American support for capitalism has declined, reaching a new low of 54% according to a recent Gallup poll. This figure is down from 60% in 2021 and represents a significant shift from previous years where support for capitalism was generally higher. In contrast, views on socialism have remained largely stable, with 57% holding a negative opinion and 39% a positive one.
The decline in positive views of capitalism is most pronounced among Democrats and independents. For the first time, less than half of Democrats (42%) view capitalism positively, an eight-percentage-point decrease since 2021. Independents' positive view also dropped by eight points to 51%. Republicans' views have remained largely consistent, with 74% still holding a positive opinion.
The survey also assessed opinions on other economic aspects. Americans overwhelmingly favor small businesses (95%) and free enterprise (81%). However, opinions on big business have significantly soured, with only 37% viewing it positively, and 62% negatively. This marks a substantial decline from 52% positive views in 2019 and 58% in 2012.
Democrats are unique in that they view socialism more positively than capitalism, with 66% favoring socialism compared to 42% for capitalism. This gap has widened to 24 points, coinciding with prominent Democratic figures identifying as democratic socialists. The poll, conducted by Gallup from August 1-20, surveyed 1,094 U.S. adults and has a margin of error of plus or minus 4 percentage points. It is the seventh time Gallup has measured opinions on economic systems since 2010.
