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Integrity might sound like a personal virtue, but a new book says it's actually a precious economic asset. In The Economics of Integrity, journalist Anna Bernasek writes that almost every aspect of the modern global economy - from getting cash at an ATM to trading gold in international markets - is possible only because of deep-seated trust. She talked to TIME about the financial crisis, what's wrong with the dictionary definition of integrity, and how trust creates wealth. (See pictures of the global financial crisis...
...that blew the doors off all the rest - both in terms of interest and positive feelings - was a baby giggling. The other high-ranking sounds were less primal but still powerful. The hum of a vibrating cell phone was Lindstrom's second-place finisher. Others that followed were an ATM dispensing cash, a steak sizzling on a grill and a soda being popped and poured...
...which many experts thought would cause computer systems around the world to crash when the year switched over from 1999 to 2000. The difference: the millennium bug turned out to be a false alarm. In Germany, the Year 2010 bug has left millions of people fuming at the ATM. (See the top 10 panics...
Befitting his role as a personal-finance adviser, Farrell has plenty of penny-pinching commandments at the ready. "Clip coupons," he intones. "Watch for sales. Trim cable, cell-phone and Internet costs. Don't pay ATM fees. Find no-fee checking and savings accounts. In the winter, turn down the thermostat, and in the summer, use ceiling fans instead of air-conditioning. Feed your family home-cooked meals and take the leftovers for your lunch at work...
...cruise lines, every passenger is a potential ATM, which is why they'll do anything to avoid leaving with empty berths. A full ship is important to the atmosphere, and to employees' pockets, as tips are an important income boost. If you board, you might buy drinks, spa treatments, snorkeling excursions or even airbrush tattoos. And gamble. So the 103% occupancy rates RCL has maintained through the recession have been worth the deep discounting. "It's been a frustrating time," admits Goldstein, "but in this downturn it's critical to satisfy our customers and hope they'll come back...