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Americans Mood Toward Capitalism Sours

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"Capitalism, the bedrock of the U.S. economic system, isn’t a favorite term these days among American citizens, opinion surveys show," Bloomberg reports.

“There’s been an erosion of support for capitalism,” Steve Lombardo, president of the Lombardo Consulting Group, which conducted the poll for the Chamber of Commerce, said in an interview. “It hasn’t become a bad word, but it’s less positive than it has been.”

As if right cue, the downturn in social mood coincides with a downturn in support of capitalism and free markets. A similar shift in social mood laid the foundation for the Great Depression and ultimately registered as a widespread viewpoint that capitalism had failed.

Here's a fascinating video (h/t Miss Trade) by Milton Friedman, where he discusses the gold standard as well as the sentiment shift away from capitalism that occurred during the Great Depression. It's a fascinating look at how social mood helped shape our present system, creating a vast array of institutions whose function is/was to manage the economy.
POSITION:  No positions in stocks mentioned.