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===The [[commercial imperative]] of doubt=== | ===The [[commercial imperative]] of doubt=== | ||
At the heart of the commerce is ''trust'' and ''credit'': the expectation that one will ''[[be a good egg]]''. This is the beauty of a [[laissez-faire]] system: alone among polities it gets the alignment of interests right. It need not hope that actors are saints, or even that they will out of public spiritedness; indeed, it presumes they will not. The operating assumption of a market system is, “everyone for oneself.” There are no allies. | At the heart of the commerce is ''trust'' and ''credit'': the expectation that one will ''[[be a good egg]]''. This is the beauty of a [[laissez-faire]] system: alone among polities it gets the alignment of interests right. It need not hope that actors are saints, or even that they will act out of public-spiritedness; indeed, it presumes they will not. The operating assumption of a market system is, “everyone for oneself.” ''There are no allies''. | ||
Yet, through the magic of the [[iterated prisoner’s dilemma]], we are nonetheless incentivised to do the right thing: the long-term payoff of repeated co-operation grossly outweighs the short-term bump of a single defection. We build not transactions, but relationships. As they develop, relationships grow: the dinks and scuffs we pick up along the way toughen us. If we manage them well, our relationships grow stronger. Relationships are [[anti-fragile]]. | Yet, through the magic of the [[iterated prisoner’s dilemma]], we are nonetheless incentivised to do the right thing: the long-term payoff of repeated co-operation grossly outweighs the short-term bump of a single defection. We build not transactions, but relationships. As they develop, relationships grow: the dinks and scuffs we pick up along the way toughen us. If we manage them well, our relationships grow stronger. Relationships are [[anti-fragile]]. | ||