ABSTRACT
Human societies have always recognized trust as a requirement for a well-functioning of human institutions. Being introduced in economic thinking by Adam Smith two centuries ago, the trust issue is today the subject of much debate. Very few human relationships are actually founded on what each one knows about the others and in a demonstrable manner only (Simmel, 1987). Trust seems, however, to be significantly denied its traditional rights during the 20th century and was given only little impacting role in business relations. It was called upon in specific situations only and mainly as a last recourse: first, whenever economic theory suggests numerous solutions to a single problem, but in way that it is impossible to make a rational choice; second, in situations where formal structures cannot explain individual behaviors (Leibenstein, 1982); and finally, in cases where contractual arrangements are incomplete.
