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→The commercial imperative of doubt
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====The commercial imperative of doubt==== | ====The commercial imperative of doubt==== | ||
{{drop|A|t the heart}} of commerce is ''[[trust]]'' and ''[[credit]]'': the expectation that one will ''[[be a good egg]]''. This is the ravishing beauty of [[laissez-faire]]: almost alone among polities, it gets the alignment of [[Conflict of interest|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 | {{drop|A|t the heart}} of commerce is ''[[trust]]'' and ''[[credit]]'': the expectation that one will ''[[be a good egg]]''. This is the ravishing beauty of [[laissez-faire]]: almost alone among polities, it gets the alignment of [[Conflict of interest|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 themselves.” ''There are no [[ally|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''. Not ''goals of reward'', but ''systems of trust''. As they develop, relationships grow: the dinks and scuffs we sustain along the way toughen up: if we manage them well, our relationships grow stronger. Relationships are, in this way, [[anti-fragile]]. We gain from being vulnerable. We have to put ourselves at risk to earn a greater reward. | 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''. Not ''goals of reward'', but ''systems of trust''. As they develop, relationships grow: the dinks and scuffs we sustain along the way toughen up: if we manage them well, our relationships grow stronger. Relationships are, in this way, [[anti-fragile]]. We gain from being vulnerable. We have to put ourselves at risk to earn a greater reward. | ||