Provost Professor of Economics Arin Dube recently highlighted a critical shift in public perception, stating that societies are currently experiencing a period where "core institutions fail." His observation underscores a growing societal awareness of institutional weaknesses, contrasting with typical everyday concerns. This sentiment reflects broader global trends indicating a significant erosion of public confidence in established bodies.
Arindrajit Dube, a distinguished economist at the University of Massachusetts Amherst, specializes in labor economics, public finance, and political economy. His research often delves into the interplay between economic conditions and societal structures. Dube's tweet suggests that while "Most regular folks don't wake up worrying about institutions. They have more immediate concerns," a lived experience of institutional failure compels attention and a rebuilding of "historical memory."
Indeed, data from various sources corroborate a widespread decline in institutional trust across the globe. Studies, including those analyzed by the UN DESA, reveal a marked decrease in public confidence in developed countries. This trend is particularly pronounced for representative institutions such as governments and parliaments.
In the United States, trust in the national government has plummeted from 73% in 1958 to a mere 24% in 2021, according to UN DESA data. Factors contributing to this erosion include economic insecurity, political polarization, and the proliferation of misinformation. The Edelman Trust Barometer also reported an 11-point gap globally in 2023, with only 51% trusting government compared to 62% trusting business.
The observed decline in trust carries significant implications for democratic governance and societal cohesion. When public confidence wanes, it can impact citizens' willingness to engage with critical resources and participate in civic processes. Dube's assertion that "We're going through one of those moments now" suggests a pivotal time where the long-term health of institutions is being re-evaluated by the populace.