Business Most global respondents believe that capitalism is doing "more...

Most global respondents believe that capitalism is doing “more harm than good”


According to a new study, most people around the world believe that capitalism is a negative force.

The researchers contacted 34,000 people in 28 countries, including the United States, France, China and Russia, and asked if they had doubts about democracies based on Western-style capitalism.

The results, published Sunday in the Edelman Trust Barometer 2020, found that 56 percent of the participants agreed that “capitalism as it exists today does more harm than good in the world.”

“People ask at that level if what we have today and the world we live in today is optimized for a good future,” the study’s lead researcher, David Bersoff, told Reuters.

The results were driven by a growing sense of inequality, according to the report.

A report by the anti-poverty group Oxfam on Monday revealed that the number of billionaires has doubled in the last decade, and that the 2,153 members of the three-comma club control as much wealth as the 4.6 billion poorest members of the world’s population.

The distrust of capitalism was greater in Thailand and India, where three-fourths of respondents said they saw it unfavorably, while 69 percent of French respondents also said that capitalism was harmful. The sentiment was also shared in African and Latin American countries, as well as in states in Europe, Asia and the Gulf.

Most Americans trapped by capitalism disagree that it does more harm than good, as do most respondents in Australia, Canada, South Korea, Hong Kong and Japan.

The study of capitalism, conducted by the US communications firm Edelman, is repeated annually since 2000 and polls people to assess their trust in central institutions.

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