A recent Gallup survey has uncovered evolving attitudes among Americans regarding capitalism and socialism, revealing that while a majority still favor capitalism, that support has waned since 2021. Currently, 54% of Americans view capitalism positively, marking a decline from 60% two years ago and lower than levels seen in previous years.
In contrast, socialism remains less favorable among the public, with 57% holding negative opinions compared to only 39% who view it positively. This perception has shown little movement over time, indicating a stable reluctance toward socialist ideology.
Gallup has tracked American opinions on various economic systems since 2010, revisiting these questions six times, including an extensive survey conducted from August 1 to August 20 of this year.
Significant partisan differences have emerged in the perception of capitalism. Among Democrats, fewer now view capitalism positively—falling to 42% from 50% in 2021, while independents saw a similar decline of eight percentage points, though 51% still maintain a positive view. Meanwhile, Republicans’ opinions on capitalism remain largely unchanged, with approximately 75% expressing a favorable opinion.
On the other side of the spectrum, views on socialism are more favorable among Democrats, with their positive ratings increasing from 50% in 2010 to around two-thirds in recent surveys. Republicans, however, have countered this trend, reporting decreased positive attitudes toward socialism. The views among independents have remained relatively stable over the years.
The survey highlights a distinct divide, as Democrats are currently the only partisan group that expresses a preference for socialism over capitalism, rating it 66% versus 42%. Independents show a modest inclination toward capitalism, rated at 51%, in contrast to 38% for socialism. Republicans overwhelmingly favor capitalism at 74%, while only 14% view socialism positively.
In addition to capitalism and socialism, the survey explored Americans’ perceptions of big business, small business, and free enterprise. The results show a resounding 95% of Americans view small businesses positively, and 81% feel the same about free enterprise. However, opinions on big business are tepid, with only 37% rating it positively and 62% expressing negative views.
This negative sentiment toward big business has seen a notable decline, registering a nine-point drop this year, which follows a six-point decline recorded in 2021. In comparison, the positive view of big business among Americans previously peaked at 58% in 2012 and dwindled to a mere 52% in 2019.
Breakdowns by political affiliation demonstrate stark contrasts too: 60% of Republicans, only 36% of independents, and just 17% of Democrats hold a positive view of big business, with the latter two figures representing historic lows. Over the last four years, Democrats have witnessed the most considerable decline in their opinions toward big business, decreasing by 17 percentage points, while independents’ views have dropped 10 points. In stark contrast, Republicans’ ratings have remained steady despite a drop from 78% in 2019.
In conclusion, while Americans have historically supported capitalism, the current 54% approval rating marks a record low, according to Gallup’s measurements. Despite a general endorsement of the U.S. economic system, perspectives of free enterprise and small businesses remain more favorable contrasts to capitalism itself. Conversely, skepticism towards socialism persists, save for the notable exception among Democratic respondents, who have increasingly embraced socialist ideas, further influenced by the advocacy of several high-profile Democratic officials identifying as democratic socialists.
image source from：news
