By any other name

This January, New York City elected Zohran Mamdani—a man who sees himself as a “democratic socialist”—as mayor of one of the world’s great financial centers. Of course, one election doesn’t make a country. But more and more Americans are now suggesting they might see themselves as democratic socialists, too. Might.

Gallup’s polling from 2010 to 2025 shows the split. Among Republicans, the numbers have barely moved: Favorable views of capitalism have stayed above 70 percent, socialism mostly below 20. Among Democrats, both have shifted. Favorable views of capitalism fell from 51 to 42 percent; socialism climbed from 50 to 66.

So a lot of Americans now say they’re against capitalism. Why?

Justin Callais is the economics editor for The Signal and the chief economist at the Archbridge Institute. Callais says many people—especially those who came of age after the Great Recession—have good reason to view capitalism dimly. The U.S. government bailed out the banks and left homeowners largely on their own, which is fair to resent. So when they hear “capitalism,” they’re picturing the American economy as it is now, one they feel hasn’t served them—or most Americans—the way an American economy should.

But even those reacting negatively to the word “capitalism” still tend to back free-market economics. Some polling shows they’d almost always prefer free competition among private companies over government planning. Altogether, it’s hard to interpret, Callais says—but there are reasons to think it’s not so much capitalism that’s losing favor as the idea of it …

Gustav Jönsson: What are you seeing in the public-opinion data?

Justin Callais: The U.S. may be as polarized as it’s been since the Civil War. People are dug into their trenches, doing whatever it takes to defend their own side and beat the other. And this is happening just as more and more people call themselves independents—disillusionment with both parties is now common.