Capitalism Is Rising, Not Falling

Is belief in capitalism on the wane? Many on the left wish this were the case and they point to a new poll to support their fantasy, but they’re wrong. . . as usual. If anything, capitalism is expanding by leaps and bounds.

This specific poll in question was conducted by GlobeScan and it asked respondents if they agree that capitalism is a superior economic system to the others available. The headline number trumpeted by the left is that support for capitalism is down in the US from 80% in 2002 to 59% in 2010. And the average across 25 countries polled was only 54%. Clearly the end is nigh, right? Well, no.

For starters, let me point out that getting 60% of the public to agree to anything is itself quite an accomplishment. Indeed, if Obama was re-elected by 60% to 40%, that would be an epic landslide. The human race just isn’t built for more “agreement” than that. In fact, the few times you will ever see anything exceed around 60% in polling can usually be explained by a defective methodology or temporary enthusiasm, like how everyone rallies around a war once it begins. So getting 60% of the American public to say they support capitalism is an excellent number. It also tracks with the American left being around 40% of the population -- leftists, by the way, claim to hate capitalism, but they love what it delivers, particularly cheap consumer goods, excellent services, and wealth. . . they just don’t like others having these things.

Moreover, after the financial crisis, you would think capitalism would be at its lowest point in terms of public support. The Democrats and their media allies have been pushing the idea for two years now that the financial collapse was the result of “unregulated” capitalism. Thus, they have systematically blamed “capitalism” for the massive unemployment that followed, the wiping out of ten years worth of stock market gains, the collapse of various governments, and the near-bankruptcy of several countries. Those are pretty serious consequences and if capitalism truly was to blame, then you would think that well-fewer than 60% of Americans would still support it. But that’s not the case. So apparently, despite the best efforts the MSM can come up with to slander capitalism, 59% of Americans continue to believe in it. That’s very encouraging. In fact, that’s probably the real story here.

The other real story here is the growth of the popularity of capitalism in other countries. In China, a supposedly communist country, and Brazil, another country with a leftist government, 68% consider capitalism the superior system. In India, a country done wrong by the British and which flirts with socialism and even communism in some of its states, 58% prefer capitalism. Even in Germany, which invented socialism and is the center of the soft-socialist world today, 69% prefer capitalism. These are not numbers one would expect. The fact the people of these countries prefer capitalism so overwhelmingly tells us something about the draw of capitalism and the inherent sense it makes.

But not everyone goes along for this ride. In Turkey, only 27% think capitalism is superior to other systems. Of course, Turkey is shifting from a secular-socialist government to an Islamic government. France also has problems with capitalism, with only 36% preferring capitalism. But then, France is France. Not coincidentally, both of those countries are in decline.

Contrary to the leftist spin on this poll, the real story here is that capitalism is alive and well despite the media assault following the financial crisis, and that it seems to have a bottom level of support around 60% in the US. Just as interestingly, capitalism seems to be spreading around the world and is taking hold in all of the young, dynamic economies on the planet. This is great news for the future, even if it means stiffer competition for our own companies.

I take it, you’re all fans of capitalism?