The World Is Losing Faith in Hard Work
Add faith in the work ethic and in capitalism to the lengthening list of casualties from the Great Recession. Four years after the Lehman Brothers’ fiasco and the ensuing global economic downturn, the idea that effort in a competitive economy can lead to success is seriously questioned in a number of major economies, including Japan, Russia and Greece, especially among those who have suffered the most.
Chapter 2. The Personal Report Card
Personal Economic Situation Better Than Country’s People feel much better about the state of their personal economic situation than they do about national economic conditions. In 16 of 21 countries people are significantly more likely to say their economic condition is good than to say their country’s economy is doing well. This is particularly true […]
Chapter 4. The Casualties: Faith in Hard Work and Capitalism
Does Hard Work Lead to Success? The idea that hard work leads to material success is no longer, if it ever was, a uniquely Western value. Half or more in 13 of the 21 nations surveyed believe that most people can succeed if they are willing to work hard. This includes Pakistan (81%) and the […]
Pervasive Gloom About the World Economy
The economic mood is exceedingly glum around the world. Across the 21 countries surveyed, a median of just 27 percent think their national economy is doing well. Only in China, Germany, Brazil and Turkey do most people report that current national economic conditions are good.