身边的经济学·社会常识英语精读30篇（3）

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市场信任背后的制度架构

Markets function not just through prices but through deeply embedded institutions that enforce contracts and limit arbitrary power.
Courts, regulatory agencies, and central banks collectively shape expectations about fairness, predictability, and enforcement in economic life.
When judicial independence weakens or regulatory capture intensifies, investors demand higher risk premiums even for domestic assets.
Strong institutions reduce transaction costs by lowering the need for costly private monitoring or collateral arrangements.
Countries with transparent procurement rules and consistent antitrust enforcement see more stable FDI inflows over business cycles.
Institutional credibility also affects wage bargaining: unions negotiate differently when labor courts reliably uphold collective agreements.
Digital platforms now test these foundations—algorithmic governance lacks the accountability mechanisms built into centuries-old legal frameworks.
Rebuilding institutional trust requires procedural consistency more than charismatic leadership or one-off reforms.
Fiscal transparency laws, independent audit offices, and open budget data portals are measurable anchors of modern market legitimacy.
Ultimately, markets thrive where rules are durable, interpretable, and applied equally—not merely where they exist on paper.