Latest news with #Trust:TheSocialVirtuesandtheCreationofProsperity
Ammon
26-03-2025
- Business
- Ammon
The private sector and social responsibility: A new phase
Prime Minister Jaafar Hassan is seeking to establish new traditions and concepts in social responsibility and the national role of the private sector, companies, and capital in Jordanian policies. His approach involves having this sector contribute a portion of its profits to support major economic and service-related projects. According to sources close to the Prime Minister, the amount raised so far is nearly JD130 million over three years, and this figure is expected to increase. The funds will be allocated to major economic and service-oriented projects. The largest contributor to date has been the Association of Banks, which took the initiative to donate JD90 million over three years for projects related to health and education. Other major national institutions and large companies have also donated millions of dinars to support the Jordanian treasury. This effort is also an attempt to bridge the gap caused by the decline in US aid and funding from the U.S. Agency for International Development (USAID). While some financial assistance has returned for infrastructure projects such as the national carrier project, there are still other areas where the future remains unclear. Regardless of US aid, this kind of cooperation and involvement from the private sector is expected to become a foundational pillar in building the political and social fabric of the country. It is not just about the financial support offered for essential sectors like education, health, and services. While the private sector and major companies have contributed to developmental and humanitarian efforts in the past, those contributions were often ad hoc, impulsive, and individual in nature. However, when such efforts are organized into a large collective framework with clear priorities and project outlines, their impact can be significantly greater. It is not an exaggeration to say that instilling such traditions is extremely important—not only economically, but also in defining a healthy relationship rooted in national solidarity and mutual support. This forms an integral part of what is called 'social capital,' whose value is no less than that of financial capital. First, it strengthens the sense of national, social, and moral duty among private sector actors, investors, and companies, reinforcing their feeling that they are an inseparable part of the national fabric. On the other side, it enhances public appreciation of the private sector's role in national development, helping reduce the sense of class disparity among poorer or lower-middle-class groups, and contributes to building a stronger internal national front. One of the most prominent political theorists today, Francis Fukuyama, argues that economic aspects cannot be separated from cultural, social, and political dimensions. In his acclaimed book Trust: The Social Virtues and the Creation of Prosperity, Fukuyama discusses how local cultures influence the development and reinforcement of economic growth, and how social values play a crucial role during national and economic crises. He provides important examples from countries like the United States, Japan, and Germany to illustrate how wealthy companies and the industrial sector stood by the state and supported the poor and the national economy during critical turning points. One of the key themes Fukuyama explores, echoing the famous work of Max Weber The Protestant Ethic and the Spirit of Capitalism, as well as many of Weber's writings linking cultural and ethical dimensions to economic revival, is the major influence of cultural values and ethics on economic performance and national solidarity. This influence extends even to economic competitiveness and the promotion of domestic industries without the need for laws or regulations, as seen in Japan. Such fundamental and significant dimensions may not have received sufficient attention in Jordan in past stages, but now is the time to reconsider and focus on them, especially in the current era, with the early signs of global economic and trade wars. While these may not directly affect Jordan at the moment, their future impact is inevitable. This calls for a new perspective on the economy, development, and the role of the private sector. Hopefully, Prime Minister Hassan's ideas about institutionalizing new traditions will serve as a prelude to this important transformation.
Jordan Times
25-03-2025
- Business
- Jordan Times
The private sector and social responsibility: A new phase
Prime Minister Jaafar Hassan is seeking to establish new traditions and concepts in social responsibility and the national role of the private sector, companies, and capital in Jordanian policies. His approach involves having this sector contribute a portion of its profits to support major economic and service-related projects. According to sources close to the Prime Minister, the amount raised so far is nearly JD130 million over three years, and this figure is expected to increase. The funds will be allocated to major economic and service-oriented projects. The largest contributor to date has been the Association of Banks, which took the initiative to donate JD90 million over three years for projects related to health and education. Other major national institutions and large companies have also donated millions of dinars to support the Jordanian treasury. This effort is also an attempt to bridge the gap caused by the decline in US aid and funding from the U.S. Agency for International Development (USAID). While some financial assistance has returned for infrastructure projects such as the national carrier project, there are still other areas where the future remains unclear. Regardless of US aid, this kind of cooperation and involvement from the private sector is expected to become a foundational pillar in building the political and social fabric of the country. It is not just about the financial support offered for essential sectors like education, health, and services. While the private sector and major companies have contributed to developmental and humanitarian efforts in the past, those contributions were often ad hoc, impulsive, and individual in nature. However, when such efforts are organized into a large collective framework with clear priorities and project outlines, their impact can be significantly greater. It is not an exaggeration to say that instilling such traditions is extremely important—not only economically, but also in defining a healthy relationship rooted in national solidarity and mutual support. This forms an integral part of what is called 'social capital,' whose value is no less than that of financial capital. First, it strengthens the sense of national, social, and moral duty among private sector actors, investors, and companies, reinforcing their feeling that they are an inseparable part of the national fabric. On the other side, it enhances public appreciation of the private sector's role in national development, helping reduce the sense of class disparity among poorer or lower-middle-class groups, and contributes to building a stronger internal national front. One of the most prominent political theorists today, Francis Fukuyama, argues that economic aspects cannot be separated from cultural, social, and political dimensions. In his acclaimed book Trust: The Social Virtues and the Creation of Prosperity, Fukuyama discusses how local cultures influence the development and reinforcement of economic growth, and how social values play a crucial role during national and economic crises. He provides important examples from countries like the United States, Japan, and Germany to illustrate how wealthy companies and the industrial sector stood by the state and supported the poor and the national economy during critical turning points. One of the key themes Fukuyama explores, echoing the famous work of Max Weber The Protestant Ethic and the Spirit of Capitalism, as well as many of Weber's writings linking cultural and ethical dimensions to economic revival, is the major influence of cultural values and ethics on economic performance and national solidarity. This influence extends even to economic competitiveness and the promotion of domestic industries without the need for laws or regulations, as seen in Japan. Such fundamental and significant dimensions may not have received sufficient attention in Jordan in past stages, but now is the time to reconsider and focus on them, especially in the current era, with the early signs of global economic and trade wars. While these may not directly affect Jordan at the moment, their future impact is inevitable. This calls for a new perspective on the economy, development, and the role of the private sector. Hopefully, Prime Minister Hassan's ideas about institutionalizing new traditions will serve as a prelude to this important transformation. Mohammad Abu Rumman is an Academic Advisor of Politics and Society Institute, Political Scientist in University of Jordan
Jordan Times
25-03-2025
- Business
- Jordan Times
The private sector and social responsibility: A new era
Prime Minister Jaafar Hassan is seeking to establish new traditions and concepts in social responsibility and the national role of the private sector, companies, and capital in Jordanian policies. His approach involves having this sector contribute a portion of its profits to support major economic and service-related projects. According to sources close to the Prime Minister, the amount raised so far is nearly JD130 million over three years, and this figure is expected to increase. The funds will be allocated to major economic and service-oriented projects. The largest contributor to date has been the Association of Banks, which took the initiative to donate JD90 million over three years for projects related to health and education. Other major national institutions and large companies have also donated millions of dinars to support the Jordanian treasury. This effort is also an attempt to bridge the gap caused by the decline in US aid and funding from the U.S. Agency for International Development (USAID). While some financial assistance has returned for infrastructure projects such as the national carrier project, there are still other areas where the future remains unclear. Regardless of US aid, this kind of cooperation and involvement from the private sector is expected to become a foundational pillar in building the political and social fabric of the country. It is not just about the financial support offered for essential sectors like education, health, and services. While the private sector and major companies have contributed to developmental and humanitarian efforts in the past, those contributions were often ad hoc, impulsive, and individual in nature. However, when such efforts are organized into a large collective framework with clear priorities and project outlines, their impact can be significantly greater. It is not an exaggeration to say that instilling such traditions is extremely important—not only economically, but also in defining a healthy relationship rooted in national solidarity and mutual support. This forms an integral part of what is called 'social capital,' whose value is no less than that of financial capital. First, it strengthens the sense of national, social, and moral duty among private sector actors, investors, and companies, reinforcing their feeling that they are an inseparable part of the national fabric. On the other side, it enhances public appreciation of the private sector's role in national development, helping reduce the sense of class disparity among poorer or lower-middle-class groups, and contributes to building a stronger internal national front. One of the most prominent political theorists today, Francis Fukuyama, argues that economic aspects cannot be separated from cultural, social, and political dimensions. In his acclaimed book Trust: The Social Virtues and the Creation of Prosperity, Fukuyama discusses how local cultures influence the development and reinforcement of economic growth, and how social values play a crucial role during national and economic crises. He provides important examples from countries like the United States, Japan, and Germany to illustrate how wealthy companies and the industrial sector stood by the state and supported the poor and the national economy during critical turning points. One of the key themes Fukuyama explores, echoing the famous work of Max Weber The Protestant Ethic and the Spirit of Capitalism, as well as many of Weber's writings linking cultural and ethical dimensions to economic revival, is the major influence of cultural values and ethics on economic performance and national solidarity. This influence extends even to economic competitiveness and the promotion of domestic industries without the need for laws or regulations, as seen in Japan. Such fundamental and significant dimensions may not have received sufficient attention in Jordan in past stages, but now is the time to reconsider and focus on them, especially in the current era, with the early signs of global economic and trade wars. While these may not directly affect Jordan at the moment, their future impact is inevitable. This calls for a new perspective on the economy, development, and the role of the private sector. Hopefully, Prime Minister Hassan's ideas about institutionalizing new traditions will serve as a prelude to this important transformation. Mohammad Abu Rumman is an Academic Advisor of Politics and Society Institute, Political Scientist in University of Jordan
Arab News
27-02-2025
- Business
- Arab News
Saudi Arabia ranked the world's most trusted government in 2025
Francis Fukuyama's book 'Trust: The Social Virtues and the Creation of Prosperity' laid the foundation for studies on societal trust and influenced the evolution of the Edelman Trust Barometer at the end of the last century. In fact, Fukuyama argued that societies with high levels of trust and strong social capital, supported by robust legal frameworks, are best positioned to thrive in a competitive global economy. His vision on trust, social capital and governance remains highly relevant today, particularly as countries navigate evolving economic and political landscapes. The 2025 Edelman Trust Barometer latest report highlights Saudi Arabia as a leading example of a nation where public trust in government remains exceptionally strong. The report ranks Saudi Arabia first in government trust among 28 measured countries, with 87 percent of citizens expressing confidence in the government's performance and efficiency. Notably, this represents a one-point increase from the previous year and continues an incredible upward trend since the Kingdom was first included in the rankings a few years ago. This increase in public trust reflects the Kingdom's broader transformation efforts under Saudi Vision 2030, a strategic road map launched in 2016 to drive economic diversification and social development. The 2025 Edelman Report on Trust is a testament to Saudi Arabia's progress, showcasing how effective governance, ambitious economic reforms and strong leadership have strengthened public confidence, and reinforced the Kingdom's status as a premier global destination for business, tourism and investment. Furthermore, the results of the 2025 Edelman Trust Barometer reflect a more complex reality than traditional theories on the relationship between trust and liberal democracy suggest. While many regard democratic institutions as the foundation for building societal trust, recent rankings released by Edelman suggest that two key factors linked to public trust — economic growth and rising individual incomes, resulting from a prosperous economy — are even more influential in strengthening citizens' trust in their governments, regardless of the political system. In countries with strong performance, such as Saudi Arabia, China and the UAE, which are at the top of the Edelman Trust Barometer list, confidence, in my opinion, is built on government achievement rather than political participation mechanisms. In contrast, many well-established democracies — such as Germany and Japan — which rank among the top countries in the Freedom House index for democratic systems and civil liberties, are experiencing a decline in public trust. This erosion may be considered a result of political polarization, sluggish decision-making and economic crises, leading to lower rankings in the Edelman Trust Index. This reveals that citizens' confidence is not exclusive to democratic systems but is instead a direct result of a government's ability to ensure stability and prosperity for its citizens. To summarize, as we approach 2030, the coming years — especially with the completion and opening of Vision 2030's giga-projects — are expected to significantly boost trust in the Kingdom. As these transformative projects become operational, they will attract businesses, stimulate economic growth and further reinforce confidence in the Saudi leadership's long-term vision.
