A French libertarian arguing about infidelity in relationships said that unless a contract is written, it isn’t valid. In the torrent of refutations (to which I contributed my ha’penny worth) Stefan Metzeler included the following anecdote:
Here’s another example which demonstrates the advantage of a good reputation, even “collective”. About ten years ago, I was in Martinique (a very, very beautiful place). On my last day, I chanced upon a boutique with jewels and I thought that this would be a nice present for my girlfriend. So I chose some for a little more than $100 and I want to pay by VISA. No luck, she [the shop-keeper] couldn’t take it and I didn’t have any cash. But then the saleswoman says to me looking at my card: “Are you Swiss? Do you have your passport?” I reply “Yes, of course.”
“Then no problem, I’ll give you credit and you just wire me the money when you get home. I’ve never had a problem with the Swiss.”
I must admit that I was gob-smacked… a reputation like that is worth more than gold in the bank. Of course, I settled up the day after I returned to Switzerland.
