From the intellectual standpoint, the principal economic argument against socialism is that it would be inefficient relative to capitalism. I have argued elsewhere that this argument is deficient, since a properly designed market socialist system would in all probability operate as efficiently as, or more efficiently than, the contemporary capitalist economy (Yunker 1979a, 1979b, Ch. 5). My concern in this paper will be with an entirely different economic argument against socialism, which is also however a strong determinant of the predominantly negative attitude toward socialism (as defined herein) among the populations of the advanced capitalist nations, as typified by the United States. While the argument is definitely secondary from the intellectual standpoint, it is probably primary from the emotional standpoint. Generally speaking, the argument is that even given that socialism would be as efficient as capitalism, it would still be undesirable because it would operate to the material disadvantage of a substantial proportion of the population. The term “people’s capitalism” is a convenient and descriptive appellation for this line of argumentation.