Capitalism has emerged as the villain in the race to represent Democrats in America's next presidential election. Contenders sparring in their first debate on June 26 agreed that the economic system has mainly aided the wealthy. Even on Wall Street the idea has gained traction.

After the 2008 financial crisis, Wall Street became the economic wrongdoer. This anger has now expanded to censure the system from which finance springs. Senator Elizabeth Warren, the leading candidate in the polls out of the 10 contenders appearing in the debate, called for structural changes in the economy. Washington Governor Jay Inslee said it is not right that the chief executive of McDonald's earns 2,100 times more than their line workers. Political centrist Joe Biden, the former vice president who will appear with nine other candidates at Thursday's debate, has said capitalism needs to be reordered.

Those sentiments come with progressive plans. A single-payer, government-run healthcare program, canceling $1.6 trillion in student loan debt and raising taxes for companies and the wealthy have been floated as potential moves. During June 26's debate, Big Pharma, Big Tech, Big Oil and other corporate sectors were criticized.

Warren says she is a capitalist but wants the system to be held accountable. All of the candidates have seized on the populist anger that helped propel Trump to the White House and which still exists. Some of the criticism is warranted. 

The top 20 percent of households by earnings received more than 51 percent of US annual aggregate income each year since 2012, while the lowest 20 percent brought in just above 3 percent, according to US Census figures. This might explain why about 44 percent of Democrats overall and 55 percent of people in the party under 30 have a negative view of capitalism, compared to 33 percent of the general public, according to a poll released on June 25 by the Pew Research Center.

Even billionaires are sounding the alarm. Ray Dalio, founder of the Bridgewater hedge fund, has called for capitalism to be reformed. 

Warren Buffett, CEO of Berkshire Hathaway, has said the economic system has been "unbelievable" for extremely rich people such as himself. Free markets are emerging as a political bogeyman. If a Democrat wins in 2020, expect a shake-up.

The author is Gina Chon, a Reuters Breakingviews columnist. The article was first published on Reuters Breakingviews. bizopinion@globaltimes.com.cn