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All businesses strive to be effective and efficient. Whilst the hallmark of a capitalist economy is self-interest and competition, cooperation is also necessary in order to further efficiency and productivity. For a business to be successful, the people within need to develop relationships amongst each other as well as outside the organization in order to be able to work with one another. These relationships are a function of trust. Trust is the reliance on the integrity, ability, or character of a person or thing. Therefore building trust is a vital step towards maintaining and promoting business efficiency. However, in terms of business ethics, the sole purpose of the use of trust is to promote business efficiency.
Customers and the community put trust in businesses and their methods by buying their products. Businesses trust fiduciaries that act for them by working with them to acquire their expertise. Even within a business there is trust in the form of employee-employer relationships. For example, employees trust that they will receive compensation for their work after certai…
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