Americans Don’t Believe in Capitalism?

If this poll is correct…and we can only hope it is a case of temporary “insanity” of a public battered by bad economic news on a daily basis…then there has been a shift in the World of epic proportions.

More than any other nation, America represents both the success of “capitalism,’ regardless of how it is defined…as well as viewed as the nation that received the most benefit from its application. If there are Americans who doubt the efficacy and morality of capitalism and the freedoms they derive because of it, it could signify that they do not understand history or grasp the big differences in their lives in comparison with those in nations who adopted socialism.

Perhaps this shift does signify a shift of another type. That is, those nations whom have adopted American style capitalism- and I am specifically referring to emerging markets from Asia to Africa- may spring ahead of an America that no longer believes in its birthright. America may become like the once “Great” Britain-old, tired and backward looking hoping for more welfare and handouts while the more dynamic societies provide the growth, innovation and wealth.

From www.rasmussenreports.com:

Just 53% Say Capitalism Better Than Socialism

Only 53% of American adults believe capitalism is better than socialism.

The latest Rasmussen Reports national telephone survey found that 20% disagree and say socialism is better. Twenty-seven percent (27%) are not sure which is better.

Adults under 30 are essentially evenly divided: 37% prefer capitalism, 33% socialism, and 30% are undecided. Thirty-somethings are a bit more supportive of the free-enterprise approach with 49% for capitalism and 26% for socialism. Adults over 40 strongly favor capitalism, and just 13% of those older Americans believe socialism is better.

Investors by a 5-to-1 margin choose capitalism. As for those who do not invest, 40% say capitalism is better while 25% prefer socialism.

There is a partisan gap as well. Republicans - by an 11-to-1 margin - favor capitalism. Democrats are much more closely divided: Just 39% say capitalism is better while 30% prefer socialism. As for those not affiliated with either major political party, 48% say capitalism is best, and 21% opt for socialism.

The question posed by Rasmussen Reports did not define either capitalism or socialism

It is interesting to compare the new results to an earlier survey in which 70% of Americans prefer a free-market economy. The fact that a “free-market economy” attracts substantially more support than “capitalism” may suggest some skepticism about whether capitalism in the United States today relies on free markets.

Other survey data supports that notion. Rather than seeing large corporations as committed to free markets, two-out-of-three Americans believe that big government and big business often work together in ways that hurt consumers and investors.

Fifteen percent (15%) of Americans say they prefer a government-managed economy, similar to the 20% support for socialism. Just 14% believe the federal government would do a better job running auto companies, and even fewerbelieve government would do a better job running financial firms.

Most Americans today hold views that can generally be defined as populist while only seven percent (7%) share the elitist views of the Political Class.