02/12/2021
In a thought-provoking article, The Atlantic examines the hotly debated issue of Trust in a world currently being bombarded with mis/disinformation masquerading as factual truth. For example, channelling the mantra espoused by Norman Vincent Peel in his self-help book, "The Power of Positive Thinking", failed former US president Donald Trump still claims the US election was "stolen" from him; completely ignoring the factual evidence. Sadly, many of his followers still support his unmitigated untruths in the belief that he will "Make America Great Again"! But it is not just in politics that trust is severely diminished, it is rife in business too.
"Trust. Without it, Adam Smithâs invisible hand stays in its pocket; Keynesâs âanimal spiritsâ are muted. âVirtually every commercial transaction has within itself an element of trust,â the Nobel Prizeâwinning economist Kenneth Arrow wrote in 1972."
So what does this mean for the future of business transactions; and what can be done to reinstall trust, honesty and integrity into our business community? There are no easy, nor quick, answers to such an entrenched and perplexing question. Nonetheless, taking an honest approach to one's mistakes, being accountable for one's actions, and remaining authentic about the truth are good first steps. Trust, as Arrow wrote, is fundamental to virtually every business transaction; therefore, it is crucial that we don't allow people like Trump and Morrison to erode the currency of trust any further.
Suspicion is undermining the American economy.