust Barometer”,

In fact, on the one hand, the 2020 report showed how confidence in governments had increased in the first months along with average confidence in large companies and non-governmental organizations (NGOs). global pandemic, This aspect, in itself, is reassuring, unfortunately only a small proportion of the sample analyzed (only 17% of the world’s population between 25 and 64 years old, compared to the distribution of countries relative to origin 25% with more income). Therefore, only the wealthiest and most educated people will have great faith in the institutions that govern the world.

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On the other hand, the perception of the remaining 83 per cent will be completely different. Indeed, while trust in large companies and NGOs remains unchanged, it is not so with governments and the media. recently confirmed 2021 report That, precisely in the context of the media aspect, it argues is an epidemic of propaganda and widespread mistrust of social and economic institutions and world leaders.

In fact, there is talk of an infodemic which, apart from the pandemic, is leaving governments, companies, NGOs and the media itself in an environment of information bankruptcy. Suffice it to say that traditional media has seen a drop of about 53% globally, which is equivalent to eight percentage points. In this sense, we are facing a dwindling ecosystem of trust, due to which governments have wasted the earnings they have earned in the past year.

Finally, today we face a bridge that is slowly taking us from a time of “trust” (based on knowledge, ability, predictability and understanding) to a time of “trust”, which is a There is a jump. Unknown in ‘The Unexpected and the Unexpected’. A time in which a sense of uncertainty rises with the natural consequence of the impossibility of control over the actions of others, which will make it even more difficult to develop an environment of trust between government and economic institutions and citizens. A piece of land on which the correctness of information will be the basis for social and economic change.


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