(Bloomberg) -- “Huge gaps in spending and living conditions are threatening the existence of our system,” Ray Dalio wrote Friday in an editorial published by CNN. “We need to reform capitalism, not abandon it.”
While the billionaire investor and founder of Bridgewater Associates thinks the economic system has proven to be the best throughout history, he said it's still flawed and has been “intolerably imperfect in providing equal opportunity.”
“To make society work better, the new system must both increase the size of the pie and divide it well,” Dalio wrote. “Can't we all — capitalists, socialists, Republicans and Democrats — agree on that?”
Key Quotes:
- “The economic world order is changing whether we like it or not.”
- “I'm not saying that there should be laws restricting how people spend their money, because I don't believe there should be.”
- “Our ability to consume is dependent on our ability to produce, not the amount of money we get in the mail. You can't eat money.”
- “If we can agree that these things are essential because the alternatives are terrible, then people of different ideologies will be more civil with each other and more willing to work through their disagreements thoughtfully so that we can achieve agreement for the good of the whole.”
Read More: Ray Dalio Sees Monopoly Money as Easiest Way Out of Debt Crisis
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