...when those affiliations are lacking (Gambetta, 1988: 229; Hart, 1988). 37 So Arrow (1972) contends, "It can be plausibly argued that much of the economic...can be explained by the lack of mutual confidence." An important economic property of trust to note in connection with its constitution of power is that...

...American Foresters Meeting, at Asheville, NC. Chapter 6 To Grasp or Not to Grasp: That Is the Question It can be plausibly argued that much of the economic...can be explained by the lack of mutual confidence. — Kenneth Arrow The discussion of the previous chapter omitted a crucial variable — human motivation....

...(1972) argues that "Virtually every commercial transaction has within itself an element 74 Chapter 3 of trust, certainly any transaction conducted over...can be explained by the lack of mutual confidence". Also in the interpretations of social capital, as discussed in Chapter 1 , trust features as an important...

...built-in and fine-grained surveillance.21 Attenuating Factors Trust and Privacy Arrow's assertion that "virtually every commercial transaction has within...certainly any transaction conducted over a period of time"22 suggests that trust is an essential ingredient of an iterated set of transactions between the...

...represents a prerequisite for economic development. "Virtually every commercial transaction," Arrow writes, "has within itself an element of trust, certainly...in the world can be explained by the lack of mutual confidence."2 Francis Fukuyama's 1995 book contrasts prosperous "high trust" societies of Germany and...

...taxed at higher marginal rates due to higher salaries. 38 Chapter 3 THE EVIDENCE ON SOCIAL CAPITAL "Virtually every commercial transaction has within...economic backwardness in the world can be explained by a lack of mutual confidence." Kenneth J. Arrow, "Gifts and Exchanges", Philosophy and Public Affairs,...

...with regard to promises," said David Hume in 1739. Two and a half centuries later, Kenneth Arrow said, "Virtually every commercial transaction has within...any transaction conducted over a period of time." As a result, "much of the economic backwardness in the world can be explained by a lack of mutual confidence."14...

...Figure 1.3 Marketing's Contributions to Economic Well-being has within itself an element of trust ... much of the economic backwardness in the world can be explained by the lack of mutual confidence ' (Arrow, 1972). In asking why all societies do not become equally wealthy and successful, recent work...

...actions of others are accomplished at lower cost in higher-trust environments. According to Arrow, "Virtually every commercial transaction has within...can be explained by the lack of mutual confidence" (1972, 357). Trust-sensitive transactions include those in which goods and services are provided in...

...of distrust, since many economic opportunities are closed off. As K. Arrow (1975: 25) notes: Almost every commercial transaction has within itself an...period of time. It can be plausibly argued that much of economic backwardness in the world can be explained by the lack of mutual confidence. The analysis...