Capitalism isn't working, poll shows

Date: Wednesday 25 Jan 2012

Capitalism is in crisis; that's the word according to the results of a Bloomberg poll which surveyed international investors at the annual World Economic Forum currently being held in Davos.

According to the Bloomberg Global Poll, nearly one third of investors believe that income inequality damages the economy and feel it is up to governments to do something to tackle the problem.

Respondents to the poll, which was carried out on January 23rd and 24th, also showed their concerns over the role of the financial industry within society, with 70% of the 1,209 investors polled saying they see some degree of truth in claims banks have too much power over governments.

Banks were criticised by around 60% of respondents who believe there is a level of truth in claims that bankers' actions are driven by greed and damage the economy. Just 14% disagreed with calls for banks to be regulated to ensure they don't fail.

US respondents were notably less keen on a system of bank regulation.

Seven out of ten also said they believe the financial system is in trouble, and just over a third (32%) said it will require a "radical reworking of the rules and regulations."

70% said predict that the economic problems in Europe will cause social instability in the coming year, while 39% believe the turbulence will calm down on its own, although less than a quarter think free enterprise is working as it should.

NR

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