Michael Klowden is CEO of the Milken Institute, which will open its annual Global Conference on Sunday in Los Angeles under the theme "Driving Shared Prosperity." The opinions expressed in this commentary are his own.

Surveys suggest that a growing number of people are losing faith in capitalism and the free market system, convinced they are being — or will be — cast off as detritus in the wake of globalization and advancing technology.

These sentiments are helping to fuel political polarization and populism in the United States, Europe and elsewhere.

Last year, a Gallup survey found that only 45% of young adults in the United States have a favorable view of capitalism, while 51% see socialism in a positive light. Among all US adults, only 56% gave capitalism a positive rating, the lowest since 2010.

If we are to restore their faith in capitalism and free markets, we must find ways to ensure that the rewards extend to far more people in the United States and around the world. Achieving that will require candid dialogue and close collaboration between government and business.

The challenge is complex. Social and economic disruptions, including income disparity, a shrinking middle class, the uneven distribution of the benefits of globalization, and the threat of job loss due to automation all contribute to the declining confidence in our economic system. Studies indicate that young people in both developed and developing countries can no longer assume that they will have a higher standard of living than their parents.