CAPITALISM’S WANING POPULARITY: A LETTER TO THE ECONOMIST (April 11, 2011)

As you report, a new global opinion poll shows that public support for capitalism is falling around the globe (“Market for Ideas,” April 9, 2011). Capitalism’s popularity is waning even in America, which used to epitomize free enterprise. The support dropped from eighty percent in 2002 to fifty-nine percent in 2010. Over the same period, the support in India fell from seventy-three to fifty-eight percent. For the twenty-five countries polled, support for capitalism has fallen to fifty-four percent on the average. Interestingly, Germany is now in the first place with sixty-nine percent, whereas China and Brazil are just behind it with sixty-eight percent. All in all, this would seem to be a propitious moment for alternative social systems. For better or worse, there are none on offer, though. The only remaining question is what the state can do to temper free enterprise and save the citizens from its worst abuses. So far, America is not leading the way in this endeavor. Abuses by American banks and other financial institutions remain largely unchecked. Perhaps, just perhaps, the European Union has the best chance of coming up with a capitalism worth supporting. Make that state capitalism, too.