Obama warns about dangers of market-based systems: ‘Compatible with slavery’

Former President Barack Obama offered a dire warning of market-based economic systems at a huge reunion celebrating 15 years since he won the presidency.

Obama was in Chicago on Friday for the Obama Foundation’s Democracy Forum, where he delivered a speech. His foundation later posted a clip on X, formerly known as Twitter.

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“But just because an economic system generated wealth and innovation doesn’t mean it guarantees a good society,” Obama said. “Because from the outset, market-based systems have been compatible with slavery, caste systems, colonialization, war, exploration, corruption, fraud, autocracy, the poisoning of our natural environment.”

As Obama listed, the audience applauded. The former president went on to credit Democratic governments for “moderating capitalism’s excesses” with a “social safety net.” According to him, it will take “young leaders to help us think and act anew” about “creating an economic system that supports and sustains our democratic values.”

“Especially after the Great Depression and World War II, governments began making public investments in education and transportation, scientific research, and in housing projects,” Obama said.

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Obama and his wife, Michelle, started their foundation in 2014. The forum on Friday was meant to commemorate the 15th anniversary of Obama’s election to the presidency. Joining him onstage were other CEOs and professors, among them actress Regina Hall and PBS anchor Judy Woodruff.

The former president also briefly commented on the war between Israel and Hamas, claiming it has aroused a “moral reckoning on all of us.”