Why are Americans' views on socialism shifting, and how is it different from capitalism?

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00:00Capitalism or Socialism?

00:02A recent Gallup survey shows just 54% of Americans have a positive view of capitalism.

00:08That's the lowest since Gallup started asking this question 15 years ago.

00:14While approval for Socialism was up to 39%.

00:18That's a 3 percentage point increase from 2010.

00:21So what's the difference between the two?

00:23And why the shift?

00:25Let me explain.

00:26First, it should be noted that there is a partisan difference.

00:2974% of Republicans hold a positive view of capitalism.

00:34While 66% of Democrats say the same about Socialism.

00:38Each system interacts with the country's economy in different ways.

00:42Capitalism is where people and private companies own and control what's made and sold.

00:47Profit's the main motivation.

00:49And prices are set by supply and demand in the free market.

00:53Socialism is where the government or community owns and controls major industries and services.

00:58The goal isn't profit.

01:00It's to meet everyone's needs and reduce inequality.

01:03And no country really has a pure version of either of these.

01:07More like a mix of ingredients from both.

01:10That may favor one flavor over the other.

01:12Why are Americans' views changing?

01:14Here's a few theories.

01:15One is fewer Americans think big businesses are fair or good for the economy.

01:20Only about 37% of people surveyed by Gallup view big business positively today.

01:26That's down from 58% in 2012.

01:30A different survey found more than half of Americans

01:33think the government doesn't spend enough to support people in need.

01:36But 60% believe personal decisions play a big role in both poverty and homelessness.

01:43And you know when I give you straight facts, I always bring my receipts.

01:49More at san.com