25 Years of the 21st Century: 2. The Age of Mistrust
Jan 6, 2025
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In this engaging conversation, Rachel Botsman, trust expert and Oxford lecturer, and Helen Margetts, a professor specializing in internet impact, explore the complexities of trust in today’s world. They delve into how the internet has transformed traditional trust dynamics, emphasizing the importance of discerning reliable information amidst rampant misinformation. The discussion also touches on the evolution of trust in currencies, particularly with the rise of cryptocurrencies, and examines the societal implications of skepticism towards institutions and experts.
The evolution of trust in the digital age has shifted from personal relationships to reliance on online reviews and peer validation.
The rise of cryptocurrencies reflects growing public distrust in traditional financial institutions, highlighting a quest for decentralized alternatives.
Deep dives
The Transformation of Trust in Society
Trust has undergone significant transformation with the advent of technology and social media, leading to a paradoxical relationship where individuals allow complete strangers into their homes through platforms like Airbnb and use ride-sharing services like Uber. Social scientists note that this era represents a time of eroding trust in traditional institutions such as politics and media, making the reliance on technology for trust a fascinating development. For instance, trust used to be based on personal relationships within small communities, but now it often hinges on online reviews and ratings, reflecting a shift from personal to peer-based trust mechanisms. This evolution brings up questions about the nature of trust, especially as society grapples with the implications of trusting algorithms and strangers more than familiar figures.
The Role of Information in Trust Dynamics
Information exchange is a crucial aspect of trust dynamics, particularly with the rise of the internet, which has dismantled the monopoly that traditional institutions held over information. Ordinary individuals now have the capacity to share and disseminate information widely, leading to a more democratized but also complex landscape of trust. This shift is evident during crises, such as the COVID-19 pandemic, where misinformation proliferates, making people skeptical of all information sources. The challenge lies in educating individuals on how to discern trustworthy information amidst this overwhelming influx, highlighting the need for improved digital literacy.
Trust and the Evolution of Money
The discussion of trust extends to financial systems, particularly in the context of cryptocurrencies that have gained popularity as people grow distrustful of traditional fiat currencies. This shift in trust can be seen as a reaction to dissatisfaction with established banking systems and mounting public debt, prompting individuals to seek decentralized alternatives. Despite the allure of cryptocurrency as a secure and foolproof option, experts caution that this trust may be misplaced given the inherent volatility and risks associated with digital currencies. As younger generations engage with money in new ways, traditional monetary foundations seem increasingly outdated, raising questions about the future of financial trust.
The Future of Trust in a Digital World
Looking ahead, trust is anticipated to evolve further with the emergence of auto-sapient trust, where the distinction between human and machine judgment begins to blur. This new dynamic presents opportunities for improved efficiency and accuracy, particularly in fields like healthcare, yet it also introduces challenges as society navigates its reliance on technology without clear oversight. Although modern technology can facilitate community building, it paradoxically drives individuals into digital isolation, diminishing local connections. Amidst these challenges, there exists a call for a revival of local trust-building efforts, emphasizing the importance of personal interactions in restoring societal trust.
Have we lost faith in institutions, politicians - and even money?
Some people say there is an onslaught of misinformation and a battle for truth. So who do we trust now?
In this series, we’re remembering some of the big events of this century and asking how they’re shaping us.
Matthew is joined by Margaret MacMillan a historian and author, Rachel Botsman the author of three books on trust and Helen Margetts, a Professor of Society and the Internet at the University of Oxford.
Production team
Editor: Sara Wadeson
Producers: Marianna Brain, Emma Close, Michaela Graichen
Sound: Tom Brignell
Production Co-ordinators: Janet Staples and Katie Morrison
Archive
Steve Jobs launches the Apple iPhone, 2007
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