Poll: Vietnam, China like capitalism more than U.S.

The United States is supposedly the beacon of capitalism and free markets, though the federal and state governments’ interventions into the marketplace – through bailouts and excessive red tape – have diminished the value of capitalism on many levels. However, a new study has found that not everyone in the U.S. gives capitalism the thumbs up.

A new Pew Research survey of people living in 44 different nations discovered many countries in all corners of the globe agreed with the viewpoint of capitalism. Researchers gave respondents this statement and were asked to agree or disagree: “Most people are better off in a free market economy, even though some people are rich and some are poor.”

Of the advanced countries, the majority of respondents in South Korea (78 percent), Germany (73 percent), United States (70 percent), Israel (68 percent), the United Kingdom (65 percent), France (60 percent) and Italy (57 percent) agreed. Most disagreed in Greece, Japan and Spain.

Of the emerging nations, 21 countries agreed with the statement, including Vietnam (95 percent), China (76 percent), Nigeria (74 percent), Turkey (74 percent) and Malaysia (73 percent).

Of the developing countries, a majority of respondents from all of the participating states concurred with the statement. Bangladesh (80 percent), Ghana (75 percent), Kenya (74 percent), Nicaragua (71 percent) and Tanzania (71 percent) agreed with the sentiments.

“Despite the fact that most people are very concerned about the gap between the rich and the poor in their country, majorities across the globe are willing to accept some inequality to have a free market system,” Pew said in a statement. “A global median of 66% say most people are better off under capitalism, even if some people are rich and some are poor.”

Although public officials, union organizations and anti-poverty activists lambast capitalism, it seems even the poorest of countries prefer to live in a capitalistic society as opposed to one run by communists, socialists and tyrannical dictators. Remember, a lot of these countries were already under socialist rule and understand first-hand the torment that was endured because of these failed policy measures.