Strictly speaking, we are living in a world that
is becoming increasingly complex. Traditional institutions designed to hold society together
have lost the authority they once had. Public trust
in government, the financial sector and brands is
at an all-time low. Racial division, climate change, inequality and terrorism dominates news headlines.
There is a vacuum between the old system (which is rapidly being disrupted), and a
new one that has not yet been found.
Consumers increasingly feel betrayed, let down and ignored by traditional institutions. Trust in financial services companies is down from 13% in 2015 to 8% in 2016, according to communications firm Edelman’s Trust Barometer. ‘Trust in institutions is no longer automatically granted. In today’s world trust must be earned,’ explains Richard Edelman, president and CEO of Edelman.
The internet massification unveils and renders the issues of concentration of power in a global economy.
Trust is in crisis