• Corpus ID: 14930117

Trust in transition [EBRD - Working papers]

  title={Trust in transition [EBRD - Working papers]},
  author={Martin Raiser},
This paper examines the role of trust in transition. Trust is an important ingredient in the institutional infrastructure of a market economy. Trust between economic actors allows efficient trade to take place in the face of uncertainty and constrains opportunistic behaviour. Trust in state institutions reduces the costs of rule enforcement and supports collective action. A key message of the paper is that what is needed in a modern market economy, characterised by a complex division of labour… 
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