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'Capitalism may need modernizing,' says billionaire hedge fund manager Paul Tudor Jones

CNBC
'Capitalism may need modernizing,' says billionaire hedge fund manager Paul Tudor Jones

The 50-year old definition of capitalism in the U.S. is due for an overhaul because of income inequality, according to billionaire hedge fund manager and philanthropist Paul Tudor Jones. "Capitalism may need modernizing," Jones, a legendary trader on Wall Street, told CNBC's "Squawk Box" on Tuesday. "In 1985, 35 percent of nation's wealth was owned by by the bottom 90 percent. Today, they own 23 percent, and that 12 percent has gone to the top." Jones pointed to economist Milton Friedman's nearly 50 year-old definition that the "social responsibility of a company is to improve its profits." "When Milton Friedman said, that tax rates had just come from 91 percent to 70 and income inequality was