Original article from: Market Watch
Veteran hedge-fund manager says capitalists don’t divide the economic pie well, so the system isn’t working effectively for all
Ray Dalio certainly is no radical idealist, but in his frequent writings and media appearances, the veteran investor consistently calls for Americans to rewrite their longstanding contract with capitalism so that it is fairer and more generous to more people.
Otherwise, he predicts, life in the U.S. could become more difficult: mountainous debt that stunts economic growth; fewer opportunities for ordinary citizens to get ahead financially; and a worldwide lack of trust in the U.S. dollar that diminishes Americans’ purchasing power and could lower their standard of living.
LEFT VIEWPOINTS
When someone points out problems with capitalism, someone else is bound to label them a socialist. It’s a flawed narrative.
The best economies aren’t entirely capitalist or entirely socialist; they are mixed economies that found out a good balance between social safety nets and strong free markets.
In fact, the United States is a mixed economy. We have social security, Medicare, Medicaid, public education, public roads, public subsidies, and public projects. We just haven’t found the best mix to fix a few big problems that matter most.
Providing simple safety nets like universal healthcare will not take the United States down some slippery slope toward a socialist dystopia. It would merely make us a bit more like Canada, Germany, Sweden, Norway, Demark, and Australia. People in these countries are freer than we are. They can change jobs without losing health insurance. They can retire earlier because their healthcare is provided as a societal expense. They live longer and are happier.
Consider Sweden. Sweden has one of the best economies on Earth. Sweden has more entrepreneurs per capita than any other country. One of the primary reasons for Sweden’s success is providing strong safety nets, like public healthcare and public college.