No Honor System for Banks: Why the Blind Trust in a Free-Trade Honor System?Quicklink submitted by Hugh Campbell Permalink
(image by CNBC) DMCA
|This article highlights that honor systems don't work, at least with banks and the general public tends to ignore complicated things. With global trade, these points apply in spades. With its little proactive enforcement and where the WTO's (the fox guarding the hen house) goal is unbridled growth, lacking any interest in the quality of trade.
The article goes on to emphasize the importance of context (community) and culture (trust vs. suspicion) to an honor system. If as pointed out "the universal banks have created a context and culture that is closer to the used car lot than it is to the fruit stand. What higher bar is there in the global trade arena? An arena that fosters virtually no sense of community and is fertile ground for suspicion to trump trust. That said, why does America's bipartisan political elite have such blind trust in the honor system they call free-trade?
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