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."