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Alexandria Ocasio-Cortez is one of the new faces of America’s Democratic party. The 28-year-old self-proclaimed “democratic socialist” recently won a crucial New York primary, defeating the party's establishment candidate and becoming a face for its youthful reinvention efforts. Many of the party’s newest candidates are young, ethnic minority women, like Ms Ocasio-Cortez, who combine a cultural message with promises of stringent economic reform.

Rana Foroohar argues in her latest column that businesses and chief executives should engage with these new Democrats. If the opposition party takes control of the House of Representatives in the midterm elections later this year, they will need to build coalitions and wealth-creators can play a bridging role. These millennial socialists project a simple message that all working people matter, writes Rana, and improving jobs and public services is an example of two areas where they can work together.

Wolfgang Münchau thinks that any hopes of cancelling Brexit are a mirage. The growing campaign for a second referendum is actually making a crash exit more likely, he argues.

Axel Weber, chairman of UBS, argues that a lack of market ‘plumbing’ is holding back sustainable investing. Standards, benchmarks and derivatives are needed to help this sector take off.

Clark Parsons, managing director of the Internet Economy Foundation, says that fragmentation in the tech sector is just competition by another name. Objections from the likes of Google are further proof that market-dominating firms cannot be trusted to police themselves.

What you've been saying

A cunning plan! — Letter from Brian Hanks:
I was relieved to read (July 21) that 10 miles of the M26 would be used as a lorry park in the event of a no-deal Brexit, but disturbed to read that it is in the south west. What a subtle way to confound the enemy!

Comment by Magnus Carlsson on The EU will stand up for rules-based trade:
So why is it then so hard to do a deal with the UK? They were running like crazy to Trump based upon the coming car tariffs, and to Germany and France every time they have a problem. Same when they organised the immigration meeting after the CSU put pressure on Merkel. I just say, grow up and respect that people are different. UK voters decided to leave an EU in big need of reform and in return the EU keeps punishing them.

Keep a sense of proportion about the global giants — Letter from Stephen D Barber:
Annalisa Burello (Letters, July 24) writes that a handful of companies and their founders/major shareholders are now “the size of a medium to large national economy”. This is a common trope among those who seek to alarm us about the power of global corporations. And indeed a company like Apple or Google can unsettle us with its ubiquity. But, as their market values race towards $1tn (as you frequently report), these companies can hardly be compared with, say, Indonesia, whose gross domestic product is around $1tn in nominal terms. For Indonesia’s GDP is a measure of value added through economic activity — a “flow” figure, rather than “stock” figure, as market cap is.

Today's opinion

Europe to Google: you say ‘fragmentation’, we say ‘competition’
It is clear that some market-dominating tech companies cannot police themselves

Remainer hopes of avoiding Brexit are a mirage
Enthusiasm for a second referendum is making cliff-edge EU exit more likely

Lack of market ‘plumbing’ holds back sustainable investing
We need standards, benchmarks and derivatives to make this sector take off

Business should listen to America’s new left
The Democrats can benefit from workers and companies making common cause

FT View

The FT View: China’s Belt and Road Initiative is falling short
The global infrastructure programme is struggling in key markets

The FT View: Unprecedented heat cannot be ignored
Extreme weather must spur action against global warming

The Big Read

The Big Read: Amundi: a world where scale counts
Yves Perrier had an ambition to build Europe’s biggest asset manager. He achieved that target, but concern over its Italian operations has exposed different pressures

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