According to billionaire hedge fund manager Ray Dalio, capitalism is not working well for the majority of Americans. In a recent essay he argues that it is producing self-reinforcing spirals up for the haves and down for the have-nots and that these conditions pose an existential risk for the U.S.

In the latest episode of ImpactAlpha’s Returns on Investment podcast, the roundtable regulars took up the challenge as well, with a provocative discussion of inequality and the age-old tension between capital and labor.