Dimon in his annual letter acknowledged there are flaws with capitalism and that it should be combined with a strong social safety net.
J.P. Morgan Chase CEO Jamie Dimon released his annual letter to shareholders on Thursday and touched on many topics, including whether there is a recession coming, stock buybacks and recent criticisms of capitalism from the political left.
"Socialism inevitably produces stagnation, corruption and often worse – such as authoritarian government officials who often have an increasing ability to interfere with both the economy and individual lives – which they frequently do to maintain power. This would be as much a disaster for our country as it has been in the other places it's been tried," he added.
"I am not an advocate for unregulated, unvarnished, free-for-all capitalism. But we shouldn't forget that true freedom and free enterprise are, at some point, inexorably linked," Dimon said. A Democratic faction led by presidential candidate Sen. Bernie Sanders and echoed by freshman upstarts including New York Rep. Alexandria Ocasio-Cortez — both of whom identify as democratic socialists — have called into question the fundamental pillars of the U.S. system and have advocated new program that echo socialist ideals.
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