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Trust: Reality or illusion? A critical examination of Williamson

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  • Lucien Karpik

Abstract

For Oliver Williamson, the concept of trust is useless (Williamson, O. E. [1993]. Calculativeness, trust, and economic organization. The Journal of Law and Economics, 36 , 453-486). Whenever a calculative approach is possible, and he believes it is for economic and social exchange in general with the exception of relations between family, friends and lovers, cooperation becomes self-sustaining because it is founded exclusively on the convergence of interests. My critical examination bears on the generality and the realism of the conditions underlying this postulate, namely the presence of a common calculative space and the existence of a shared observational world. It tends to show in particular that Williamson confuses calculation and judgement and, as a result, he fails to disqualify the use of the notion of trust for either social exchange or market relations.

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  • Lucien Karpik, 2014. "Trust: Reality or illusion? A critical examination of Williamson," Journal of Trust Research, Taylor & Francis Journals, vol. 4(1), pages 22-33, April.
    • Handle: RePEc:taf:jtrust:v:4:y:2014:i:1:p:22-33
    DOI: 10.1080/21515581.2014.891318
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    References listed on IDEAS

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    1. Williamson, Oliver E, 1993. "Calculativeness, Trust, and Economic Organization," Journal of Law and Economics, University of Chicago Press, vol. 36(1), pages 453-486, April.
    2. Craswell, Richard, 1993. "On the Uses of "Trust": Comment [Calculativeness, Trust, and Economic Organization]," Journal of Law and Economics, University of Chicago Press, vol. 36(1), pages 487-500, April.
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