Oct 12, 2019, 7:48 PM by Bill Joslin I would take the discussion of Trust a step further. Law and contract eliminate the NEED for trust. However, law and contract that results in this, can only emerge out of a polity that has established high trust in their informal institutions. (which is why, if you introduce a low trust population into the mix, law shifts from rule of law (system which constrains arbitrary discretion) to rule by law (arbitrary discretion hidden behind a mask of calculation). The low trust population erodes the informal institutions which results in a demand for formal institutions to fill the gap.
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