Article Information

SOCIOLOGICAL PROBLEM OF TRUST TO MONEY CURRENCIES: AN INSTITUTIONAL FACTOR

Egor Makarov (eg.makaraz@mail.ru)

Plekhanov Russian University of Economics, Moscow, Russia

Citation: Makarov E. (2020) Sotsiologicheskaya problema doveriya k denezhnym yedinitsam: institutsional'nyy faktor [Sociological problem of trust to money currencies: an institutional factor]. Zhurnal sotsiologii i sotsialnoy antropologii [The Journal of Sociology and Social Anthropology], 23(5): 135–154 (in Russian). https://doi.org/10.31119/jssa.2020.23.5.5

Abstract. The article presents the problem of trust to monetary currencies in the context of contemporary sociological theories of money (V. Zelizer, J. Smithin, G. Ingham, N. Dodd and others). This particular issue has not been addressed within the context of orthodox economic analysis, including classical political economy (A. Smith), as G. Ingham argues. The factor of institutional trust and its influence on trust to different forms of money is examined via analysis of contemporary sociological theories of money. Author tries to verify the influence of institutional factor on trust to money currencies using empirical data ‘Monitoring of population’s financial behavior — 2016’, that was implemented in the framework of the Basic Research Program at the National Research University Higher School of Economics (HSE) in 2015. Empirical analysis shows that there is no strong relationship between the concept of institutional trust and trust in forms of money. An explanation based on impersonal trust is presented as an alternative model. The main conclusion is that the institutional trust should not be regarded as the main factor within the context of trust in money. The problem needs to be addressed with the impersonal trust regarded as the central factor. The author highlights the importance of future empirical and theoretical researches.

Keywords: sociology of money, trust in money, multiply money, institutional trust, impersonal trust, complementarity problem.

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