51% of millennials do not support capitalism, Harvard study finds

A recent survey from Harvard University has revealed that most millennials do not support capitalism.

In a sizable poll of young people between the ages of 18 and 29, researchers found that 51 percent of respondents disagreed with the principles of capitalism, while just 42 percent claimed to support it.

Canvassers note that the data can be difficult to interpret since the term ‘capitalism’ denotes different things to different people, but one thing the survey can confirm is that Generation Y are not happy with the world’s current social system.

Results from the most recent survey support those from numerous other studies, such as the 2011 research from the Pew Research Center, which found the majority of people age 18-29 were frustrated with the free-market system.

In the Pew survey, 46 percent of respondents demonstrated a positive view towards capitalism, while 47 percent had negative views. On the other hand, when it came to socialism, 49 percent claimed positive views while just 43 percent were negative.

When it came to more concentrated questions such as how the economy should be coordinated, however, the millennial attitude appears to be conflicted. The Harvard survey found that just 27 percent believe the government should have more responsibility when it comes to regulating the economy, while just 30 percent think the government should do more to reduce income inequality. Only 26 percent believe government spending is an effective way to bolster economic growth.

John Della Volpe, Harvard’s polling director, personally interviewed a group of millennials regarding their views of capitalism. They told him they thought the system was biased and immoral, penalising people in complete disregard of their hard work.

“They’re not rejecting the concept,” said Della Volpe. “The way in which capitalism is practiced today, in the minds of young people – that’s what they’re rejecting.”

Image via Flickr.

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