According to the survey, both Republicans and Democrats have positive opinions of capitalism, yet it is rated higher by Republicans. In the 2021 poll, 72% of Republicans and 52% of Democrats announced they have a positive image of capitalism. That is about the standard since 2010.
Though when it comes to socialism, 65% of Democrats explain they have a positive vision of the economic system, while just 14% of Republicans do.
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And Democrats' views of socialism have risen over the past few polls. In 2010 and 2012, just 60% of Democrats gave socialism the thumbs up. Republicans have generally gone in the opposite way.
Democrats have rated socialism more positively than capitalism since 2018, Gallup notes.
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Gallup announced the decline in Democrats' positive opinions on capitalism are possibly due to Donald Trump's presidency.
"Trump is an enthusiastic capitalist, and his Administration's efforts to roll back regulations on business and industry, as well as the tax cut law that is advantageous to businesses and corporations, may have caused Democrats to view the entire capitalist enterprise with less positive eyes," according to Gallup.
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The pollster stated that although the Democratic Party talked of moving more toward socialism, candidates who hold more closely to that philosophy failed in the 2020 primaries, silencing that effort. With that in mind, socialism isn't expected to play well in the 2022 midterms.
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In the 1940s, the term socialism was seen more as government ownership of a business, yet the general public today perceives it to be "sets of programs by which the government helps regulate and in some instances run and pay for social programs focused on basic population needs in health, education, housing and employment," Gallup states.
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That might account for the switch in opinion in some minds, especially the favorable opinion among younger people, who did not live throughout the Cold War.
"Whether the appeal of socialism to young adults is a standard function of idealism at that age that dissipates as one grows older, or will turn out to be a more permanent part of the political beliefs held by the cohort of millennials who have come of age over the past decade, remains to be seen," Gallup announced.
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The survey was carried October 1-19 and spoke to 823 adults. The margin of sampling error is plus or minus four percentage points at the 95% confidence level.
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