Support for Capitalism Hits Record Low as Partisan Divide Widens

Americans’ positive view of capitalism has fallen to its lowest level since Gallup began tracking in 2010, with just 54% expressing a favorable opinion in a poll released Monday. Democrats’ support plunged below 50%, while Republicans remain overwhelmingly pro-capitalism.

Lead: A Gallup survey conducted Aug. 1-20 finds only 54% of U.S. adults view capitalism positively, marking its lowest approval since 2010, amid growing partisan polarization.

Nut Graf: The sharp decline underscores mounting skepticism of market-driven economic systems, particularly among Democrats, as political rhetoric and economic uncertainty intensify public debate.

Key Findings

  • 54% of Americans hold a positive view of capitalism, down from 60% in 2021.
  • 39% of Americans view socialism positively, remaining largely unchanged.
  • Democrats’ favorability toward capitalism fell eight points to 42%, the first time below a majority.
  • Republicans’ support for capitalism stayed steady at 75%, while independents’ positive ratings dipped to 51%.
  • Democrats are now more likely to see socialism favorably (66%) than capitalism (42%).

Widening Partisan Split

Democrats and independents drove the decline in pro-capitalism sentiment, each experiencing an eight-point drop since 2021. Republicans’ favorable rating of capitalism remains high at three-quarters, though that is down slightly from 78% in 2019. The polarization reflects shifting party narratives, with Democratic socialists gaining prominence and Republican leaders emphasizing free-market principles.

Socialism Holds Steady

Despite the downturn for capitalism, overall views of socialism remain stable at 39%. Democrats’ positive ratings of socialism have climbed from 50% in 2010 to 66% today, while Republicans’ support has waned to 14%. Independents’ views have remained consistent around 38%.

Context and Implications

  • Political Climate: High-profile Democratic figures openly identifying as socialists may be influencing party members’ economic preferences.
  • Economic Uncertainty: Concerns about inflation, corporate influence and inequality may be eroding confidence in capitalism.
  • Future Trends: Continued partisan messaging and economic conditions will likely further shape public sentiment on economic systems.

The Gallup poll highlights deepening divisions over fundamental economic beliefs and signals potential challenges for policymakers navigating an increasingly polarized electorate.