Buttigieg explains rise of socialism: 'Capitalism has let a lot of people down'

Democratic presidential candidate Pete ButtigiegPeter (Pete) Paul ButtigiegResurfaced Buttigieg yearbook named him 'most likely to be president' On The Money: House Dem says marijuana banking bill will get vote in spring | Buttigieg joins striking Stop & Shop workers | US home construction slips in March | Uber gets B investment for self-driving cars The Hill's 12:30 Report: Dems face tricky balancing act after Mueller report MORE said Tuesday that he believes socialism is gaining popularity because "capitalism has let a lot of people down."

"I think the reason we're having this argument over socialism and capitalism is that capitalism has let a lot of people down," the mayor of South Bend, Ind., said on CNN's "New Day."

He also said that he believes in "democratic capitalism" and reiterated his comments that democracy is more important than capitalism

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    "At the end of the day, we prioritize democracy," he said. "And having that framework of a rule of law, of fairness, is actually what it takes for markets to work."
     
    Buttigieg told CNN that he is "open to" embracing a proposal by Sen. Elizabeth WarrenElizabeth Ann WarrenResurfaced Buttigieg yearbook named him 'most likely to be president' The STATES Act will expose flawed marijuana legacy Impeachment? Not so fast without missing element of criminal intent MORE (D-Mass.), who is also running for president, to put a new tax on large companies. 
     
    "I'm open to that," he said. "I think the more interesting issue is, should our policies be any different toward the biggest companies than they are toward the smallest ones?"
     
    When he was questioned on whether he would break up large corporations, he said "sometimes, if there's anti-competitive behavior."

    "It's not just about saying, 'If you're this big, we're going to break you.' It's also, perhaps, the bigger you are, the more responsibility you have," he added. 
     
    Buttigieg, who officially joined the race at a Sunday campaign launch, is among more than a dozen candidates competing for the Democratic Party's 2020 presidential nomination and being questioned about socialism. 
     
    Once seen as a long-shot candidate, Buttigieg in recent weeks has received significant media attention and a bump in the polls.