Ray Dalio, founder of the world's biggest hedge fund, says capitalism needs urgent reform
Ray Dalio, founder of Bridgewater Associates LP, the world’s largest hedge fund, says capitalism has developed into a system that is promoting an ever wider wealth gap that puts the very existence of the United States at risk.
That experience led Dalio, now 69, to become a global macro investor, a career he has pursued for nearly a half-century and one that has shaped his understanding of economics and markets. Dalio believes capitalism is the most effective allocator of resources that raise living standards, arguing that communist systems fail because they do not recognize the need for people to be rewarded properly in order to motivate them to work.
The wealth gap is at its widest point since the late 1930s, with the top 1% owning more than the bottom 90% combined, “which,” Dalio notes, “is the same sort of wealth gap that existed during the 1935-40 period .” The wealth gap is weakening the U.S. because it is undermining the country’s strength relative to global competitors, according to Dalio. It is also creating dangerous social and political divisions that threaten cohesion — and capitalism itself.
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