Illustration: Rebecca Zisser/Axios

Established institutions like the media and government are no longer seen as competent or ethical enough to address crises like climate change and health care, according to Edelman's 2020 Trust Barometer study. So businesses are leading the way.

Between the lines: The survey shows a stark class divide — a growing gap in institutional trust between wealthier, more educated and better informed people vs. the rest of the population.

For the first time, a record number of developed countries, including Australia, France, Germany and the UK, are experiencing double digit divides in trust between the informed class and the mass population.

Around the world, business is considered the most trusted institution. In the U.S., there are plenty of examples of business filling the void left by other institutions.

  • BlackRock CEO Larry Fink surprised Wall Street last week when he released his annual letter to CEOs and clients announcing that it would make sustainability its new standard for investing.
  • In August, 181 of the nation’s top CEOs agreed to embrace a new business model in which driving shareholder value is no longer their sole business objective. Rather, service to society, communities and employees would become a top priority.

Yes, but: Even though people around the world say they increasingly trust corporations to solve problems, they also say they don't trust capitalism.

  • 57% of people globally believe that capitalism as it exists today "does more harm than good in the world." The percentage of people who think capitalism is working for them is down year over year by 3%.

Declining trust in media also contributes to the trust gap between the informed public and the public at large, according to the survey.

  • 57% of people globally believe that the media they use is "contaminated with untrustworthy information." and the vast majority (76%) worry about false information or fake news being used as a weapon.

The bottom line: “We are living in a trust paradox,” said Richard Edelman, CEO of Edelman in a press release. “Fears are stifling hope, as long-held assumptions about hard work leading to upward mobility are now invalid.”

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Updated 11 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 33,642,602 — Total deaths: 1,007,769 — Total recoveries: 23,387,825Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 7,191,061 — Total deaths: 205,998 — Total recoveries: 2,813,305 — Total tests: 103,155,189Map.
  3. Health: Americans won't take Trump's word on the vaccine, Axios-Ipsos poll finds.
  4. Politics: 7 former FDA commissioners say Trump is undermining agency's credibility
  5. States: NYC's coronavirus positivity rate spikes to highest since June.
  6. Sports: Tennessee Titans close facility amid NFL's first coronavirus outbreak.
  7. World: U.K. beats previous record for new coronavirus cases.
  8. Work: United States of burnout — Asian American unemployment spikes amid pandemic

In photos: Deadly wildfires devastate California's wine country

The Shady Fire ravages a home as it approaches Santa Rosa in Napa County, California, on Sept. 28. The blaze is part of the massive Glass Fire Complex, which has razed 46,600 acres at 2% containment. Photo: Samuel Corum/Agence France-Presse/AFP via Getty Images

Some 18,700 firefighters are battling 27 major blazes across California, including in the heart of the wine country, where one mega-blaze claimed the lives of three people and forced thousands of others to evacuate this week.

The big picture: 8,155 wildfires have burned across a record 3.86 million acres, killing 26 people and razing almost 7,900 structures in California this year, per Cal Fire. Just like the deadly blazes of 2017, the wine country has become a wildfires epicenter. Gov. Gavin Newsom has declared a state of emergency in Napa, Sonoma, and Shasta counties.

Mike Allen, author of AM
Updated 3 hours ago - Politics & Policy

The first Trump v. Biden presidential debate was a hot mess

Photos: Jim Watson and Saul Loeb/AFP via Getty Images

This debate was like the country: Everybody’s talking. Nobody’s listening. Nothing is learned. It’s a mess.

  • We were told President Trump would be savage. Turned out, that was a gross understatement. Even the moderator, Fox News' Chris Wallace, got bulldozed.

Why it matters: Honestly, who the hell knows?