Americans continue to lose faith in capitalism
Image: Gallup
The number of Americans who say they’re disillusioned with capitalism has grown to reach new all-time highs in recent years.
At the same time, views on socialism are on the upswing across the country, driven mostly by support from Democrats and younger Americans, according to new public polling.
It comes as many high-profile Democratic officials—like Bernie Sanders, AOC, NYC mayoral candidate Zohran Mamdani, etc.—have identified themselves as Democratic socialists.
- This specific form of socialism lacks a clear singular definition, but in the US it generally means wanting elected leaders to shift power from corporations to workers. (More: What do the economic -isms mean?)
By the numbers
Just 54% of Americans today view capitalism favorably, down from 60% in 2021 and the lowest figure since at least 2010. Meanwhile, a record-tying 39% of Americans hold favorable views of socialism, up slightly from 2021, according to Gallup.
The partisan differences are stark:
- Far more Republicans support capitalism compared to Democrats (74% R | 51% I | 42% D)...
- …while the opposite is true for supporting socialism (66% D | 38% I | 14% R).
When it comes to US universities, socialism is significantly more popular than capitalism, highlighting college students' mostly left-leaning politics. 67% of students say they hold a positive or neutral association with the word "socialism," compared with 40% for "capitalism," per a new Axios-Generation Lab survey.
Driving the trend
Many younger Americans and Democrats say their increasingly negative views on capitalism—and corresponding openness to socialism—are fueled by massive wealth inequality, rising costs for essentials (like housing/healthcare), and the growing influence of billionaires in politics, tech, and media under America’s current economic system.
However…Opponents of socialism, which includes a majority of US voters, argue that this economic system consistently fails because it removes or weakens market incentives—like profit and private ownership—that help drive economic efficiency, innovation, and growth.
- They cite a range of historical and current examples like the Soviet Union, Cuba, and North Korea, where bureaucracy and mismanagement largely replaced competition and progress.
Bottom line: While younger Americans and Democratic voters may be warming to socialism, the ideology remains toxic to most Republicans and many independents, making it difficult for socialists to win any elections outside of left-leaning districts.
📊 Flash poll: In general, how would you best describe your opinion of capitalism?
See a 360° view of what pundits are saying →
Sprinkles from the Left
- Some commentators argue that the US government's role in the economy has grown increasingly intrusive across the last several administrations, in a tried-and-failed experiment that should be scrapped before it does any more harm.
- Others contend that Mamdani and other Democratic Socialists’ core promises are certainly progressive, but none are radical or loony, and each has been tried in one form or another elsewhere to varying degrees of success.
- “American ‘state capitalism’ is destined for failure” –Bloomberg Editorial Board
- “The ‘Sewer Socialism’ of Zohran Mamdani” –E. J. Dionne Jr., NY Times
- “Can Gen Z Truly Opt Out of Capitalism?” –Erin Lowry, Bloomberg
Sprinkles from the Right
- Some commentators argue that Zohran Mamdani’s rise to prominence in the NYC mayoral race is a reminder that socialism has more cheerleaders than it deserves, given its record of consistent failure, and also a sign that free-market capitalism needs its own public proponents like Mamdani.
- Others contend that while recent polls seem to show a small drop in Americans’ view of capitalism, a closer look suggests the only sure thing is that Democrats continue to shift left fast, while a majority of Americans still like capitalism and view socialism negatively.
- “Capitalism Needs Champions” –Matthew Hennessey, WSJ
- “They’ll talk about socialism’s rise — but it’s really just Democrats’ fall” –NY Post Editorial Board
- “When Mamdani says it, it’s socialism. When Trump does it, it’s genius.” –Jim Geraghty, National Review
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