By  on July 30, 2019

Jamie Dimon, chief executive officer of banking giant J.P. Morgan Chase, kicked off a debate on capitalism with his annual letter to shareholders this spring. “The American Dream is alive — but fraying for many,” he wrote. “Simply put, the social needs of far too many of our citizens are not being met.”

Dimon pointed to a list of shortcomings — from education to infrastructure to health care — and asked: “Is capitalism to blame? Is socialism better?” His quick answers were that capitalism is the best thing going — although it has its flaws — and that socialism doesn’t work — although he did give a shout out to “social democracies,” which combine market economies and strong social safety nets.

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