There has been a lot of reaction in the blogosphere about a new Rasmussen poll which shows that 53% of Americans believe capitalism is better than socialism:
Only 53% of American adults believe capitalism is better than socialism.
The latest Rasmussen Reports national telephone survey found that 20% disagree and say socialism is better. Twenty-seven percent (27%) are not sure which is better.
Adults under 30 are essentially evenly divided: 37% prefer capitalism, 33% socialism, and 30% are undecided. Thirty-somethings are a bit more supportive of the free-enterprise approach with 49% for capitalism and 26% for socialism. Adults over 40 strongly favor capitalism, and just 13% of those older Americans believe socialism is better.
Investors by a 5-to-1 margin choose capitalism. As for those who do not invest, 40% say capitalism is better while 25% prefer socialism.
There is a partisan gap as well. Republicans - by an 11-to-1 margin - favor capitalism. Democrats are much more closely divided: Just 39% say capitalism is better while 30% prefer socialism. As for those not affiliated with either major political party, 48% say capitalism is best, and 21% opt for socialism.
Frankly, I'm not at all surprised by that. I do think it's sad that only a slight majority prefer capitalism, but on the other hand the party that claims to be the party of free-markets, the Republican Party, doesn't practice the what they preach. They've largely caused the public to have a jaded view of free-markets.
If you want to see socialism in practice, look back at the Bush Administration. The case against the economic interventionism of George W. Bush is well documented. The man brought the big government that Bill Clinton never delivered.
Scott Rasmussen also points out that this poll used different terminology than a similar poll a couple months ago:
It is interesting to compare the new results to an earlier survey in which 70% of Americans prefer a free-market economy. The fact that a “free-market economy” attracts substantially more support than “capitalism” may suggest some skepticism about whether capitalism in the United States today relies on free markets.
Other survey data supports that notion. Rather than seeing large corporations as committed to free markets, two-out-of-three Americans believe that big government and big business often work together in ways that hurt consumers and investors.
Government collusion with certain or specific corporations to create special breaks or contracts isn't capitalism, that's corporatism. Just because some rent-seeking action is considered "pro-business," does not mean it is capitalism or the free-market at work.
A few years ago Milton Friedman said that our economy was already half socialist. One could reasonably argue that we accelerated the grasp of socialism significantly in just the last few months as the government gains control over important sectors of the economy. My point is that government has always gotten in the way of the market, holding it back because of misguided populist anger or simply out of arrogance that, somehow, politicians and bureaucrats can manage the economy.
Politicians that campaign on capitalism (free trade, less taxes and smaller government) need to start practicing it or stand aside.
Comments
For all of those who hate capitalism Cuba is only a short boat ride away, or perhaps they would prefer the more exotic locales of China or North Korea. Maybe French food is more to your taste, anywhere just leave the states, that way all of us independent hardworking folks can make it or break it on our own. Go on down to Cuba and work at your lifetime job for 9 dollars a week, "go ahead make my day."
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