Pete Buttigieg: "Capitalism has let many people down"

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The comments come amid a heated debate among Democrats and Progressives on whether the party should more openly adopt socialist policies in the era of Donald Trump.

"I think the reason we have this argument against socialism and capitalism is that capitalism has let many people down," said the mayor of South Bend, Indiana, in an interview with Poppy Harlow and John Avlon, from CNN, on "New Day". "

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Buttigieg reiterated that he believed in "democratic capitalism". Stephen Moore, chairman of the board of governors of the US Federal Reserve, has expressed concerns about this. He recently said that capitalism is more important than democracy.

"I would say that the opposite should be true – that in the end, we give priority to democracy," Buttigieg told CNN on Tuesday. "And having this framework of law, equity, is actually what it takes for markets to work."

Before the 2020 elections, Trump and the Republicans tried to portray the Democrats as socialists. Although a number of Democratic candidates have rejected the label, many – including Bernie Sanders, self-proclaimed Socialist Democrat – have defended policies formerly considered to be of the far left. On Sunday, Speaker of the House of Representatives, Nancy Pelosi, said in "60 minutes" of CBS that socialism "is not the point of view" of the Democratic Party.

At "New Day", Buttigieg was also asked if he supported the proposal of his rival, Democratic candidate 2020, Senator Elizabeth Warren, regarding a new big business tax.

"I'm open to that," Buttigieg said. "I think the most interesting question is this: should our policies be different vis-à-vis larger and smaller companies?"

When asked if he would dismantle big business, Buttigieg replied, "Sometimes, if there is anti-competitive behavior."

"It's not just saying, 'If you're fat, we're going to break you up.' It may also be that the bigger you are, the more responsibilities you have, "Buttigieg said.

CNN's Devan Cole contributed to this report.

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