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Trust

In: Palgrave Dictionary of Emerging Markets and Transition Economics

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  • Anna Rebmann

Abstract

Trust is essential for the market economy: it reduces transactions costs and facilitates cooperation between economic agents. In this chapter I provide an overview of how trust has been defined and measured in the literature. I review the role of trust in the market, command, and transition economies, distinguishing between particular and extended trust. Extended trust plays a crucial role in economic development, yet it is lacking in transition economies due to the socialist legacy. I discuss how particular and extended trust were affected by communism and the turmoil of early transition, before turning to review some key debates on how extended trust is created and how it relates to particular trust and the institutional environment.

Suggested Citation

  • Anna Rebmann, 2015. "Trust," Palgrave Macmillan Books, in: Jens Hölscher & Horst Tomann (ed.), Palgrave Dictionary of Emerging Markets and Transition Economics, chapter 27, pages 522-544, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-37138-6_28
    DOI: 10.1007/978-1-137-37138-6_28
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