There’s widespread support for alternatives to capitalism.

Trust in both society’s institutions and capitalism is strained despite strong economic performance, according to Edelman’s 2020 Trust Barometer. The study found that 56% of the global population said "capitalism as it exists today does more harm than good in the world." Most people also said traditional institutions, such as government, media, business and NGOs, don’t have a vision for the future that they can get behind. Fewer than half of respondents said government (35%), media (35%) and business (41%) have a vision for the future. NGOs received the highest approval at 45%. Now in its 20th year, the 2020 Trust Barometer’s results upended conventional wisdom that GDP growth correlates with higher trust, said Edelman global CEO Richard Edelman. This is the result of the broad belief that prosperity is not being fairly distributed. The study was originally built on the work of political scientist Francis Fukuyama, who advocated that economic mobility supported by a strong legal system could sustain and develop trust. However, events following the 2008 financial crisis and the ensuing recession proved to Edelman that model may "not [be] sufficient," he said. While much of the media narrative about socialism has focused on young people, Edelman said his work found little difference among age groups, noting the belief that capitalism does more harm than good is "universal." Fifty-three percent of respondents over the age of 55 said capitalism does more harm than good, as was the case with 57% of the 18-to-34 age group and 59% of people ages 35 to 54. "The essential truth is: people are scared," Edelman added. "Their fears are overcoming their hopes." In 15 of the 28 markets surveyed, most people said they will not be better off in five years, including the U.S., where only 43% of respondents said so, representing a 7% decline.