More Trust in the Economy

Polycrisis, turning point, epochal break: The accumulation of massive conflicts and challenges that have shaped our decade so far has not only left its mark on the collective memory with new terms. It has also led to large parts of humanity feeling as if they are under a gloomy bell – highly insecure, frightened, dissatisfied. According to the current Edelman Trust Barometer, there is a massive erosion of trust and fear for the future worldwide.

What particularly affects me as a pronounced optimist: Only about a third of all respondents still believe in a positive tomorrow. In my home country Germany, where the study has just been presented, only 14 percent expect the next generation to be better off. And depression is accompanied by frustration: A full 69 percent – significantly more than the global average –harbor strong to moderate resentment here. Against political leaders, against companies, against the "upper ten thousand."

Given many omissions over many years, the desire for change is palpable. And the willingness to implement it, even by radical means, is increasing: Almost four out of ten respondents in Germany support hostile activism. With regard to the federal election, this should be a wake-up call for all actors in the democratic spectrum. An appeal for cooperation and solution orientation.

There is no shortage of concrete, albeit sometimes contrary, plans among politicians, economists, and experts of all colors on how to overcome the reform backlog. My industry, the chemical industry, is also contributing constructive proposals to the debate. Now it's about finding constructive compromises together.

At this point, however, I would like to focus primarily on two overarching aspects of the crisis of trust. On the one hand, the chemical industry, like the economy as a whole, must build or regain more trust. It must show that there are already many good solutions for a sustainable, smart, resilient, socially beneficial future. That many committed, conscientious people are working on groundbreaking ideas. That progress is possible, that doomsday mood and irritability need not be the prevailing state of mind.

On the other hand, however, sufficient trust must also be placed in the competencies of the economy and the chemical industry. Companies need freedom to play out their abilities. Those who want to lead us on a leash undermine our creativity and block our potential.

Away from political micromanagement

To create a climate of trust and openness again, a new style of politics is needed. Within the framework of the social market economy, the state must return to its regulatory steering function. This means setting general goals based on a supply-oriented policy – but leaving the path there to the economy and its expertise. Big picture instead of small details.

Companies usually find the best solutions in competition and implement them efficiently. To do this, they must be able to determine for themselves, according to the principle of technology openness, which processes and products promise them the most success. It goes without saying that they must be freed from a bloated bureaucratic apparatus whose often detailed requirements entail enormous effort.

But we need not only a new style of politics. We also need a new mindset throughout society. A Germany as the engine of Europe that finds its way back to its can-do mentality. That develops more sense of reality. That finally defines itself again as the driving force of technological progress. And in which empathy prevails. A Germany of high-tech and heart.