Market economies depend very heavily upon trust. As I sit here in this café, I am drinking tea someone made me. I trust that the person that made the tea has not sought to poison me, has not made the water so scalding I will be injured, has used cow’s milk instead of soya.
I trust the Bank of England not to have suddenly withdrawn most of the pounds in circulation so the real price of my tea is 10 times as much as it appeared. I paid by tapping a card, trusting that only the intended amount was taken from …read more