In the study of politics, many theoretical accounts assume that we are experiencing a ‘crisis of democracy’, with declining levels of political trust. While some empirical studies support this account, others disagree and report ‘trendless fluctuations’. We argue that these empirical ambiguities are based on analytical confusion: whether trust is declining depends on the institution, country, and period in question. We clarify these issues and apply our framework to an empirical analysis that is unprecedented in geographic and temporal scope: we apply Bayesian dynamic latent trait models to uncover underlying trends in data on trust in six institutions collated from 3,377 surveys conducted by 50 projects in 143 countries between 1958 and 2019. We identify important differences between countries and regions, but globally we find that trust in representative institutions has generally been declining in recent decades, whereas trust in ‘implementing’ institutions has been stable or rising.