A recent YouGov survey found that 43 percent of millennials (respondents under 30) viewed socialism more favorably than capitalism. Only 32 percent saw capitalism as being better than socialism. The millennial respondents were the only group surveyed who found socialism to be more favorable than capitalism.
This trend is reflected in the overwhelming support Bernie Sanders—a self-described democratic socialist—enjoys by millennial voters. A Harvard Institute of Politics report found that 66 percent of college students said that Sanders identification as a democratic socialist made no difference to them, while 24 percent reported that it made them more likely to vote for him. Only nine percent said it made them less likely to vote for Sanders.
It is important to note that democratic socialism and socialism are not exactly the same, albeit they are similar. Democratic socialism essentially calls for a democratic political system, but a socialist economy. This means that the means of production are collectively owned by the state, but members of the state are still elected by the people.
That being said, why do millennials seem to view socialism and its cousin, democratic socialism, in a favorable light? The same Harvard Institute of Politics report may have part of the answer. In the report 48 percent of college students believed the American Dream was dead, with 44 percent of Sanders supporters sharing the same sentiment. The financial crisis of 2008, the rising cost of a higher education, and an economy that is still slowly recovering from a recession all likely pushed millennials towards socialism.
Another reason why so many millennials find socialism favorable might be because they don't actually understand what it means. A Reason-Rupe report on millennials found that while 42 percent of millennials are supportive of socialism, only 32 percent view a government-managed economy in positive terms while 64 percent favor a free market economy. When socialism and capitalism are more precisely defined, millennial support of socialism drops by 10 percent.
Despite socialism's less than stellar track record (Soviet Russia, North Korea, Venezuela to name a few examples) a decent number of millennials favor it and will vote for Bernie Sanders, perhaps because they feel tacking on the "democratic" adjective makes a difference. Supporters point to Scandinavian countries as examples of democratic socialism's success, failing to note that these countries are largely homogeneous, gained a sizable wealth prior to becoming a welfare state, and enjoyed a higher life expectancy before socialism was introduced.
Tom G. Palmer notes in a foreword to Scandinavian Unexceptionalism that, "Starting in the 19th century, the peoples of the Nordic countries created vast amounts of wealth, founded new firms and industries, and generated societies with high degrees of social trust and moral responsibility." Palmer goes on to point out that all of this occurred prior to Sweden's welfare state and that after it was introduced "the Nordic countries began to coast on accumulated capital."
All of this is important to at least consider when voting for a democratic socialist come November.
