No trust no money

Friday, September 07, 2012 Francisco Carneiro 0 Comments

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What the Maghribi knew from experience was that trust serves as an economic lubricant, lowering transaction costs by eliminationg the need for elaborate systems of oversight and strict enforcement of cumbersome rules……….

Orthodox Jews in the diamond markets in New York and Amsterdam operate according to the same principle-they don’t even check to see what’s inside the pouch when they hand over large sums of money.

from the Moral Molecule, Paul J. Zak





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