The word trust seems so nebulous until you start thinking how trust plays out in real life. In fact, it plays a huge part in all aspects of our life, including our economic activity.
Jon Hilsenrath wrote in the January 28th, 2013 Wall Street Journal that “trust is an essential lubricant for economic activity… You don’t hand money or make promises to somebody unless you think that person is going to make good on his promises.”
It used to be a handshake would suffice in a business transaction. Not so today. We have more paperwork than we care to think about to close a business deal. After the housing crisis there is an immense amount of mistrust. The result is more regulation --- more paperwork.
Mistrust is everywhere. Our political leaders say one thing and do another. Too often the media doesn’t report the news without skewing the facts. We don’t know what to believe. If we aren’t confident in what we are hearing and seeing, we clamp down on our spending. The economy is hurt.
How do we turn things around? Each one of us is responsible for acting in a way that we can be trusted both professionally and personally. Let’s work on keeping a high standard for all of our actions.
Hold all political leaders responsible for what they say regardless of party or position. Voice your concerns when your trust has been violated. Don’t take the stance that your voice doesn’t count and do nothing.
Do business with companies you can trust. Check with the Better Business Bureau before doing business.
Together we can get our country on the right ethical and economic track.