Culture Wars/Current Controversies

Declining Faith in Both Capitalism and Socialism Leaves … What?

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Many Americans don’t seem to like any economic systems, and they’re no closer to agreement.

Americans don’t much like each-other and many are willing to fight each other over their differences. But what do the opposing factions believe in? When it comes to economic systems and whether production and consumption should be dictated from above or guided by free exchange, a growing number of Americans don’t seem to believe in much at all. Both capitalism and socialism are losing support, especially among Democrats.

“Today, 36 percent of U.S. adults say they view socialism somewhat (30 percent) or very (6 percent) positively, down from 42 percent who viewed the term positively in May 2019,” Pew reports. “And while a majority of the public (57 percent) continues to view capitalism favorably, that is 8 percentage points lower than in 2019 (65 percent).”

Among Republicans, support for capitalism declined from 78 percent to 74 percent, and for socialism from a rock-bottom 15 percent to a slightly rock-bottomier 14 percent. With Democrats, capitalism became a minority taste, dropping from 55 percent support to 46 percent, while socialism’s favorable standing eroded from 65 percent to 57 percent.

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