Ethics-Governance: Article: How Trust is Achieved in Free Markets

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How Trust is Achieved in Free Markets Issues in Ethics - V. 8, N. 3 Summer 1997 How Trust is Achieved in Free Markets Voluntary institutions can assure quality and safety without resorting to governmental restrictions. By Daniel B. Klein Suppose the muffler drops off your car in the middle of Iowa. You pull off the interstate in search of a repair shop. You find Joe's Auto Repair. But the mechanics at Joe's see that you are from out of state. They know, regardless of how fairly they treat you, you will not be returning and will not be speaking to other customers. Perhaps they will deal with you honestly, but caution is advised. The middleman creates a bridge of trust between two traders. Full Article: http://www.scu.edu/ethics/publications/iie/v8n3/freemarkets.html


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