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The Political Economy of Trust

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  • Marek Korczynski

Abstract

There has been a considerable rise in discourses concerning trust from a range of academic disciplines and perspectives. Unfortunately, many of these literatures have talked past, rather than to, each other. This paper develops an analysis of trust in economic activity through a dialogue between the disciplines of economics and sociology. It outlines the relationship of trust to economic co–operation and identifies a number of types of trust. The potential benefits of these different types of trust to advanced capitalist economies are identified. Consideration is given to the processes of trust creation and destruction in market economies. Particular emphasis here is on how far trust can be symbiotic with, or contradictory to, power and the market. With an analysis of the key properties of individual agents which make them more or less prone to trusting behaviour, the paper is then able to identify the critical factors likely to underlie high–trust and low–trust economies. This has important public policy implications given the potential benefits which trust can have for advanced economies.

Suggested Citation

  • Marek Korczynski, 2000. "The Political Economy of Trust," Journal of Management Studies, Wiley Blackwell, vol. 37(1), pages 1-1, January.
    • Handle: RePEc:bla:jomstd:v:37:y:2000:i:1:p:no-no:3
    DOI: 10.1111/1467-6486.00170
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    Cited by:

    1. Rosanas, Josep María & Cugueró-Escofet, Natalia, 2013. "The Foundations of the Concept of Trust under Bounded Rationality: Competence, Value Systems, Unselfishness and the Development of Virtue," IESE Research Papers D/1069, IESE Business School.
    2. Miguel Martinez Lucio & Mark Stuart, 2005. "‘Partnership’ and new industrial relations in a risk society," Work, Employment & Society, British Sociological Association, vol. 19(4), pages 797-817, December.
    3. Beugelsdijk, S. & van Schaik, A.B.T.M., 2001. "Social Capital and Regional Economic Growth," Discussion Paper 2001-102, Tilburg University, Center for Economic Research.
    4. Andersson, Elias & Keskitalo, E. Carina H. & Westin, Kestin, 2020. "Managing place and distance: Restructuring sales and work relations to meet urbanisation-related challenges in Swedish forestry," Forest Policy and Economics, Elsevier, vol. 118(C).
    5. Asep Suryahadi & Ridho Al Izzati & Daniel Suryadarma & Teguh Dartanto, 2023. "How Inequality Affects Trust in Institutions: Evidence from Indonesia," Asian Economic Policy Review, Japan Center for Economic Research, vol. 18(1), pages 73-91, January.
    6. James Alm & Erich Kirchler & Stephan Muehlbacher, 2012. "Combining Psychology and Economics in the Analysis of Compliance: From Enforcement to Cooperation," Economic Analysis and Policy, Elsevier, vol. 42(2), pages 133-152, September.
    7. Al-Ississ, Mohamad & Bohnet, Iris, 2016. "Risk mitigation and trust: Experimental Evidence from Jordan and the United States," Journal of Economic Psychology, Elsevier, vol. 53(C), pages 83-98.
    8. Azio Barani, 2021. "Fiducia e leadership: spunti per una lettura della dimensione organizzativa, in particolare nella prospettiva socio-relazionale ed etica," QUADERNI DI ECONOMIA DEL LAVORO, FrancoAngeli Editore, vol. 0(113), pages 47-82.
    9. Rosanas, Jose M., 2004. "Bounded rationality, value systems and time-inconsistency of preferences as rational foundations for the concept of trust," IESE Research Papers D/567, IESE Business School.
    10. Kożuch Barbara & Sienkiewicz-Małyjurek Katarzyna & Luty Lidia, 2015. "Rational and Relational Bases of Public Managers’ New Profiles in the Context of Trust Research," Journal of Intercultural Management, Sciendo, vol. 7(2), pages 31-47, June.
    11. Ewa Bogacz-Wojtanowska & Anna Góral & Marek Bugdol, 2019. "The Role of Trust in Sustainable Heritage Management Networks. Case Study of Selected Cultural Routes in Poland," Sustainability, MDPI, vol. 11(10), pages 1-28, May.
    12. Renee Paulet & Peter Holland & Andrew Bratton, 2021. "Employee Voice: The Missing Factor in Sustainable HRM?," Sustainability, MDPI, vol. 13(17), pages 1-16, August.
    13. James Alm & Peter Gerbrands & Erich Kirchler, 2022. "Using “responsive regulation” to reduce tax base erosion," Regulation & Governance, John Wiley & Sons, vol. 16(3), pages 738-759, July.
    14. Dobos, Imre & Gelei, Andrea, 2016. "Bizalom az üzleti kapcsolatokban. A diadikus adatelemzés egy alkalmazása [Trust in business relations - an application of dyadic data analysis]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(3), pages 330-349.

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