Business Suffers As Trust Declines

2014 was filled with news of disasters from all over the globe. Plane disappearance, plane crashes, wars, computer hacks and deadly viruses were the devastating news highlight of 2014. Trust in the global business weakened due to these occurrences.

According to a recent survey, there was a notable decline in trust in the government sector, non-government organizations, business and media sector.

Trust is an issue

Trust is the foundation of every relationship. Delete trust from the equation of partnerships and the connection between entities or individuals will cease to exist.

Government leaders communicate with each other in hopes to strengthen the bond of trust between nations. Political and business tycoons alike continue to have dialogues with each other to nurture that relationship.

When trust is broken, the very structure crumbles. This alarming trust issue should cause a stir to the world.

Take for the example the missing Malaysian Airlines. Until now, one can only tell theories regarding its disappearance. There were speculations from organizations involved in the search and rescue operations that there were intelligence reports regarding the location of the plane. However, these were not disclosed for the fear of compromising a nation’s defense system. It all boils down to the lack of trust between nations.

Last year, tension surmounted in the Russian and Ukrainian border which was brought about by differing issues on certain matters. Innocent lives were suffered in the disagreement between the two nations as a plane was brought down in flames. Later on, sanctions were imposed on Russia. The economy was deeply hurt. Ordinary people’s daily lives were affected. Business partners grew fearful of a nearing economic collapse. Investments were withdrawn and common people suffered the most.

Distrust in the public

Distrust is now dominant in the general population among many nations. According to survey, the following countries expressed high rate of distrust: Japan, France, Italy, United States, Germany, Turkey and Russian.

Many of these countries have advanced economies and are a key to global economic growth. If the misplaced trust will not be mended back, the effect would be very dangerous. One could only hope that trust will be brought back for it is a key player in the global arena.