A new Gallup poll reveals a stark decline in the American public’s faith in capitalism. Only 54% now view it positively, a record low since Gallup began polling in 2010, and down from 60% in 2021.

Though socialism still remains unpopular nationwide — with only 39% expressing positive views of it — its appeal is growing with Democrats. Just 42% of Democrats view capitalism favorably today, while 66% view socialism positively. Independents have also cooled slightly toward capitalism — now at 51% favorability — while Republicans remain the last stronghold, with 74% still holding favorable views.

Still, who are these 26% of Republicans who oppose capitalism?

This is an alarming shift. For generations, conservatives and Republicans have championed capitalism as the engine of American prosperity and individual liberty. If that support frays, we face a paradigm shift that could erode the foundation of the free market.

The Founders embraced capitalism — not as an unregulated free-for-all, but as a system that harnessed free enterprise in defense of liberty and progress. Adam Smith and Alexander Hamilton viewed markets as vital to a virtuous and independent republic. America’s extraordinary economic growth and global ascendancy were born from this blend of individual initiative and institutional checks.

Decades of growing distrust toward “big business” are fueling disillusionment with the system. Just 37% of Americans view it positively, compared to 95% for small business and 81% for free enterprise.

Younger Americans, especially Democrats, are far less favorable toward capitalism. Some subgroups are down to just 31% favorability. The rise of high-profile so-called “democratic socialists” such as Sen. Bernie Sanders, Rep. Alexandria Ocasio-Cortez, and New York mayoral candidate Zohran Mamdani is making socialism attractive to what Rush Limbaugh referred to as “young skulls full of mush.”

If conservatives do nothing, the trend is certain to continue. A weakening of capitalist thinking risks replacing merit and innovation with centralized control. That’s not American greatness.

The trend can be reversed, but conservatives must stress to the public how capitalism remains a moral and practical necessity. Small businesses, entrepreneurship, property rights, and individual economic opportunity resonate with the American spirit. Capitalism is not a perfect system, but it is the only one consistent with liberty, prosperity, and self-governance.

(Image: ChatGPT for American Thinker)