American public support for the free market economy has dropped sharply in the past year, and is now lower than in China, according to a GlobeScan poll released today.
The findings, drawn from 12,884 interviews across 25 countries, show that there has been a sharp fall in the number of Americans who think that the free market economy is the best economic system for the future.
When GlobeScan began tracking views in 2002, four in five Americans (80%) saw the free market as the best economic system for the future–the highest level of support among tracking countries. Support started to fall away in the following years and recovered slightly after the financial crisis in 2007/8, but has plummeted since 2009, falling 15 points in a year so that fewer than three in five (59%) now see free market capitalism as the best system for the future.
GlobeScan Chairman Doug Miller commented: “America is the last place we would have expected to see such a sharp drop in trust in the free enterprise system. This is not good news for business.”
The results mean that a number of the world’s major emerging economies have now matched or overtaken the USA in their enthusiasm for the free market. The Chinese and Brazilians, 67 percent of whom regard the free market system as the best on offer, are now more positive about capitalism than Americans, while enthusiasm in India now equals that in the USA, with 59 percent rating the free market as the best system for the future.
Among the 20 countries polled in both 2009 and 2010, an average of 54 percent today rate the free market economy as the best economic system, unchanged from 2009.
Americans with incomes below $20,000 were particularly likely to have lost faith in the free market over the past year, with their support dropping from 76 percent to 44 percent between 2009 and 2010. American women have also become much less positive, with 52 percent backing the free market in 2010, down from 73 percent in 2009.
The poll was conducted by telephone in China and the US, and by telephone, in-person, or online in the 23 other countries between June 24 and September 18, 2010 by the international polling firm GlobeScan and its national partners. Before today’s public release, only clients of GlobeScan’s “Radar” reports have had access to these results. National results are considered accurate within +/- 3.0 to +/- 4.9 percent, 19 times out of 20.
GlobeScan Chairman Doug Miller added: “The poll suggest that American business is close to losing its social contract with average American families that has enabled it to prosper in the world. Inspired leadership will be needed to reverse this trend.”
Fieldwork was conducted in Argentina, Australia, Brazil, Canada, Chile, China, Colombia, Ecuador, Egypt, France, Germany, Ghana, India
This is actually good news. Maybe Americans are waking up and realizing that their debt is really profitable for someone else. Maybe we’ll wean ourselves from credit and loans and start businesses with real money again.
It’s the beginning of the backlash against the last few years of republican policy bearing fruit. They ran amok with their free market “worship”, they made it their god, rammed deregulation down an unwilling publics throat without a public vote, and now the backlash after all the crashes such unbridled greed worship wrought. It’s a cycle, quite a bit burlesqued lately, but, still a cycle.
Brian, I wouldn’t exclusively credit republican policy for our economic woes. This was definitely a bipartisan effort unified by greed.