As Santayana said, those who do not remember the past are condemned to repeat it. Less than two decades after socialism seemed to have been confined to the dust-heap of history, another generation may have to learn hard lessons.

The survey, taken at the end of January, found that 43 percent of Americans under 30 had a favorable view of socialism. Less than a third of millennials had a favorable view of capitalism. No other age or ethnic demographic preferred socialism over capitalism.

Seniors, unsurprisingly, had the most favorable view of capitalism. Just 23 percent of Americans older than 65 had a positive view of socialism. Sixty-three percent of seniors, though, had a favorable view of capitalism.

Seniors, after all, experienced the long-standing intellectual battle between capitalism and socialism played out in real life. They witnessed a post-war economic euphoria grind down into a socialist malaise, only to be reinvigorated by a global embrace of disruptive technology, deregulation, and global trade.

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