“Ethical Markets highly recommends this Survey on trust, issued by Edelman at Davos. With thanks to our partner, Prof Edward Saltzberg, CEO of ASU’s “Security & Sustainability Forum“ podcasts! How people feel about capitalism!
~Hazel Henderson, Editor“
Survey: Capitalism ‘doing more harm than good,’ and technology is ‘out of control’
Most people believe that modern day capitalism “does more harm than good in the world,” according to a new survey.
The closely-followed 20th annual Edelman Trust Barometer — an annual survey of 34,000 people across 28 countries that measures the public’s trust in NGOs, business, government, and media — underscored how a strong global economy and a booming stock market have failed to completely allay the public’s worries about their own economic prospects.
Edelman released the survey timed to the 50th annual World Economic Forum in Davos, Switzerland. This year’s forum centers around the idea of stakeholder capitalism, proclaiming that a company’s purpose goes beyond generating wealth and instead should be measured by its environmental, social, and good governance objectives.
According to Edelman, 56% of respondents question capitalism as it exists today. The survey also found that 78% of respondents agreed with the statement that “regular people struggle just to pay their bills as elites get richer than they deserve.”
A whopping 83% also indicated concerns about losing their jobs for various reasons like a weak economy, lack of job security, automation, or a lack of skills. Meanwhile, 62% felt work technology was “out of control,” and technological change was happening too quickly.
Elsewhere, this year’s barometer showed a growing trust inequality amongst countries. Interestingly, the wealthiest nations are among those seeing the most considerable decline in trust among its NGOs, business, government, and media.
According to the survey, in the U.S., where the per capita income is $65,111, 47% leaned toward “distrust,” versus 44% just five years ago. In China, where the per capita income is $10,098, 82% of respondents chose “trust,” versus 63% in 2015.