Commentary Ray Dalio, a hedge fund manager who has served as co-chief investment officer of Bridgewater Associates for the best part of four decades, recently heaped praise on China’s drive toward “common prosperity.” If the United States is to narrow the country’s yawning wealth gap, Dalio, worth somewhere in the region of $20 billion, believes the government should adopt a similar policy to Beijing’s. But Dalio is wrong. Here’s why. Before going any further, it’s important to get our definitions in order. According to Chinese Communist Party (CCP) leader Xi Jinping, “common prosperity” is inextricably linked with socialism. This alone should ring alarm bells. One needn’t be a historian to recognize the dangers posed by socialist policies. There’s something rather amusing about a billionaire who has quite literally profited from capitalism advocating for “communist-lite” initiatives. But back to the definition: “Common prosperity” involves “reasonably adjusting excess incomes,” to quote Xi, …