Trust, Empathy and Trade

Sli Eile: That norms of trust, empathy and cooperation underpin the simplest of economic transactions has been a recognised fact by economists back to Adam Smith. The latter got something of a bad press for his take on calculated self-interest and the invisible hand. Yet, he also wrote the 'Theory of Moral Sentiment'
Writing on a US blog, Maia Szalavitz says:

The U.S. has historically been considered a high-trust society. Now, post-crash and post-Madoff, America may need to reconsider trust: where it comes from, how it can be damaged, and how it can be repaired as one of the essential ingredients for a lasting recover.

Any lessons or relevance to the other side of the Atlantic?