Fukuyama's Theory of Trust

Fukuyama would review "The Roaring Nineties" by Joseph E. Stiglitz as proof of his idea of "Trust" being something that is localized within a group and contained within that group, e.g. a family. If all other institutions are seen as resources to be exploited for the good of the group or family, then we see how an Enron can happen. We see how a group of executives can make themselves and their families and friends rich, while exploiting their workers and investors. We can see how the economic bubble of the 90s happened, as people profited at the expense of others, taking all they could, while they could, for themselves and the favored few, and not giving a thought to those who would be left without recourse when the bubble finally burst, which everyone knew had to happen.

Fukuyama would say that Stiglitz was merely pointing ut the obvious, sho

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Category: Economics - F