A Crisis of Trust
Public trust in financial institutions, and in the authorities that are supposed to regulate them, was an early casualty of the financial crisis. If this loss of trust persists, it could be very costly, as much economic research has demonstrated a powerful relationship between the level of trust in a community and its aggregate economic performance.
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LONDON – Public trust in financial institutions, and in the authorities that are supposed to regulate them, was an early casualty of the financial crisis. That is hardly surprising, as previously revered firms revealed that they did not fully understand the very instruments they dealt in or the risks they assumed.