Americans have generally favored capitalism over socialism for a long time. Gallup first tracked opinions of both economic systems in 2010, when 61% of Americans had a positive view of capitalism. Although public opinion has fallen notably, today 54% of Americans still hold capitalism in a positive light. At the same time, socialism was only seen as positive by 36% in 2010, and that has risen to 39% today.
Part of why capitalism has fallen from favor slightly is due to inflation. As inflation rises, purchasing power is being siphoned away from the American people making it more difficult to participate in the market. Inflation has increased 48% over the last 10 years, decreasing the purchasing power of a dollar and the ability of people to participate in the market.
Preferences for capitalism and socialism also tend to follow party lines. Sixty-six percent of Democrats view socialism positively, while 42% view capitalism more favorably. This is the only group out of the three (Republicans, Democrats, and Independents) that views socialism more favorably than capitalism. Meanwhile, 51% of Independents are pro-capitalism versus 38% who are pro-socialism, and Republicans are 74% pro-capitalism to 14% pro-socialism.
With this partisan divide apparent across the whole country, New York City seems to be a slight anomaly. Democrats hold the majority in New York City, with 65% of the population. Some 48% of the population has a positive view of capitalism, and 41% hold a favorable view of socialism.
Despite capitalism being seen as more positive in New York City, voters in the city may have a difficult time keeping the city capitalist. Recently, democratic socialist Zohran Mamdani won the Democratic mayoral primary in June and continues polling high.
People viewing capitalism positively does not guarantee that the dominant economic system will be capitalism, and the New York City mayoral race is a great example of this. While more people view capitalism positively, it takes more than positive views to continue the economic system. Voting for candidates who protect the preferred economic system is one way to ensure capitalism continues—especially on issues such as protecting property rights, free markets, labor, and business.
The people of New York City are facing the opportunity to protect capitalism by choosing a candidate dedicated to free enterprise. Americans face this opportunity every day in different ways. Capitalism is marked by freedom of consumption, production, and investment. Participating in market functions in ways that do not limit the rights of others encourages competition, which is at the foundation of capitalism.
Capitalism, the ability to earn a living by filling a need or a want in society, uniquely benefits women and provides the flexibility associated with work arrangements such as independent contracting or self-employment. Those workers taking advantage of the market by meeting the demands of clients or finding a product they can produce on their own time are the models of who capitalism works for.
Bottom Line
New York City is in a unique position to protect the economic system that 48% of them favor as the financial capital of the U.S. and a bellwether for policy fights in other major cities.