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Worldwide poll: Vast majority say capitalism not working

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Dissatisfaction with capitalism is widespread around the globe 20 years after the fall of the Berlin Wall that heralded the demise of European communism, a poll released Monday showed.

Only 11 percent of people surveyed across 27 countries thought free market capitalism is working well, while nearly a quarter — 23 percent — said the system is “fatally flawed.” A bare majority, 51 percent, believed its problems can be solved with more regulation and reform, the poll said.

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In only the United States (25 percent) and Pakistan (21 percent), did more than one in five people agree that capitalism works well in its current form, the poll conducted for BBC World said.

The survey of 29,033 adults comes after the worst global financial crisis since the 1930s Great Depression and amid celebrations of the anniversary of the fall of the Berlin Wall, which abruptly ended the Cold War.

And it reflects growing concerns among the public and politicians that the world’s economic system has failed to live up to its promises. In Europe’s post-communist eastern bloc, where residents have lived through both communism and capitalism, a poll released last week suggested capitalism is losing favor with the public.

Research by the Pew Research Center showed the percentage of people approving of democracy was markedly lower in the former Soviet bloc compared to a similar 1991 poll.

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Eighty-five percent of respondents in East Germany supported the change to democracy, but even this was down six percent from 1991. The figure dropped 24 percent in Bulgaria, 20 in Lithuania, 18 in Hungary and eight in Russia.

Japan’s recently-elected center-left prime minister, Yukio Hatoyama, launched a broadside last month against the excesses of capitalism in his first parliamentary address since taking office.

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Speaking on his vision of a kinder, gentler society guided by the spirit of “fraternity,” Hatoyama said market forces were useful for a country but must be tempered in order to create a livable society.

“It is self-evident that free economic activity in markets invigorates society,” said Hatoyama, 62, who swept to power in August elections, ending more than half a century of almost unbroken conservative rule.

“But it is also obvious that the idea of letting markets decide everything for the survival of the strongest, or the idea of ‘economic rationalism’ at the expense of people’s lives, does not hold true any more.”

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Doug Miller, chairman of polling firm GlobeScan, which co-conducted the BBC survey, said: “It appears that the fall of the Berlin Wall in 1989 may not have been the crushing victory for free-market capitalism that it seemed at the time — particularly after the events of the last 12 months.”

–With Agence France-Presse

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Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

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Angry Minnesota farmer bashes ‘insulting’ Trump comments that ‘we’re great patriots’ during his trade war

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President Donald Trump has insulted at least one Minnesota farmer by his claim that farmers are "great patriots" who want him to continue his trade fight against China.

"This wound is self-inflicted, by our president," said Gary Wertish, who is the Minnesota Farm Bureau president. "We definitely agreed with it in the beginning. But it doesn’t appear that there’s a plan B. Some of the callous comments come, especially from the president, you know, that farmers are 'winning,' we’re 'great patriots,' that’s very insulting. That’s coming from someone who never has faced the challenges of a family farmer. I go into the bank and tell the lender I can’t make the payment because we lost our market? The banker is going to tell me you don’t have to make your payment because you’re a patriot."

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MSNBC pundit nails Trump for only attacking Black voices on Fox News

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Democratic strategist Joel Payne called out President Donald Trump Sunday for his attacks on Fox News when he was leaving New Jersey.

Before Trump landed in Marine One at Morristown, New Jersey, he tweeted an attack on Juan Williams, the only Black pundit on the Fox News show "The Five."

https://twitter.com/realDonaldTrump/status/1163167660764532736

Trump briefly addressed Williams, before he told members of the press that he found it appalling Fox News hired a friend of Hillary Clinton's, whose name he couldn't even remember.

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Missouri official choose Dr. Seuss’ ‘Oh the Places You’ll Go’ for swearing-in ceremony instead of ‘The Bible’

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A Missouri county official is being both celebrated and attacked after a decision to forgo The Bible for her swearing-in ceremony and opted for a copy of Oh, The Places You'll Go by Dr. Seuss.

The Friendly Atheist at Patheos captured the story, posting a photo of St. Louis City Councilmember Kelli Dunaway's children holding a copy of the book while she took her oath of office.

This was the scene last week at the STLCO government center. Democrats took back control of the council and @DunawayKelli was sworn in on a copy of “Oh the Places you’ll go” with her children❤️ so proud to be part of #TeamKelli pic.twitter.com/iJ1dxfZ1Zg

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