Global Poll Finds Majority Believe Capitalism More Harmful Than Good

| Educate!

Above photo: According to a new global survey, 56 percent of respondents agreed with the statement, “Capitalism as it exists today does more harm than good in the world.” Jonny White/cc/flickr.

The majority also said they believe they won’t be better off five years from now.

A global survey out Monday ahead of the World Economic Forum summit in Davos shows that over half of respondents believe capitalism in its current form does “more harm than good.”

“Welp, glad that’s settled then,” mused one Twitter user.

The findings are from the 2019 Edelman Trust Barometer, which polled over 34,000 respondents in 28 markets to measure trust in government, business, NGOs, and media.

Fifty-six percent of respondents said they agree with statement, “Capitalism as it exists today does more harm than good in the world.” That belief was expressed by a majority across age group, gender, and income level divides. In fact, there were just six markets were the majority of respondents did not agree—Australia, Canada, the U.S., South Korea, Hong Kong, and Japan.

Strongest support for the statement was found in Thailand (75 percent) and the lowest level in Japan (35 percent). In the U.S., just 47 percent agreed with the statement.

The survey also found that 48 percent of respondents believe the system is failing them, while just 18 percent believe it is working for them.

The executive summary adds:

Seventy-eight percent agree that “elites are getting richer while regular people struggle to pay their bills.” And in 15 of 28 markets, the majority are pessimistic about their financial future, with most believing they will not be better off in five years’ time than they are today. In the U.S., this represents a seven-point drop in optimism since 2019.

None of the four institutions the survey measured were deemed both competent and ethical.

Business ranks highest in competence, holding a massive 54-point edge over government as an institution that is good at what it does (64 percent vs. 10 percent). NGOs lead on ethical behavior over government (a 31-point gap) and business (a 25-point gap). Government is perceived as both incompetent and unethical but is trusted more than twice as much as business to protect the environment and close the income inequality gap.

The findings were rolled out the same day as an Oxfam International report warned of “out of control” economic inequality and said that the world’s billionaires—a group of roughly 2,100 people—possess more wealth than the planet’s 4.6 billion poorest.

They also come as the nation marks Martin Luther King Jr. Day, with progressives issuing reminders of King’s 1967 warning that the “evils of capitalism are as real as the evils of militarism and evils of racism.”

  • OmniaQuaerite

    Gee, I wonder why… /s

  • voza0db

    All sub-systems at some point in time start to activate antibodies! Unfortunately the Main System, the REAL SOURCE of the unbalance prevails throughout millennia and the entertained majority doesn’t even notice/care.

  • mwildfire

    the degree to which capitalism pervades cultures is exemplified by the wording of this piece, which talks about how respondents in different MARKETS answered the questions…seems they mean nations, so why call them “markets”?

  • SupernaturalCat

    “The goal of a good society is to structure social relations and institutions so that cooperative and generous impulses are rewarded, while antisocial ones are discouraged. The problem with capitalism is that it best rewards the worst part of us: ruthless, competitive, conniving, opportunistic, acquisitive drives, giving little reward and often much punishment to honesty, compassion, fair play, many forms of hard work, love of justice, and a concern for those in need…The enormous gap between what US leaders do in the world and what Americans think their leaders are doing is one of the great propaganda accomplishments of the dominant political mythology.” – Michael Parenti

  • chetdude

    This is a serious indictment of USAmerica’s “education” and propaganda system.

    47% of US’ians in this survey agree that “Capitalism as it exists today does more harm than good in the world.”

    But: “70 percent of Americans say US economic system unfairly benefits the powerful”
    www dot alternet dot org/2020/01/70-percent-of-americans-say-us-economic-system-unfairly-benefits-the-powerful/

    Apparently the mechanisms and meaning of “capitalism” aren’t well described or explained to US’ians…’cause they obviously don’t understand the cause and effect…

  • chetdude

    Indeed, the mental poison goes deep…

  • Steven Gaylord

    Lest we forget, war is Capitalism.
    Rothschild financed England and France in the Napoleonic wars. Rothschild knew who won the Battle of Waterloo a day before the King of England and British investors. Rothschild caused a selling panic in the London bond “consul” market intimating to investors that England lost to Napoleon. Bonds issued by the Bank of England to finance the war crashed and sold for pennies on the dollar.

    Rothschild sold to drive the price down and then bought all the bonds back at rock bottom prices. The next day when word of England’s victory over Napoleon hit the market, bond prices soared. Rothschild made 40 times his investment in one day on insider knowledge. Rothschild also made 30 percent interest on the gold he loaned to the kings to fight each other.

    The king issued bonds as a debt obligation to Rothschild to be paid by future taxes on British citizens. The ensuing debt was so much that Rothschild was able to take over ownership of the Bank of England, which subsequently financed the mercenary German Hessians to fight the American revolutionaries in colonial America because Washington issued its own money called greenbacks. It wasn’t about tea.