show chapters Capitalism doesn't need to be destroyed but it does need to be reformed, hedge fund titan Ray Dalio said Monday in a blistering critique of the present system. "I'm capitalist, I'm a professional capitalist. The system has worked for me," the Bridgewater Associates founder said during a fiery debate on CNBC's "Squawk Box." "I didn't have anything and then I got something through the capitalist system." However, he said the question is whether there is "equal opportunity for the American dream." He said that he did have that chance, but too many others do not. "So I was raised with equal opportunity. I went through the public school system and I had parents who took care of me. Then I was able to come in with equal job opportunities," he added. Too many people, in particular the bottom 60 percent of U.S. workers, are not getting those kinds of opportunities, he said. Part of the problem Dalio cited is the failing public school system which is leading to high levels of incarceration. Technology is also another culprit as it both improves the everyday lives of Americans but also displaces many of them from their jobs. At the root of the problem is failure of the system to make sure people are not being left behind. "How is it been for income? How has it been for equal opportunity? That has been something for a long, long, long time. Is that deniable that is producing those outcomes?" he said. The result, he added, "is producing a terrible split in our country." Dalio has used philanthropy to help address the inequality issues. While he's accepted subsidies to stay in Connecticut, he also has donated $100 million to the state, whose public education is generally ranked among the top in the country. The 2018 USA Today rankings put the state fifth. Dalio told CNBC that it was probably a mistake for Bridgewater to accept the subsidy.