Americans' support for capitalism drops to new low, poll finds

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FILE-The owner of a local cleaners speaks with an employee in Los Angeles, CA. (Brian van der Brug / Los Angeles Times via Getty Images)

Americans still favor capitalism but not as much as they did in previous years, based on data in a new Gallup poll. 

According to the poll, only 54% of people support capitalism, which is down from 60% in 2021. When asked about their attitudes toward socialism, Americans feel more negative (57%) than positive (39%) about it. 

Data for the Gallup poll is based on telephone interviews performed by ReconMR Aug. 1-20 with a sample of 1,094 people 18 years old or older living in the U.S. and Washington, D.C. 

Americans' views of big business continue to drop

Dig deeper:

Americans were asked their opinions on free enterprise, big business, and small business in addition to capitalism and socialism. And the poll found that Americans are extremely positive toward small business (95%) and free enterprise (81%). However, they are more negative toward big business, with 37% rating it positively and 62% negatively.

And among political parties, approximately 60% of Republicans, 36% of independents and 17% of Democrats rate big business positively, the poll noted. 

Political parties view capitalism less positively

Big picture view:

Democrats and independents view capitalism less positively this year. Less than half of Democrats (42%) view capitalism positively, while a slight majority of independents (51%) still do. Republicans’ views are essentially unchanged, with three-quarters holding a positive opinion.

Separately, Democrats are the only political group of the three that views socialism more positively than capitalism — 66% to 42%, respectively. Independents are modestly more pro-capitalism than pro-socialism (51% vs. 38%), while Republicans are overwhelmingly so (74% vs. 14%).