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“It doesn’t take a genius” to know capitalism needs fixing

Capitalism helped Ray Dalio build his investment empire. But in a lengthy LinkedIn post, the Bridgewater Associates founder says that it isn’t working anymore.

• Mr. Dalio writes that he has seen capitalism “evolve in a way that it is not working well for the majority of Americans because it’s producing self-reinforcing spirals up for the haves and down for the have-nots.”

• “Disparity in wealth, especially when accompanied by disparity in values, leads to increasing conflict and, in the government, that manifests itself in the form of populism of the left and populism of the right and often in revolutions of one sort or another.”

• “The problem is that capitalists typically don’t know how to divide the pie well and socialists typically don’t know how to grow it well.”