Economist Calls for Fresh Approach to Capitalism Amid Rising Socialist Appeal

Sam Gregg, president of the American Institute for Economic Research, examines the increasing influence of socialism in politics and its implications for the future of U.S. capitalism.

As socialism gains traction in American politics, free-market supporters are seeking fresh arguments to sustain public backing for capitalism and economic liberty.

Sam Gregg, president of the American Institute for Economic Research, told FOX Business that in recent years there has been “a rise on the political left of people who describe themselves as democratic socialists,” noting that “these are not the old-school Democrats of the past, nor the JFK-era Democrats.”

“Supporters of free markets must sharpen their ability to convince both conservatives and liberals that these policies fail,” Gregg remarked.

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Socialism has grown in popularity among American left-leaning voters in recent years. (Spencer Platt/Getty Images)

“Free-market advocates excel at discussing policy details, but often fall short when it comes to using the moral rhetoric needed to persuade audiences,” he noted.

“While economic reasoning can sway people to a degree, they also seek assurance that their choices are ethically sound and beneficial.”

Gregg argued that free-market advocates should not only tout capitalism’s economic prosperity but also stress that it represents a wider struggle for liberty and a framework enabling individuals to pursue the American Dream in diverse ways.

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Gregg contended that free markets safeguard economic liberty while also defending other cherished American freedoms. (Michael Nagle/Bloomberg via Getty Images)

“When the government begins to curb economic freedom, other liberties erode as well; restricting property rights, for instance, limits far more than just economic autonomy,” Gregg stated.

“It encompasses the freedom to relocate, to associate with whomever you choose, and to express views without fear that the state will seize your assets for holding unpopular opinions,” he added.

Polling data indicate that although socialism’s favorability is rising, it still trails capitalism. A Fox News survey conducted October 9‑12 showed 51% of voters view capitalism favorably—down two points from a year ago and six points from early 2019—while socialism garnered a 32% favorable rating, up five points from the prior year and seven points from 2019.

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Gregg urged free-market proponents to illustrate how capitalism broadens the pathways to happiness. (Getty Images)

Gregg, author of an upcoming book on the civilization of commerce, intends to highlight that the case for free markets encompasses sound economic policy and the protection of individuals’ economic liberty.

“Living under a free-market system, supported by its institutions and policies, grants individuals far greater chances to pursue happiness—transforming not only their economic circumstances but also their family life, cultural engagement, and everyday activities,” Gregg observed. “This yields a far richer, more dynamic, and ultimately more compelling society than any alternative.”

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