For decades, big business and capitalism have been cornerstones of the American identity. From Wall Street to Main Street, the narrative of entrepreneurial success and free markets has long shaped how the country sees itself. But recent polling suggests that story is shifting, and fast.
According to new data from Gallup, Americans are increasingly skeptical of both big business and capitalism itself. Only 37% of respondents said they had a favorable view of big business, a sharp decline from 46% just three years ago in 2021. The downward trend is even more striking when compared to 2019, when a majority — 52% — said they viewed big business positively. In less than a decade, sentiment has gone from majority support to a clear loss of confidence.
Capitalism’s Reputation Is Slipping
The poll revealed that capitalism’s image is also taking a hit. Just 54% of Americans now say they view capitalism positively, representing a six-point drop from 2021 and marking the lowest rating since Gallup began tracking the measure in 2010. The erosion is significant because capitalism has long enjoyed broad, bipartisan support in the U.S., even through economic downturns.
However, it’s not all negative. While the term capitalism is slipping in popularity, certain aspects of the system continue to receive overwhelming approval. A remarkable 81% of Americans say they have a favorable view of free enterprise — the backbone of economic opportunity in the U.S. And small businesses, often seen as the most relatable and trustworthy part of the economy, earned a nearly universal 95% positive rating.
This contrast highlights an important nuance: while people are losing patience with corporate giants and the broader system of capitalism, they still believe in the promise of entrepreneurship, local businesses, and economic independence.
Generational Divides Are Driving the Shift
Perhaps the most telling divide lies among young adults. For Americans aged 18 to 34, capitalism is far less appealing than it is for older generations. Only 43% of younger respondents reported having a positive view of capitalism, while 54% said they viewed it negatively. For the first time in modern polling, young adults are more likely to view socialism positively than capitalism.
In fact, 49% of young adults said they see socialism in a favorable light, compared with 46% who hold an unfavorable view. This generational shift could help explain the rise of left-leaning candidates who embrace more progressive, anti-corporate platforms.
Earlier this year, Democratic socialist state assemblyman Zohran Mamdani won the Democratic primary for New York City mayor, largely powered by the enthusiasm of younger voters. Similarly, national figures like Senator Bernie Sanders of Vermont and Representative Alexandria Ocasio-Cortez of New York have gained significant traction since 2016 by directly critiquing capitalism and advocating for policies rooted in democratic socialism.
Socialism Still Faces a Ceiling
Despite the shifting winds among younger Americans, socialism has not broken through as a mainstream ideology for the broader population. This year, Gallup found that 39% of Americans overall view socialism positively, essentially unchanged from 38% in 2021. A majority — 57% — still say they have a negative view of it.
This shows that while younger generations are challenging the status quo, the country as a whole remains hesitant to embrace socialism as an alternative. Instead, Americans appear to be stuck in an uneasy middle ground — frustrated with capitalism but not convinced socialism is the answer.
Partisan Lines Shape Perceptions
The poll also underscores deep partisan divides in economic ideology. Among Republicans, support for capitalism remains strong: 74% view it positively, while only 14% say the same of socialism. Democrats, however, are more evenly split. Just 42% of Democrats hold a favorable view of capitalism, while two-thirds (66%) say they view socialism positively.
These stark differences point to how economic identity is increasingly tied to political affiliation. For Republicans, capitalism continues to symbolize opportunity, freedom, and tradition. For many Democrats — particularly younger and more progressive voters — socialism represents fairness, equity, and a corrective to the perceived excesses of big business.
What the Numbers Mean
The poll, conducted between August 1 and August 20 with a sample of 1,094 American adults, carries a margin of error of plus or minus four percentage points. While the results highlight broad dissatisfaction, they also reveal an important tension in America’s economic self-image. People still want small businesses to thrive. They still admire the idea of free enterprise. But their patience with unchecked corporate power and systemic inequities is wearing thin.
This decline in confidence could have ripple effects across politics, policy, and business strategy. Companies that once assumed broad public trust may now find themselves under greater scrutiny, while political leaders who openly critique capitalism could find new momentum among disenchanted voters.
For now, America isn’t abandoning capitalism — but the cracks in the foundation are widening. Whether they widen further, or are patched by reforms, may shape the next chapter of the country’s economic story.
