Faith in capitalism waning globally: Study
56% of people around the globe believe capitalism does more harm than good
Michael Lee strategist Michael Lee, Pollster and Maslansky + Partners president Lee Carter and NY Post editorial board’s Kelly Jane Torrance discuss a survey suggesting 47 percent of Americans do not trust capitalism.
Capitalism is under fire, according to a new study, which found that 56 percent of people around the globe believe the political system does more harm than good as it exists in the world today.
According to Edelman’s Trust Barometer survey, 48 percent of people around the world agreed to the statement that the capitalist system is “failing me.” In the United States, trust in capitalism improved slightly with 47 percent of Americans agreeing that capitalism does more harm than good.
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Given this distrust in capitalism, Edelman’s results suggest only 43 percent of Americans agree that “they and their families will be better off in five years’ time.”
Business and non-governmental organizations both garnered 70 percent trust among the informed, but only 55 percent trust among mass populations—which is regarded as neutral by Edelman. Similarly, the survey suggests that the informed public is trusting of the media while mass populations do not.
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Despite the neutral stance of most of the world’s population on business, 74 percent of people believe CEOs should take the lead on affecting change rather than waiting for the government to impose that change. This, according to Edelman, represents a 9 percent increase from 2018.
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The world also saw a 13 percent increase in “belief-driven buyers” from 2017—reaching 64 percent of people in 2019. These are people who either choose, switch from, avoid or boycott a brand “based on its stand on societal issues,” according to Edelman.
While the globally informed have a “neutral” view of government—59 percent rate of trust—among “mass populations” around the world, only 47 percent of people trust government.