Trust and Economics: The Co-evolution of Trust and Exchange Systems, 1st Edition (Hardback) book cover

Trust and Economics

The Co-evolution of Trust and Exchange Systems, 1st Edition

By Yanlong Zhang


130 pages | 42 B/W Illus.

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pub: 2015-07-06
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A lot of recent attention has been given to one of the central paradoxes of trust: namely how people can restrict self-interest in order to trust. Existing perspectives, theories, and models offer partial explanations, but this volume presents a novel framework that expands on the findings of recent studies of trust and exchange. This book offers a new angle for the understanding of exchange and trust in an interactive context, describes the interactive characteristics of trust in exchange systems, and develops a theory explaining the co-evolution of trust and exchange systems.

A new framework is used to incorporate the theory of systems of trust and evolutionary game-theoretical approach to investigate four important questions: How can trust emerge in exchange when people pursue self-interest? After its emergence, how does exchange affect trust in a dynamic process? When are dynamics of trust stable? Do interactive trust phenomena differ under different exchange systems? This book concludes with a discussion of the implications of the theoretical findings for three areas: the improvement of trust, potential economic growth, and mechanism design in exchange systems.

This volume makes a significant contribution to the literature on evolutionary and institutional economics and is suitable for those who have an interest in political economy, economy theory and philosophy as well as economic psychology.

Table of Contents

Chapter 1: Introduction Chapter 2: Theory Chapter 3: Methodology Chapter 4: Emergence of Trust Chapter 5: Evolution and the Stability of Trust Chapter 6: Varieties of Trust Chapter 7: Conclusions

About the Author

Yanlong Zhang is a Research Assistant at Department of Economics and Business Studies, University of Bremen, Germany

About the Series

Routledge Advances in Heterodox Economics

Over the past two decades, the intellectual agendas of heterodox economists have taken a decidedly pluralist turn.  Leading thinkers have begun to move beyond the established paradigms of Austrian, feminist, Institutional-evolutionary, Marxian, Post Keynesian, radical, social, and Sraffian economics—opening up new lines of analysis, criticism, and dialogue among dissenting schools of thought.  This cross-fertilization of ideas is creating a new generation of scholarship in which novel combinations of heterodox ideas are being brought to bear on important contemporary and historical problems.

Routledge Advances in Heterodox Economics aims to promote this new scholarship by publishing innovative books in heterodox economic theory, policy, philosophy, intellectual history, institutional history, and pedagogy.  Syntheses or critical engagement of two or more heterodox traditions are especially encouraged.

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Subject Categories

BISAC Subject Codes/Headings:
BUSINESS & ECONOMICS / Economics / General
BUSINESS & ECONOMICS / Economics / Theory