Trust and Economy

How important is trust in the economy?

It seems to me that trust is the oil that lubricates the smooth running of an economy – without it everything seizes up.  In my last post the picture suggested that Economy is the Art of Sharing – the distributing of resources* (‘stuff’) amongst people equitably – and surely trust is a key component of sharing.

(* I nearly used the classical economics term ‘limited resources’ then, but I now believe that to be limited, scarcity-based thinking of last century.  Especially as the ‘stuff’ begins to include intangibles, there is no scarcity or limitation other than our imagination.)

The recent economic blip appears to my eyes to be caused by a sudden lack of trust in the banking industry.  You could say that the banking industry relies entirely on trust as, other than the notion of ‘security’ (an extension of trust), banks don’t actually sell or offer anything tangible.  In the emerging economy trust will become key.  New-century tools like eBay rely heavily on trust as do citywide car sharing schemes that are becoming ever more popular.

I foresee a new economy based on these principles of sharing and trust, where money still exists, yet isn’t required for every transaction, as the word ‘sharing’ implies.  This is the economic model for our new century where our collective humanity is coming to the fore.

Prediction:  Exciting times ahead – beyond anything we have yet imagined!


Happy sharing!



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