Abstract of "Trust: The Social Virtues and the Creation of Prosperity" by F. Fukuyama
Citation:
F. Fukuyama, Trust: The Social Virtues and the Creation of Prosperity. New York: Free Press, 2005.
This Abstract written by: Vendor Abstract
Vendor Abstract The author examines the impact of culture on economic life, society, and success in the new global economy and argues that "the most pervasive cultural characteristic influencing a nation's prosperity and ability to compete is the level of trust or cooperative behavior based upon shared norms. In comparison with low-trust societies (China, France, Italy, Korea), which need to negotiate and often litigate rules and regulations, high-trust societies like those in Germany and Japan are able to develop innovative organizations and hold down the cost of doing business. Fukuyama argues that the United States, like Japan and Germany, has been a high-trust society historically but that this status has eroded in recent years." [Reed Business Information, Inc., 1995]
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