At a massive event to celebrate the 15th anniversary of his election to the presidency, former President Barack Obama delivered a grave warning about economic systems centered on the market, as The Washington Examiner reported.

On Friday, President Obama gave a speech at the Democracy Forum that was hosted by the Obama Foundation, which was held in Chicago. After some time, his foundation published a video on X, formerly known as Twitter, where a varity of fans and dissenters were able to weigh in on the retired president's comments.

The former president seemed to be pushing a move against a market-based system, something that is a contentious issue for many.

"Just because an economic system generates wealth and innovation doesn’t mean it guarantees a good society.”

President @BarackObama on the need for an inclusive economy at today’s #DemocracyForum pic.twitter.com/WzAMgGixtW

— The Obama Foundation (@ObamaFoundation) November 4, 2023

Obama's Comments

"But just because an economic system generated wealth and innovation doesn’t mean it guarantees a good society," Obama said to the crowd.

"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."

The audience cheered each time Obama mentioned something.

The former head of state continued by saying that democratic governments were responsible for "moderating capitalism's excesses" by providing a "social safety net."

According to the former president, "young leaders" are the ones who will be able 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.

Obama's Post-Presidential Work

In 2014, President Obama and First Lady Michelle Obama established their charitable organization, something that has been used to continue the Obama family's influence.

Other business executives and academics, such as the actress Regina Hall and the PBS anchor Judy Woodruff, were among the other speakers at the event that lasted for two days.

The former president also made a few passing remarks regarding the conflict between Israel and Hamas, during which he stated that the conflict had provoked a "moral reckoning on all of us."

The former president, who ran an administration with current President Joe Biden has been accused of exherting undue influence over the current administration, particularly considering the seemingly deminished mental capacity of the president.