… this “profound crisis in trust” began with the Great Recession of 2008-09, and has been exacerbated by the triple threat of globalization, outsourcing and automation. People no longer feel secure…

 

 

Meat of the Matter: The Trust Factor

 

By Dan Murphy, Opinion, FarmJournal's PorkNetwork

August 10, 2017

 

A disturbing new update to an annual survey that measures how much trust people have in government, business and institutions quantifies what most of us already recognize.

 

Due to a confluence of events, majorities of consumers in the United States and in many other countries are now “distrusters,” people who no longer believe in the institutions and governing structures of society.

 

According to the 2017 Edelman Trust Barometer, a majority of citizens in two-thirds of the 28 countries surveyed by Edelman, which calls itself “a global communications marketing firm,” have lost faith that business, government, media and even NGOs serve their interests.

 

In a commentary leading off the firm’s most recent report, Richard Edelman, the president and CEO, wrote that this “profound crisis in trust” began with the Great Recession of 2008-09, and has been exacerbated by the triple threat of globalization, outsourcing and automation. People no longer feel secure about their economic futures, and no longer believe government is effectively addressing those issues.

 

None of that is a huge surprise, and along with widespread distrust of the public sector, consumers aren’t very sanguine about the business community, either.

 

Here’s how Edelman assesses a possible reversal of their erosion of trust: “Institutions must move beyond their traditional roles of business as actor and innovator; governments as referee and regulator; media as watchdog; and NGOs as social conscience,” he wrote. “The onus is now on business, the one institution that retains some trust with those skeptical about the system, to prove that it is possible to act in the interest of shareholders and society alike. Free markets can succeed if business works with the people, not just sells to them.”

 

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