More of the world is becoming more hostile towards capitalism and the rich people that benefit from its rampant income inequality.
The 2020 edition of the "Edelman Trust Barometer" found that 56% of the global population agrees with the observation, "capitalism as it exists today does more harm than good in the world." It also found 78% agreeing "elites are getting richer while regular people struggle to pay their bills."
The Trust Barometer also shows 48% of the general population saying the "system" is failing them. A huge 57% said governments serve the interests of only the few. On the other hand, 30% said governments serve everyone's interests.
Edelman global CEO Richard Edelman said the 2020 Trust Barometer found little difference among age groups in their perception capitalism does more harm than good. This perception is "universal," said Edelman.
Broken down, 53% of respondents over the age of 55 say capitalism does more harm than good. The proportion was 57% in the 18-to-34 age group and 59% of people ages 35 to 54. This dim view of capitalism is the result of a broad and expanding belief prosperity isn't being fairly distributed despite the massive increase in the world's wealth.
"The essential truth is: people are scared," said Edelman. "Their fears are overcoming their hopes."
Edelman also said the 2020 Trust Barometer's results refute the conventional wisdom GDP growth correlates with higher trust. The Trust Barometer also shows most people believe traditional institutions such as government, media, business and NGOs; don't have a vision for the future they can support. Thirty-five percent of respondents said government has a vision for the future. That media has a vision for the future is the belief of 35% of respondents. Forty-one percent say business has a vision while 45% believe NGOs have a vision.
People in 15 countries are pessimistic about the future. Most believe they and their families won't be better off in five years' time. This perception was quite strong in developed countries such as Japan, France, Germany and Italy.
In the U.S 43% of people believe they will be better off in five years' time, a seven percentage point drop from 2018. In the U.K only 27% of people believe they'll have more money in the same time period, a drop of two percentage points.
The Edelman Trust Barometer is an international study among opinion elites. It focuses on the principles of trust in business, government, media and NGOs. This edition of the Edelman Trust Barometer surveyed 34,000 people in 28 countries in October and November 2019.
Edelman, the largest public relations and marketing consultancy firm in the world created the Trust Barometer by revenue. It was released Monday ahead of the start of the World Economic Forum in Davos that runs from Jan. 21 to 24.
