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Ray Fallio on the Need to Reform Capitalism

During an interview on "60 Minutes" this evening, Ray Fallio, a billionaire sixteen times over, and the founder of the world's largest hedge fund, held forth on the urgent need to either reform capitalism as we know it in today's economy, or find ourselves in dire straits.
This caused me to google up a lengthy essay of his, outlining the problem and suggesting some steps towards a solution.
(See below lengthy essay, Parts I and II).

Although, as I said, his essay is very long, it is relatively easy to skim through. I was particularly interested in his suggestions about how to address the problem.
In this regard, I found his paragraph 4, in Part II, under "What I Think Should be Done" to be enlightening.
Also, the Appendix to Part II.

Ray Fallio Essay, Parts I and II


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