Free-Market Economist Says Defenders of Capitalism Are Good at Policy and Weak at Persuasion as Socialism Gains Ground

Free-market advocates need a better way to sell capitalism as socialism rises on the left, an economist told Fox Business. The interview ran Oct. 19, six days ago, and we are covering it because the argument fits this week's socialism stories.

The warning. Sam Gregg, president of the American Institute for Economic Research, said more people on the left now call themselves democratic socialists, and "these are not people of your old-style Democratic Party, these are not your JFK Democrats." He said they "want the U.S. to essentially look much more like what you might call a European social democracy."

The criticism of his own side. Gregg said free marketers are "very good at talking about policy" but less good at "the type of moral language that is necessary if you want to persuade people." People will be persuaded by economic arguments "up to a point," he said, but they also want to know they are doing the right thing.

His pitch. The case should go beyond prosperity, he said, and present capitalism as "a broader fight for liberty." He argued that once government starts shutting down economic freedom, "other freedoms quickly follow," including the ability to move, to associate and to hold opinions without fear of losing property. He said free markets give people more chances "to pursue happiness" in family and culture as well as in income.

The numbers. A Fox News poll taken Oct. 9 to 12 found 51 percent of voters view capitalism favorably, down 2 points from a year ago and 6 points from early 2019. Socialism stood at 32 percent, up 5 points from last year and 7 from 2019.

Note for readers: this is one economist's view from a free-market think tank, and the poll figures are Fox's. Capitalism still leads by 19 points in that survey. We did not check the poll ourselves.