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Americans as a whole tilt more negative than positive when asked about "socialism," although understanding of the term varies widely.

Young adults' reaction to the term "capitalism" has grown less positive over the past decade, while their view of socialism has remained steady.

Gallup recently updated a 1949 question about how Americans define socialism. In this episode, two very different experts offer their opinions on the matter.

Asked to define socialism, 24% of Americans mention "equality," while 17% say it is government ownership of the means of production.

While half of Americans view socialism as a bad thing for the country, 43% say it would be a good thing, a much smaller gap than when last measured in 1942.

While Americans continue to evaluate socialism negatively, they have become somewhat more open to an expanded role for government in solving the country's problems.

Gallup included "socialist" as a standard option for party ID in early polling. Midcentury surveys showed Americans saying U.S. socialism was growing.

What does Peter Georgescu think needs to be done to fix capitalism in the U.S.?

Democrats' positive views of capitalism have dropped significantly, and Democrats now view socialism more positively.

It is not clear if support for the newly enacted stimulus plan represents a lasting shift in Americans' views of big government.