Credit and Reputation
"Credit is like a looking-glass, which when once sullied by a breath may be wiped clear again, but if once cracked can never be repaired."—Sir Walter Scott SYNOPSIS In the teaching of Andrew J. Galambos, whose lectures are the inspiration for this book and related blog, credit is vital to much more than commerce. Credit is essential to insurance and a non-coercive system of justice, which are the subjects of separate chapters below. Credit has a number of aspects, including: Trustworthiness and reliability in fulfilling promises Character Integrity Reputation for competence in providing goods and services Acknowledgment of an accomplishment Credibility A financial asset as contrasted to a financial liability Credit is created by the conduct of individuals and organizations of individuals. Those who honor their obligations consistently have good credit. Those who dishonor their obligations have bad credit. Credit is based on trust as represented by belief in the honesty and