A couple of capitalists staged a pretty heated debate on the state of capitalism this morning.
It’s a discussion that is increasingly happening but is less easily dismissed by those who avoid it by shouting “socialism” as a distraction.
On CNBC today, Ray Dalio, a billionaire investor, hedge fund manager, and philanthropist, declared that capitalism needs fixing.
“So I was raised with equal opportunity. I went through the public school system and I had parents who took care of me. Then I was able to come in with equal job opportunities,” he said.
That’s not the case anymore, he said.
It’s going to get worse, he says as technology puts more people out of work and failing public schools put more people in prison.
Is that capitalism’s problem or a problem with an economic and tax policy?
“You cannot separate them,” he said.
Related: Billionaire hedge fund founder Ray Dalio says capitalism needs to be reformed (60 Minutes)