the US is a low personal trust, high systems trust society. there are plenty of facilities to accommodate personal failures, in the case of defaults, insolvenci

the US is a low personal trust, high systems trust society. there are plenty of facilities to accommodate personal failures, in the case of defaults, insolvencies, missed payment, breached contracts there is a highly developed legal system to accommodate arms-length remediation and for smaller issues, claims courts and arbitration. in finance industry, in the wholesale industry, there are self governing organizations to manage clearing, settlements, margining, penalties and incentives to perform regular and continuous contractual obligations, etc various checks and measures to avoid failures but also stopgaps to remediate failures when they happen. we don't need personal trust because there is systems trust. japan is a high personal trust system that obviates the need for high systems trust. insolvency proceedings in japan for example rely on private proceedings, social and familial relationships, instead of formal remediation. without the need for high systems trust, there is a virtually non-existent (high-yield) credit market, because companies don't "fail" in japan in the way we traditionally think of credit failures, and the outcomes of a credit event is non-standard and very difficult to predict. furthermore, if you are an outsider to the personal trust system, it is very difficult to fully participate in society.