Democratic presidential candidate Pete Buttigieg said Sunday that capitalism is a potential threat to democracy, even in the United States.
“America is a capitalist society but it has to be a democratic capitalism. That is really important and it is slipping away from us. When capitalism comes into tension with democracy, which is more important?” the South Bend, Ind., mayor said on NBC’s “Meet the Press.”
“I believe democracy is more important. When you have capitalism capturing democracy, where you have the kind of regulatory capture where powerful corporations can arrange the rules for their benefit, that’s not real capitalism,” he added.
Buttigieg used Russia as an example of what happens when capitalism gets out of control. “It turns into crony capitalism and that turns into oligarchy,” he said.
Buttigieg argued that his most voters don’t want this version of capitalism, noting he received support from people who must have also voted for President Trump based on the vote totals in Indiana.
Buttigieg has roughly 2.3% support, putting him in seventh place among a crowded field of candidates vying for the 2020 Democratic presidential nomination, according to RealClearPolitics’ average of polls.
