62 Time February 3, 2020
Capitalism must be modified to do a better job of
creating a healthier society, one that is more inclu
sive and creates more opportunity for more people.
That means meaningful changes like rebuilding
our education system and providing skills training,
affordable health care policies, substantial infra
structure investment, and sensible immigration re
form and climate policies. That’s just a start.I am optImIstIc that this is possible as we enter a
new decade. In August, more than 180 CEOs of lead
ing U.S. companies signed the Business Roundtable’s
new statement of corporate purpose, committing to
creating economic opportunity for all of their stake
holders: customers, employees, suppliers, communi
ties and shareholders. It’s a call to action to do more
for everyone who works for us, and society in general.
Many businesses are rethinking their role in so
ciety. For example, our company JPMorgan Chase
has made a $200 million investment in the city of
Detroit, where we’ve been in business for more than
85 years. Local firms, government and communi
ties are pragmatically working together to ensure
that the city’s comeback benefits as many residents
as possible. Our investment is paying dividends as
the city creates small businesses, good jobs and af
fordable housing. This is a win both for the people of
Detroit and for our company.
There are hundreds of other examples like this;
United Technologies has invested $1.3 billion
through its Employee Scholar Program, helping
workers earn more than 40,200 degrees. Oracle
hosts a high school on its corporate campus to help
teach design thinking and competency with tech
nology. As we learn from one another, we should be
able to accelerate these efforts. We also need strong
advocates and partners in Washington, D.C., and at
the state and local levels for sound policies that help
more Americans share in economic prosperity. Good
government is essential.
Americans are increasingly polarized in many
areas of our lives, from where we live to whom
we are friends with and how we get our
news. This has manifested in crippling
partisanship, especially in our nation’s
capital. Yet there are policy makers
in both parties who want to work
together to advance real solutions.
The business community is ready to
build these bridges.
Capitalism has been the most
successful economic system in his
tory. But we can improve upon it to
help solve society’s problems and lift
up more people. Now is the time.Dimon is chairman and CEO of
JPMorgan ChaseC
apItalIsm may be at a tipping point.
For too long, policymakers, govern
ments and business leaders have done
a poor job of helping those who have
been left behind, and lost sight of how
capitalism can create more opportunity for all.
It’s not hard to see why some are losing faith in
our system, particularly the younger generation.
Health care costs are excessively high and unpre
dictable, often causing financial distress. Students
are too often graduating without the skills to get
good jobs and saddled with too much debt. Infra
structure is rapidly deteriorating. And maybe most
importantly, wages, particularly at the low end, have
not been growing enough.
That might explain why some Americans and
politicians are turning to the “hot” new trend of so
cialism as a cureall for society’s ills. Of course so
cialism isn’t new, and everywhere it has taken root
in the past it has failed. In a traditional socialist
system the government controls the means of
production, and often decides how and where
the citizens work rather than leaving those de
cisions up to the private sector. Socialism inevi
tably produces stagnation, corruption and the
specter of authoritarian bureaucrats maintain
ing power by interfering with the economy and
individual lives. I believe this would be a disaster
for our country. True freedom is inexorably linked
with the free enterprise that capitalism guar
antees, and we mustn’t forget that.
Most people want to be able to
care for their families and to ad
vance their wellbeing. They
also want the security of a well
functioning social safety net
that treats people humanely.
It’s my belief that capitalism
is the best system to provide
these for our society. It has
done an exceptional job of
doing so in the past, and it
will in the future. But un
less we make meaningful
changes, it could be irrepa
rably damaged.
Businesses and governments
must collaborate better to create
opportunity for all BY JAMIE DIMON
Dimon has
led America’s
largest bank
since 2005,
and chairs
the Business
Roundtable,
a collective of
U.S. CEOs
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