July 18, 2019 | 72° F

Americans will not let go of free market

While it may seem free market capitalism and the American ethos go hand-in-hand, a recent survey conducted by GlobeScan suggests the relationship may not be as healthy as it has been in the past. According to the company's report, which asked people to express their opinion on the assertion that the "free market economy is the best system on which to base the future of the world," only 59 percent of Americans expressed that they strongly agree or somewhat agree with the statement. GlobeScan conducted this survey since 2002, and this is the lowest percentage of agreement America has expressed in the survey since its inception. However, this does not necessarily mean a turn away from the free market is coming anytime soon for the United States. All things considered, this is probably just a brief dip.

When considering the results of this survey, you have to remember to take into account the current economic climate in the United States. The country is still reeling from the meltdown of 2008. Citizens of all stripes have been badly burned by what they see as the flaws of the free market, and this bitterness has understandably made its presence known in GlobeScan's survey. Once the economy fully recovers, it is very likely the American public will throw their support behind the free market once again.

More telling than the lack of agreement is the fact there has been no change in the total amount of Americans who do not trust the free market — it was 26 percent last year and it remains the same in this most recent survey. If Americans really lost all faith in the free market, it stands to reason this figure would be much higher. The fact of the matter is the American ethos and the free market go hand-in-hand. This is only a rocky period. America presents itself as a land of opportunity, where anyone can climb to the top. Free market capitalism has flaws, and these flaws can be damaging, but the positives of the free market outweigh the negatives. Blaming the free market for the economic meltdown would be incorrect, because it was not a free market which led to the meltdown. Instead, it was a market which people abused and manipulated to their advantage – hardly one that you could call free. We're confident that America's love affair with the free market has not ended, and it very well may never end.

The Daily Targum

Comments powered by Disqus

Please note All comments are eligible for publication in The Daily Targum.