Majority of those in global survey view capitalism as doing ‘more harm than good’

A majority of people around the world believe that capitalism is a negative force, according to a new study.

Researchers contacted 34,000 individuals in 28 countries, including the US, France, China and Russia, and asked them if they were having doubts about Western-style capitalist-based democracies.

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

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

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

A report from anti-poverty group Oxfam on Monday found 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 poorest 4.6 billion members of the world’s population.

Distrust of capitalism was greatest in Thailand and India, where three quarters of respondents said they viewed it unfavorably, while 69 percent of French individuals surveyed also said 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.

A majority of Americans stuck by capitalism, disagreeing that it does more harm than good, as did a majority of respondents in Australia, Canada, South Korea, Hong Kong and Japan.

The capitalism study, conducted by US communications firm Edelman, has been repeated annually since 2000 and polls individuals to gauge their trust in core institutions.

With Post wires

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