Crisis Batters Global Faith in Capitalism

The global economic crisis has hit millions where it hurts most: in the pocketbook. But a study released Thursday by the US-based Pew Research Center also finds that the crisis has damaged their faith in political leaders and the free market economy in general. People around the world are worried about the state of their national economies, reports new global survey conducted by the respected Pew Research Center in Washington, D.C. The survey, which polled 26.000 people in 21 countries, found that only about a quarter of respondents (27%) were happy with the economic situation in their countries. The survey found only four countries in which a majority of people were happy with and optimistic about the economic situation: China (83%), Germany (73%), Brazil (65%), Turkey (57%). Compared with a similar Pew survey conducted in 2008, that is, before the outbreak of the global financial crisis, recent poll found a striking decline in confidence. This, in turn, has led to a crisis in capitalism’s economic model. In 11 out of the 21 states covered in the study, only up to a half of respondents said that they believe the free market economy leads to increased general well-being. This loss of confidence was particularly pronounced in countries strongly impacted by ongoing euro crisis. In Italy, confidence fell by 23% and, in Spain, by 20%. In both countries, there has been a steep decline in support for the premise hard work can lead to increased prosperity. The poll also found a sharp distinction between the rather optimistic mood in emerging economies, such as those of Brazil, China, India and Turkey, and pessimistic attitude found in Europe, Japan and United States. Less than a third of Americans stated that the country’s economy is doing well at the moment. For countries in Europe, the average proportion of people thinking the same thing about their country’s economy was only 16%, while the share has sunk to 7% in Japan. What’s more, the poll found that only one in 10 Europeans or Japanese believes that it will be easy for their children to achieve improved prosperity or better incomes. In contrast, 57% of Chinese are convinced their children will be able to socially advance without problems. The survey found that disappointed citizens around the world have been losing confidence in their governments during the crisis. In 16 out of 21 countries covered by the survey, majority of respondents found politicians were primarily to blame for current economic malaise. (Spiegel – 12/07/2012) 

Complete study can be found at: http://pewglobal.org/

Acerca de ignaciocovelo
Consultor Internacional

One Response to Crisis Batters Global Faith in Capitalism

  1. In his 1926 short story “The Rich Boy”, American novelist F. Scott Fitzgerald wrote: “Let me tell you about the very rich. They are different from you and me.” And so they are. Although, today’s very rich are not necessarily Americans or Europeans. They are quite often the citizens of emerging markets. Today Brazil, China, India, Mexico, Russia and Turkey are home to 320 billionaires, according to the 2012 Forbes magazine list of the world’s richest people – many more than the 203 billionaires who carry European passports and just trailing the 425 billionaires residing in the United States. Tallying the number of super rich is only one way to measure the growing economic and political clout of the emerging markets. A far more telling and representative comparison of both relative and prospective influence and wellbeing involves simply asking people in emerging markets how they feel about their national economies and personal finances, their financial future and job prospects for their children. As a recent Pew Research Center survey shows, the citizens of emerging markets are more optimistic than those from most developed countries in views about their future and that of their children. And this difference is likely to shape the world economy in the years ahead (…..)

    http://yaleglobal.yale.edu/content/emerging-economies-rich-and-confident

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