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...All leaders should keep these two thoughts firmly in mind as they respond to 2016’s populist backlash—manifested in Brexit, Donald Trump’s election victory in the US, Italy’s failed constitutional-reform referendum, and so forth. We capitalists can no longer simply celebrate the fact that open markets and technological innovation have lifted more than 1 billion people out of extreme poverty since 1990, including hundreds of millions in China alone. We must acknowledge our post-war global order’s failures, such as rising inequality, decades of stagnant wages in many developed markets, and sustained unemployment at or above 20%—and over 40% for young people—in several European countries. Most of all, we cannot simply assume that the system will somehow “self-adjust”. Instead, we need to act. ...Live Mint on Dec. 30, 2016, 12:16 a.m.