Various surveys, not just in Malta, but also worldwide, show a very strong element of pessimism and disgruntlement with national and international institutions. There is no doubt that the general sentiment is negative. This cannot be seen as a surprise given the current economic and geopolitical scenario.
Russia’s invasion of Ukraine, conflict in the Middle East with a risk of escalation, a deterioration of the standard of living and an expectation that it will deteriorate further, and the fear that the process of climate change is not just a probability but a reality, are just but a few examples of what is happening around us. None of them bode well.
The data of a Eurobarometer survey published recently shows that in the EU, 45% of respondents say that their standard of living has decreased in the last five years, while only 6% stated that it has increased. For 49% it remained the same, 15% expect their standard of living to improve in the coming five years, while 32% expect it to deteriorate. Fourteen per cent expect their living conditions to be better in a year’s time but 32% expect them to be worse.
Before someone starts blaming the EU for this, it is worth noting that 60% of respondents in the EU think that their country’s membership of the EU is a good thing.
What emerges most from such data is a loss of hope. People in general are not hopeful that local and international institutions can do something to improve their standard of living. This needs to be seen, especially in the light that income inequality is increasing and that real incomes have remained fairly stagnant over the last years – something which applies to Malta as well.
Our collective behaviour can send a signal that we would like to have a different economic model
The issue of hope and the economy was discussed two days ago at an event at the University of Malta. An important part of the discussion centred on what individual persons can do to regain hope for themselves and their families. This is an important point as we cannot take the view that since many others are on a rat race to amass wealth at any costs, we might as well do the same.
I believe that Greta Thunberg’s initiative on climate change has shown that individuals can do a great deal to further a cause, and probably can do more than institutions.
Although the human cannot be seen just as a producer primarily and then as a consumer, but as a whole person who needs to develop culturally, educationally, socially and spiritually, we are still important economic players. Our collective behaviour can send a signal that we would like to have a different economic model where the human person is at the centre of the economy and not a cog in the wheel.
Our collective behaviour can also send a signal that we want an economic model where the common good is promoted and where a market economy can indeed have a very strong social dimension.
I believe that there is still hope yet, but we need to act in a way which is consistent with building hope in our economy.