International Survey: Crisis Batters Global Faith in Capitalism

Published on Spiegel Online International, by Gregor Peter Schmitz in Washington, July 12, 2012.

The global economic crisis has hit millions where it hurts the 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 … //

… Greater Optimism in Emerging Economies:   

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 the pessimistic attitude found in Europe, Japan and the 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 percent, while the share has sunk to 7 percent 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 percent of Chinese are convinced that their children will be able to socially advance without problems.
The survey also found that disappointed citizens around the world have been losing confidence in their governments during the crisis. In 16 out of the 21 countries covered by the survey, the majority of respondents found that politicians were primarily to blame for the current economic malaise.

The complete study can be found at the Pew Research Center. (full text).

Links:

Greeks and Germans at Polar Opposites: European Unity on the Rocks, on Pew Research Center, May 29, 2012;

United States of declining minimum wage
, on Real-Worls Economics Review Blog, by David Ruccio, July 14, 2012;

Is Public Ownership A Solution? on naked capitalism, by Yves Smith, July 15, 2012.

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