This paper argues that social trust is the emergent product of a complex system of property relations, backed up by a sub-system of mutual monitoring. This happens in a context similar to Ostrom’s commons, where cooperation is necessary for the management of resources, in the absence of external authorities to enforce sanctions. I show that social trust emerges in this context because of an institutional structure that enables individuals to develop a generalized disposition to internalize the external effects of their (...) actions. This is made possible by the “patrimonial” nature of this structure. (shrink)