Speaker of the House Nancy Pelosi said Friday capitalism “has not served our economy as well as it should” but insisted it is a system to improve rather than abandon.
“In America, capitalism is our system, it is our economic system, but it has not served our economy as well as it should,” Pelosi said at a Chatham House event in the United Kingdom, according to Reuters. “So what we want to do is not depart from that, but to improve it.”
Pelosi said “stakeholder capitalism” has historically been beneficial to the states as it has allowed both workers’ wages and management’s to rise as productivity increases, according to The Washington Post. Pelosi, however, criticized “shareholder capitalism” which she says causes employees’ salaries to remain the same despite a growth in productivity.
“You cannot have a system where the success of some springs from the exploitation of the workers and springs from the exploitation of the environment and the rest, and we have to correct that.”
— Nancy Pelosi (@SpeakerPelosi) September 17, 2021
Pelosi has remained steadfast in her commitment to capitalism, albeit with some adjustments to the system. (RELATED: Top Senate Republican Grills Biden EPA Nominee Over ‘Resist Capitalism’ Tweet)
When asked by a left-leaning student in 2017 whether Democrats should move farther left with “a more stark contrast to right-wing economics,” Pelosi immediately clarified Democrats are capitalists.
“I have to say, we’re capitalists, that’s just the way it is,” she responded, according to NYU Local. “However, we do think that capitalism is not necessarily meeting the needs with the income inequality that we have in our country.”
“We’re a capitalist system. The free market is – is a place that can do good things.”