Americans are getting tired of capitalism

Gallup’s latest poll found that 54% of Americans view capitalism favorably, a drop from 2021, when 60% saw the economic system favorably. 

Although capitalism’s approval ratings are dropping, its tenants are still popular. Nearly all of surveyed Americans (95%) hold a positive view of small businesses and 81% are in favor of free enterprise. However, those views drop when it comes to big businesses, with just 37% viewing them in a positive light, according to the survey published Monday. 

Views of big businesses have mostly been in decline since 2012, with a nine-point drop this year compared to 2021. 

Democrats' views of big businesses have been deteriorating, while most Republicans (60%) still hold a favorable view, although that number is down considerably from 78% in 2019. 

On the other hand, Americans' views on socialism haven't changed much since 2019, although it still has a lower favorability rating than capitalism, with 39% saying they see socialism in a positive light.  

Positive views of socialism began to pick up in 2016, the year President Donald Trump — a strong proponent of capitalism — was elected into office during his first term. 

Across party lines, Republicans largely still hold a positive view of capitalism, although it has dipped to 74% from 78% in 2019. Democrats' and independents' views on capitalism have dropped to their lowest levels since 2010, with just 42% of Democrats and 51% of independents holding a favorable view. In 2021, those levels were at 50% and 59%, respectively. 

While Republicans’ positive views on socialism have largely stayed below 20% since 2010 — except for a 24% positive rating in 2012 — Democrats' views have noticeably grown since then. In 2010, 50% of Democrats held a positive view of the economic system, while 66% held a positive view in Gallup's most recent poll. Democrats' views jumped to 60% in 2016, the same year Senator Bernie Sanders — a known Democratic Socialist — ran for president. 

Comparing the two economic structures, Republicans hold a far more positive view of capitalism than socialism, while Democrats see socialism more favorably than capitalism. Independents lean more in favor of capitalism, although not as strongly as Republicans, the poll found. 

Aside from Sanders popularity, the rise of other notable Democratic Socialists — like Rep. Alexandria Ocasio-Cortez and New York City’s mayoral candidate Zohran Mamdani — have likely aided in Democrats' more favorable view of the economic philosophy. 

Gallup surveyed Americans on their views on different economic systems from Aug 1-20, its seventh survey on the matter. It started polling Americans on the topic in 2010.