L12: Entrepeneurial Journal
Based on what you read in the first two pages (pages 3 and 4), why are virtue and integrity so vital to an economy? Not everyone is so complacent. Markets rely on rules and laws, but those rules and laws in turn depend on truth and trust. Conceal truth or erode trust, and the game becomes so unreliable that no one will want to play. Virtue and integrity are the bases of trust. We cannot trust the man or woman who lacks morals or is unwilling to live up to the morals he or she claims to espouse. Interestingly, Handy says that markets rely on rules and laws that depend on truth and trust; I would argue that if all men and women had virtue and integrity, rules and laws would be unnecessary. Trust, in particular, is important to a free market. I am more likely to spend if I trust a merchant; I am more likely to spend if I feel secure; I am more likely to embark on an endeavor if I trust I will not be cheated. Without virtue and integrity, that trust diminishes, money stops moving...
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