身边的经济学·社会常识英语精读30篇（3）
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The Institutional Architecture Behind Market Confidence
市场信任背后的制度架构
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Markets function not just through prices but through deeply embedded institutions that enforce contracts and limit arbitrary power.
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Courts, regulatory agencies, and central banks collectively shape expectations about fairness, predictability, and enforcement in economic life.
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When judicial independence weakens or regulatory capture intensifies, investors demand higher risk premiums even for domestic assets.
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Strong institutions reduce transaction costs by lowering the need for costly private monitoring or collateral arrangements.
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Countries with transparent procurement rules and consistent antitrust enforcement see more stable FDI inflows over business cycles.
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Institutional credibility also affects wage bargaining: unions negotiate differently when labor courts reliably uphold collective agreements.
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Digital platforms now test these foundations—algorithmic governance lacks the accountability mechanisms built into centuries-old legal frameworks.
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Rebuilding institutional trust requires procedural consistency more than charismatic leadership or one-off reforms.
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Fiscal transparency laws, independent audit offices, and open budget data portals are measurable anchors of modern market legitimacy.
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Ultimately, markets thrive where rules are durable, interpretable, and applied equally—not merely where they exist on paper.