Chalk it up to the dismal job public education does teaching young people about history, economics, and politics.
From The Washington Post:
In an apparent rejection of the basic principles of the U.S. economy, a new poll shows that most young people do not support capitalism.
The Harvard University survey, which polled young adults between ages 18 and 29, found that 51 percent of respondents do not support capitalism. Just 42 percent said they support it.
It isn’t clear that the young people in the poll would prefer some alternative system, though. Just 33 percent said they supported socialism. The survey had a margin of error of 2.4 percentage points.
— The Boston Globe (@BostonGlobe) April 26, 2016
The survey, however, is misleading. The United States economy is not capitalist in the true sense of the word.
Instead, it is a crony capitalist economic system dominated by large multinational corporations that buy politicians, establish monopolies, and rely on state intervention to eliminate competitors and gain special privileges in regard to regulation and taxation.
It may also be viewed as a corporatist system, a partnership between private corporations and the state. The father of modern fascism, Benito Mussolini, described fascism as a corporatist system.
True capitalism is based on laissez-faire economics, a free market, private enterprise and, contrary to the system in place today, a strict separation of state and business.
“A purely capitalist economy ought to have the following characteristics: private ownership of the means of production and capital; low levels of taxation and regulation; competition unfettered by subsidies, bailouts, and protectionism; and the free flow of goods, services, and capital both domestically and internationally,” writes Marian L. Tupy. “Lastly, and here the government does have a crucial role to play, a capitalist economy ought to have an independent and efficacious judiciary that protects life, liberty, and property, and punishes fraud and theft.”
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