Trust is not a homogeneous phenomenon. In economic relationships different trust structures are at work, including distrust, negative trust and lack of trust. Perceived honesty and competence co‐determine the trust structures economic agents have in their interactions with others. Trust structures influence the way agents engage in economic relationships. Honesty and competence should be developed to improve trust in economic relationships. Ethics is not a luxury of advanced economies, it is an indispensable means to foster economic development.
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