The demise of Marxism in so many countries has actually been a boon to the left. Socialism was once seen as the path to communism. But with the Soviet Union dead and China only pretending to be socialist, those fears have faded.
It doesn’t help the reputation of capitalism that many of those fervently opposed to government interference and redistribution are strongly at odds with millennials on social issues—including gay rights, racial inequality, immigration, gun control, and abortion rights.
The refusal of most conservatives to recognize the human role in global warming alienates those who will have to live with the environmental damage their elders did. In many minds, free markets have been discredited by their association with intolerance, rejection of science, and disregard for the poor.