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Trust: The Social Virtues and the Creation of Prosperity--A Review Article

Author

Listed:
  • Munir Quddus

    (Department of Economics and Finance, University of Southern Indiana)

  • Michael Goldsby

    (University of Southern Indiana)

  • Mahmud Farooque

    (George Mason University)

Abstract

Contemporary economics is currently undergoing a crisis as reflected by a decline in its influence on public policy discourse. The abject failure of academic economics to effectively address issues of the transitional economies or to produce a satisfactory explanation of the East Asian economic crisis has added to this negative image. This paper reviews Francis Fukuyama's recent book, Trust: The Social Virtues and the Creation of Prosperity to present an interdisciplinary perspective on many of the topics economists have come to claim as theirs only. According to Fukuyama, there are many issues in societal behavior that cannot be satisfactorily explained by the assumption of rational economic agents. He believes that social capital is a major contributing factor in building economic prosperity around the world.

Suggested Citation

  • Munir Quddus & Michael Goldsby & Mahmud Farooque, 2000. "Trust: The Social Virtues and the Creation of Prosperity--A Review Article," Eastern Economic Journal, Eastern Economic Association, vol. 26(1), pages 87-98, Winter.
    • Handle: RePEc:eej:eeconj:v:26:y:2000:i:1:p:87-98
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume26/V26N1P87_98.pdf
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    Citations

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    Cited by:

    1. Behrooz Hassani-Mahmooei & Brett W. Parris, 2014. "Dynamics of effort allocation and evolution of trust: an agent-based model," Computational and Mathematical Organization Theory, Springer, vol. 20(2), pages 133-154, June.
    2. Scott Steele, 2010. "An Organisational Discussion of Incomplete Contracting and Transaction Costs in Conservation Contracts," Journal of Agricultural Economics, Wiley Blackwell, vol. 61(1), pages 163-174, February.
    3. Hassani Mahmooei, Behrooz & Parris, Brett, 2012. "Dynamics of effort allocation and evolution of trust: an agent-based model," MPRA Paper 44919, University Library of Munich, Germany.
    4. Samarasinghe, Tharanga, 2019. "The relationship between institutions and economic development," MPRA Paper 97755, University Library of Munich, Germany, revised 29 Dec 2019.
    5. Pecotich, Anthony & Rahtz, Don R. & Shultz, Clifford J., 2010. "Systemic and service dominant socio-economic development: Legal, judicial and market capacity building in Bangladesh," Australasian marketing journal, Elsevier, vol. 18(4), pages 248-255.
    6. Hemant C. Trivedi & Rajnikant Patel & Sunita Guru, 2010. "Managerial Trust and Organizational Behavior," Management and Labour Studies, XLRI Jamshedpur, School of Business Management & Human Resources, vol. 35(2), pages 149-167, May.

    More about this item

    Keywords

    Economics;

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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