Case study: Edelman Trust Barometer

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Case study: Edelman Trust Barometer

Edelman's research report, Edelman Trust Barometer (2020), is about the economic trust and how various factors in the economy determine the trust.  Individuals grant trust to the economy based on the competence and ethical behavior of the players. The 2020's trust barometer study shows that none of the societal institutions (government, media, NGOs, and businesses) have both competence and ethics (Edelman, 2020). Being in the task of measuring the trust, Edelman finds out that trust is spurred by economic growth. Such instances are adequately depicted in less developed countries like the Middle East and Asia whereas, in developed markets in the world, the trust is impacted by income inequality.

Most of the developed nations' respondents believe that their economy would improve in five years' time. In contrast, about 56 percent of the respondents worldwide believe that capitalism is harming more than it is benefiting the world (Edelman, 2020). The 2020 Edelman trust barometer research conducted during the covid-19 pandemic reals that the government is the leading institution in trust among the four societal institutions. Edelman trust barometer report shows that more than 62 percent of the world depend on the government to respond to the impacts of covid-19 and help rebuild the economy wretched by covid-19 pandemic. However, the pandemic has reaffirmed that there exist a big gap between the rich and the poor.

One of my reactions to the report is the level of trust in societal institutions. All four institutions are lacking the proper balance between competence and ethical behavior. It is not justifiable to lack either competence or ethics because all the institutions operate in the economy with people endowed with expertise. They are served with a code of behavior upon which they should run their operations to remain ethical. The shortage of trust in the societal institutions is attributed to the leaders who mandate to hire and recruit competent employees. Besides the leaders are tasked with adopting a prescribed code of ethics and frequently remind employees that they should adhere to such ethics in executing their duties. Training programs for individuals who lack competence in the institution can...