PVH’s Emanuel Chirico on Capitalism

Jamie Dimon, chief executive officer of banking giant J.P. Morgan Chase, kicked off a debate on capitalism with his annual letter to shareholders this spring. “The American Dream is alive — but fraying for many,” he wrote. “Simply put, the social needs of far too many of our citizens are not being met.” Dimon pointed to a list of shortcomings — from education to infrastructure to health care — and asked: “Is capitalism to blame? Is socialism better?” His quick answers were that capitalism is the best thing going — although it has its flaws — and that socialism doesn’t work — although he did give a shout out to “social democracies,” which combine market economies and strong social safety nets. But the banking titan did argue government and business leaders can do more. “We need a Marshall Plan for America,” he said. “Democrats have to acknowledge that many of the things that have been done as a nation — often in the name of good — have sometimes not worked….[And] Republicans need to acknowledge that America should and can afford to provide a proper safety net for our elderly, our sick and our poor.” And to ceo’s, Dimon said: “Your country needs

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