Making Economy Humane – The Role of Cooperation, Trust and Relationships

The aim of the paper is a thesis that cooperation, trust and relationships are critical to make the economic system based on the market paradigm, more humane; a system which is not to be driven by the overriding rule of maximization of profit. With reference to the works of classical and more contemporary economic writers, the paper not only seeks to demonstrate that cooperation, trust and relationships were meant to make an ethical foundation of the system of market economy from the very beginning but they have also been beneficial to the economic system itself. First, it accounts for the way economics has become deprived of its social underpinning: mathematization, imperialization and sophistication of economics were instrumental to its dehumanization. Secondly, the complementary nature of cooperation and competition is described along with the respective roles they play in the economy. Thirdly, the critical role of trust is defined. With reference to numerous studies on the issue, their findings are cited to show a body of evidence on the role of trust in economic growth. This section also refers to surveys which document the extent and dimensions of trust among the general public in economic/business context. Then, the paper deals with the notion of relationships from the perspective of the place within the economic systems and market, and the economic crises of 2007/2008. The paper ends with conclusions on the importance of the three values for the health of the economic system and their role in guarding against economic crises.