Survey: A Majority of American Millennials Now Reject Capitalism

Fifty-one percent of Americans between ages 18 and 29 do not support capitalism, Harvard researchers have found. And just 42 percent support it.

The Washington Post reports:

… that a majority of respondents in Harvard University’s survey of young adults said they do not support capitalism suggests that today’s youngest voters are more focused on the flaws of free markets.

“The word ‘capitalism’ doesn’t mean what it used to,” said Zach Lustbader, a senior at Harvard involved in conducting the poll, which was published Monday. For those who grew up during the Cold War, capitalism meant freedom from the Soviet Union and other totalitarian regimes. For those who grew up more recently, capitalism has meant a financial crisis from which the global economy still hasn’t completely recovered. …

Although the results are startling, Harvard’s questions accord with other recent research on how Americans think about capitalism and socialism. In 2011, for example, the Pew Research Center found that people ages 18 to 29 were frustrated with the free-market system.

In that survey, 46 percent had positive views of capitalism, and 47 percent had negative views — a broader question than what Harvard’s pollsters asked, which was whether the respondent supported the system. With regard to socialism, by contrast, 49 percent of the young people in Pew’s poll had positive views, and just 43 percent had negative views.

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—Posted by Alexander Reed Kelly.