Without trust, nothing grows- quarterly client letter,Prerequisite capital

Whether it be a marriage, a business partnership, or an economic system – without trust nothing grows, rather, things fall apart.
One of the most underappreciated dynamics of the last 12 years pertains to the chart below… it shows world trade as a percentage of global GDP for the last 500 years:

https://prerequisite.us3.list-manage.com/track/click?u=b3aba5dda07f8a93b584d5334&id=a62c3fb1b1&e=334fd9c46b

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