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Daily Brief

Jul 26 2007 12:00am EDT

Land of Opportunity? Barely.

Is the world going the way of some developing countries where the rich live fenced away from the poor? According to a newly released Financial Times/Harris Poll, the answer is a definite yes.

The online survey of more than 6,000 adults in France, Italy, Germany, Great Britain, Spain and the United States earlier this month found a strong sense of alienation because of a perceived rising gap in wealth, and a dim view of globalization and the management of large companies.

Three-quarters of American adults agreed that the gap between the rich and the poor in the United States is getting larger. Most Europeans agreed by similar or larger margins, with 91 percent of Germans polled agreeing. It was 78 percent in Great Britain, 85 percent in France, 83 percent in Italy, and 66 percent in Spain.

Closing that gap is tough in any country, according to the poll. Even in the land of opportunity, only 51 percent of American respondents said that people of any social background have an equal opportunity to succeed. Majorities in European countries agreed, but by much larger margins -- 79 percent in Great Britain, 82 percent in Spain and 78 percent Italy.

Those responding generally were not admiring of business management in their countries. In five countries polled, most adults queried did not admire the top executives running their countries' largest companies.

Only in Italy did a majority view them favorably. In the United States, only 5 percent of those responding admired them "a great deal" versus 33 percent who did "not at all" admire them. Another 33 percent admired them "somewhat."

And more than 70 percent of adults in each of the countries, except for France, think that senior executives running their countries' businesses earn too much. Only 54 percent of French respondents felt that way.

Although executive pay caps were opposed by 47 percent of U.S. respondents, they were strongly supported in four European countries, where executive pay traditionally has not reached the stratosphere.

Majorities in Britain (60 percent), France (63 percent), Italy (64 percent) and Spain (62 percent) wanted to put a ceiling on executive compensation. Only 47 percent of Germans, however, agreed that was desirable in their country.

Majorities in all six countries say the rich should pay more taxes, and the less wealthy should be taxed less.

Globalization didn't fare well, according to those polled. Slender majorities in four European countries and pluralities in Germany and the United States responded that globalization impacts their country negatively, and strongly believed the government should do more to protect them from its adverse effects.

But globalization's support -- or lack thereof -- may depend on how the question is phrased. When asked about support for "free competition," majorities of adults in Germany, Italy and Spain think that should be one of the European Union's objectives. And pluralities in Britain, France and the United States supported free competition.

by Elizabeth Olson


Laura Rich is a co-founder of Recessionwire, which provides news, advice, perspective and humor about the recession and the recovery.

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