Capitalism not providing equal opportunities, under serious threat: Rajan

He said authoritarian regimes arise "when you socialise all the means of production"

Former RBI governor Raghuram Rajan Tuesday warned that capitalism is under "serious threat" of a "revolt" as the economic and political system has stopped providing opportunities for people, especially after the 2008 global financial meltdown.

Rajan, now a professor at the University of Chicago, told BBC Radio 4's Today Programme that governments across the world cannot afford to ignore social inequality when considering the economy.

"I think capitalism is under serious threat because it's stopped providing for the many, and when that happens, the many revolt against capitalism," the former chief economist at the International Monetary Fund (IMF) said.

Rajan said he believes