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Trust, Money And Business System: Unexplored Connections

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  • Denisa Alexandra CHIFAN
  • Beatrice Ionela IPSALAT

Abstract

Trust is an invaluable asset in today's business landscape, more valuable than money itself. The relationship between trust and the success of businesses is undeniable. However, trust is constantly threatened due to various socio-economic phenomena such as inequality, polarization, financial crises, and pandemics, further eroding confidence. As the world undergoes rapid changes, building and maintaining trust within the business sector has become one of the most challenging endeavors. In this dynamic business environment, businesses must develop and maintain trust by demonstrating transparency and fostering open communication. This research seeks to comprehensively examine the intricate interplay among trust, culture, money, and business systems to gain a macro-social perspective on the pivotal role of trust within a nation's culture, ultimately contributing valuable insights to the field of business studies. By delving into the complex dynamics between these elements, it aims to provide a deeper understanding of how trust influences and shapes the economic and cultural fabric of societies. The paper assesses that a significant level of trust within countries and/or between companies could foster social cohesion, increase collaboration, and contribute to overall prosperity. The paper emphasizes the impact of trust and its representation in money, crucial for effective economic transactions and a favorable business climate, while the ethical and transparent business system plays a pivotal role in fostering trust and ultimately building resilient economies that benefit individuals and communities. As socio-economic landscapes continue to evolve, businesses must embrace trust-building as a core strategy to thrive in an increasingly competitive and uncertain world.

Suggested Citation

  • Denisa Alexandra CHIFAN & Beatrice Ionela IPSALAT, 2023. "Trust, Money And Business System: Unexplored Connections," Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 17(1), pages 693-706, November.
    • Handle: RePEc:rom:mancon:v:17:y:2023:i:1:p:693-706
    DOI: 10.24818/IMC/2023/05.01
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    References listed on IDEAS

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