The share of registered voters with positive views on capitalism has fallen below 50% for the first time in seven years of NBC News polling on the issue, a shift that comes as some Democratic socialists, such as New York mayoral hopeful Zohran Mamdani, gain prominence in the Democratic Party.
Overall, 44% of registered voters say they have a positive view of capitalism, while 28% view it negatively. This represents a drop from how the economic system had been viewed in previous surveys, which showed that a small majority viewed capitalism positively.
There is a marked partisan difference in opinions on capitalism, a trend that also manifests itself in several 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 view capitalism negatively, compared to 28% of independents and 45% of Democrats.
Notably, 39% of Democrats viewed capitalism positively in September 2024, while 34% viewed it negatively then—a net positive rating of 5 points, compared to a net negative rating of 20 points among current Democrats.
Voters under 35 also leaned heavily toward more negative views on capitalism over the past year, while Hispanic voters also leaned in the same direction and are now effectively divided on the economic system.
Meanwhile, opinions on socialism have remained more stable. Now, 49% of registered voters view it negatively, a slight decrease from previous measurements, which ranged between 50% and 55%. And 18% view socialism positively, in line with how voters have felt every time the question is asked since 2018.
Deep down, the trends seem similar to the movement on capitalism, only in reverse.
Last September, 34% of Democrats viewed socialism positively and 29% viewed it negatively. Now, a similar 35% of Democrats view socialism positively, but 20% view it negatively.
While Hispanic voters appeared a little bitter about capitalism in the survey, their views on socialism did not change in the same way. Hispanic voters viewed socialism negatively by a 29-point margin in 2024. Now it’s a 24-point margin.
Views on capitalism and socialism, particularly among Democrats, are evolving 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 the country and dominating a vocal electorate.
Mamdani, who emerged in politics as a democratic socialist and still leans toward that identity, could be on the verge of winning possibly the biggest office in the movement’s history.
“I call myself a democratic socialist, inspired in many ways by Dr. King’s words 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 main opponent, Andrew Cuomo, the former Democratic governor of New York, has used that affiliation as a cudgel. 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 the 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 nationwide already feel they know enough about him to register an opinion about him.
Overall, 22% of registered voters view Mamdani positively, while 32% view him negatively and 14% have a neutral opinion. Another 32% are unsure or don’t know enough to rate 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 using a combination of phone interviews and an online survey sent via text message. The margin of error is plus or minus 3.1 percentage points.
