Global impersonal markets rest on personal trust and telephone networks

Evidence

What establishes the good of generalized fidelity or truth telling is that individuals are faithful or truthful. What establishes the good of generalized trust by a truster is that the trusted is typically trustworthy. — Russell Hardin, Trust and Trustworthiness, 322 (#corroborates, via linked claim)

Unlike many of our important relationships, this one was partially abstracted from social context rather than being heavily embedded in a context that could govern the interaction and enforce trustworthiness. Trifonov’s misappropriated rubles thereafter thread their complex way through Dostoyevsky’s entire novel, wrecking lives while motivating the plot. — Russell Hardin, Trust and Trustworthiness, 61 (#expands, via linked claim)

Categorization

• XREF: connects to: Interbank currency traders form a global social system distinct from local exchange brokerages — Karin Knorr Cetina & Urs Bruegger, Global Microstructures: The Virtual…, 13; Global market interaction produces intersubjectivity beyond face-to-face encounters — Karin Knorr Cetina & Urs Bruegger, Global Microstructures: The Virtual…, 98; In disembedded global markets information gifts build relationships without prior face-to-face contact — Karin Knorr Cetina & Urs Bruegger, Global Microstructures: The Virtual…, 132 (+9 more)

Related

• Generalized fidelity value rests on actual trustworthy individuals (similarity 0.84)
• Global market interaction produces intersubjectivity beyond face-to-face encounters (similarity 0.83)
• Even global markets rest on personal trust networks in crises (similarity 0.80)
• In disembedded global markets information gifts build relationships without prior face-to-face contact (similarity 0.80)
• Interbank currency traders form a global social system distinct from local exchange brokerages (similarity 0.80)

Broader Connections

• Impersonal trust emerges where face-to-face control mechanisms are unavailable #expands (0.85)
• Generalized fidelity value rests on actual trustworthy individuals #corroborates (0.80) — Russell Hardin, Trust and Trustworthiness, 322
• Trustworthiness requires social embedding that constrains opportunism #expands (0.80) — Russell Hardin, Trust and Trustworthiness, 61
• Untrustworthy actors free-ride on the generalized trust of honest markets #complicates (0.75)
• Widespread trust decomposes into pockets of particular trusting relationships rather than generalized trust #qualifies (0.75) — Russell Hardin, Trust and Trustworthiness, 803
• Pervasive distrust is stable because solo cooperation invites exploitation #responds-to (0.70)