Just over half of U.S. adults in a new survey say they support capitalism, a record low since Gallup began asking the question 15 years ago.
In the latest Gallup poll released Monday, 54 percent of Americans say they have a positive image of capitalism, when asked to give a response “just off the top of your head.”
That marks a 6-point decline from 2021, the last time the question was asked.
Support for capitalism remained largely stable from the first time the question was asked in 2010 — when 61 percent of Americans had a positive view of capitalism — to when it was last asked in 2021 — when 60 percent had a positive view.
In 2018, support dipped to 56 percent but bounced back to 60 percent the following year.
But in the past four years, Democrats and independents have driven a decline in the public perception of capitalism.
In the latest survey, fewer than half of Democrats for the first time see capitalism positively, at just 42 percent — down from 50 percent in 2021. The first survey, taken just after the Great Recession, showed 51 percent of Democrats had a positive view of capitalism.
A similar decrease in the perception of capitalism was also recorded among independents, dropping from 59 percent in 2021 to 51 percent today. In 2010, 61 percent had a positive image of capitalism.
Support among Republicans, meanwhile, has been relatively stable since 2010, when 71 percent supported capitalism. Today, support stands at 74 percent, up from 72 percent in 2021.
The latest survey also asked about public perception of socialism, which saw 39 percent support overall, including from 66 percent of Democrats, 38 percent of independents, and 14 percent of Republicans.
In 2021, socialism was perceived positively by 65 percent of Democrats, 40 percent of independents, and 10 percent of Republicans.
The new survey was conducted Aug. 1-20, using telephone interviews with 1,094 adults. The margin of error is 4 percentage points.
