Travel and the Trust Economy
Money For the Rest of Us
J. David Stein
4.5 • 1.4K Ratings
🗓️ 11 December 2019
⏱️ 29 minutes
🧾️ Download transcript
Summary
How is it the global economy still functions even though most individuals do not trust brands, public institutions or each other.
Topics covered in this episode include:
- The low level of interpersonal trust around the world
- What is social capital and how it facilitates a trust economy.
- What are the incentives that encourage individuals and businesses to produce goods and services rather than steal from each other.
- How does trust impact economic growth.
- Does traveling harm or help local residents.
Thanks to Masterworks and LinkedIn for sponsoring the episode.
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Transcript
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| 0:00.0 | Welcome to Money for the rest of us. This is a personal finance show on money. How it works, how to invest it and how to live without worrying about it. I'm your host David Stein. Today's episode 280. It's titled The Trust Economy. |
| 0:15.0 | The proton I have been in Mexico City the past few days. |
| 0:19.0 | When I travel and I'm sure when you travel you have rules of thumb, |
| 0:24.3 | heuristics based on prior experiences, things that didn't work out so well. |
| 0:30.0 | Here's an example of mine when we arrive in a new country. |
| 0:33.6 | First, get cash at the airport. |
| 0:37.0 | Because of the time that I got stranded in Tokyo |
| 0:40.1 | with my family because I didn't get cash and we were in the middle of Tokyo late |
| 0:45.2 | into the night no ATM would take our card and we never made it to our Airbnb |
| 0:50.1 | so get cash at the airport second use an ATM to get that cash because you get a better exchange rate. |
| 0:57.0 | Three, use a bank ATM. |
| 1:00.0 | I learned that from getting my debit card compromised at a sketchy ATM in Brooklyn. |
| 1:07.0 | Fourth, make sure you grab all the things from the ATM after you get your money. |
| 1:12.0 | I learned that because I lost my travel pillow because I left it on the |
| 1:16.2 | ATM in London Gatwick's Airport. And finally, retrieve your ATM card because, well, that's just common sense except this time I forgot |
| 1:27.2 | to get my card back from the machine the Prilso a woman in the line behind us and the woman didn't say anything and it |
| 1:36.9 | wasn't until I got to our Airbnb that I saw because I got a text from Schwab |
| 1:41.2 | that there was a hundred and twenty dollars charged on the ATM card at a convenience store. |
| 1:48.8 | Three different transactions. |
| 1:50.6 | We canceled the card. I felt stupid and I felt mad because somebody stole my card and used it. |
| 1:58.0 | My trust in others was diminished a little bit. |
| 2:02.0 | Now we've had things stolen before. After leaving |
... |
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