Why young Americans think the market has failed them

Last week, Gallup released a number that makes perfect sense to me but should worry the nation. For the first time since Gallup began asking the question in 2010, more than 4 in 10 Americans, 43%, reported they have a positive view of socialism. Among people between 18 and 34, the figure is much higher: 57% view socialism positively, while only 43% say the same about capitalism.

Capitalism and free markets rest at the core of our nation’s ethos, and these numbers are dangerous. Positive views of capitalism have been in decline for a while, and the response from those of us who believe in classical markets has been that young people simply do not understand economics.