Earlier quoted context omitted.
Are we living in the same reality? Look at how business works in the rich west works. Everything is formalized with contracts, risk is portioned out and offloaded to every party under the sun. You bring in people with licenses and accreditation, 3rd party consultants, etc, etc. All of this work and expense is incurred so that if things go wrong then the parties all have precisely defined ways in which they can (expen…
Your response just proves his point. All of that paperwork, all of those contracts- that assumes you can trust the government to fairly enforce the law. In a society where corruption rules, you have no reason to spend time and money on any of that because you know you’re one bribe away from it all being kindling for your next bonfire. So yes, in areas with high corruption they don’t bother. They either just set aside…
Being able to rely on being able to enforce contracts means you need less trust in people you do business with.