Most people think capitalism does more harm than good, survey shows

Most people think capitalism does more harm than good, survey shows
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  • 78% of respondents to Edelman’s Trust Barometer agreed that elites are getting richer while regular people struggle.
  • In the U.S., 43% believed they would be better off in five years’ time, down on last year’s figure.
  • Most workers expect their CEOs to speak up on issues such as income equality.

A majority of people think that the rich are getting richer while the rest of society struggles, according to a new report.

Fifty-six percent of general population respondents to a study by consultancy Edelman agreed with the statement: “Capitalism as it exists today does more harm than good in the world,” while 78% agreed that “elites are getting richer while regular people struggle to pay their bills.”

People in 15 countries are pessimistic about the future, with most believing they and their families will not be better off in five years’ time, a trend that is particularly marked in developed countries such as Japan, France, Germany and Italy.

In the U.S., 43% of people believed they would be better off in five years’ time, a 7 percentage point drop on a year ago, while in the U.K., only 27% of people thought they would have more money in the same time period, a drop of two percentage points.

In the developing world, people were more optimistic: In Kenya, 90% of people thought they would have more money in five years, the highest in the survey. In Indonesia the figure is 80% and in India it is 77%. In China, 69% thought they would be better off, a fall of 6 percentage points on figures a year ago.

The only two markets where people were more optimistic about their economic prospects than they were a year ago are South Africa, at 57% (a one percentage point jump) and the United Arab Emirates, which has seen a three percentage point increase to 75%.

Source: CNBC

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