Views of capitalism slip, but socialism is still unpopular as Zohran Mamdani gains prominence
The share of registered voters with a positive view of capitalism fell below 50% for the first time in seven years, according to an NBC News poll on the issue — a shift that comes as some democratic socialists, like New York City mayoral candidate Zohran Mamdani, gain prominence within the Democratic Party.
Overall, 44% of registered voters say they have a positive view of capitalism, while 28% have a negative view. This represents a decline from how the economic system was viewed in previous polls, which showed slim majorities viewing capitalism positively.
There is a clear partisan difference in views on capitalism, a trend that is also reflected in various demographic groups more likely to identify with either party. Two-thirds of Republicans view capitalism positively, compared to 44% of independents and 25% of Democrats. Only 12% of Republicans have a negative view of capitalism, compared to 28% of independents and 45% of Democrats.
Notably, 39% of Democrats viewed capitalism positively in September 2024, while 34% viewed it negatively at the time – a net positive rating of 5 points, compared to a net negative rating of 20 points among Democrats currently.
Voters under 35 have also strongly shifted to more negative views of capitalism over the past year, while Hispanic voters have also moved in the same direction and are now divided on the economic system.
Meanwhile, views on socialism have remained more stable. Today, 49% of registered voters view it negatively – a slight drop from previous measurements, which bounced between 50% and 55%. And 18% view socialism positively, which is exactly how voters have felt every time the question has been asked since 2018.
Under the hood, the trends resemble the movement on capitalism, but in reverse.
Last September, 34 percent of Democrats viewed socialism positively and 29 percent viewed it negatively. Today, 35% of Democrats view socialism positively, but 20% view it negatively.
Although Hispanic voters have soured somewhat on capitalism in the poll, their views on socialism have not evolved in the same way. Hispanic voters viewed socialism negatively by a 29-point margin in 2024. Today, it’s a 24-point margin.
Views on capitalism and socialism, particularly among Democrats, are shifting as Mamdani and other self-described democratic socialists like Sen. Bernie Sanders, I-Vt., and Rep. Alexandria Ocasio-Cortez, D-N.Y., have become increasingly powerful in their party, sweeping across the country and commanding a vocal constituency.
Mamdani, having started out in politics as a democratic socialist and still holding true to that identity, could be poised to win arguably the greatest office in the movement’s history.
“I consider myself a democratic socialist, inspired in many ways by the words of Dr. King from decades ago. Call it democracy, or call it democratic socialism, there has to be a better distribution of wealth for all of God’s children in this country,” Mamdani said on NBC News’ “Meet the Press” this summer.
Mamdani’s primary opponent, Andrew Cuomo, the former Democratic governor of New York, used that affiliation as a stick. Before and after Mamdani defeated him in the June Democratic primary, Cuomo called Mamdani a socialist, not a Democrat, and warned that his policies would bankrupt the city.
“I’m a Democrat. He’s a socialist. New York cannot survive as a socialist economy,” Cuomo told Fox News last week.
Although Mamdani is running for municipal office, the national prominence of the campaign in the country’s largest city means that about two-thirds of registered voters nationally feel they already know enough about him to express an opinion about him.
Overall, 22% of registered voters have a positive opinion of Mamdani, while 32% view him negatively and 14% have a neutral opinion. Another 32% are unsure or don’t know enough to assess it.
Virtually all Republicans who know enough about Mamdani to rate him view him negatively, while Mamdani fares much better among Democrats: 44% view him positively and 10% view him negatively. Among independents, 16% see it positively and 25% see it negatively.
The NBC News poll surveyed 1,000 registered voters Oct. 24-28 via a combination of telephone interviews and an online survey sent via text message. The margin of error is plus or minus 3.1 percentage points.
