South Bend, Indiana Mayor and rising Democratic star Pete Buttigieg slammed American-style capitalism Tuesday; saying he believes the current system “has let a lot of people down” across the country.

“I think the reason we’re having this argument over socialism and capitalism is that capitalism has let a lot of people down,” the mayor told CNN.

“I would say the reverse ought to be true — that at the end of the day, we prioritize democracy,” he added. “And having that framework of a rule of law, of fairness, is actually what it takes for markets to work.”

Buttigieg stunned political insiders in recent days when new polling data showed he had risen to third place among national Democratic candidates; trailing former Vice President Joe Biden and Vermont Senator Bernie Sanders.

Read the full report here.