Americans continue to view free enterprise favorably at a 77% rate, even as positive opinions of capitalism have dropped to 55% from 61% in 2010, according to a new report from The Conference Board released this week. The research examines a widening gap between how the public perceives capitalism as a broader economic system versus free enterprise as the freedom to launch and run businesses without heavy government involvement. While support for socialism has risen—particularly among younger Americans—95% of the public still holds favorable views of small business, suggesting Americans haven't abandoned the core principles of entrepreneurship but are increasingly questioning whether opportunities are accessible to everyone.
The data reveals sharp contrasts in how Americans view different facets of the economic system. Gallup polling cited in the report shows that 95% hold positive views of small business, compared to just 35% for big business. Socialism now registers 43% favorable opinions, while free enterprise maintains 77% support. Only 35% of Americans believe the American Dream remains within reach, according to a June 2026 Wall Street Journal-NORC survey referenced in the study. The share of adults who see good prospects to start a business in their area has fallen from 59.3% in 2024 to 51.8%, based on Global Entrepreneurship Monitor data. Despite this declining perception, nearly one in five US adults are involved in early-stage entrepreneurial activity, approaching historic peaks. However, the US scored just three out of ten for K-12 entrepreneurship education in GEM's 2025/2026 evaluation, below the level considered sufficient.
The report argues that Americans remain committed to the underlying values of capitalism—entrepreneurship, competition, and innovation—but growing doubts about equal access to these opportunities could have serious consequences. According to David K. Young, President of The CEO Center at The Conference Board, "Americans haven't lost faith in the promise of free enterprise, but many are questioning whether that promise is within their reach." The research identifies this mounting skepticism as a potential threat to business formation, talent development, consumer loyalty, and overall US competitiveness.
The Conference Board warns that this disconnect between supporting free enterprise in principle while doubting access to it in practice poses risks across multiple fronts. The report explains that weakening confidence could discourage Americans from starting businesses, influence career choices away from entrepreneurial paths, undermine the pipeline of skilled workers, and reshape how consumers spend and which brands they trust. To reverse this trend, the organization says business leaders, policymakers, and educators must move beyond simply promoting free enterprise's advantages. Young emphasizes that "restoring confidence requires ensuring that more Americans have a genuine opportunity to participate in free enterprise—whether by starting a business, accessing capital, or building a successful career."
The report recommends three main steps to rebuild trust and broaden participation. First, expand entrepreneurship education paired with hands-on opportunities for young people to actually design, establish, and operate businesses, since classroom teaching alone doesn't make entrepreneurship feel realistic. Second, engage business leaders to share their experiences, offer mentorship, and connect aspiring entrepreneurs with professional networks and resources. Third, strengthen state and federal programs that help prospective business owners secure financing, navigate regulations, get technical help, and maintain health coverage during the transition from traditional employment—while regularly evaluating whether these programs reach the most promising entrepreneurs and lead to sustainable business creation. The bottom line: Americans still believe in free enterprise, but they won't support a system they feel locked out of.