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Trust: The Social Virtues and The Creation of Prosperity (Paperback)

~ (Author) "As we approach the twenty-first century, a remarkable convergence of political and economic institutions has taken place around the world..." (more)
Key Phrases: neous sociability, intermarket keiretsu, familistic societies, United States, Hong Kong, World War (more...)
3.7 out of 5 stars  See all reviews (22 customer reviews)
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Editorial Reviews

From Publishers Weekly

Fukuyama argues that a nation's economic strength is tied to its social unity, and that America is in danger of losing both.
Copyright 1996 Reed Business Information, Inc.


From Library Journal

Fukuyama (The End of History and the Last Man, LJ 1/92) examines the impact of culture on economic life, society, and success in the new global economy. He argues that the most pervasive cultural characteristic influencing a nation's prosperity and ability to compete is the level of trust or cooperative behavior based upon shared norms. In comparison with low-trust societies (China, France, Italy, Korea), which need to negotiate and often litigate rules and regulations, high-trust societies like those in Germany and Japan are able to develop innovative organizations and hold down the cost of doing business. Fukuyama argues that the United States, like Japan and Germany, has been a high-trust society historically but that this status has eroded in recent years. This well-researched book provides a fresh, new perspective on how economic prosperity is grounded in social life. Highly recommended for academic libraries.
Jane M. Kathman, Coll. of St. Benedict Lib., St. Joseph, Minn.
Copyright 1995 Reed Business Information, Inc. --This text refers to the Hardcover edition.
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Product Details

  • Paperback: 480 pages
  • Publisher: Free Press; 1st Free Press Pbk. Ed edition (June 18, 1996)
  • Language: English
  • ISBN-10: 0684825252
  • ISBN-13: 978-0684825250
  • Product Dimensions: 9.1 x 6.1 x 1.2 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 3.7 out of 5 stars  See all reviews (22 customer reviews)
  • Amazon.com Sales Rank: #49,780 in Books (See Bestsellers in Books)

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More About the Author

Francis Fukuyama
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Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
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Inside This Book (learn more)
First Sentence:
As we approach the twenty-first century, a remarkable convergence of political and economic institutions has taken place around the world. Read the first page
Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
neous sociability, intermarket keiretsu, familistic societies, job control unionism, reciprocal moral obligation, keiretsu partners, ten largest firms, ethical habit, keiretsu relationships, keiretsu members, job classification system, keiretsu system
Key Phrases - Capitalized Phrases (CAPs): (learn more)
United States, Hong Kong, World War, North America, Latin America, Terza Italia, East Asia, Adam Smith, Chinese Confucianism, Latin Catholic, Meiji Restoration, New York, South Korea, Soviet Union, Third World, Max Weber, Middle Ages, General Motors, Henry Ford, Old Regime, Park Chung Hee, Wang Laboratories, Eastern Europe, Highland Park, People's Republic of China
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Customer Reviews

22 Reviews
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Average Customer Review
3.7 out of 5 stars (22 customer reviews)
 
 
 
 
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23 of 23 people found the following review helpful:
5.0 out of 5 stars underrated despite being an oversimplification, November 11, 2004
I live in Europe close to the fault line between (in Fukuyama-speak) low-trust-land and high-trust-land and I have rarely read such an interesting book. In some ways the book is the successor to Max Weber's magnum opus, The Protestant Ethic and the Spirit of Capitalism (published in 1905) about the impact of protestant religion and culture on economical success in Germany.

Rather than compare Protestantism with Catholicism and their economical impact on German citizens, Fukuyama divides the world into high and low trust societies. Within Europe low trust societies largely coincide with Catholic countries and high trust societies coincide largely with Protestant countries, hence some of Fukuyama's work will sound familiar at times to a reader of Max Weber. Still, Fukuyama's categorisation is not based per se on religious affiliation. Fukuyama is at pains to attribute the low trust of Italians or French to historical events or situations. At times it seems he goes out of his way to avoid attributing any causal role to religion. But the advantage of his approach is that his methodology in theory works in any culture outside the European Christian context. Fukuyama also applies his trust criterion on societies such as the US, Japan, Korea, Taiwan and China. The Middle East and Africa are conspicuous in their absence, possibly because there are few if any examples of so-called high-trust cultures in these parts of the world.

There are a few shortcomings to the book :

Fukuyama only draws economical consequences from the presence or absence of trust, for instance, he claims high trust cultures such as Japan and Germany find it easier to form very large companies, whilst low trust cultures such as Taiwan or Italy feel more at home in family companies. It is a pity he does not extend the field of study of consequences into areas such as corruption (low trust countries generally score higher on corruption), the law (for instance perjury is not regarded as a big deal in low trust countries), demographics (intermarriage, such as consanguineous marriages, is much more common in low trust cultures such as in the Middle East), etc...

The division of the world by Fukuyama into low and high trust cultures is very binary. Some studies by others into trust have first segmented the environment of individuals in concentric layers, starting with the immediate family, then friends, then the extended family, then the local community, then the country and then his or her civilisation. In such a scenario trust typically decreases with each layer which is further removed from the individual (although there are exceptions, such as in failed Islamic states where more trust is put by individuals in the Umma - all Muslims - than in the nation.), but the slope of the curve differs between low and high trust cultures. Still, as a simplification, the division into two extremes of trust is an interesting start.

Like all human phenomena, economic organisation can never be explained by one variable. But even if trust turns out to be only one of the variables which have a high correlation with economic structure, it remains a valid subject for a book like this.

Finally, some reviewers have accused Fukuyama of explicitly arguing that economic development is hampered by low trust, whilst I think he actually argues economic structures are merely different in both categories. Nobody will argue Belgium, a typical low-trust culture, is poorer in GDP per capita terms than - say - the neighboring Netherlands, a typical high trust culture that even shares its language with the majority of Belgians. But it is true that Belgian multinational companies are even rarer than famous Belgians.

Despite the simplifications this is still a very interesting book for those interested in the compatibilities or incompatibilities of cultures in the workplace. One of Fukuyama's underrated books.
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21 of 22 people found the following review helpful:
5.0 out of 5 stars Argues that trust (or its absence) shapes economies., January 17, 1999
By A Customer
This review is from: Trust (Hardcover)
The author divides societies into two classes: high trust and low trust. High-trust societies form volunteer and meritocratic organizations that expand in scope and efficiency to reach optimum economies of scale. These commercial and non-profit organizations (which are not dependent on family ties) create a network of efficiencies that benefit commerce, media communication and social change.

Low-trust societies, in contrast, rely on the extended family to build commercial, social and political networks. The trouble with the extended-family approach to economic development is that all families will soon run out of blood-line managerial, scientific, literary or artistic talent. The Latin Catholic and Chinese cultures are described as low-trust societies.

One conclusion to this analysis is that it is the lack of trust in society that forces developing countries to have large government organizations. In countries such as Mexico, the lack of trust in the players and in the notion of market efficiency itself leads to the creation and perpetuation of state monopolies.

The author wonders if trust in the American society is declining, to judge, at least, by the rising number of guarded residential compounds. The Clinton impeachment trial, from one lens, is about the threat to trust in public life. According to the model, if trust declines, so too will economic prosperity.

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11 of 11 people found the following review helpful:
5.0 out of 5 stars Thought-provoking, August 8, 2002
By Kurt A. Johnson (North-Central Illinois, USA) - See all my reviews
(TOP 50 REVIEWER)    (REAL NAME)      
In this challenging book, author Francis Fukuyama examines the role of "trust" in economics. He proposes that it is the social capital of a given country (or even area within a country) that defines how its economy functions. In a high-trust society, individuals have a propensity to join voluntary organizations, and as such there are likely to be many organizations (including business organizations), of all sizes. In a low-trust society, where individuals are only able to organize within their own clan or family, organizations are likely to be either small, or very large (and state-operated). Along the way, he examines countries around the globe, but focusing primarily on China and the Confusion countries, Italy, France and Korea (as low-trust societies), and Japan, Germany and the United States (as high-trust societies).

I found this book to be quite fascinating. I must admit that I am not an expert on economics, but I found the author's arguments quite convincing. His examination of various countries explained a lot of things that I have noticed before, but he succeeds in putting it all into a whole new paradigm. I highly enjoyed this though-provoking book, and recommend it to everyone!

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Most Recent Customer Reviews

2.0 out of 5 stars Not a book with a great deal of insight.
The author uses overseas Chinese societies such as Taiwan and Hong Kong to make predication as to how China will develop. Read more
Published 16 days ago by Man Chau

2.0 out of 5 stars this is something to consider
high trust = community organization &/or national loyalty
mid trust = clan, extended family, or sub-caste = the radius of loyalty
low trust = nuclear family being... Read more
Published 14 months ago by Brentano Amaroso

5.0 out of 5 stars Fukuyama hit the nail on the head with this book.
Fukuyama argues that without Trust an economy is destine to fail. He says nation is great and it's economy will only work if it is founded in trust.
Published 16 months ago by A. Fryman

5.0 out of 5 stars Trust -- A Must Read
Great book. A must read for anyone who wants to learn what makes the world go 'round.
Published 24 months ago by Mark W. Erwin

5.0 out of 5 stars I thought this was dazzlingly brilliant...
Fukuyama outlines how the "intermediate social organizations" of society, under the Protestant ethic, permitted the development of modern capitalist structures; whereas in... Read more
Published on January 6, 2006 by Stephen Armstrong

1.0 out of 5 stars Before you read the reviews look at the section above called "Customers who viewed this book also viewed" you will gain insigh
This book was written ( I bet)by unpaid graduate assistants. I borrowed it from the library to read before mr Fukuyama's arrival to speak at a university. Read more
Published on August 13, 2005 by Steven Leighton

1.0 out of 5 stars Racism and religious bigotry masquerading as science
Fukuyama trots out stereotypes that he must have picked up at his Japanese-Protestant father's knee, under a thick veneer of impenetrable sociological jargon that can fool the... Read more
Published on March 14, 2005 by anonymous

3.0 out of 5 stars Trust!
Summary:

The author claims in his chapter, Friction-Free Economies, that it is necessary to turn to a cultural characteristic like spontaneous sociability to explain the... Read more

Published on June 14, 2003 by kang Junkyung

4.0 out of 5 stars Good neo classical economics from a non economist
This book argues that economic development is 80% good economics and 20% good culture. This is not a new concept, as many other authors, such as Lawrence Harrison, have grappled... Read more
Published on March 9, 2003 by Denis Benchimol Minev

3.0 out of 5 stars BETTER AS AN ARTICLE
Fukuyama presents a lot of important ideas, but it is over-padded. The ideas would come across more coherently as an article or a 95-page book.
Published on October 19, 2000 by Earl Kulp

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