A majority of respondents in all developed countries who took part in the latest Edelman Trust Barometer do not think they will be better off in five years’ time, with most believing that capitalism in its current form does more harm than good. Richard Edelman, CEO of Edelman, notes that in the 20 years that it has been measuring trust, economic growth has fostered rising trust. He says this is no longer the case in developed nations. From The ABC:
Despite strong economic performance, a majority of respondents in every developed market do not believe they will be better off in five years’ time.
This means that economic growth no longer appears to drive trust, at least in developed markets – upending the conventional wisdom.
“We are living in a trust paradox,” said Richard Edelman, CEO of Edelman…
Fifty-six per cent of the surveyed global population said capitalism in its current form does more harm than good in the world.
Most employees (83 percent) globally are worried about job loss due to automation, a looming recession, lack of training, cheaper foreign competition, immigration and the gig economy…
Nearly two in three feel the pace of technological change is too fast. Australia recorded one of the largest declines of trust in technology.
Australians were most worried about losing their job to the gig economy, followed by recession, lack of training, and foreign competitors.
The study also found a growing “trust chasm” between elites and the public that could be a reflection of income inequality, Edelman said…
While 65 per cent of the worldwide informed public (aged 25-65, university-educated, in the top 25 per cent of household income) said they trust their institutions, only 51 per cent of the mass public (everyone else, representing 83 per cent of the total global population) said the same…
Trust levels among the informed public in Australia were at 68 per cent, far higher than the 45 per cent recorded among the mass population.
Interesting to note that more than half of employees globally are concerned about job competition from low-wage migrants, as well as foreign competition more broadly:
These concerns extend to Australia, where 48% of employees are concerned about job competition from migrants:
Meanwhile, the overwhelming majority (68%) of surveyed Australians believe they and their families will be worse-off in five year’s time:
Overall, not a pretty picture with the majority of workers globally (and in Australia) rejecting growth economics.