The relationship between Main Street and Big Business appears to have broken down completely in the United States.
Brunswick, the international advisory firm, has just released their global survey of over 40,000 people from 26 countries. The survey spans generations, geographies and measures global sentiment on an array of topics such as globalization and automation.
And what is striking is that respondents in the United States are among the most likely to be highly skeptical of the role of big business.
The key findings:
- 69% of Americans said business leaders do not understand the challenges they face in their life, the highest percentage of any country in the survey. There was 33% net agreement that when businesses do well, everyone benefits, with the US ranking below the likes of China, India, Italy, Brazil, Germany, Sweden and Japan by that metric. Only 43% of respondents agreed with the statement that businesses can provide solutions to major challenges. Only India and Thailand had lower scores.
The research from Brunswick echoes earlier research from Just Capital, a nonprofit set up by legendary hedge fund manager Paul Tudor Jones. In a survey conducted back in 2015, Americans of all ages, incomes, and political leanings said corporate America is headed in the wrong direction.
The following charts illustrate that sentiment.
The US has the highest percentage of people who think business leaders don’t understand the challenges they face.
Respondents in the US were less likely to agree that society as a whole benefits from the prosperity of businesses than those from many other nations.
Americans also have little faith in the ability of big business to provide solutions to major challenges.