Gallup’s latest poll reveals that American approval of capitalism has reached an all-time low, marking the lowest level since tracking began in the early 2010s. The survey, conducted in August among over 1,000 adults, found that just 54% of respondents hold a positive view of capitalism, down from 61% in 2010. This significant decline is most pronounced among Democratic voters, who increasingly prefer socialism, with 66% supporting it, up from 50% in 2010. While Republicans remain steadfast in their support for capitalism, with 74% approval, Democrats have seen their support for capitalism slip to 42%, the first time below 50% since the poll’s inception.
The data also shows a sharp decline in public approval of large corporations, from 58% in 2012 to 37% in 2025, with Democrats expressing particular hostility toward sectors like Big Tech and Big Pharma, holding only 17% positive sentiment. This shift in public opinion is reflected in the increasing electoral success of openly socialist-leaning politicians such as Senator Bernie Sanders, Representative Alexandria Ocasio-Cortez, and New York City mayoral candidate Zohran Mamdani, who is running without establishment Democratic backing despite defeating former Mayor Andrew Cuomo in the party’s primary. Cuomo is now openly campaigning against Mamdani as an independent.
Analysts suggest that the growing skepticism toward traditional capitalist systems and large corporations is fueled by a combination of economic inequality, corporate misbehavior, and the perceived failure of deregulation. The Gallup survey underscores a broader ideological divide in American politics, with younger and more educated voters, particularly within the Democratic Party, showing a stronger alignment with socialist principles. This trend could have significant implications for future elections and the direction of U.S. economic policy.
Despite the declining approval ratings for capitalism, the majority of Americans still support free enterprise and small business, indicating that the preference for capitalism is not universal, but rather deeply polarized along ideological and demographic lines. The survey highlights an ongoing shift in public sentiment that may continue to influence both political discourse and economic policy in the United States.