A new Gallup poll shows declining support for capitalism in the United States, especially among Democrats and younger Americans, as socialism continues to gain traction. The shift in public opinion follows the rise of socialist figures like Zohran Mamdani, who recently won New York City’s Democratic mayoral primary.
Only 54 percent of Americans now view capitalism positively, down from 60 percent in 2021. This marks the second time in the last decade that support for capitalism has dropped below 60 percent. By contrast, socialism is viewed positively by 39 percent of respondents, matching previous highs from 2012 and 2019.
The partisan divide is stark. For the first time, less than half of Democrats—just 42 percent—say they have a positive opinion of capitalism. Independents aren’t far behind, with only 51 percent expressing favorable views. Republican support remains firm at 74 percent, virtually unchanged in recent years.
The gender gap is also notable: 63 percent of men say they support capitalism compared to just 45 percent of women. Age is another dividing factor. The younger the respondent, the more likely they are to reject capitalism. Among adults 18 to 34, 54 percent hold a negative view of capitalism. That number falls to 44 percent for those aged 35 to 54 and 35 percent for those 55 and older.
Support for socialism is also rising among the young, with 46 percent of Americans aged 18 to 34 viewing it positively. College graduates are more likely to support socialism than those with only a high school education—47 percent versus 38 percent, respectively.
Despite the rise in pro-socialist sentiment, Americans remain strongly in favor of small businesses, with 95 percent viewing them positively. In contrast, 62 percent hold a negative view of big business, suggesting the shift is more about rejecting corporate power than embracing government control.
The Gallup survey was conducted from August 1 to 20, polling 1,094 adults nationwide with a margin of error of 4 percent.
