Societies and economies are being crippled by a lack of trust
The protests that have hit countries across the globe in recent months are in some way emblematic of the deep distrust and suspicion that has taken hold in their societies. While segments of society battle each other, economies and livelihoods have taken a hit. In addition, be it in the UK where the Brexit saga rolls on, or closer to home in Hong Kong, where the India Business Law Journal is based, families and friendships on either side of the deep ideological divide are being torn apart.
The erosion of trust may prove to be the single largest obstacle to negotiating an end to the uncertainties and unrest. While shoring up confidence in and among stakeholders will not happen overnight, having in place a leadership that is endowed with the requisite wisdom and tact will help. This can seem like a tall order, but may ultimately be the only way forward.
In India, a trust deficit is currently being blamed for several of the country’s problems including the current economic slowdown. Confidence in many groups from regulators and bankers to healthcare and education providers has been dented and as yet little is being done to address this. This invisible crisis will have long-term effects.
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