The economic morass that has plagued much of the country in recent years has not only hit many a wallet but also knocked support for capitalism, according to a new Pew Research Center study.
The study, which gauged economic sentiment globally, found fewer Americans, 67 percent, believe people are better off under in a free market economy even though some people are rich and some are poor. In 2007, the start of the recession, 70 percent believed people were better off under capitalism.
Pew called “faith in capitalism” another victim of the “great recession.” In fact, more support for capitalism was found among Brazilians, Chinese and Germans than among Americans, the study found.
Pew said people who are suffering are less likely than those who aren’t to think people are better off under capitalism. Men are also more likely than women to think people are better off in a free market economy.
Pew surveyed 26,000 people in 21 countries between March and April. It’s overall conclusion: The economic mood is exceedingly glum all around the world.
Pew said less than a third of Americans (31 percent) say the U.S. economy is doing well, which is up 13 percentage points from 2011, but down 19 points from 2007.
Has capitalism seen its best days, or is the best yet to come?