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Introduction
Relevance of research subject. The problem connected with formation of institute of trust is one of key in the institutional direction and has great practical value. Institute of trust is the main source of modernization of modern society. The lack of trust interferes with economic growth, con-strains investment activity, and causes other negative consequences. The phenomenon of trust is the cornerstone practically of all economic processes.
The trust in economy plays one of the main functions. The trust is present at negotiations, at the conclusion of economic contracts and transactions of any level and can be classified as one of risk factors at commission of economic operations in business. It is connected with the fact that de-spite activities of the state for protection of the rights of owners, investors, investors and other sub-jects of the market relations, any economic relations are inefficient without trust.
It is possible to claim that the majority of the known risks which businessmen at transactions try to consider are function of credibility of the relations between the parties. So, for example, risk of loss of reputation, client and to that similar risks are in direct dependence on level of credibility, for example, between the client, depositary and registrar as participants of the stock market. The risk of loss of reputation is important for depositaries and registrars at attraction of client assets, and client risks which arise when servicing with not irreproachable business reputation and which can lead to roguish operations are unambiguously connected with trust between clients and the com-mercial organizations.
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Chapter 1. Theoretical aspects of trust in economy
1.1 Views of various authors to definition of the concept "trust"
Trusts were developed in England during 12th and 13th centuries, at the time of the Crusades when Crusaders, being landowners, wanted someone to run their estates upon their absence. Although traditionally the Trust is found in Common Law systems, over the years some Civil Law systems have incorporated provisions for the Trust. In simple terms, a Trust is a relationship set up by the owner of property (the "Settlor") whereby the Settlor"s property is held by a third party (the "Trustee") for the benefit of another person or the Settlor himself (the "Beneficiaries"). The above relationship is recorded in a written document (the "Trust Deed"). A trust is a legal relationship and not a separate legal entity.
Scholars and practitioners widely acknowledge trust"s importance. Trust makes cooperative endeavors happen (e.g., Arrow, 1974; Deutsch, 1973; Gambetta, 1988). Trust is a key to positive interpersonal relationships in various settings (e.g., Fox, 1974; Lewis & Weigert, 1985a) because it is central to how we interact with others (e.g., Berscheid, 1994; Golembiewski & McConkie, 1975). Trust becomes even more central and critical during periods of uncertainty due to organizational crisis (Mishra, 1996; Webb, 1996; Weick & Roberts, 1993). In the organizational "restructuring" crisis of the 1990s, trust has emerged as a central strategic asset for organizations (e.g., Mayer, Davis & Schoorman, 1995; Mishra, 1996). Trust is a central component in effective working relationships (Gabarro, 1978). Practitioners acknowledge the importance of trust as much as do scholars (e.g., Bartlett & Ghoshal, 1995; Covey, 1989; Peters, 1992). For example, a book on partnering recently quoted one representative business person as saying, “...’there are a lot of issues in partnering,...but trust is truly the key. Everything else has to be based on it. Without trust, there is no basis for partnering. It’s the bottom line...’” (Rackham, Friedman & Ruff, 1996: 75).
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