Rebuilding Trust in the Economy

People’s lives are so often occupied with making a living and thinking about the future. But the world is undergoing such change that traditional ways of thinking may no longer be enough.

Rebuilding the economy

The scale of change taking place in the economy is at historic levels as the breakdown of trust in traditional institutions spreads.

Banks, big business, politicians, governments, religious groups and the media are all doubted as they struggle to cope with a public that wants to know what has gone wrong and why.

The economy has always had its ups and downs but the most recent financial crash shook many trusted organisations to the core.

The level of economic and societal collapse was freighting as it caused widespread disruption in businesses and communities alike.

The weakening of institutions to the extent that happened during the crash caused concern even in the most protected of places.

Consumption reduced as livelihoods suffered slowly at first and then quickly as the impact of institutional failure was felt.

Life, for many, reverted to the basics, as food, housing and jobs were once again valued as the building blocks of a good life.

The economic recovery is now underway yet the human recovery remains uneven as jobs give way to a ‘gig’ economy that provides little comfort or security.

Rebuilding trust

The ability to instantly share information with millions of people spread a loss of trust around the world and affected more homes and families than ever before.

Many attempts have been made to fix the situation but have so far failed as people grow in isolation from a centre that is unable to hold.

The feelings of disillusion will increase unless a way is found to rebuild the trust that acted as cultural glue for so many generations.

But how can trust be rebuilt in a way that ensures equality and fairness is available to everyone rather than just a favoured few.

The starting point is to recognise the problem and acknowledge it has reached a point where action is needed to rebalance the economy.

There is a need to learn from what happened too and understand that the old order has been replaced by its opposite as a backlash to frustration and pain.

It is also important to consider and agree upon a set of common values as a platform from which to rebuild.

The adoption of a clear set of values will help make sense of a fractured and damaged world and determine the level of trust that can be restored.

Without the hope provided by common agreed values uncertainty will persist and the institutions people rely upon for succour and protection will weaken.

So, the world is changing like never before and in the turmoil caused by such change the need to rebuild trust has never been greater.