Capitalism: More Harm Than Good?
Channel: Daily Insight
Date: 2020-01-23

The 2020 Edelman Trust Barometer — a worldwide survey now in its 20th year — shows that societal institutions such as government, business, and media are simply not trusted anymore in developed countries with the majority of people now distrustful of these institutions. Essentially, a growing sense of inequality is undermining people’s trust. Countries with a trust index of less than 50 are considered to be distrustful of their institutions. In 2020, these include Australia, the US, Germany, France, Ireland, Japan, and the UK, just to name a few. Russians are the most distrustful of their societal institutions. The report shows that capitalism is increasingly under fire. Only 18% of recipients say that the system is working for them (a decrease of two percentage points since last year), with 48% of people saying that the system is failing them (an increase of three percentage points). All in all, 56% of people now say that capitalism, as it exists today, is doing more harm than good in the world. Income inequality is severely impacting people’s trust with high inequality linked to less trust in government in both developed and developing markets. None of this is very surprising. Oxfam have recently released a report showing that although the number of Australian billionaires has decreased, their collective wealth has increased. The world’s richest 1% have more than twice as much wealth as 6.9 billion people. The problem is, once people secure extreme wealth, their fortunes take on a momentum of their own. Inequality is on the rise. We can’t trust that the super-rich will voluntarily redistribute their wealth, because even the most philanthropic of the elite are still getting rich. The truth is, billionaires can only get richer if a lot of people get poorer. Inequality is hurting us. So what are we going to do about it?

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