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Jordan Peterson - The Economy Runs on Trust - YouTube
Channel: Bite-sized Philosophy
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I read it read a very interesting book a
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while back called the wealth and poverty
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of Nations that was written by a Harvard
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emeritus professor of history and one of
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the things that he claimed I liked it I
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thought it was very smart was that the
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only true natural resource is
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interpersonal trust if you can set up a
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society where people trust each other
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then it will instantly become rich and
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he used the example of Japan which is a
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very conscientious society and very rich
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Society but the Japanese have no natural
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resources right none to speak of and yet
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they're rich and then you have countries
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like the Soviet Russia and and much of
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South America where there's just natural
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resources but you know they're just like
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Venezuela just more natural resources
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than you know what to do with and the
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places are absolute catastrophes
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absolute catastrophe of cynicism and
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corruption and so he attempted to
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document the relationship between
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default interpersonal trust among
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citizens within countries and their
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their productivity in their GDP and
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their standard of living and found a
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very very tight relationship and and I
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like that a lot and I've got a story
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about that quickly that I think is very
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interesting I'll tell you two stories
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one sort of generic well I'll tell you
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one personal first so one day I lent my
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car to one of my graduate students and
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he took it to Montreal this old Cadillac
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and mmm he got it was a really bad
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rainstorm in Montreal and he was in one
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of the highways that are like set into
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the ground and there was like six inches
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of water and he was turning a corner hit
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the brakes and skidded on the water and
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smacked it into the wall and on the
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corner of the of the bumper you know and
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so then he brought it back and he was
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very apologetic about it and and his
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name was Matt Shane tell you that
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because Matt might hear this and I could
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shame him a bit for doing this 20 years
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ago you know and he's a professor at the
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Ontario Institute of Technology I think
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now I'm quite a successful one but
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anyways he brought the car back and I
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went and got it evaluated for damages it
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was like seventeen hundred dollars or
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something to repair it and or maybe more
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but it was almost as much as the car was
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worth I thought well I'm not gonna do
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that so I went online and I typed in the
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part
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and if you do that you can get people to
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bid on sending you a used part from all
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over North America so that's kind of
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cool so there's all these junk dealers
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have got together and they have this you
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know network of communication so you put
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in the car part and then they send you a
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bid and so this guy said well I'll send
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you the bumper assembly which is the
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whole bumper and the lights for like 250
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bucks and I thought yeah okay you could
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do that that'd be good so then I said
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yes and then he called me up about half
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an hour later this guy from way down
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south he had a really deep sort of
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Mississippi accent he said wait a sec
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was that for the bumper or the bumper
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assembly and I said what was for the
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bumper assembly he said oh I thought it
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was for the bumper and then he said but
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that's ok I'll send it to you anyways I
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thought well that's pretty good so I
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said well thank you and then I hung up
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and then half an hour later he called me
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up again and he said look I just went
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out and looked at that bumper assembly
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and there's a plastic trim piece on the
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side and it has a scratch in it and I
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thought I'd better tell you that just in
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case you didn't want it I thought wow
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that's so amazing it's like there's a
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miracle man it's like this guy he's
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somewhere in Mississippi I'm never gonna
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see him again ever I'm never gonna have
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any contact with him like he made a bad
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deal right because the part was worth
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more than he decided to sell it to me
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forever but he stuck with his deal and
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then he went over and above the call of
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duty he said well this part that I'm
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selling you to you for way less than
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it's worth is damaged so I thought I'd
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better tell you it's like man you got to
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recognize a miracle when you see one
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that was a miracle so I said hey look
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it's thanks for calling man it's okay I
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can handle the scratch said the part
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needed and and I got the car fixed and
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forgave Matt and you know it had a happy
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ending so so that's trust
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right because I didn't know him from
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Adam and he's a primate full of snakes
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just like the rest of us and yet he was
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willing to simplify himself to the point
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where I could just take him absolutely
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at his word and that meant we could
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trade even though we were strangers it's
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like man do not underestimate the
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utility of that and then there's eBay so
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when he Bay first started you know the
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idea was it's not gonna work because
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you'll send me junk and I'll send you a
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check that bounces and that'll be the
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end of eBay right and so these escrow
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agents popped up so you could insure
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your train
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action with the moves for like 10% of
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the transaction they would get the check
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and the goods and make sure that they
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were okay and then send them on or
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ensure the transaction but what happened
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was the escrow agents didn't make any
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money and the reason for that was no one
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cheated now you think about how amazing
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that is right you bring these people
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together across a whole continent
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they've never seen each other before
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they're never going to interact with
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each other again and this was before
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there were any reputation ratings on
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eBay and yet the default transaction was
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you describe your goods
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honestly including their flaws you set a
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reasonable price I decide to pay you
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ship the goods and I pay you and it
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works and what happened was that eBay
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produced it produced a tremendous amount
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of capital that was previously frozen so
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frozen capitalists when you have
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invested money in something but the
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thing is no longer useful to you so the
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money is just sitting there frozen right
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so to speak and you can't get it loose
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because well you've got attic full of
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junk how are you gonna get rid of that
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oh we may and so all of a sudden all
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these things that were just junked
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became valuable and everybody got richer
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and none of that wouldn't it would have
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happened without the Covenant that we
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established between each other that's
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predicated on trust and so you might say
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that Trust is the currency and currency
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is trust because it's a promissory note
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right and if people lie then the
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currency gets to based very very rapidly
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and so the economy runs on trust
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