Support for Capitalism Among Americans Drops to Record Low, Gallup Poll Finds
Negative views of capitalism are pronounced among young adults, with 43 percent of Americans aged 18 to 34 viewing it positively while 54 percent hold negative views.
A new Gallup poll shows a significant decline in Americans’ positive perceptions of capitalism over the last decade, alongside a widening political divide on the nation’s economic system.
The survey shows that just 54 percent of American adults now hold a positive view of capitalism, down from 60 percent in 2021 — marking the lowest point since Gallup began tracking the question in 2010.
While overall support for socialism has remained steady at 39 percent, the gap between political parties has grown substantially. For Democrats, the term “capitalism” is increasingly viewed as a barb, while “socialism” has gained favor. Sixty-six percent of Democrats now see socialism positively, a notable increase from half in 2010. In contrast, only 42 percent of Democrats view capitalism favorably.
On the other side of the aisle, 74 percent of Republicans have a positive view of capitalism, while just 14 percent have a positive view of socialism.
Negative views of capitalism are pronounced among Americans aged 18 to 34, with 43 percent viewing it positively while 54 percent hold a negative view. On the other side, 49 percent of young adults view socialism positively, compared to 46 percent who have a negative view.
The rising popularity of socialism ties in with the sustained favorability of some major stars in the Democratic Party — including some relative newcomers.
“Democrats’ more positive views of socialism occur at a time when many high-profile Democratic officials — most notably, Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez, as well as New York City mayoral candidate Zohran Mamdani — have identified themselves as Democratic socialists and advocated policies calling for a significantly expanded government role in economic matters,” the pollsters wrote.
The survey of nearly 1,100 adults also found that 37 percent of Americans have a positive rating of big business, down from 46 percent in 2021. In 2019, more than half of those surveyed, 52 percent, had a positive view of big business.
Despite the slipping image of capitalism as a broad concept, Americans continue to strongly support many of its core components. The poll found that “small business” receives a 95 percent positive rating, and 81 percent of American adults support “free enterprise.”
