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Trust as Currency

29 Desember 2024   18:41 Diperbarui: 29 Desember 2024   19:36 38 0
The impact of informal institutions are far-reaching, yet understated. Informal institutions might not be having binding rules as formal institutions do, but it doesn't hide the fact that informal institutions actually play a crucial role on the society. They influence unwritten rules which will shape behavior, decision-making, and the overall functioning of organizations and economies in the society. Unlike formal institutions which are stricter because they are based on the law, informal institutions are embedded in the culture practices and collective expectations, making it more resilient and adaptable. These embedded cultural practices can determine locals' productivity within organizations. Furthermore, if it already rooted deep in trust shared norms, it could significantly affect people's behavior. This eventually raises an essential question: How do trust and social norms act as invisible forces driving or hindering development?

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