American approval of capitalism falls to all-time low – Gallup
Barely half of Americans view capitalism favorably, while Democratic voters increasingly prefer socialism, a new Gallup poll has indicated.
The survey, conducted in August among over 1,000 adults nationwide, showed just 54% of respondents had a positive opinion of capitalism – the lowest figure since Gallup began tracking views on the system in the early 2010s, when approval stood at 61%. Support for socialism remained largely unchanged at 39%, Gallup said Monday.
Republicans continue to strongly back capitalism, with 74% expressing support. Among Democrats, approval has slipped to 42%, lower than half for the first time.
At the same time, Democratic support for socialism has climbed to 66%, up from 50% in 2010. Gallup noted that Democrats have consistently favored socialism over capitalism since 2016, and that the gap has continued to widen.
While Americans broadly approve of free enterprise and small business, their views of large corporations have dropped sharply, from 58% approval in 2012 to a record low of 37% this year. Democrats in particular expressed hostility toward Big Tech, Big Pharma, and other corporate sectors, with only 17% viewing them positively.
Gallup said these shifts explain why openly socialist-leaning politicians can win elections in the US. Examples included Senator Bernie Sanders, Representative Alexandria Ocasio-Cortez, and New York City mayoral candidate Zohran Mamdani.
Mamdani, who has proposed opening publicly owned food markets to address supply problems, is running without establishment Democratic backing despite defeating former Mayor Andrew Cuomo in the party’s primary. Cuomo is now campaigning against him as an independent.
