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John Maynard Keynes and the Economy of Trust: The Relevance of the Keynesian Social Thought in a Global Society

Donatella Padua (PhD in the Science of Education, Senior Researcher in Sociology and Adjunct Professor of Methods of Analysis of the Complex Society, Università per Stranieri di Perugia, Italy)
Format
Book
Published
New York, NY : Palgrave Macmillan, 2014.
Language
English
Series
Palgrave Pivot
ISBN
9781137467225, 1137467223
Related Resources
Cover image
Summary
"Why does trust collapse in times of crisis? And when, instead, does it become a driver of growth, generating value? This book offers an analysis of the dynamics of trust through a sociological interpretation of the thought of John Maynard Keynes, the first economist to understand the full extent of the confidence-lever. In the context of the 2007 crisis and following recession, the innovative concept of Economy of Trust explains how trust spontaneously replaces the weakened institutional system of quality assurance and control and generates value. Indeed, the deficiency of such a system has become the ideal breeding ground for the growth of the Nominal Economy: the economy that distorts the perception of reality as it widens economic and social disparities, unbalances relationships between risk and wealth in the global society and dissolves the bonds of responsibility. In this way, trust is channeled towards strong "new powers", such as hedge funds companies, rating agencies and investment banks. Within this context, only targeted policies of Economy of Trust can funnel the 'store of value' effect generated by trust towards positive intents of building social capital."--
Contents
  • Complexity. Keynes, The 'Economist Of Complexity'
  • Environmental Complexity
  • Nominal Economy vs. Real Economy
  • Trust. Classical Rationality And Keynesian Irrationality
  • The Elements Of Trust
  • Trust, Confidence, rational trust
  • The Role Of Emotions
  • Trust In Social Systems
  • Value. The Economy Of Trust In The Global Crisis
  • Uncertainty
  • Irrationality
  • Speculation
  • Complexity
  • Stories
  • Development. Trust, Growth, Development
  • Growth and Development
  • Redistribution, Equity, Trust
  • The Keynesian 'Civilization'
  • Concluding Remarks: The Economy Of Trust Generates Value.
Description
xiii, 121 pages ; 23 cm.
Notes
Includes bibliographical references (pages 114-120) and index.
Technical Details
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    a| John Maynard Keynes and the economy of trust : b| the relevance of the Keynesian social thought in a global society / c| Donatella Padua (PhD in the Science of Education, Senior Researcher in Sociology and Adjunct Professor of Methods of Analysis of the Complex Society, Università per Stranieri di Perugia, Italy).
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    a| New York, NY : b| Palgrave Macmillan, c| 2014.
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    a| Complexity. Keynes, The 'Economist Of Complexity' -- Environmental Complexity -- Nominal Economy vs. Real Economy -- Trust. Classical Rationality And Keynesian Irrationality -- The Elements Of Trust -- Trust, Confidence, rational trust -- The Role Of Emotions -- Trust In Social Systems -- Value. The Economy Of Trust In The Global Crisis -- Uncertainty -- Irrationality -- Speculation -- Complexity -- Stories -- Development. Trust, Growth, Development -- Growth and Development -- Redistribution, Equity, Trust -- The Keynesian 'Civilization' -- Concluding Remarks: The Economy Of Trust Generates Value.
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    a| "Why does trust collapse in times of crisis? And when, instead, does it become a driver of growth, generating value? This book offers an analysis of the dynamics of trust through a sociological interpretation of the thought of John Maynard Keynes, the first economist to understand the full extent of the confidence-lever. In the context of the 2007 crisis and following recession, the innovative concept of Economy of Trust explains how trust spontaneously replaces the weakened institutional system of quality assurance and control and generates value. Indeed, the deficiency of such a system has become the ideal breeding ground for the growth of the Nominal Economy: the economy that distorts the perception of reality as it widens economic and social disparities, unbalances relationships between risk and wealth in the global society and dissolves the bonds of responsibility. In this way, trust is channeled towards strong "new powers", such as hedge funds companies, rating agencies and investment banks. Within this context, only targeted policies of Economy of Trust can funnel the 'store of value' effect generated by trust towards positive intents of building social capital."-- c| Provided by publisher.
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    a| Keynes, John Maynard, d| 1883-1946.
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    a| Trust x| Economic aspects.
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    a| Consumer behavior x| Psychological aspects.
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