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Socialism isn't the answer, but capitalism must be fixed

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17.05.2019

In recent months, a growing number of CEOs have warned about a possible lurch toward socialism in America amid mounting concerns that today’s version of capitalism is broken.

JPMorgan Chase CEO Jamie Dimon stressed in his annual letter to shareholders this year that socialism would be “a disaster for our country,” noting that it “inevitably produces stagnation, corruption and often worse.” (Growing up in the 1970s in Britain, I remember this first hand.)

Legendary investor Warren Buffett echoed these concerns earlier this month at Berkshire Hathaway’s annual meeting, rejecting socialist policies and declaring capitalism “a miracle” in America.

Though the societal stress fractures created by unbridled capitalism are undoubtedly real, the concerns of these CEOs are understandable. But lurching to so-called "socialist" reforms is not the only way to get America’s economy working for more people. In fact, only a small fraction of Americans today say they think socialism is the solution.

A more viable alternative to the current “crisis in capitalism” is hidingin plain sight: it is a “just” alternative.

We have surveyed more than 80,000 Americans, asking what matters most regarding “just” business behavior – in other words, the business practices ordinary Americans believe U.S. companies should prioritize, ranging from worker........

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