April 17, 2008
Majorities in most countries continue to support the free market system, but over the last two years support has eroded in 10 of 18 countries regularly polled by GlobeScan. In several countries this drop in support has been quite sharp.
The latest polling was completed before the current stock market volatility that began earlier this year.
Back in 2005 only one country polled — France — had more citizens disagreeing than agreeing with the statement that “the free enterprise system and free market economy is the best system on which to base the future of the world.”
Displacing France as the least supportive of the free market system today is Turkey where approval of the free market system has plunged from 47 percent in 2005 to 34 percent now, while opposition has risen from 36 to 41 percent.
Support for free markets has also dropped 15 points in South Korea since 2005, though a majority (55%) continue to be supportive. Opposition there has jumped 20 points from 19 to 39 percent.
The one country to show upward movement in agreement with the free market system is France — up five points. However, more continue to disagree (45%) than agree (41%).
Interestingly, supporters of the free market show more enthusiasm for a strongly regulated free market system than critics. Among those who agree that the free market system is the best system, three-quarters also agree that it works best with strong government regulation.
Those who are not enthusiastic about the free market system are divided as to whether it works best with government regulation.
GlobeScan president Doug Miller says, “The results suggest that the free enterprise system was already beginning to lose the unquestioned trust of citizens before the current banking meltdown. It underscores the importance of re-building trust sooner rather than later.”
Steven Kull comments, “It appears that as people have doubts about the ability of government to regulate the free market, confidence in the market diminishes.”
The poll was conducted by international polling firm GlobeScan between May 29 and August 10, 2007. The Program on International Policy Attitudes (PIPA) at the University of Maryland assisted with the analysis and interpretation.
Source: Program on International Policy Attitudes (PIPA) at the
University
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