Polls show skepticism is rising, yet the moral and economic case for free markets has never been stronger.
Free-market capitalism still delivers the goods. But its political coalition is fracturing — and that should worry anyone who cares about prosperity and freedom.
Recent Gallup polling on Americans’ views of capitalism and socialism shows that just 54 percent now view capitalism favorably, the lowest Gallup has recorded. Views of socialism remain much lower at 39 percent, but the direction matters. Support for capitalism has fallen notably over time, especially among independents and younger Americans.
The partisan breakdown is even more revealing. Republicans remain strongly pro-capitalist, though support has softened slightly. Independents now only narrowly favor capitalism. And among Democrats, fewer than half view capitalism positively, while nearly two-thirds view socialism favorably. As earlier Gallup polling on capitalism and socialism shows, this pattern has been developing for years.
Here’s the hard truth: those of us who defend free-market capitalism are unlikely to persuade most Democrats anytime soon. The data confirm it. Democrats often like the outcomes of capitalism — jobs, innovation, higher living standards — but reject the label, associating it with inequality or corporate power.
...read more at thedailyeconomy.org
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People conflate
current systemwithcapitalism, but what we currently have is a Frankenstein beast that is hardly what any economic liberal would describe as free market capitalism...wasn't real capitalism, bruh
Fair critique, I'm acting like the socialists saying that whatever system wasn't "really" the idealized version of my thing as a defense mechanism against legitimate criticisms.
Johan Norberg (Swedish liberal and writer) used to answer this critique with:
Sure, it's true that what we have isn't pure capitalism, but that doesn't mean the rhetorical symmetry is correct:
Free market capitalism alone is not the ideal, nor is socialism.
It is the combination of free market forces and good government that provides the ideal outcomes both in economic terms and societal terms.
Both sides fail to see this.
Without a state that operates with integrity and genuinely to advance the interests of the majority of citizens you will have sub optimal results.
Achieving a government that does this is not easy.
Without consistent and well formulated laws and enforcement of those laws it is very difficult for any economy to operate well.
Traders, merchants, producers and consumers all need fair and reasonable laws and enforcement to enable a prosperous marketplace.
Without the ability to form contracts and have them enforced any economic productivity, trade and exchange is fraught.
Without a well governed state to both protect its citizens from foreign predatory interests and to support their access to foreign trade, technology and markets a nation and its people are disadvantaged.
blue asses are still getting pounded hard;
still two sides of the same dirty coin, one side is more tolerable than another; #1244802
They express views on something they've never experienced?