A global inflation scare and concerns that economic shifts would erode jobs are feeding perceptions that the world is becoming increasingly unfair, threatening civil unrest as a response, communications firm Edelman says.
The world has entered an “age of grievance,” Edelman chief executive officer Richard Edelman said.
He cited a survey conducted from Oct. 25 to Nov. 16 last year among more than 33,000 respondents in 28 nations that found an unprecedented lack of faith in governments, business leaders and the media.
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About two-thirds of respondents said they feel discriminated against, up 10 percentage points in a year. Three-quarters of respondents worry about their pay not keeping up with inflation, while about 60 percent are concerned about job losses due to international trade conflicts, economic pressures or artificial intelligence.
Only 36 percent believe that things would be better for the next generation.
Last year saw governments across the world being ousted in elections, reflecting deep-running dissatisfaction with established regimes. Populists critical of established leaders have emerged as winners — with potentially grave consequences for so-far unquestioned economic models and social rules.
More than half of survey respondents believe that capitalism does more harm than good, including 55 percent of 18-to-34 year olds. The majority of young adults also consider disinformation, online attacks, or violence to persons or property an appropriate way to bring about change.
Survey results show a correlation between trust and economic growth that explains why Saudi Arabia, the United Arab Emirates and India consistently show high levels of institutional trust — while the opposite is true for nations including Germany, Japan and South Korea, where governments are experiencing economic and political travails.
“The most pressing need is to restore economic optimism,” Edelman said. “Our research tells us that when people see solutions, they’re more hopeful and willing to sacrifice for the greater good. When trust is earned, optimism grows.”
The report comes just ahead of the World Economic Forum’s annual meeting in Davos, Switzerland, this week.
The forum’s risk report, published last week, showed misinformation and disinformation were policymakers’ primary concerns on a two-year horizon.
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