On a Sunday episode of NBC's Meet the Press, the unofficial 2020 Democratic presidential candidate Pete Buttigieg argued that democracy is more important than capitalism. Though he identified as a capitalist without hesitation, he stressed that the importance of American capitalism is that it’s democratically decided.
“When capitalism comes into tension with democracy, which is more important? I believe that democracy is more important,” he said.
He continued that the trends that we see today with large businesses crowding out industries are not “real capitalism”.
“When you have the kind of regulatory capture where powerful corporations are able to arrange the rules for their benefit, that's not real capitalism,” he continued. "If you want to see what happens when you have capitalism without democracy, you can see it very clearly in Russia. It turns into crony capitalism, and that turns into oligarchy."
The two-term mayor of South Bend, Indiana plans to officially announce his candidacy this upcoming Saturday.