...built-in and fine-grained surveillance.21 Attenuating Factors Trust and Privacy Arrow's assertion that "virtually every commercial transaction has within...certainly any transaction conducted over a period of time"22 suggests that trust is an essential ingredient of an iterated set of transactions between the...

...economists rarely This section is taken from Dasgupta (1988). 10 Consider Arrow (1972, p. 357), who writes: "Virtually every commercial transaction has within...certainly any transaction conducted over a period of time. It can be plausibly argued that much of the economic backwardness in the world can be explained by...

...represents a prerequisite for economic development. "Virtually every commercial transaction," Arrow writes, "has within itself an element of trust, certainly any transaction conducted over a period of time. It can be plausibly argued that much of the economic backwardness in the world can be explained by...

...taxed at higher marginal rates due to higher salaries. 38 Chapter 3 THE EVIDENCE ON SOCIAL CAPITAL "Virtually every commercial transaction has within...certainly any transaction conducted over a period of time. It can be plausibly argued that much of the economic backwardness in the world can be explained by...

...with regard to promises," said David Hume in 1739. Two and a half centuries later, Kenneth Arrow said, "Virtually every commercial transaction has within...any transaction conducted over a period of time." As a result, "much of the economic backwardness in the world can be explained by a lack of mutual confidence."14...

...recognized the critical role played by trust in economic performance. Arrow (1972) has remarked that "virtually every commercial transaction has within...certainly any transaction conducted over a period of time. It can plausibly be argued that much of the economic backwardness in the world can be explained by...

...we do not want to be taken advantage of. As Kenneth Arrow (1972: 357) submitted three decades ago, 'Virtually every commercial transaction has within...certainly any transaction conducted over a period of time. It can plausibly be argued that much of the economic backwardness in the world can be explained by...

...actions of others are accomplished at lower cost in higher-trust environments. According to Arrow, "Virtually every commercial transaction has within...certainly any transaction conducted over a period of time. It can be plausibly argued that much of the economic backwardness in the world can be explained by...

...social contribution to economic outcomes). The importance of social capital for technological innovation Virtually every commercial transaction has within...certainly any transaction conducted over a period of time. It can plausibly be argued that much of the economic backwardness in the world can be explained by...

...groups of individuals bring to a recurrent activity" (Ostrom, 2000). Social capital is important because virtually every commercial transaction has within...certainly any transaction conducted over a period of time. 2003). Likewise, formal and informal institutions and organisations control the access to, and property...