Confidence as sociocultural and economic phenomenon

Доверие как социокультурное и экономическое явление

Rudakova, Olga (Рудакова, Ольга) (), Orlova, Nelli (Орлова, Нелли) () and Kovalenko, Yulia (Коваленко, Юлия) ()
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Rudakova, Olga (Рудакова, Ольга): Tver Branch of RANEPA
Orlova, Nelli (Орлова, Нелли): Tver Branch of RANEPA Education and Social Research «Civilizational Renewal»
Kovalenko, Yulia (Коваленко, Юлия): Tver Branch of RANEPA

Economic environment, 2023, issue 4, 19-27

Abstract: The important role of confidence in public life consists in possibility of the effectiveness increase of all social phenomena and processes. In addition, confidence acts as a leading element of the mechanism of society integration into a single system. The purpose of the study is to analyze the role of confidence in culture transmission, which is a social experience accumulated in the process of people's joint activities. Confidence is an integral part of society's life and manifests itself in all its spheres, including economy. The research uses theoretical and empirical methods, in particular: literature review, logical and systematic analysis, methods of collecting empirical data, description, prediction and processing of the research results. In the course of the research, it was found that social scientists are almost unanimous: only culture determines the differences between human societies. Altruism, cooperation, and mutual trust, as models of social behavior, are determined by upbringing and social moral values. Today, it is obvious that confidence largely determines the effectiveness of interaction between social groups and functioning of public institutions. From the economic point of view, confidence is associated with economic growth and development, with efficiency increase of economic system functioning. The need for control, due to the predominance of distrust in the society is equivalent to introduction of additional tax on all types of economic activity. In conclusion, increase in the level of distrust in the world is stated, which causes serious concerns, because confidence is the foundation of society. The confidence crisis is not just a social phenomenon, but an important factor that determines many economic processes. Therefore, if governments intend to accelerate economic growth, they need to pursue policies aimed at strengthening confidence in the society.

Keywords: business; confidence; crisis; culture; macroeconomics; organization; distrust; non-profit organizations (search for similar items in EconPapers)
Date: 2023
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