With the pandemic there has been a focus on how economic systems work in a crisis. A new study shows that across France, Germany, the UK and the US significant shares of the citizens believe their economic system needs either major changes or a complete overhaul. Few in the four countries say their economy does not need any changes, the study by the Pew Research Institute shows.
“Still, many hold out hope for their personal economic mobility despite the devastating economic effects of the pandemic in each of these countries. Two-thirds or more in the US, Germany and the UK believe they have a good chance of improving their standard of living, and roughly half in France share that opinion. Young people ages 18 to 29 are especially optimistic in France, the UK and the US, while Germans of all ages express about the same level of optimism.”
70% in France say the economic system in their country needs either major changes or to be completely reformed. Half share this view in the US, UK and Germany, while around four-in-ten in these three nations say minor changes are warranted.
“Few would opt for no adjustments to the economic system, ranging from 3% in France to 12% in the US.”
A priority in the countries is government-sponsored job and skills training for workers with the highest shares saying it is very important.
“Sizable shares in these countries also believe it is very important for their government to implement policies targeted at helping those struggling financially, building more public housing, and increasing government benefits to the poor, all three of which are of high import for around four-in-ten or more in each country.”
“Likewise, policies aimed at redistribution – raising taxes on the rich and providing a universal basic income are very important priorities for at least three-in-ten.”
“Americans, in particular, generally see government regulation of business as a bad thing for the country, a view held by half of US. adults. In the three European countries, at least half see regulation as a good thing. Those on the ideological right are especially likely to see regulation negatively in the US and Germany.”