Mike has captured several aspects of gullibility in this piece. The lack of critical thinking, undue deference to authority, not suspecting hidden agendas etc. This is a good article. It does of course emphasise the angle that its the failing of the individual that creates gullibility. I still feel that situation plays a major part. That said you are always cruising for a bruising if you have misplaced confidence in your own infallibility.
Also like any social phenomenon Gullibilty might be better explained by Structuration Theory which accounts for both agency and structure.
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