Report: Americans Continue to Support Free Enterprise over Socialism

NEW YORK, Oct. 27, 2026 /PRNewswire/ -- Americans remain strong supporters of free enterprise and small business, even as support for socialism grows, particularly among younger generations. A new report from The Conference Board examines a growing disconnect between public perceptions of capitalism and free enterprise and the implications of this disconnect for entrepreneurship, workforce development, consumer behavior, and US competitiveness.

The report explores the distinction between capitalism as a broader economic system based on private ownership and the pursuit of profit, and free enterprise, which emphasizes the freedom to start and operate businesses with limited government interference. Free enterprise is a core principle of capitalism, providing the foundation for entrepreneurship, innovation, and economic opportunity. While Americans tend to associate free enterprise with economic freedom and consumer choice, capitalism more often raises concerns about the ability of all Americans to enjoy its benefits and opportunities.

Recent Gallup polling highlights the divide: Positive views of capitalism have fallen from 61% in 2010 to 55% in 2026, while 77% of Americans continue to view free enterprise positively and 95% hold favorable views of small business.

The report finds that Americans continue to support the principles underlying capitalism, including entrepreneurship, competition, and innovation, but are increasingly concerned about whether its benefits are accessible to everyone. This growing skepticism could discourage business formation, influence where Americans choose to work, weaken talent pipelines, and shape consumer spending and brand loyalty, ultimately threatening US competitiveness.

To rebuild confidence, the report argues that business leaders, policymakers, and educators must do more than promote the benefits of free enterprise. This includes expanding access to entrepreneurship education, capital, mentorship, and business ownership, particularly for younger generations and underserved communities.

"Americans haven't lost faith in the promise of free enterprise, but many are questioning whether that promise is within their reach," said David K. Young, President of The CEO Center at The Conference Board. "Restoring confidence requires ensuring that more Americans have a genuine opportunity to participate in free enterprise—whether by starting a business, accessing capital, or building a successful career. That is essential to sustaining economic mobility, innovation, and America's long-term competitiveness."

By the Numbers

• 95%: Americans who view small business positively, compared with 35% who view big business positively, according to Gallup.
• 77%: Americans who view free enterprise positively, compared with 43% who view socialism positively, according to Gallup.
• 55%: Americans who view capitalism positively, down from 61% in 2010, according to Gallup.
• 35%: Americans who believe the American Dream remains achievable, according to a June 2026 Wall Street Journal-NORC survey.
• 51.8%: Adults who see good opportunities to start a business in their area, down from 59.3% in 2024, according to the Global Entrepreneurship Monitor (GEM).
• Nearly 1 in 5: US adults engaged in early-stage entrepreneurial activity, near historic highs, according to GEM.
• 3 out of 10: US score for K-12 entrepreneurship education in GEM's 2025/2026 assessment, below the threshold considered adequate.

Recommendations

• Expand entrepreneurship education and work-based learning: Young people are more likely to view entrepreneurship as a realistic path when classroom instruction is paired with hands-on opportunities to design, establish, and operate a business.
• Engage the private sector: Business leaders can make the idea of entrepreneurship more attainable by sharing their experience, providing mentorship, and connecting aspiring business owners with professional networks and resources.
• Strengthen state and federal programs supporting business formation: State and federal programs can help prospective entrepreneurs secure financing, navigate regulatory requirements, receive technical assistance, and maintain health insurance coverage while transitioning from traditional employment. Regular evaluations should assess whether these programs reach the most promising entrepreneurs and contribute to sustainable business formation.

About The CEO Center
The CEO Center, founded in 1942 as the Committee for Economic Development, is the public policy center of The Conference Board. Members of The CEO Center are chief executive officers, key executives of leading companies, and university Presidents. Collectively, they represent 30+ industries, over five million employees, and more than $2T in annual revenues. The nonprofit, nonpartisan, business-led policy center advances business-informed policy recommendations to strengthen the US economy and advance the country's long-term prosperity. TCB.org/CEO-Center

About The Conference Board
The Conference Board is the global, Member-driven think tank that delivers Trusted Insights for What's Ahead®. Founded in 1916, we are a nonpartisan, not-for-profit organization.
TCB.org  l  Learn about Membership

 

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SOURCE The Conference Board