{"version":"1.0.0","segments":[{"startTime":1.7,"endTime":5.61,"body":"- Globalization has been in"},{"startTime":1.7,"endTime":5.61,"body":"the news quite a bit recently,"},{"startTime":5.61,"endTime":10.61,"body":"so I thought I'd take my cut"},{"startTime":5.61,"endTime":10.61,"body":"at where exactly it is heading,"},{"startTime":12.7,"endTime":15.33,"body":"and the perspective, as advertised,"},{"startTime":15.33,"endTime":16.54,"body":"is a supply chain one,"},{"startTime":16.54,"endTime":20.21,"body":"and supply chain has also"},{"startTime":16.54,"endTime":20.21,"body":"been sort of only bad news"},{"startTime":20.21,"endTime":21.83,"body":"the past few years."},{"startTime":21.83,"endTime":24.24,"body":"So overall, I'll be talking about"},{"startTime":24.24,"endTime":27.11,"body":"how globalization has benefits,"},{"startTime":27.11,"endTime":28.97,"body":"but it also has risks,"},{"startTime":28.97,"endTime":30.66,"body":"and certainly, it's very hard"},{"startTime":30.66,"endTime":33.453,"body":"not to talk about the conflict in Ukraine,"},{"startTime":34.58,"endTime":37.493,"body":"and for those of us from Britain, Brexit."},{"startTime":38.37,"endTime":41.72,"body":"Overall, I'll talk about"},{"startTime":38.37,"endTime":41.72,"body":"why do supply chains occur"},{"startTime":41.72,"endTime":42.89,"body":"in the first place,"},{"startTime":42.89,"endTime":45.64,"body":"and that, of course,"},{"startTime":42.89,"endTime":45.64,"body":"leads to globalization,"},{"startTime":45.64,"endTime":48.84,"body":"why is globalization getting a bad name,"},{"startTime":48.84,"endTime":51.67,"body":"and are we really talking"},{"startTime":48.84,"endTime":51.67,"body":"about de-globalization."},{"startTime":51.67,"endTime":54.797,"body":"are we talking about"},{"startTime":51.67,"endTime":54.797,"body":"de-risking globalization,"},{"startTime":54.797,"endTime":56.423,"body":"and those two are different,"},{"startTime":57.27,"endTime":60.973,"body":"and finally, what can"},{"startTime":57.27,"endTime":60.973,"body":"we expect in the future."},{"startTime":63.24,"endTime":65.38,"body":"This is a quote from Larry Fink,"},{"startTime":65.38,"endTime":68.51,"body":"he's the CEO for BlackRock,"},{"startTime":68.51,"endTime":73.51,"body":"and BlackRock manages about"},{"startTime":68.51,"endTime":73.51,"body":"$10 trillion worth of assets,"},{"startTime":74.09,"endTime":75.97,"body":"that's trillions with a T,"},{"startTime":75.97,"endTime":79.06,"body":"that's more money than"},{"startTime":75.97,"endTime":79.06,"body":"academics make in a year."},{"startTime":79.06,"endTime":81.32,"body":"So anyway, he's important enough"},{"startTime":82.66,"endTime":84.34,"body":"to be noticed by the business press,"},{"startTime":84.34,"endTime":86.95,"body":"and it has been discussed quite a bit,"},{"startTime":86.95,"endTime":90.64,"body":"as the quote's implying"},{"startTime":86.95,"endTime":90.64,"body":"an end of globalization,"},{"startTime":90.64,"endTime":92.52,"body":"so I thought I'd start from there."},{"startTime":92.52,"endTime":96.67,"body":"And he's saying that"},{"startTime":92.52,"endTime":96.67,"body":"the invasion of Ukraine"},{"startTime":96.67,"endTime":98.7,"body":"has put an end to globalization"},{"startTime":98.7,"endTime":102.42,"body":"as we have experienced over"},{"startTime":98.7,"endTime":102.42,"body":"the past three decades,"},{"startTime":102.42,"endTime":104.31,"body":"so those three decades I'll focus on"},{"startTime":104.31,"endTime":106.08,"body":"as the globalizing years"},{"startTime":106.08,"endTime":108.33,"body":"when I look at some of the things,"},{"startTime":108.33,"endTime":110.52,"body":"and he's saying"},{"startTime":110.52,"endTime":113.34,"body":"that this is going to prompt companies"},{"startTime":113.34,"endTime":116.03,"body":"to basically redo their supply chains."},{"startTime":116.03,"endTime":118.99,"body":"That means reevaluate their dependencies"},{"startTime":118.99,"endTime":121.11,"body":"to other companies and countries,"},{"startTime":121.11,"endTime":123.5,"body":"reanalyze where they're making things,"},{"startTime":123.5,"endTime":124.91,"body":"where they're assembling things,"},{"startTime":124.91,"endTime":126.48,"body":"where they're buying from,"},{"startTime":126.48,"endTime":129.22,"body":"so essentially, redo their supply chains,"},{"startTime":129.22,"endTime":131.923,"body":"and something that had"},{"startTime":129.22,"endTime":131.923,"body":"already started with COVID."},{"startTime":134.93,"endTime":138.33,"body":"So de-globalization has"},{"startTime":134.93,"endTime":138.33,"body":"been talked about a lot"},{"startTime":138.33,"endTime":139.96,"body":"in investor calls,"},{"startTime":139.96,"endTime":144.96,"body":"in whatever income statements"},{"startTime":139.96,"endTime":144.96,"body":"companies have given,"},{"startTime":145.86,"endTime":146.96,"body":"and you can see,"},{"startTime":146.96,"endTime":148.97,"body":"this is the number of mentions"},{"startTime":148.97,"endTime":151.19,"body":"of things like near-shoring,"},{"startTime":151.19,"endTime":154.66,"body":"where companies want to bring"},{"startTime":151.19,"endTime":154.66,"body":"their operations much closer"},{"startTime":154.66,"endTime":156.45,"body":"to the home country,"},{"startTime":156.45,"endTime":159.31,"body":"on-shoring, bring those"},{"startTime":156.45,"endTime":159.31,"body":"operations into the country,"},{"startTime":159.31,"endTime":161.18,"body":"and re-shoring, same thing,"},{"startTime":161.18,"endTime":162.83,"body":"the things that were offshore earlier"},{"startTime":162.83,"endTime":165.03,"body":"now to be made in-country,"},{"startTime":165.03,"endTime":166.45,"body":"so there's been a lot of talk,"},{"startTime":166.45,"endTime":169.86,"body":"and there was a lot of"},{"startTime":166.45,"endTime":169.86,"body":"talk when it was COVID,"},{"startTime":169.86,"endTime":173.12,"body":"and certainly, there's a"},{"startTime":169.86,"endTime":173.12,"body":"lot of talk about Ukraine."},{"startTime":173.12,"endTime":174.3,"body":"The question, of course, is,"},{"startTime":174.3,"endTime":175.48,"body":"is this only talk,"},{"startTime":175.48,"endTime":177.803,"body":"because as economists say, talk is cheap."},{"startTime":178.83,"endTime":180.24,"body":"Did actually things happen?"},{"startTime":180.24,"endTime":183.65,"body":"So it's worthwhile trying to understand,"},{"startTime":183.65,"endTime":185.27,"body":"from a supply chain perspective,"},{"startTime":185.27,"endTime":188.64,"body":"what is possible, or what is not possible."},{"startTime":188.64,"endTime":191.703,"body":"It's fine to talk about de-globalization,"},{"startTime":192.56,"endTime":193.92,"body":"or the end of globalization,"},{"startTime":193.92,"endTime":196.563,"body":"but what should we"},{"startTime":193.92,"endTime":196.563,"body":"actually expect to happen?"},{"startTime":198.9,"endTime":200.13,"body":"So in terms of terminology,"},{"startTime":200.13,"endTime":202.08,"body":"globalization is a huge word."},{"startTime":202.08,"endTime":206.1,"body":"Any time you watch a Hollywood"},{"startTime":202.08,"endTime":206.1,"body":"movie or a Chinese movie,"},{"startTime":206.1,"endTime":208.51,"body":"you are talking about"},{"startTime":206.1,"endTime":208.51,"body":"globalization in some extent,"},{"startTime":208.51,"endTime":210.32,"body":"but in this lecture,"},{"startTime":210.32,"endTime":212.68,"body":"we are only talking about globalization"},{"startTime":212.68,"endTime":215.783,"body":"when it pertains to"},{"startTime":212.68,"endTime":215.783,"body":"trade across countries."},{"startTime":217.2,"endTime":220.29,"body":"And typically, these are"},{"startTime":217.2,"endTime":220.29,"body":"countries that are also far away,"},{"startTime":220.29,"endTime":223.123,"body":"so for the UK, it could"},{"startTime":220.29,"endTime":223.123,"body":"be China or Vietnam."},{"startTime":224.03,"endTime":226.84,"body":"And so globalization"},{"startTime":224.03,"endTime":226.84,"body":"means increasing the trade"},{"startTime":226.84,"endTime":230.02,"body":"between countries, or companies"},{"startTime":226.84,"endTime":230.02,"body":"in different countries,"},{"startTime":230.02,"endTime":233.692,"body":"de-globalization means"},{"startTime":230.02,"endTime":233.692,"body":"reducing that trade,"},{"startTime":233.692,"endTime":234.93,"body":"so in that sense,"},{"startTime":234.93,"endTime":238.8,"body":"near-shoring, on-shoring, or"},{"startTime":234.93,"endTime":238.8,"body":"re-shoring that we saw earlier"},{"startTime":238.8,"endTime":240.24,"body":"are part of it."},{"startTime":240.24,"endTime":241.073,"body":"And finally,"},{"startTime":241.073,"endTime":242.67,"body":"supply chains are how"},{"startTime":242.67,"endTime":245.36,"body":"raw materials, components, finished goods"},{"startTime":245.36,"endTime":249.17,"body":"get moved around from country"},{"startTime":245.36,"endTime":249.17,"body":"to country, company to company"},{"startTime":249.17,"endTime":250.22,"body":"throughout the world."},{"startTime":251.87,"endTime":255.15,"body":"So once again, the term globalization here"},{"startTime":255.15,"endTime":257.18,"body":"is not cultural context, or whatever,"},{"startTime":257.18,"endTime":258.81,"body":"it's strictly about supply chains,"},{"startTime":258.81,"endTime":261.51,"body":"the movement of goods across countries,"},{"startTime":261.51,"endTime":264.423,"body":"across borders throughout the world."},{"startTime":265.79,"endTime":268.5,"body":"Recently with globalization,"},{"startTime":268.5,"endTime":270.45,"body":"we've seen a lot of challenges come up."},{"startTime":272.31,"endTime":274.022,"body":"Back in President Trump's time,"},{"startTime":274.022,"endTime":276.7,"body":"it was officially declared"},{"startTime":276.7,"endTime":281.0,"body":"that there was strategic rivalry"},{"startTime":276.7,"endTime":281.0,"body":"between the US and China,"},{"startTime":281.0,"endTime":284.32,"body":"and that has continued with"},{"startTime":281.0,"endTime":284.32,"body":"the Biden administration,"},{"startTime":284.32,"endTime":286.28,"body":"and it may even get hotter"},{"startTime":286.28,"endTime":288.7,"body":"with discussion around Taiwan,"},{"startTime":288.7,"endTime":290.64,"body":"and of course with COVID-19,"},{"startTime":290.64,"endTime":292.45,"body":"I'm sure you have been to stores"},{"startTime":292.45,"endTime":295.693,"body":"where you didn't find pasta,"},{"startTime":292.45,"endTime":295.693,"body":"or you didn't find eggs,"},{"startTime":296.62,"endTime":298.86,"body":"so that means supply"},{"startTime":296.62,"endTime":298.86,"body":"chains were jammed up,"},{"startTime":298.86,"endTime":301.563,"body":"and they're continuing to jam up even now."},{"startTime":303.7,"endTime":306.69,"body":"And it certainly goes without saying"},{"startTime":306.69,"endTime":308.86,"body":"that the Russian invasion of Ukraine,"},{"startTime":308.86,"endTime":311.77,"body":"and then the counter economic war,"},{"startTime":311.77,"endTime":313.05,"body":"as Fink calls it,"},{"startTime":313.05,"endTime":314.92,"body":"by the West on Russia,"},{"startTime":314.92,"endTime":317.69,"body":"together, those two have"},{"startTime":314.92,"endTime":317.69,"body":"also jammed up supply chains,"},{"startTime":317.69,"endTime":318.91,"body":"and it's a question of,"},{"startTime":318.91,"endTime":322.88,"body":"do we really need all this"},{"startTime":318.91,"endTime":322.88,"body":"global sprawl of supply chains,"},{"startTime":322.88,"endTime":325.7,"body":"why not just make it at home?"},{"startTime":325.7,"endTime":326.643,"body":"Or make it,"},{"startTime":327.8,"endTime":330.56,"body":"I think the Treasury"},{"startTime":327.8,"endTime":330.56,"body":"secretary in the US says,"},{"startTime":330.56,"endTime":332.09,"body":"friendly off-shoring,"},{"startTime":332.09,"endTime":335.04,"body":"that means you buy only"},{"startTime":332.09,"endTime":335.04,"body":"from friendly countries."},{"startTime":335.04,"endTime":337.39,"body":"Of course, who your friends"},{"startTime":335.04,"endTime":337.39,"body":"are and who they are not"},{"startTime":337.39,"endTime":338.683,"body":"keeps changing too."},{"startTime":339.69,"endTime":341.0,"body":"But this is only recent,"},{"startTime":341.0,"endTime":342.35,"body":"even before that,"},{"startTime":342.35,"endTime":344.32,"body":"there have been lots of challenges."},{"startTime":344.32,"endTime":345.64,"body":"I think somebody online"},{"startTime":345.64,"endTime":349.69,"body":"had mentioned the Suez Canal incident,"},{"startTime":349.69,"endTime":353.093,"body":"and you can keep coming"},{"startTime":349.69,"endTime":353.093,"body":"up with various incidents,"},{"startTime":354.48,"endTime":357.97,"body":"but the real problems are,"},{"startTime":354.48,"endTime":357.97,"body":"as I see it, threefold."},{"startTime":361.23,"endTime":363.43,"body":"Globalization has tremendous benefits,"},{"startTime":363.43,"endTime":366.53,"body":"but the benefits have"},{"startTime":363.43,"endTime":366.53,"body":"gone to just two countries"},{"startTime":366.53,"endTime":367.783,"body":"for the most part,"},{"startTime":368.7,"endTime":371.8,"body":"so two countries have got"},{"startTime":368.7,"endTime":371.8,"body":"more than half the benefits,"},{"startTime":371.8,"endTime":373.97,"body":"China and the US,"},{"startTime":373.97,"endTime":375.29,"body":"and some other countries,"},{"startTime":375.29,"endTime":376.75,"body":"you can keep adding up benefit,"},{"startTime":376.75,"endTime":378.17,"body":"India, Korea, Germany,"},{"startTime":378.17,"endTime":380.263,"body":"even UK, we've benefited here,"},{"startTime":381.2,"endTime":382.89,"body":"but these countries together"},{"startTime":382.89,"endTime":386.48,"body":"are 80% of all the"},{"startTime":382.89,"endTime":386.48,"body":"benefits of globalization."},{"startTime":386.48,"endTime":387.62,"body":"And you can imagine,"},{"startTime":387.62,"endTime":389.823,"body":"in a world with about 200 countries,"},{"startTime":390.7,"endTime":394.85,"body":"almost all of the benefits have"},{"startTime":390.7,"endTime":394.85,"body":"gone to about 35 countries,"},{"startTime":394.85,"endTime":396.69,"body":"100% of the benefits,"},{"startTime":396.69,"endTime":398.71,"body":"so the benefits of globalization"},{"startTime":398.71,"endTime":402.263,"body":"are not uniformly distributed."},{"startTime":404.33,"endTime":405.163,"body":"And by the way,"},{"startTime":405.163,"endTime":407.67,"body":"these are GDP in constant dollars"},{"startTime":407.67,"endTime":411.893,"body":"so that these percentages"},{"startTime":407.67,"endTime":411.893,"body":"are fairly accurate."},{"startTime":412.86,"endTime":413.903,"body":"So that's one,"},{"startTime":414.778,"endTime":415.783,"body":"the second is,"},{"startTime":416.9,"endTime":418.73,"body":"with all this,"},{"startTime":418.73,"endTime":421.803,"body":"if you see, emissions"},{"startTime":418.73,"endTime":421.803,"body":"globally have gone up."},{"startTime":424.086,"endTime":425.46,"body":"You can see here"},{"startTime":425.46,"endTime":429.46,"body":"China and the US have basically"},{"startTime":425.46,"endTime":429.46,"body":"swapped their emissions"},{"startTime":429.46,"endTime":432.21,"body":"when it comes to percentage"},{"startTime":429.46,"endTime":432.21,"body":"emissions throughout the world,"},{"startTime":432.21,"endTime":436.14,"body":"these are US emissions as a"},{"startTime":432.21,"endTime":436.14,"body":"percentage of global emissions,"},{"startTime":436.14,"endTime":438.18,"body":"these are Chinese emissions"},{"startTime":438.18,"endTime":439.92,"body":"as a percentage of global emissions,"},{"startTime":439.92,"endTime":442.273,"body":"and they basically swapped,"},{"startTime":443.43,"endTime":448.387,"body":"and again, they benefited"},{"startTime":443.43,"endTime":448.387,"body":"from globalization,"},{"startTime":450.42,"endTime":454.17,"body":"and they basically swapped"},{"startTime":450.42,"endTime":454.17,"body":"their percentage emissions."},{"startTime":454.17,"endTime":457.5,"body":"But overall, the total"},{"startTime":454.17,"endTime":457.5,"body":"emissions have grown,"},{"startTime":457.5,"endTime":462.5,"body":"not just for China and"},{"startTime":457.5,"endTime":462.5,"body":"the US put together,"},{"startTime":463.01,"endTime":465.47,"body":"but for the world as a whole."},{"startTime":465.47,"endTime":467.13,"body":"These are absolute numbers,"},{"startTime":467.13,"endTime":470.88,"body":"and they've been increasing every year."},{"startTime":470.88,"endTime":471.713,"body":"And this is, again,"},{"startTime":471.713,"endTime":476.65,"body":"the period we are talking"},{"startTime":471.713,"endTime":476.65,"body":"about is 1990 to 2020,"},{"startTime":476.65,"endTime":480.383,"body":"those three decades that"},{"startTime":476.65,"endTime":480.383,"body":"Fink was talking about."},{"startTime":481.93,"endTime":484.083,"body":"So emissions have grown,"},{"startTime":484.95,"endTime":486.82,"body":"and one of the reasons"},{"startTime":484.95,"endTime":486.82,"body":"emissions have grown is,"},{"startTime":486.82,"endTime":487.653,"body":"as trade grew,"},{"startTime":487.653,"endTime":492.613,"body":"so this is just data from"},{"startTime":487.653,"endTime":492.613,"body":"shipping before 1990,"},{"startTime":494.07,"endTime":497.18,"body":"the shipping CO2"},{"startTime":494.07,"endTime":497.18,"body":"emissions are fairly flat,"},{"startTime":497.18,"endTime":498.33,"body":"but after that,"},{"startTime":498.33,"endTime":499.623,"body":"they've been increasing,"},{"startTime":500.89,"endTime":505.89,"body":"more than doubled since 1990, in 30 years,"},{"startTime":506.02,"endTime":509.643,"body":"more than double the"},{"startTime":506.02,"endTime":509.643,"body":"emissions from just shipping."},{"startTime":511.65,"endTime":515.87,"body":"And out of those, nearly"},{"startTime":511.65,"endTime":515.87,"body":"60% are from bulk shipping,"},{"startTime":515.87,"endTime":517.203,"body":"shipping commodities."},{"startTime":522.48,"endTime":526.87,"body":"And then, the benefits may"},{"startTime":522.48,"endTime":526.87,"body":"have been concentrated,"},{"startTime":526.87,"endTime":528.31,"body":"but the costs,"},{"startTime":528.31,"endTime":532.53,"body":"especially costs related"},{"startTime":528.31,"endTime":532.53,"body":"to climate change,"},{"startTime":532.53,"endTime":534.4,"body":"if you believe in climate change,"},{"startTime":534.4,"endTime":536.1,"body":"at least climate-related disasters,"},{"startTime":536.1,"endTime":538.98,"body":"we can all agree there have"},{"startTime":536.1,"endTime":538.98,"body":"been climate-related disasters,"},{"startTime":538.98,"endTime":541.13,"body":"I'm not counting Suez"},{"startTime":538.98,"endTime":541.13,"body":"Canal incident in that,"},{"startTime":541.13,"endTime":542.93,"body":"that wasn't climate related,"},{"startTime":542.93,"endTime":545.19,"body":"you can see the number"},{"startTime":542.93,"endTime":545.19,"body":"of people every year,"},{"startTime":545.19,"endTime":547.23,"body":"hundreds of millions of people,"},{"startTime":547.23,"endTime":549.88,"body":"hundreds of millions are affected"},{"startTime":549.88,"endTime":553.373,"body":"by some climate-related"},{"startTime":549.88,"endTime":553.373,"body":"disaster somewhere or other."},{"startTime":555.0,"endTime":557.353,"body":"These lines are by continent,"},{"startTime":555.0,"endTime":557.353,"body":"you won't be able to see,"},{"startTime":557.353,"endTime":558.186,"body":"this is Asia,"},{"startTime":558.186,"endTime":560.25,"body":"which is the so-called manufacturing base"},{"startTime":560.25,"endTime":561.85,"body":"for most of the world,"},{"startTime":561.85,"endTime":566.44,"body":"and then there's Europe,"},{"startTime":561.85,"endTime":566.44,"body":"Americas, and so on,"},{"startTime":566.44,"endTime":569.0,"body":"but if we added all those up,"},{"startTime":569.0,"endTime":571.45,"body":"that's still hundreds"},{"startTime":569.0,"endTime":571.45,"body":"of millions of people"},{"startTime":571.45,"endTime":575.02,"body":"affected every other year or so"},{"startTime":575.02,"endTime":578.17,"body":"because of some climate"},{"startTime":575.02,"endTime":578.17,"body":"disaster somewhere or other."},{"startTime":578.17,"endTime":579.02,"body":"And of course,"},{"startTime":579.02,"endTime":584.02,"body":"it shows up in terms of"},{"startTime":579.02,"endTime":584.02,"body":"damage of property as well,"},{"startTime":585.06,"endTime":587.46,"body":"and that is, again,"},{"startTime":587.46,"endTime":592.46,"body":"in the billions, or trillions,"},{"startTime":594.31,"endTime":596.69,"body":"that's, again, huge amounts of money"},{"startTime":596.69,"endTime":598.56,"body":"throughout the world by continent,"},{"startTime":598.56,"endTime":602.21,"body":"and again, Asia is here,"},{"startTime":602.21,"endTime":606.84,"body":"so around $50 billion of damage a year,"},{"startTime":606.84,"endTime":608.57,"body":"these are the Americas,"},{"startTime":608.57,"endTime":612.4,"body":"so the US also bears a brunt"},{"startTime":612.4,"endTime":614.653,"body":"of these climate-related disasters."},{"startTime":617.14,"endTime":618.56,"body":"And thirdly,"},{"startTime":618.56,"endTime":621.28,"body":"we're more aware of social issues"},{"startTime":621.28,"endTime":623.33,"body":"coming as a result of globalization,"},{"startTime":623.33,"endTime":626.71,"body":"and that's been the"},{"startTime":623.33,"endTime":626.71,"body":"globalization of misery."},{"startTime":626.71,"endTime":629.563,"body":"One such misery is modern slavery."},{"startTime":631.3,"endTime":634.04,"body":"We now actually have a word"},{"startTime":631.3,"endTime":634.04,"body":"for it, modern slavery,"},{"startTime":634.04,"endTime":637.23,"body":"we may not have had much language before,"},{"startTime":637.23,"endTime":642.0,"body":"and we're talking about 40.3"},{"startTime":637.23,"endTime":642.0,"body":"million people in 2016 alone,"},{"startTime":643.5,"endTime":644.723,"body":"and that's an estimate."},{"startTime":645.65,"endTime":646.89,"body":"How good that estimate is,"},{"startTime":646.89,"endTime":648.12,"body":"we don't even know that,"},{"startTime":648.12,"endTime":650.763,"body":"because a lot of this"},{"startTime":648.12,"endTime":650.763,"body":"modern slavery is hidden."},{"startTime":652.48,"endTime":655.36,"body":"This can be discovered easily"},{"startTime":652.48,"endTime":655.36,"body":"in countries like the UK,"},{"startTime":655.36,"endTime":656.87,"body":"with a proper legal system,"},{"startTime":656.87,"endTime":659.85,"body":"but in countries where you"},{"startTime":656.87,"endTime":659.85,"body":"don't have a legal system,"},{"startTime":659.85,"endTime":662.143,"body":"then you do have this problem,"},{"startTime":663.44,"endTime":666.16,"body":"out of which 25 million"},{"startTime":663.44,"endTime":666.16,"body":"are in forced labor,"},{"startTime":666.16,"endTime":669.21,"body":"and 16 million people"},{"startTime":666.16,"endTime":669.21,"body":"working in supply chains"},{"startTime":669.21,"endTime":670.19,"body":"somewhere in the world."},{"startTime":670.19,"endTime":671.37,"body":"This is the organized sector,"},{"startTime":671.37,"endTime":674.31,"body":"this is not, you have a small farm"},{"startTime":674.31,"endTime":677.73,"body":"and you force some"},{"startTime":674.31,"endTime":677.73,"body":"neighbor's kid to work there,"},{"startTime":677.73,"endTime":679.42,"body":"this is in supply chains,"},{"startTime":679.42,"endTime":681.29,"body":"including those supply chains, eventually,"},{"startTime":681.29,"endTime":684.123,"body":"are supply chains of Western companies,"},{"startTime":685.43,"endTime":688.19,"body":"and 71% are female,"},{"startTime":688.19,"endTime":691.4,"body":"so the costs, even, by gender"},{"startTime":691.4,"endTime":694.953,"body":"are not proportional for modern slavery."},{"startTime":696.22,"endTime":697.861,"body":"And despite all these challenges,"},{"startTime":697.861,"endTime":699.36,"body":"we know these,"},{"startTime":699.36,"endTime":703.42,"body":"and it's not that we"},{"startTime":699.36,"endTime":703.42,"body":"discovered only in 2022"},{"startTime":703.42,"endTime":705.82,"body":"that there are challenges"},{"startTime":703.42,"endTime":705.82,"body":"for globalization,"},{"startTime":705.82,"endTime":707.86,"body":"we keep rediscovering that,"},{"startTime":707.86,"endTime":709.593,"body":"those are longterm trends,"},{"startTime":710.51,"endTime":712.86,"body":"as you saw with the data on environment,"},{"startTime":712.86,"endTime":715.133,"body":"on the data on social sustainability,"},{"startTime":716.75,"endTime":721.75,"body":"so why has globalization continued?"},{"startTime":723.52,"endTime":725.7,"body":"That's a very simple argument."},{"startTime":725.7,"endTime":727.45,"body":"Every company,"},{"startTime":727.45,"endTime":728.74,"body":"let's say it's this company,"},{"startTime":728.74,"endTime":729.68,"body":"this company has to,"},{"startTime":729.68,"endTime":731.37,"body":"any time it makes or buys something,"},{"startTime":731.37,"endTime":733.13,"body":"it has to decide,"},{"startTime":733.13,"endTime":735.57,"body":"should I make it myself"},{"startTime":733.13,"endTime":735.57,"body":"or should I buy it."},{"startTime":735.57,"endTime":736.403,"body":"Well if you buy it,"},{"startTime":736.403,"endTime":738.09,"body":"you need to find a supplier,"},{"startTime":738.09,"endTime":740.22,"body":"if you make it, you have to decide,"},{"startTime":740.22,"endTime":741.61,"body":"do I make it at home"},{"startTime":741.61,"endTime":745.06,"body":"or do I make it in some"},{"startTime":741.61,"endTime":745.06,"body":"other low-cost country."},{"startTime":745.06,"endTime":746.53,"body":"And over time, as you saw,"},{"startTime":746.53,"endTime":750.79,"body":"the benefits of globalization"},{"startTime":746.53,"endTime":750.79,"body":"have not been equal,"},{"startTime":750.79,"endTime":755.79,"body":"so the ratio between what the"},{"startTime":750.79,"endTime":755.79,"body":"costs are in a rich country"},{"startTime":756.93,"endTime":758.28,"body":"versus in a poor country"},{"startTime":758.28,"endTime":759.48,"body":"are only increasing,"},{"startTime":759.48,"endTime":761.45,"body":"so it becomes more attractive"},{"startTime":761.45,"endTime":764.66,"body":"to go to a low-cost"},{"startTime":761.45,"endTime":764.66,"body":"country to find a supplier,"},{"startTime":764.66,"endTime":767.48,"body":"and those low-cost"},{"startTime":764.66,"endTime":767.48,"body":"countries will be far away."},{"startTime":767.48,"endTime":771.03,"body":"So each time you make"},{"startTime":767.48,"endTime":771.03,"body":"these make-buy decisions,"},{"startTime":771.03,"endTime":773.53,"body":"the supplier also does"},{"startTime":771.03,"endTime":773.53,"body":"the make-buy decision,"},{"startTime":773.53,"endTime":776.25,"body":"and then their supplier"},{"startTime":773.53,"endTime":776.25,"body":"does the make-buy decision."},{"startTime":776.25,"endTime":779.89,"body":"Many of the goods you buy"},{"startTime":776.25,"endTime":779.89,"body":"from Chinese companies"},{"startTime":779.89,"endTime":782.11,"body":"are actually made in Vietnam"},{"startTime":782.11,"endTime":785.18,"body":"because the costs in Vietnam will be lower"},{"startTime":785.18,"endTime":788.11,"body":"than that in China now,"},{"startTime":788.11,"endTime":788.97,"body":"and then eventually,"},{"startTime":788.97,"endTime":790.84,"body":"somebody in Vietnam will export again"},{"startTime":790.84,"endTime":792.73,"body":"to somebody in some other country,"},{"startTime":792.73,"endTime":795.9,"body":"so supply chains get longer."},{"startTime":795.9,"endTime":797.44,"body":"Same thing on the demand side,"},{"startTime":797.44,"endTime":800.64,"body":"you wish to expand sales,"},{"startTime":800.64,"endTime":802.32,"body":"and then do you expand sales,"},{"startTime":802.32,"endTime":803.82,"body":"maybe it's a distributor"},{"startTime":803.82,"endTime":806.49,"body":"who in turn expands sales"},{"startTime":803.82,"endTime":806.49,"body":"to some other country,"},{"startTime":806.49,"endTime":808.99,"body":"so the supply chain gets longer and longer"},{"startTime":808.99,"endTime":812.923,"body":"both on the demand side"},{"startTime":808.99,"endTime":812.923,"body":"and on the supply side."},{"startTime":815.57,"endTime":817.693,"body":"So supply chains have got longer,"},{"startTime":818.56,"endTime":820.57,"body":"and it's a chain, right,"},{"startTime":820.57,"endTime":822.22,"body":"the magic word here is chain,"},{"startTime":822.22,"endTime":825.31,"body":"chain is the chain of"},{"startTime":822.22,"endTime":825.31,"body":"activities in the supply chain,"},{"startTime":825.31,"endTime":826.43,"body":"the longer the chain,"},{"startTime":826.43,"endTime":828.583,"body":"the more links that can break,"},{"startTime":830.22,"endTime":832.75,"body":"so that means the threat"},{"startTime":830.22,"endTime":832.75,"body":"of disruption grows,"},{"startTime":832.75,"endTime":834.923,"body":"and that means there is more fragility."},{"startTime":836.49,"endTime":838.54,"body":"The other thing with"},{"startTime":836.49,"endTime":838.54,"body":"the longer supply chain"},{"startTime":838.54,"endTime":843.54,"body":"is what system dynamics"},{"startTime":838.54,"endTime":843.54,"body":"expert Forrester talked about,"},{"startTime":846.2,"endTime":847.77,"body":"was the bullwhip effect,"},{"startTime":847.77,"endTime":849.66,"body":"also called the Forrester effect,"},{"startTime":849.66,"endTime":852.78,"body":"which means there is"},{"startTime":849.66,"endTime":852.78,"body":"instability in the supply chain,"},{"startTime":852.78,"endTime":855.773,"body":"the further you go away from the consumer,"},{"startTime":856.67,"endTime":860.16,"body":"the more the variability"},{"startTime":856.67,"endTime":860.16,"body":"in the supply chain."},{"startTime":860.16,"endTime":861.68,"body":"So the consumer means,"},{"startTime":861.68,"endTime":866.1,"body":"let's say you buy certain"},{"startTime":861.68,"endTime":866.1,"body":"goods from your grocery store"},{"startTime":866.1,"endTime":867.13,"body":"at a certain level,"},{"startTime":867.13,"endTime":872.1,"body":"it could be something as"},{"startTime":867.13,"endTime":872.1,"body":"commonly used as, say,"},{"startTime":872.1,"endTime":874.64,"body":"nappies, or soap, or detergent,"},{"startTime":874.64,"endTime":876.51,"body":"but those small fluctuations mean,"},{"startTime":876.51,"endTime":878.24,"body":"at the plant level,"},{"startTime":878.24,"endTime":881.72,"body":"the order fluctuations that Tesco sees,"},{"startTime":881.72,"endTime":883.16,"body":"their wholesaler sees,"},{"startTime":883.16,"endTime":885.43,"body":"the manufacturer, like PNG, sees,"},{"startTime":885.43,"endTime":886.67,"body":"and their supplier sees,"},{"startTime":886.67,"endTime":888.4,"body":"it keeps growing."},{"startTime":888.4,"endTime":890.52,"body":"That's one aspect of the Forrester effect,"},{"startTime":890.52,"endTime":891.86,"body":"or the bullwhip effect,"},{"startTime":891.86,"endTime":896.536,"body":"the other aspect of that is"},{"startTime":891.86,"endTime":896.536,"body":"the instability continues."},{"startTime":896.536,"endTime":900.06,"body":"It's like a system that's been shaken up,"},{"startTime":900.06,"endTime":901.0,"body":"once it's shaken up,"},{"startTime":901.0,"endTime":904.32,"body":"it stays shaken up and doesn't stop,"},{"startTime":904.32,"endTime":906.08,"body":"even though there is enough capacity,"},{"startTime":906.08,"endTime":908.37,"body":"the demand has stabilized."},{"speaker":"And you can see that with COVID today","startTime":913.21,"endTime":914.98,"body":"COVID meant longer shipment times,"},{"speaker":"And you can see that with COVID today","startTime":914.98,"endTime":918.23,"body":"obviously less production, more demand,"},{"speaker":"And you can see that with COVID today","startTime":918.23,"endTime":920.047,"body":"so there was unmet demand,"},{"speaker":"And you can see that with COVID today","startTime":923.32,"endTime":925.49,"body":"but then now there is oversupply,"},{"speaker":"And you can see that with COVID today","startTime":925.49,"endTime":927.78,"body":"and in fact, that oversupply"},{"speaker":"And you can see that with COVID today","startTime":925.49,"endTime":927.78,"body":"has suddenly meant"},{"speaker":"And you can see that with COVID today","startTime":927.78,"endTime":930.14,"body":"that companies that did extremely well"},{"speaker":"And you can see that with COVID today","startTime":930.14,"endTime":931.83,"body":"during the COVID times,"},{"speaker":"And you can see that with COVID today","startTime":931.83,"endTime":934.0,"body":"Walmart and Target in the US,"},{"speaker":"And you can see that with COVID today","startTime":934.0,"endTime":936.75,"body":"now their stock price is badly hit"},{"speaker":"And you can see that with COVID today","startTime":936.75,"endTime":938.35,"body":"because they've got oversupply,"},{"speaker":"And you can see that with COVID today","startTime":938.35,"endTime":941.83,"body":"and they've had to mark down their stocks."},{"speaker":"And you can see that with COVID today","startTime":941.83,"endTime":942.663,"body":"And now, again,"},{"speaker":"And you can see that with COVID today","startTime":942.663,"endTime":944.35,"body":"we are seeing some shortages,"},{"speaker":"And you can see that with COVID today","startTime":944.35,"endTime":947.87,"body":"so that cycle of too little inventory"},{"speaker":"And you can see that with COVID today","startTime":947.87,"endTime":948.85,"body":"and too much inventory"},{"speaker":"And you can see that with COVID today","startTime":948.85,"endTime":951.41,"body":"hasn't quite died down even though,"},{"speaker":"And you can see that with COVID today","startTime":951.41,"endTime":953.86,"body":"well COVID also hasn't"},{"speaker":"And you can see that with COVID today","startTime":951.41,"endTime":953.86,"body":"completely died down yet,"},{"speaker":"And you can see that with COVID today","startTime":953.86,"endTime":956.53,"body":"but things are better"},{"speaker":"And you can see that with COVID today","startTime":953.86,"endTime":956.53,"body":"than they were before,"},{"speaker":"And you can see that with COVID today","startTime":956.53,"endTime":959.6,"body":"but this instability"},{"speaker":"And you can see that with COVID today","startTime":956.53,"endTime":959.6,"body":"we can see continuing,"},{"speaker":"And you can see that with COVID today","startTime":959.6,"endTime":963.203,"body":"and one reason is simply that"},{"speaker":"And you can see that with COVID today","startTime":959.6,"endTime":963.203,"body":"the supply chain is very long,"},{"speaker":"And you can see that with COVID today","startTime":964.95,"endTime":967.96,"body":"something or other always goes out of sync"},{"speaker":"And you can see that with COVID today","startTime":967.96,"endTime":969.993,"body":"when there are so many links to manage."},{"speaker":"And you can see that with COVID today","startTime":976.79,"endTime":981.79,"body":"So overall, from 1990 to 2019 alone,"},{"speaker":"And you can see that with COVID today","startTime":983.35,"endTime":987.88,"body":"the amount of trade grew about 13 times,"},{"speaker":"And you can see that with COVID today","startTime":987.88,"endTime":990.38,"body":"slightly more than 13 times,"},{"speaker":"And you can see that with COVID today","startTime":990.38,"endTime":993.98,"body":"from 1.4 trillion to 18.3 trillion,"},{"speaker":"And you can see that with COVID today","startTime":993.98,"endTime":996.07,"body":"but these are the consequences."},{"speaker":"And you can see that with COVID today","startTime":996.07,"endTime":996.99,"body":"Is this a good thing?"},{"speaker":"And you can see that with COVID today","startTime":996.99,"endTime":998.72,"body":"Yes, more trade means more goods,"},{"speaker":"And you can see that with COVID today","startTime":998.72,"endTime":1002.37,"body":"on an average, people are better off,"},{"speaker":"And you can see that with COVID today","startTime":1002.37,"endTime":1004.52,"body":"but remember, on an average means,"},{"speaker":"And you can see that with COVID today","startTime":1004.52,"endTime":1006.69,"body":"it's like putting somebody's"},{"speaker":"And you can see that with COVID today","startTime":1004.52,"endTime":1006.69,"body":"head in the fridge"},{"speaker":"And you can see that with COVID today","startTime":1006.69,"endTime":1008.35,"body":"and their toes on the stove,"},{"speaker":"And you can see that with COVID today","startTime":1008.35,"endTime":1010.773,"body":"on an average, this person"},{"speaker":"And you can see that with COVID today","startTime":1008.35,"endTime":1010.773,"body":"is very comfortable,"},{"speaker":"And you can see that with COVID today","startTime":1011.65,"endTime":1015.943,"body":"but of course the poor head and"},{"speaker":"And you can see that with COVID today","startTime":1011.65,"endTime":1015.943,"body":"the poor toes are suffering,"},{"speaker":"And you can see that with COVID today","startTime":1017.98,"endTime":1021.28,"body":"and so the benefits have not been the same"},{"speaker":"And you can see that with COVID today","startTime":1021.28,"endTime":1023.5,"body":"even though globalization has benefit"},{"speaker":"And you can see that with COVID today","startTime":1023.5,"endTime":1027.15,"body":"in terms of increasing trade,"},{"speaker":"And you can see that with COVID today","startTime":1023.5,"endTime":1027.15,"body":"increasing number of goods,"},{"speaker":"And you can see that with COVID today","startTime":1027.15,"endTime":1029.53,"body":"and certainly cheaper"},{"speaker":"And you can see that with COVID today","startTime":1027.15,"endTime":1029.53,"body":"goods, more affordable."},{"speaker":"And you can see that with COVID today","startTime":1029.53,"endTime":1031.18,"body":"All those things have come,"},{"speaker":"And you can see that with COVID today","startTime":1031.18,"endTime":1034.47,"body":"but the benefits are not"},{"speaker":"And you can see that with COVID today","startTime":1031.18,"endTime":1034.47,"body":"uniformly distributed,"},{"speaker":"And you can see that with COVID today","startTime":1034.47,"endTime":1038.72,"body":"and the cost is being"},{"speaker":"And you can see that with COVID today","startTime":1034.47,"endTime":1038.72,"body":"borne by many other people,"},{"speaker":"And you can see that with COVID today","startTime":1038.72,"endTime":1042.003,"body":"so there is growing"},{"speaker":"And you can see that with COVID today","startTime":1038.72,"endTime":1042.003,"body":"inequality between countries,"},{"speaker":"And you can see that with COVID today","startTime":1043.05,"endTime":1045.39,"body":"which of course means"},{"speaker":"And you can see that with COVID today","startTime":1043.05,"endTime":1045.39,"body":"supply chains get longer,"},{"speaker":"And you can see that with COVID today","startTime":1045.39,"endTime":1047.16,"body":"because now you have"},{"speaker":"And you can see that with COVID today","startTime":1045.39,"endTime":1047.16,"body":"another low-cost country"},{"speaker":"And you can see that with COVID today","startTime":1047.16,"endTime":1048.623,"body":"you can buy goods from."},{"speaker":"And you can see that with COVID today","startTime":1049.67,"endTime":1053.21,"body":"And then there is some"},{"speaker":"And you can see that with COVID today","startTime":1049.67,"endTime":1053.21,"body":"research which shows that,"},{"speaker":"And you can see that with COVID today","startTime":1053.21,"endTime":1057.3,"body":"from the low-cost countries"},{"speaker":"And you can see that with COVID today","startTime":1053.21,"endTime":1057.3,"body":"supply chains buy from,"},{"speaker":"And you can see that with COVID today","startTime":1057.3,"endTime":1060.573,"body":"there becomes growing in"},{"speaker":"And you can see that with COVID today","startTime":1057.3,"endTime":1060.573,"body":"inequality in those countries,"},{"speaker":"And you can see that with COVID today","startTime":1063.01,"endTime":1065.42,"body":"and countries get poorer over time."},{"speaker":"And you can see that with COVID today","startTime":1065.42,"endTime":1067.56,"body":"As you saw, the benefits of globalization"},{"speaker":"And you can see that with COVID today","startTime":1067.56,"endTime":1070.15,"body":"for at least 150 countries"},{"speaker":"And you can see that with COVID today","startTime":1070.15,"endTime":1071.74,"body":"are zero or negative"},{"speaker":"And you can see that with COVID today","startTime":1071.74,"endTime":1073.55,"body":"over these three decades,"},{"speaker":"And you can see that with COVID today","startTime":1073.55,"endTime":1077.6,"body":"and that's because countries"},{"speaker":"And you can see that with COVID today","startTime":1073.55,"endTime":1077.6,"body":"export low-value-added goods,"},{"speaker":"And you can see that with COVID today","startTime":1077.6,"endTime":1082.6,"body":"they export minerals, they"},{"speaker":"And you can see that with COVID today","startTime":1077.6,"endTime":1082.6,"body":"export agricultural goods,"},{"speaker":"And you can see that with COVID today","startTime":1085.44,"endTime":1088.37,"body":"that means just digging"},{"speaker":"And you can see that with COVID today","startTime":1085.44,"endTime":1088.37,"body":"stuff up and sending it out,"},{"speaker":"And you can see that with COVID today","startTime":1088.37,"endTime":1089.89,"body":"very low value add,"},{"speaker":"And you can see that with COVID today","startTime":1089.89,"endTime":1092.09,"body":"and in turn, they buy"},{"speaker":"And you can see that with COVID today","startTime":1089.89,"endTime":1092.09,"body":"weapons, or electronics,"},{"speaker":"And you can see that with COVID today","startTime":1092.09,"endTime":1094.56,"body":"high-value-added goods,"},{"speaker":"And you can see that with COVID today","startTime":1094.56,"endTime":1096.963,"body":"so they only get poorer over time."},{"speaker":"And you can see that with COVID today","startTime":1098.02,"endTime":1101.12,"body":"We've seen the damage and"},{"speaker":"And you can see that with COVID today","startTime":1098.02,"endTime":1101.12,"body":"threat to the environment,"},{"speaker":"And you can see that with COVID today","startTime":1101.12,"endTime":1102.84,"body":"and there is obviously,"},{"speaker":"And you can see that with COVID today","startTime":1102.84,"endTime":1104.91,"body":"depending on how you stand on the issue,"},{"speaker":"And you can see that with COVID today","startTime":1104.91,"endTime":1108.07,"body":"people believe that that's"},{"speaker":"And you can see that with COVID today","startTime":1104.91,"endTime":1108.07,"body":"causing climate change,"},{"speaker":"And you can see that with COVID today","startTime":1108.07,"endTime":1112.207,"body":"which means more"},{"speaker":"And you can see that with COVID today","startTime":1108.07,"endTime":1112.207,"body":"fluctuations of the weather"},{"speaker":"And you can see that with COVID today","startTime":1114.02,"endTime":1114.98,"body":"in the coming years,"},{"speaker":"And you can see that with COVID today","startTime":1114.98,"endTime":1117.693,"body":"climate weirding, I believe, is the term."},{"speaker":"And you can see that with COVID today","startTime":1118.74,"endTime":1120.493,"body":"And then social sustainability,"},{"speaker":"And you can see that with COVID today","startTime":1121.56,"endTime":1123.75,"body":"modern slavery is just"},{"speaker":"And you can see that with COVID today","startTime":1121.56,"endTime":1123.75,"body":"the tip of the iceberg,"},{"speaker":"And you can see that with COVID today","startTime":1123.75,"endTime":1126.02,"body":"there are so many other problems,"},{"speaker":"And you can see that with COVID today","startTime":1126.02,"endTime":1127.09,"body":"and it doesn't matter,"},{"speaker":"And you can see that with COVID today","startTime":1127.09,"endTime":1129.31,"body":"rich country or poor country,"},{"speaker":"And you can see that with COVID today","startTime":1129.31,"endTime":1131.963,"body":"society is also shaken up."},{"speaker":"And you can see that with COVID today","startTime":1133.16,"endTime":1135.0,"body":"And then of course there is migration."},{"speaker":"And you can see that with COVID today","startTime":1135.0,"endTime":1137.02,"body":"We talk about globalization"},{"speaker":"And you can see that with COVID today","startTime":1135.0,"endTime":1137.02,"body":"not just of goods,"},{"speaker":"And you can see that with COVID today","startTime":1137.02,"endTime":1138.34,"body":"but globalization of people,"},{"speaker":"And you can see that with COVID today","startTime":1138.34,"endTime":1140.68,"body":"a lot of migration is economic,"},{"speaker":"And you can see that with COVID today","startTime":1140.68,"endTime":1143.76,"body":"it doesn't matter how"},{"speaker":"And you can see that with COVID today","startTime":1140.68,"endTime":1143.76,"body":"you want to look at it,"},{"speaker":"And you can see that with COVID today","startTime":1143.76,"endTime":1148.42,"body":"and then we in turn can outsource that"},{"speaker":"And you can see that with COVID today","startTime":1148.42,"endTime":1150.43,"body":"to Rwanda, or wherever,"},{"speaker":"And you can see that with COVID today","startTime":1150.43,"endTime":1153.383,"body":"that just makes that"},{"speaker":"And you can see that with COVID today","startTime":1150.43,"endTime":1153.383,"body":"supply chain a bit longer."},{"speaker":"And you can see that with COVID today","startTime":1154.41,"endTime":1157.27,"body":"So globalization has benefits,"},{"speaker":"And you can see that with COVID today","startTime":1157.27,"endTime":1159.84,"body":"globalization has costs,"},{"speaker":"And you can see that with COVID today","startTime":1159.84,"endTime":1161.17,"body":"those who benefit from it"},{"speaker":"And you can see that with COVID today","startTime":1161.17,"endTime":1163.713,"body":"are not necessarily"},{"speaker":"And you can see that with COVID today","startTime":1161.17,"endTime":1163.713,"body":"those who pay the cost,"},{"speaker":"And you can see that with COVID today","startTime":1165.93,"endTime":1167.81,"body":"and the question is, in this environment,"},{"speaker":"And you can see that with COVID today","startTime":1167.81,"endTime":1170.24,"body":"where is globalization headed,"},{"speaker":"And you can see that with COVID today","startTime":1170.24,"endTime":1173.363,"body":"which is the question I started from."},{"speaker":"And you can see that with COVID today","startTime":1180.04,"endTime":1182.27,"body":"Okay, here's a quiz for you,"},{"speaker":"let's see if you pass this quiz or not","startTime":1188.73,"endTime":1190.863,"body":"should a company look for new markets?"},{"speaker":"let's see if you pass this quiz or not","startTime":1193.11,"endTime":1194.313,"body":"A difficult question."},{"speaker":"let's see if you pass this quiz or not","startTime":1196.44,"endTime":1199.61,"body":"What if these new markets"},{"speaker":"let's see if you pass this quiz or not","startTime":1196.44,"endTime":1199.61,"body":"present some risk?"},{"speaker":"let's see if you pass this quiz or not","startTime":1199.61,"endTime":1202.93,"body":"Should we not look for new"},{"speaker":"let's see if you pass this quiz or not","startTime":1199.61,"endTime":1202.93,"body":"markets, and just stay home,"},{"speaker":"let's see if you pass this quiz or not","startTime":1202.93,"endTime":1204.76,"body":"or should we diversify risk"},{"speaker":"let's see if you pass this quiz or not","startTime":1204.76,"endTime":1207.09,"body":"by looking for even more new markets"},{"speaker":"let's see if you pass this quiz or not","startTime":1207.09,"endTime":1210.443,"body":"so that our risk is somewhat diversified?"},{"speaker":"let's see if you pass this quiz or not","startTime":1214.036,"endTime":1216.67,"body":"And then should a company"},{"speaker":"let's see if you pass this quiz or not","startTime":1214.036,"endTime":1216.67,"body":"look for cheaper sources"},{"speaker":"let's see if you pass this quiz or not","startTime":1216.67,"endTime":1219.123,"body":"for raw materials or components?"},{"speaker":"let's see if you pass this quiz or not","startTime":1223.95,"endTime":1225.03,"body":"Very difficult to say,"},{"speaker":"let's see if you pass this quiz or not","startTime":1225.03,"endTime":1226.973,"body":"yes, no, don't buy cheap."},{"speaker":"let's see if you pass this quiz or not","startTime":1228.19,"endTime":1230.27,"body":"And then what if these cheaper sources"},{"speaker":"let's see if you pass this quiz or not","startTime":1230.27,"endTime":1234.233,"body":"present more risk, or"},{"speaker":"let's see if you pass this quiz or not","startTime":1230.27,"endTime":1234.233,"body":"they're less dependable,"},{"speaker":"let's see if you pass this quiz or not","startTime":1235.11,"endTime":1237.16,"body":"should you not buy from them at all,"},{"speaker":"let's see if you pass this quiz or not","startTime":1237.16,"endTime":1238.67,"body":"or should you diversify,"},{"speaker":"let's see if you pass this quiz or not","startTime":1238.67,"endTime":1240.73,"body":"buy from many such sources,"},{"speaker":"let's see if you pass this quiz or not","startTime":1240.73,"endTime":1242.75,"body":"hoping, when this guy is unreliable,"},{"speaker":"let's see if you pass this quiz or not","startTime":1242.75,"endTime":1246.193,"body":"maybe that person is reliable,"},{"speaker":"let's see if you pass this quiz or not","startTime":1242.75,"endTime":1246.193,"body":"and you get the goods?"},{"speaker":"let's see if you pass this quiz or not","startTime":1249.51,"endTime":1251.24,"body":"So now you've solved the whole problem"},{"speaker":"let's see if you pass this quiz or not","startTime":1251.24,"endTime":1254.063,"body":"and we can end the lecture right here."},{"speaker":"let's see if you pass this quiz or not","startTime":1255.07,"endTime":1259.43,"body":"So there are benefits, costs, and risks"},{"speaker":"let's see if you pass this quiz or not","startTime":1259.43,"endTime":1261.053,"body":"tied to globalization."},{"speaker":"let's see if you pass this quiz or not","startTime":1262.0,"endTime":1263.26,"body":"Those who benefit,"},{"speaker":"let's see if you pass this quiz or not","startTime":1263.26,"endTime":1265.16,"body":"they don't have an incentive to change,"},{"speaker":"let's see if you pass this quiz or not","startTime":1265.16,"endTime":1267.21,"body":"they'll only benefit more,"},{"speaker":"let's see if you pass this quiz or not","startTime":1267.21,"endTime":1269.543,"body":"and we'll come back to"},{"speaker":"let's see if you pass this quiz or not","startTime":1267.21,"endTime":1269.543,"body":"Larry Fink's letter."},{"speaker":"let's see if you pass this quiz or not","startTime":1272.0,"endTime":1273.38,"body":"It has costs,"},{"speaker":"let's see if you pass this quiz or not","startTime":1273.38,"endTime":1275.51,"body":"those who pay those costs"},{"speaker":"let's see if you pass this quiz or not","startTime":1275.51,"endTime":1278.276,"body":"don't have much of a say in globalization,"},{"speaker":"let's see if you pass this quiz or not","startTime":1278.276,"endTime":1279.726,"body":"they're at the receiving end."},{"speaker":"let's see if you pass this quiz or not","startTime":1281.04,"endTime":1282.63,"body":"And then globalization has risk,"},{"speaker":"let's see if you pass this quiz or not","startTime":1282.63,"endTime":1284.04,"body":"which affects all kinds of people,"},{"speaker":"let's see if you pass this quiz or not","startTime":1284.04,"endTime":1285.52,"body":"those who benefit and those,"},{"speaker":"let's see if you pass this quiz or not","startTime":1285.52,"endTime":1288.513,"body":"so maybe that's what"},{"speaker":"let's see if you pass this quiz or not","startTime":1285.52,"endTime":1288.513,"body":"needs to be worked upon."},{"speaker":"let's see if you pass this quiz or not","startTime":1289.87,"endTime":1291.04,"body":"So it's the risk side,"},{"speaker":"let's see if you pass this quiz or not","startTime":1291.04,"endTime":1295.4,"body":"so hence we can talk about"},{"speaker":"let's see if you pass this quiz or not","startTime":1291.04,"endTime":1295.4,"body":"de-risking globalization,"},{"speaker":"let's see if you pass this quiz or not","startTime":1295.4,"endTime":1297.78,"body":"as opposed to de-globalization."},{"speaker":"let's see if you pass this quiz or not","startTime":1297.78,"endTime":1301.64,"body":"De-globalization would mean reduced trade,"},{"speaker":"let's see if you pass this quiz or not","startTime":1301.64,"endTime":1303.62,"body":"and trade only within the country,"},{"speaker":"let's see if you pass this quiz or not","startTime":1303.62,"endTime":1304.95,"body":"or with nearby,"},{"speaker":"let's see if you pass this quiz or not","startTime":1304.95,"endTime":1309.233,"body":"or as the US Treasury secretary"},{"speaker":"let's see if you pass this quiz or not","startTime":1304.95,"endTime":1309.233,"body":"says, friendly countries,"},{"speaker":"let's see if you pass this quiz or not","startTime":1310.76,"endTime":1312.27,"body":"and de-risking globalization"},{"speaker":"let's see if you pass this quiz or not","startTime":1312.27,"endTime":1317.03,"body":"means reducing dependency"},{"speaker":"let's see if you pass this quiz or not","startTime":1312.27,"endTime":1317.03,"body":"on any one country,"},{"speaker":"let's see if you pass this quiz or not","startTime":1317.03,"endTime":1318.61,"body":"maybe any one currency,"},{"speaker":"let's see if you pass this quiz or not","startTime":1318.61,"endTime":1320.823,"body":"as the Russians are finding out."},{"speaker":"let's see if you pass this quiz or not","startTime":1323.74,"endTime":1327.26,"body":"So to de-risk global supply chains,"},{"speaker":"let's see if you pass this quiz or not","startTime":1327.26,"endTime":1328.44,"body":"there are many strategies,"},{"speaker":"let's see if you pass this quiz or not","startTime":1328.44,"endTime":1331.57,"body":"but these are common ones."},{"speaker":"let's see if you pass this quiz or not","startTime":1331.57,"endTime":1335.39,"body":"First of all, like what Diageo has done,"},{"speaker":"let's see if you pass this quiz or not","startTime":1335.39,"endTime":1337.43,"body":"Diageo makes alcoholic beverages,"},{"speaker":"let's see if you pass this quiz or not","startTime":1337.43,"endTime":1341.263,"body":"as some of you might have heard"},{"speaker":"let's see if you pass this quiz or not","startTime":1337.43,"endTime":1341.263,"body":"or experienced personally,"},{"speaker":"let's see if you pass this quiz or not","startTime":1343.67,"endTime":1346.51,"body":"they buy raw materials,"},{"speaker":"let's see if you pass this quiz or not","startTime":1343.67,"endTime":1346.51,"body":"say, in Southern Africa,"},{"speaker":"let's see if you pass this quiz or not","startTime":1346.51,"endTime":1349.13,"body":"and then make alcohol and"},{"speaker":"let's see if you pass this quiz or not","startTime":1346.51,"endTime":1349.13,"body":"sell in Southern Africa,"},{"speaker":"let's see if you pass this quiz or not","startTime":1349.13,"endTime":1350.61,"body":"so it's a regional supply chain,"},{"speaker":"let's see if you pass this quiz or not","startTime":1350.61,"endTime":1353.18,"body":"and the same thing with Asian countries,"},{"speaker":"let's see if you pass this quiz or not","startTime":1353.18,"endTime":1355.18,"body":"same thing in the UK."},{"speaker":"let's see if you pass this quiz or not","startTime":1355.18,"endTime":1357.06,"body":"So in a way, you're still global,"},{"speaker":"let's see if you pass this quiz or not","startTime":1357.06,"endTime":1358.26,"body":"your footprint is global,"},{"speaker":"let's see if you pass this quiz or not","startTime":1358.26,"endTime":1361.44,"body":"but each of the supply chains is local"},{"speaker":"let's see if you pass this quiz or not","startTime":1361.44,"endTime":1363.603,"body":"to within part of a continent."},{"speaker":"let's see if you pass this quiz or not","startTime":1364.53,"endTime":1369.53,"body":"Or Barilla used to buy durum"},{"speaker":"let's see if you pass this quiz or not","startTime":1364.53,"endTime":1369.53,"body":"wheat from Texas and Arizona,"},{"speaker":"let's see if you pass this quiz or not","startTime":1371.47,"endTime":1373.1,"body":"and then ship it all the way to Italy"},{"speaker":"let's see if you pass this quiz or not","startTime":1373.1,"endTime":1376.69,"body":"and make pasta for the Italian market,"},{"speaker":"let's see if you pass this quiz or not","startTime":1376.69,"endTime":1378.65,"body":"and the company itself is in Italy,"},{"speaker":"let's see if you pass this quiz or not","startTime":1378.65,"endTime":1381.02,"body":"but a few years ago,"},{"speaker":"let's see if you pass this quiz or not","startTime":1381.02,"endTime":1383.86,"body":"they decided to encourage"},{"speaker":"let's see if you pass this quiz or not","startTime":1381.02,"endTime":1383.86,"body":"the Italian farmers"},{"speaker":"let's see if you pass this quiz or not","startTime":1383.86,"endTime":1385.2,"body":"to grow durum wheat"},{"speaker":"let's see if you pass this quiz or not","startTime":1385.2,"endTime":1387.89,"body":"so they could buy it from Italy,"},{"speaker":"let's see if you pass this quiz or not","startTime":1387.89,"endTime":1389.13,"body":"make the pasta in Italy,"},{"speaker":"let's see if you pass this quiz or not","startTime":1389.13,"endTime":1391.653,"body":"and sell in the Italian market."},{"speaker":"let's see if you pass this quiz or not","startTime":1392.97,"endTime":1395.4,"body":"So that's called regionalizing"},{"speaker":"let's see if you pass this quiz or not","startTime":1392.97,"endTime":1395.4,"body":"your supply chains,"},{"speaker":"let's see if you pass this quiz or not","startTime":1395.4,"endTime":1397.23,"body":"which means, in case something goes wrong"},{"speaker":"let's see if you pass this quiz or not","startTime":1397.23,"endTime":1398.51,"body":"somewhere in the world,"},{"speaker":"let's see if you pass this quiz or not","startTime":1398.51,"endTime":1399.87,"body":"it affects only locally,"},{"speaker":"let's see if you pass this quiz or not","startTime":1399.87,"endTime":1402.653,"body":"it doesn't create havoc"},{"speaker":"let's see if you pass this quiz or not","startTime":1399.87,"endTime":1402.653,"body":"in the rest of the world."},{"speaker":"let's see if you pass this quiz or not","startTime":1404.55,"endTime":1406.77,"body":"You can also diversify your sources,"},{"speaker":"let's see if you pass this quiz or not","startTime":1406.77,"endTime":1408.02,"body":"instead of buying from one,"},{"speaker":"let's see if you pass this quiz or not","startTime":1408.02,"endTime":1409.45,"body":"you buy from many sources"},{"speaker":"let's see if you pass this quiz or not","startTime":1409.45,"endTime":1411.14,"body":"so your risk is diversified,"},{"speaker":"let's see if you pass this quiz or not","startTime":1411.14,"endTime":1412.9,"body":"if something goes wrong here,"},{"speaker":"let's see if you pass this quiz or not","startTime":1412.9,"endTime":1416.253,"body":"you are still getting some"},{"speaker":"let's see if you pass this quiz or not","startTime":1412.9,"endTime":1416.253,"body":"resources from somewhere else."},{"speaker":"let's see if you pass this quiz or not","startTime":1417.2,"endTime":1419.6,"body":"You can also segment your supply chains,"},{"speaker":"let's see if you pass this quiz or not","startTime":1419.6,"endTime":1423.48,"body":"that means, for different"},{"speaker":"let's see if you pass this quiz or not","startTime":1419.6,"endTime":1423.48,"body":"products that you make or sell,"},{"speaker":"let's see if you pass this quiz or not","startTime":1423.48,"endTime":1427.09,"body":"you have separate supply"},{"speaker":"let's see if you pass this quiz or not","startTime":1423.48,"endTime":1427.09,"body":"chains, completely separate,"},{"speaker":"let's see if you pass this quiz or not","startTime":1427.09,"endTime":1430.17,"body":"so again, if something goes"},{"speaker":"let's see if you pass this quiz or not","startTime":1427.09,"endTime":1430.17,"body":"wrong in one supply chain,"},{"speaker":"let's see if you pass this quiz or not","startTime":1430.17,"endTime":1432.88,"body":"your other supply chains"},{"speaker":"let's see if you pass this quiz or not","startTime":1430.17,"endTime":1432.88,"body":"are still working."},{"speaker":"let's see if you pass this quiz or not","startTime":1432.88,"endTime":1434.87,"body":"So Zara, for example,"},{"speaker":"let's see if you pass this quiz or not","startTime":1434.87,"endTime":1437.84,"body":"which is the apparel company,"},{"speaker":"let's see if you pass this quiz or not","startTime":1437.84,"endTime":1441.36,"body":"for certain goods like socks, or T-shirts,"},{"speaker":"let's see if you pass this quiz or not","startTime":1441.36,"endTime":1443.24,"body":"plain, non-fashion goods,"},{"speaker":"let's see if you pass this quiz or not","startTime":1443.24,"endTime":1446.18,"body":"they buy those from,"},{"speaker":"let's see if you pass this quiz or not","startTime":1443.24,"endTime":1446.18,"body":"say, India or Bangladesh,"},{"speaker":"let's see if you pass this quiz or not","startTime":1446.18,"endTime":1447.89,"body":"but for the fashion goods,"},{"speaker":"let's see if you pass this quiz or not","startTime":1447.89,"endTime":1451.06,"body":"they'll make it in"},{"speaker":"let's see if you pass this quiz or not","startTime":1447.89,"endTime":1451.06,"body":"Spain for the UK market,"},{"speaker":"let's see if you pass this quiz or not","startTime":1451.06,"endTime":1452.1,"body":"so close by,"},{"speaker":"let's see if you pass this quiz or not","startTime":1452.1,"endTime":1454.91,"body":"so completely different supply chains,"},{"speaker":"let's see if you pass this quiz or not","startTime":1454.91,"endTime":1457.313,"body":"and that's called segmenting"},{"speaker":"let's see if you pass this quiz or not","startTime":1454.91,"endTime":1457.313,"body":"your supply chain."},{"speaker":"let's see if you pass this quiz or not","startTime":1458.91,"endTime":1460.143,"body":"But the thing is,"},{"speaker":"let's see if you pass this quiz or not","startTime":1461.31,"endTime":1462.95,"body":"with all these efforts,"},{"speaker":"let's see if you pass this quiz or not","startTime":1462.95,"endTime":1466.71,"body":"you are actually leading"},{"speaker":"let's see if you pass this quiz or not","startTime":1462.95,"endTime":1466.71,"body":"to more globalization."},{"speaker":"let's see if you pass this quiz or not","startTime":1466.71,"endTime":1467.543,"body":"That means, now,"},{"speaker":"let's see if you pass this quiz or not","startTime":1467.543,"endTime":1469.31,"body":"you're buying from even more countries"},{"speaker":"let's see if you pass this quiz or not","startTime":1469.31,"endTime":1471.99,"body":"than you were buying before,"},{"speaker":"let's see if you pass this quiz or not","startTime":1471.99,"endTime":1473.85,"body":"so de-risking the globalization"},{"speaker":"let's see if you pass this quiz or not","startTime":1473.85,"endTime":1476.823,"body":"means you're actually"},{"speaker":"let's see if you pass this quiz or not","startTime":1473.85,"endTime":1476.823,"body":"becoming more global."},{"speaker":"So this is the paradox","startTime":1480.86,"endTime":1485.49,"body":"the end of globalization"},{"speaker":"So this is the paradox","startTime":1480.86,"endTime":1485.49,"body":"means even more globalization,"},{"speaker":"So this is the paradox","startTime":1485.49,"endTime":1487.71,"body":"so what does end mean here?"},{"speaker":"So this is the paradox","startTime":1487.71,"endTime":1489.2,"body":"So that is really the question."},{"speaker":"So this is the paradox","startTime":1489.2,"endTime":1490.25,"body":"And this I've already said,"},{"speaker":"So this is the paradox","startTime":1490.25,"endTime":1492.68,"body":"those who benefit disproportionately,"},{"speaker":"So this is the paradox","startTime":1492.68,"endTime":1494.22,"body":"they'll want more globalization,"},{"speaker":"So this is the paradox","startTime":1494.22,"endTime":1496.3,"body":"those who pay the price don't have a say,"},{"speaker":"So this is the paradox","startTime":1496.3,"endTime":1501.14,"body":"those who want to deal with"},{"speaker":"So this is the paradox","startTime":1496.3,"endTime":1501.14,"body":"the risk of globalization"},{"speaker":"So this is the paradox","startTime":1501.14,"endTime":1503.72,"body":"can only de-risk"},{"speaker":"So this is the paradox","startTime":1503.72,"endTime":1506.313,"body":"by making the supply"},{"speaker":"So this is the paradox","startTime":1503.72,"endTime":1506.313,"body":"chains even more global."},{"speaker":"So this is the paradox","startTime":1507.19,"endTime":1509.09,"body":"So any efforts to de-globalize"},{"speaker":"So this is the paradox","startTime":1509.09,"endTime":1512.273,"body":"is actually leading to more globalization."},{"speaker":"So this is the paradox","startTime":1515.38,"endTime":1517.93,"body":"So now let's look back"},{"speaker":"So this is the paradox","startTime":1517.93,"endTime":1520.3,"body":"at what Larry Fink actually said"},{"speaker":"So this is the paradox","startTime":1520.3,"endTime":1521.66,"body":"about the end of globalization,"},{"speaker":"So this is the paradox","startTime":1521.66,"endTime":1524.77,"body":"as it has been reported"},{"speaker":"So this is the paradox","startTime":1521.66,"endTime":1524.77,"body":"in the press quite a bit,"},{"speaker":"So this is the paradox","startTime":1524.77,"endTime":1526.247,"body":"he actually said,"},{"speaker":"So this is the paradox","startTime":1526.247,"endTime":1530.407,"body":"\"The end of the globalization"},{"speaker":"So this is the paradox","startTime":1526.247,"endTime":1530.407,"body":"we have experienced.\""},{"speaker":"So this is the paradox","startTime":1531.57,"endTime":1534.54,"body":"So it's not just any"},{"speaker":"So this is the paradox","startTime":1531.57,"endTime":1534.54,"body":"good, old globalization,"},{"speaker":"So this is the paradox","startTime":1534.54,"endTime":1537.66,"body":"it's the globalization"},{"speaker":"So this is the paradox","startTime":1534.54,"endTime":1537.66,"body":"that we experienced."},{"speaker":"So this is the paradox","startTime":1537.66,"endTime":1540.85,"body":"That means there will"},{"speaker":"So this is the paradox","startTime":1537.66,"endTime":1540.85,"body":"be a new globalization,"},{"speaker":"So this is the paradox","startTime":1540.85,"endTime":1545.04,"body":"and that globalization will"},{"speaker":"So this is the paradox","startTime":1540.85,"endTime":1545.04,"body":"have to be much more extensive"},{"speaker":"So this is the paradox","startTime":1545.04,"endTime":1547.353,"body":"in order to deal with risk,"},{"speaker":"So this is the paradox","startTime":1548.819,"endTime":1552.283,"body":"so this new globalization"},{"speaker":"So this is the paradox","startTime":1548.819,"endTime":1552.283,"body":"will also be more efficient,"},{"speaker":"So this is the paradox","startTime":1554.69,"endTime":1557.33,"body":"with increased attention to de-risking."},{"speaker":"So this is the paradox","startTime":1557.33,"endTime":1562.29,"body":"The biggest problem in"},{"speaker":"So this is the paradox","startTime":1557.33,"endTime":1562.29,"body":"today's supply chains"},{"speaker":"So this is the paradox","startTime":1562.29,"endTime":1563.74,"body":"is the flow of money,"},{"speaker":"So this is the paradox","startTime":1563.74,"endTime":1564.873,"body":"and you can see that,"},{"speaker":"So this is the paradox","startTime":1566.233,"endTime":1570.24,"body":"in what Larry Fink calls the"},{"speaker":"So this is the paradox","startTime":1566.233,"endTime":1570.24,"body":"economic war against Russia,"},{"speaker":"So this is the paradox","startTime":1570.24,"endTime":1573.1,"body":"it's the flow of money"},{"speaker":"So this is the paradox","startTime":1570.24,"endTime":1573.1,"body":"that has been disrupted."},{"speaker":"So this is the paradox","startTime":1573.1,"endTime":1577.81,"body":"And we experienced that"},{"speaker":"So this is the paradox","startTime":1573.1,"endTime":1577.81,"body":"here back in 2008-2009"},{"speaker":"So this is the paradox","startTime":1577.81,"endTime":1580.73,"body":"when we had the financial crisis,"},{"speaker":"So this is the paradox","startTime":1580.73,"endTime":1585.36,"body":"it was the flow of money that"},{"speaker":"So this is the paradox","startTime":1580.73,"endTime":1585.36,"body":"disrupted the supply chains."},{"speaker":"So this is the paradox","startTime":1585.36,"endTime":1588.25,"body":"So it wasn't that we didn't"},{"speaker":"So this is the paradox","startTime":1585.36,"endTime":1588.25,"body":"have capacity to make goods,"},{"speaker":"So this is the paradox","startTime":1588.25,"endTime":1591.28,"body":"we just weren't able"},{"speaker":"So this is the paradox","startTime":1588.25,"endTime":1591.28,"body":"to pay people properly,"},{"speaker":"So this is the paradox","startTime":1591.28,"endTime":1593.56,"body":"or the banks weren't"},{"speaker":"So this is the paradox","startTime":1591.28,"endTime":1593.56,"body":"giving enough liquidity."},{"speaker":"So this is the paradox","startTime":1593.56,"endTime":1596.38,"body":"So improving the flow of money"},{"speaker":"So this is the paradox","startTime":1596.38,"endTime":1600.73,"body":"is the last area of efficiency"},{"speaker":"So this is the paradox","startTime":1600.73,"endTime":1602.713,"body":"that is needed in supply chains."},{"speaker":"So this is the paradox","startTime":1604.13,"endTime":1608.52,"body":"And actually, if you continue"},{"speaker":"So this is the paradox","startTime":1604.13,"endTime":1608.52,"body":"reading Larry Fink's letter,"},{"speaker":"So this is the paradox","startTime":1608.52,"endTime":1612.01,"body":"and see where BlackRock"},{"speaker":"So this is the paradox","startTime":1608.52,"endTime":1612.01,"body":"is putting their effort,"},{"speaker":"So this is the paradox","startTime":1612.01,"endTime":1614.37,"body":"it is on this, on the flow of money."},{"speaker":"So this is the paradox","startTime":1614.37,"endTime":1618.35,"body":"That means BlackRock is also thinking"},{"speaker":"So this is the paradox","startTime":1618.35,"endTime":1620.17,"body":"it's not the end of globalization,"},{"speaker":"So this is the paradox","startTime":1620.17,"endTime":1623.49,"body":"but it's a world where there"},{"speaker":"So this is the paradox","startTime":1620.17,"endTime":1623.49,"body":"will be more globalization,"},{"speaker":"So this is the paradox","startTime":1623.49,"endTime":1624.683,"body":"and in that world,"},{"speaker":"So this is the paradox","startTime":1625.56,"endTime":1628.25,"body":"flow of money will become"},{"speaker":"So this is the paradox","startTime":1625.56,"endTime":1628.25,"body":"much more important,"},{"speaker":"So this is the paradox","startTime":1628.25,"endTime":1632.53,"body":"so BlackRock, it's putting its"},{"speaker":"So this is the paradox","startTime":1628.25,"endTime":1632.53,"body":"money on digital currencies"},{"speaker":"So this is the paradox","startTime":1632.53,"endTime":1637.53,"body":"on enhancing the settlement"},{"speaker":"So this is the paradox","startTime":1632.53,"endTime":1637.53,"body":"of international transactions."},{"speaker":"So this is the paradox","startTime":1638.0,"endTime":1640.32,"body":"They wouldn't do that if they thought,"},{"speaker":"So this is the paradox","startTime":1640.32,"endTime":1642.25,"body":"if there is no global trade,"},{"speaker":"So this is the paradox","startTime":1642.25,"endTime":1645.45,"body":"you don't need to worry about"},{"speaker":"So this is the paradox","startTime":1642.25,"endTime":1645.45,"body":"international settlement,"},{"speaker":"So this is the paradox","startTime":1645.45,"endTime":1646.87,"body":"but this is what is happening."},{"speaker":"So this is the paradox","startTime":1646.87,"endTime":1648.773,"body":"So once again,"},{"speaker":"So this is the paradox","startTime":1649.73,"endTime":1654.07,"body":"de-globalization eventually"},{"speaker":"So this is the paradox","startTime":1649.73,"endTime":1654.07,"body":"means more globalization,"},{"speaker":"So this is the paradox","startTime":1654.07,"endTime":1655.67,"body":"and making it more efficient"},{"speaker":"So this is the paradox","startTime":1655.67,"endTime":1658.47,"body":"to make it bigger and better,"},{"speaker":"So this is the paradox","startTime":1658.47,"endTime":1662.6,"body":"with effort being put on"},{"speaker":"So this is the paradox","startTime":1658.47,"endTime":1662.6,"body":"digital currencies, and so on."},{"speaker":"So follow the money","startTime":1665.2,"endTime":1667.98,"body":"if they have $10 trillion of assets,"},{"speaker":"So follow the money","startTime":1667.98,"endTime":1672.36,"body":"their strategy is to invest"},{"speaker":"So follow the money","startTime":1667.98,"endTime":1672.36,"body":"in more globalization,"},{"speaker":"So follow the money","startTime":1672.36,"endTime":1675.08,"body":"and not the end of globalization,"},{"speaker":"So follow the money","startTime":1675.08,"endTime":1676.52,"body":"and they want to do that"},{"speaker":"So follow the money","startTime":1676.52,"endTime":1680.21,"body":"by investing in, like I said,"},{"speaker":"So follow the money","startTime":1680.21,"endTime":1684.503,"body":"the last area of inefficiency"},{"speaker":"So follow the money","startTime":1680.21,"endTime":1684.503,"body":"in the supply chain."},{"speaker":"So follow the money","startTime":1687.83,"endTime":1692.213,"body":"So businesses will figure this out,"},{"speaker":"So follow the money","startTime":1693.4,"endTime":1695.73,"body":"whether BlackRock has"},{"speaker":"So follow the money","startTime":1693.4,"endTime":1695.73,"body":"already figured it out,"},{"speaker":"So follow the money","startTime":1695.73,"endTime":1697.61,"body":"and other businesses will figure out,"},{"speaker":"So follow the money","startTime":1697.61,"endTime":1699.01,"body":"they need to manage their risk,"},{"speaker":"So follow the money","startTime":1699.01,"endTime":1700.58,"body":"they need to make their supply chains"},{"speaker":"So follow the money","startTime":1700.58,"endTime":1702.74,"body":"bigger and more efficient,"},{"speaker":"So follow the money","startTime":1702.74,"endTime":1703.81,"body":"they need to make sure"},{"speaker":"So follow the money","startTime":1703.81,"endTime":1708.77,"body":"international settlements"},{"speaker":"So follow the money","startTime":1703.81,"endTime":1708.77,"body":"of cross-border payments"},{"speaker":"So follow the money","startTime":1708.77,"endTime":1709.633,"body":"are done better."},{"speaker":"So follow the money","startTime":1711.61,"endTime":1713.81,"body":"The question is, what"},{"speaker":"So follow the money","startTime":1711.61,"endTime":1713.81,"body":"should governments do?"},{"speaker":"So follow the money","startTime":1714.83,"endTime":1716.79,"body":"And governments and"},{"speaker":"So follow the money","startTime":1714.83,"endTime":1716.79,"body":"businesses are not the same."},{"speaker":"So follow the money","startTime":1716.79,"endTime":1718.5,"body":"Sometimes, yeah,"},{"speaker":"So follow the money","startTime":1718.5,"endTime":1720.76,"body":"I remember this as a kid,"},{"speaker":"So follow the money","startTime":1720.76,"endTime":1724.71,"body":"what is good for GM is good for the US,"},{"speaker":"So follow the money","startTime":1724.71,"endTime":1726.663,"body":"that used to be the same,"},{"speaker":"So follow the money","startTime":1728.94,"endTime":1732.21,"body":"but governments and"},{"speaker":"So follow the money","startTime":1728.94,"endTime":1732.21,"body":"businesses are different,"},{"speaker":"So follow the money","startTime":1732.21,"endTime":1735.73,"body":"and governments need to"},{"speaker":"So follow the money","startTime":1732.21,"endTime":1735.73,"body":"tackle with those ills"},{"speaker":"So follow the money","startTime":1735.73,"endTime":1737.93,"body":"that I mentioned before"},{"speaker":"So follow the money","startTime":1737.93,"endTime":1740.563,"body":"that have come about as a"},{"speaker":"So follow the money","startTime":1737.93,"endTime":1740.563,"body":"result of globalization,"},{"speaker":"So follow the money","startTime":1741.95,"endTime":1746.14,"body":"about the growing inequality"},{"speaker":"So follow the money","startTime":1741.95,"endTime":1746.14,"body":"within the country,"},{"speaker":"So follow the money","startTime":1746.14,"endTime":1749.15,"body":"countries not adding much value,"},{"speaker":"So follow the money","startTime":1749.15,"endTime":1751.67,"body":"and therefore not benefiting"},{"speaker":"So follow the money","startTime":1749.15,"endTime":1751.67,"body":"from globalization,"},{"speaker":"So follow the money","startTime":1751.67,"endTime":1753.797,"body":"the threat to the environment,"},{"speaker":"So follow the money","startTime":1753.797,"endTime":1757.68,"body":"social unsustainability,"},{"speaker":"So follow the money","startTime":1757.68,"endTime":1759.61,"body":"migration across borders, and so,"},{"speaker":"So follow the money","startTime":1759.61,"endTime":1761.91,"body":"so governments need to"},{"speaker":"So follow the money","startTime":1759.61,"endTime":1761.91,"body":"do something about that"},{"speaker":"So follow the money","startTime":1763.47,"endTime":1765.933,"body":"because globalization can only increase."},{"speaker":"So follow the money","startTime":1767.95,"endTime":1769.27,"body":"So what can governments do?"},{"speaker":"Four things","startTime":1771.64,"endTime":1775.84,"body":"one is, certainly if"},{"speaker":"Four things","startTime":1771.64,"endTime":1775.84,"body":"globalization is happening anyway,"},{"speaker":"Four things","startTime":1775.84,"endTime":1778.32,"body":"you might as well join that club"},{"speaker":"Four things","startTime":1778.32,"endTime":1780.98,"body":"and make globalization more efficient,"},{"speaker":"Four things","startTime":1780.98,"endTime":1784.6,"body":"and that way, the governments"},{"speaker":"Four things","startTime":1780.98,"endTime":1784.6,"body":"can work with business,"},{"speaker":"Four things","startTime":1784.6,"endTime":1787.0,"body":"so free trade agreements is one."},{"speaker":"Four things","startTime":1787.0,"endTime":1790.54,"body":"Digital solutions for international trade,"},{"speaker":"Four things","startTime":1790.54,"endTime":1791.44,"body":"and you can see them"},{"speaker":"Four things","startTime":1791.44,"endTime":1795.3,"body":"in things like movement"},{"speaker":"Four things","startTime":1791.44,"endTime":1795.3,"body":"of containers, and so on,"},{"speaker":"Four things","startTime":1795.3,"endTime":1797.113,"body":"finding digital solutions."},{"speaker":"Four things","startTime":1798.65,"endTime":1799.483,"body":"Although it's funny,"},{"speaker":"Four things","startTime":1799.483,"endTime":1803.35,"body":"I remember back in the late '90s,"},{"speaker":"Four things","startTime":1803.35,"endTime":1806.67,"body":"I was working as a"},{"speaker":"Four things","startTime":1803.35,"endTime":1806.67,"body":"consultant in e-commerce,"},{"speaker":"Four things","startTime":1806.67,"endTime":1808.32,"body":"e-commerce was very new then,"},{"speaker":"Four things","startTime":1808.32,"endTime":1811.71,"body":"the same kind of things"},{"speaker":"Four things","startTime":1808.32,"endTime":1811.71,"body":"were talked about back then,"},{"speaker":"Four things","startTime":1811.71,"endTime":1816.31,"body":"so somehow we need to up our game a bit."},{"speaker":"Four things","startTime":1816.31,"endTime":1817.241,"body":"Now, of course,"},{"speaker":"Four things","startTime":1817.241,"endTime":1819.541,"body":"there's blockchain, and"},{"speaker":"Four things","startTime":1817.241,"endTime":1819.541,"body":"other kinds of things."},{"speaker":"Four things","startTime":1821.0,"endTime":1825.92,"body":"Second, making cross-border"},{"speaker":"Four things","startTime":1821.0,"endTime":1825.92,"body":"payments more efficient,"},{"speaker":"Four things","startTime":1825.92,"endTime":1828.67,"body":"the governments have to play a role"},{"speaker":"Four things","startTime":1828.67,"endTime":1830.99,"body":"rather than leave it to industry"},{"speaker":"Four things","startTime":1830.99,"endTime":1833.36,"body":"to come out with Bitcoin, or this or that,"},{"speaker":"Four things","startTime":1833.36,"endTime":1835.003,"body":"government will have to step in."},{"speaker":"Four things","startTime":1836.54,"endTime":1839.74,"body":"And reducing geopolitical tensions."},{"speaker":"Four things","startTime":1839.74,"endTime":1842.05,"body":"Back here in the UK, certainly,"},{"speaker":"Four things","startTime":1842.05,"endTime":1847.05,"body":"one of the Tory MPs has"},{"speaker":"Four things","startTime":1842.05,"endTime":1847.05,"body":"talked about reversing Brexit,"},{"speaker":"Four things","startTime":1847.85,"endTime":1850.603,"body":"earning him a lot of abuse,"},{"speaker":"but that is a question","startTime":1852.96,"endTime":1854.45,"body":"if the benefits are not there,"},{"speaker":"but that is a question","startTime":1854.45,"endTime":1856.5,"body":"and globalization is happening anyway,"},{"speaker":"but that is a question","startTime":1856.5,"endTime":1858.87,"body":"is this something we should talk about?"},{"speaker":"but that is a question","startTime":1858.87,"endTime":1861.4,"body":"And the EU is insistent"},{"speaker":"but that is a question","startTime":1861.4,"endTime":1864.87,"body":"that the EU is really about"},{"speaker":"but that is a question","startTime":1861.4,"endTime":1864.87,"body":"the movement of people,"},{"speaker":"but that is a question","startTime":1864.87,"endTime":1866.77,"body":"but really, it's the movement of goods"},{"speaker":"but that is a question","startTime":1866.77,"endTime":1868.66,"body":"that should take precedence"},{"speaker":"but that is a question","startTime":1868.66,"endTime":1870.72,"body":"if globalization is occurring."},{"speaker":"but that is a question","startTime":1870.72,"endTime":1874.19,"body":"And goodness knows there"},{"speaker":"but that is a question","startTime":1870.72,"endTime":1874.19,"body":"are other tensions globally,"},{"speaker":"but that is a question","startTime":1874.19,"endTime":1875.66,"body":"which we need not get into,"},{"speaker":"but that is a question","startTime":1875.66,"endTime":1878.623,"body":"which the tempers can"},{"speaker":"but that is a question","startTime":1875.66,"endTime":1878.623,"body":"be reduced a little bit."},{"speaker":"but that is a question","startTime":1880.59,"endTime":1884.88,"body":"Second, I think all governments"},{"speaker":"but that is a question","startTime":1884.88,"endTime":1886.73,"body":"need to develop an industrial policy"},{"speaker":"but that is a question","startTime":1886.73,"endTime":1889.09,"body":"for development and robustness."},{"speaker":"but that is a question","startTime":1889.09,"endTime":1892.04,"body":"I remember, I was asked to comment"},{"speaker":"but that is a question","startTime":1892.04,"endTime":1896.72,"body":"on Prime Minister Gordon Brown's efforts"},{"speaker":"but that is a question","startTime":1896.72,"endTime":1901.12,"body":"on making a manufacturing"},{"speaker":"but that is a question","startTime":1896.72,"endTime":1901.12,"body":"policy for the US,"},{"speaker":"but that is a question","startTime":1901.12,"endTime":1902.723,"body":"this was many years ago,"},{"speaker":"but that is a question","startTime":1904.95,"endTime":1906.62,"body":"this was around 2007,"},{"speaker":"but that is a question","startTime":1906.62,"endTime":1908.07,"body":"and I remember, I said,"},{"speaker":"but that is a question","startTime":1908.07,"endTime":1910.8,"body":"what about the role of the City?"},{"speaker":"but that is a question","startTime":1910.8,"endTime":1913.28,"body":"You can't have manufacturing"},{"speaker":"but that is a question","startTime":1910.8,"endTime":1913.28,"body":"and supply chains"},{"speaker":"but that is a question","startTime":1913.28,"endTime":1915.01,"body":"unless money flows well,"},{"speaker":"but that is a question","startTime":1915.01,"endTime":1917.35,"body":"and the City will play a key role,"},{"speaker":"but that is a question","startTime":1917.35,"endTime":1919.19,"body":"and I wish I had done something,"},{"speaker":"but that is a question","startTime":1919.19,"endTime":1920.36,"body":"bought stocks, or something,"},{"speaker":"but that is a question","startTime":1920.36,"endTime":1922.69,"body":"because 2008, the crash came,"},{"speaker":"but that is a question","startTime":1922.69,"endTime":1926.08,"body":"and it was exactly because"},{"speaker":"but that is a question","startTime":1922.69,"endTime":1926.08,"body":"the money stopped flowing"},{"speaker":"but that is a question","startTime":1926.08,"endTime":1927.593,"body":"that caused the disruption."},{"speaker":"but that is a question","startTime":1930.75,"endTime":1931.84,"body":"This industrial policy"},{"speaker":"but that is a question","startTime":1931.84,"endTime":1934.33,"body":"really means exporting value-added items,"},{"speaker":"but that is a question","startTime":1934.33,"endTime":1938.32,"body":"but also importing less value-added items."},{"speaker":"but that is a question","startTime":1938.32,"endTime":1939.4,"body":"These are obvious,"},{"speaker":"but that is a question","startTime":1939.4,"endTime":1941.263,"body":"any country should try to do that,"},{"speaker":"but that is a question","startTime":1942.81,"endTime":1945.47,"body":"but also reducing"},{"speaker":"but that is a question","startTime":1942.81,"endTime":1945.47,"body":"dependence on one currency,"},{"speaker":"but that is a question","startTime":1945.47,"endTime":1949.19,"body":"and currently, the dollar"},{"speaker":"but that is a question","startTime":1945.47,"endTime":1949.19,"body":"has become a weapon,"},{"speaker":"but that is a question","startTime":1949.19,"endTime":1950.93,"body":"and that means many countries,"},{"speaker":"but that is a question","startTime":1950.93,"endTime":1953.16,"body":"even friendly countries to the US,"},{"speaker":"but that is a question","startTime":1953.16,"endTime":1954.73,"body":"will have to think about,"},{"speaker":"but that is a question","startTime":1954.73,"endTime":1956.79,"body":"if you want to trade with another country,"},{"speaker":"but that is a question","startTime":1956.79,"endTime":1958.87,"body":"does it have to be"},{"speaker":"but that is a question","startTime":1956.79,"endTime":1958.87,"body":"through the one currency,"},{"speaker":"but that is a question","startTime":1958.87,"endTime":1961.44,"body":"or can you do it some other way"},{"speaker":"but that is a question","startTime":1961.44,"endTime":1963.58,"body":"with digital currencies or not."},{"speaker":"but that is a question","startTime":1963.58,"endTime":1967.73,"body":"I think this is going"},{"speaker":"but that is a question","startTime":1963.58,"endTime":1967.73,"body":"to be true for the UK,"},{"speaker":"but that is a question","startTime":1967.73,"endTime":1970.703,"body":"even though we are at"},{"speaker":"but that is a question","startTime":1967.73,"endTime":1970.703,"body":"good terms with the US."},{"speaker":"but that is a question","startTime":1972.47,"endTime":1973.96,"body":"Third thing governments need to do"},{"speaker":"but that is a question","startTime":1973.96,"endTime":1976.9,"body":"is require companies to report more."},{"speaker":"but that is a question","startTime":1976.9,"endTime":1979.73,"body":"Yes, we can always groan,"},{"speaker":"but that is a question","startTime":1979.73,"endTime":1981.713,"body":"oh no, yet another report,"},{"speaker":"but that is a question","startTime":1983.49,"endTime":1988.49,"body":"and more money for the audit companies"},{"speaker":"but that is a question","startTime":1988.86,"endTime":1991.28,"body":"who'll help write the reports,"},{"speaker":"but that is a question","startTime":1991.28,"endTime":1993.37,"body":"but there have been efforts,"},{"speaker":"but that is a question","startTime":1993.37,"endTime":1996.63,"body":"Sarbanes-Oxley in the US, for example,"},{"speaker":"but that is a question","startTime":1996.63,"endTime":1999.66,"body":"reporting on, what's the level of risk,"},{"speaker":"but that is a question","startTime":1999.66,"endTime":2001.95,"body":"and what are the efforts"},{"speaker":"but that is a question","startTime":1999.66,"endTime":2001.95,"body":"the company is making"},{"speaker":"but that is a question","startTime":2001.95,"endTime":2004.41,"body":"on de-risking their supply chains."},{"speaker":"but that is a question","startTime":2004.41,"endTime":2008.26,"body":"I think, every few years,"},{"speaker":"but that is a question","startTime":2008.26,"endTime":2010.29,"body":"there'll be a survey, and say,"},{"speaker":"but that is a question","startTime":2010.29,"endTime":2012.06,"body":"many CEO surveys,"},{"speaker":"but that is a question","startTime":2012.06,"endTime":2014.02,"body":"and many CEOs will say"},{"speaker":"but that is a question","startTime":2014.02,"endTime":2016.67,"body":"supply chain risk is their biggest worry,"},{"speaker":"but that is a question","startTime":2016.67,"endTime":2018.41,"body":"and then of course, some incident happens,"},{"speaker":"but that is a question","startTime":2018.41,"endTime":2020.05,"body":"say the Suez Canal,"},{"speaker":"but that is a question","startTime":2020.05,"endTime":2021.15,"body":"and then we are back to,"},{"speaker":"but that is a question","startTime":2021.15,"endTime":2026.15,"body":"oh my God, we need to think"},{"speaker":"but that is a question","startTime":2021.15,"endTime":2026.15,"body":"about supply chain risk."},{"speaker":"but that is a question","startTime":2026.59,"endTime":2028.22,"body":"And you saw that graph earlier,"},{"speaker":"but that is a question","startTime":2028.22,"endTime":2030.37,"body":"where the peak of"},{"speaker":"but that is a question","startTime":2028.22,"endTime":2030.37,"body":"near-shoring, and all that,"},{"speaker":"but that is a question","startTime":2030.37,"endTime":2033.13,"body":"that talk goes up each"},{"speaker":"but that is a question","startTime":2030.37,"endTime":2033.13,"body":"time there's an incident,"},{"speaker":"but that is a question","startTime":2033.13,"endTime":2037.81,"body":"and that talk dies down and"},{"speaker":"but that is a question","startTime":2033.13,"endTime":2037.81,"body":"life goes on without de-risking."},{"speaker":"but that is a question","startTime":2037.81,"endTime":2041.37,"body":"But for large companies, corporations,"},{"speaker":"but that is a question","startTime":2045.63,"endTime":2048.01,"body":"government should require"},{"speaker":"but that is a question","startTime":2045.63,"endTime":2048.01,"body":"them to report on risk"},{"speaker":"but that is a question","startTime":2048.01,"endTime":2051.02,"body":"because the cost of"},{"speaker":"but that is a question","startTime":2048.01,"endTime":2051.02,"body":"failure of a large company"},{"speaker":"but that is a question","startTime":2051.02,"endTime":2054.07,"body":"is paid disproportionately by the society,"},{"speaker":"but that is a question","startTime":2054.07,"endTime":2056.675,"body":"and not by the company's shareholders,"},{"speaker":"but that is a question","startTime":2056.675,"endTime":2059.96,"body":"so this is required."},{"speaker":"but that is a question","startTime":2059.96,"endTime":2062.54,"body":"And then transparency of supply chains"},{"speaker":"but that is a question","startTime":2062.54,"endTime":2065.82,"body":"in terms of their impact"},{"speaker":"but that is a question","startTime":2062.54,"endTime":2065.82,"body":"on the environment,"},{"speaker":"but that is a question","startTime":2065.82,"endTime":2067.53,"body":"you saw how the US and China"},{"speaker":"but that is a question","startTime":2067.53,"endTime":2071.02,"body":"just swapped their CO2 footprint,"},{"speaker":"but that is a question","startTime":2071.02,"endTime":2072.93,"body":"or greenhouse gas emissions,"},{"speaker":"but that is a question","startTime":2072.93,"endTime":2075.58,"body":"so you can just outsource"},{"speaker":"but that is a question","startTime":2072.93,"endTime":2075.58,"body":"to someone, and say,"},{"speaker":"but that is a question","startTime":2075.58,"endTime":2077.42,"body":"look, I'm okay,"},{"speaker":"but that is a question","startTime":2077.42,"endTime":2079.62,"body":"but it's part of the same supply chain,"},{"speaker":"but that is a question","startTime":2079.62,"endTime":2083.09,"body":"so the supply chain needs"},{"speaker":"but that is a question","startTime":2079.62,"endTime":2083.09,"body":"to be more transparent,"},{"speaker":"but that is a question","startTime":2083.09,"endTime":2086.343,"body":"and supporting NGOs can help with that."},{"speaker":"but that is a question","startTime":2087.53,"endTime":2088.543,"body":"And finally,"},{"speaker":"but that is a question","startTime":2089.81,"endTime":2093.21,"body":"back in 2015, after many years,"},{"speaker":"but that is a question","startTime":2093.21,"endTime":2094.49,"body":"all countries around the world"},{"speaker":"but that is a question","startTime":2094.49,"endTime":2097.435,"body":"agreed on these UN Sustainability Goals."},{"speaker":"but that is a question","startTime":2097.435,"endTime":2100.76,"body":"We seem to have sort of forgotten them,"},{"speaker":"but that is a question","startTime":2100.76,"endTime":2101.99,"body":"where they were,"},{"speaker":"but that is a question","startTime":2101.99,"endTime":2104.03,"body":"they were actually quite"},{"speaker":"but that is a question","startTime":2101.99,"endTime":2104.03,"body":"well thought through"},{"speaker":"but that is a question","startTime":2104.03,"endTime":2107.6,"body":"and quite detailed in terms"},{"speaker":"but that is a question","startTime":2104.03,"endTime":2107.6,"body":"of what could be done,"},{"speaker":"but that is a question","startTime":2107.6,"endTime":2110.01,"body":"and I think companies,"},{"speaker":"but that is a question","startTime":2107.6,"endTime":2110.01,"body":"especially large companies,"},{"speaker":"but that is a question","startTime":2110.01,"endTime":2112.1,"body":"have an important role to play,"},{"speaker":"but that is a question","startTime":2112.1,"endTime":2114.68,"body":"and therefore the government"},{"speaker":"but that is a question","startTime":2112.1,"endTime":2114.68,"body":"should require companies"},{"speaker":"but that is a question","startTime":2114.68,"endTime":2117.29,"body":"to report on what they're doing"},{"speaker":"but that is a question","startTime":2117.29,"endTime":2120.62,"body":"for these 17 sustainability goals."},{"speaker":"but that is a question","startTime":2120.62,"endTime":2122.3,"body":"And these goals are very prescriptive,"},{"speaker":"but that is a question","startTime":2122.3,"endTime":2124.49,"body":"so it's not difficult"},{"speaker":"but that is a question","startTime":2122.3,"endTime":2124.49,"body":"to create these reports"},{"speaker":"but that is a question","startTime":2124.49,"endTime":2126.24,"body":"if you're actually doing something,"},{"speaker":"but that is a question","startTime":2127.82,"endTime":2129.833,"body":"quite prescriptive."},{"speaker":"but that is a question","startTime":2131.08,"endTime":2134.87,"body":"And finally, this is a pet peeve of mine"},{"speaker":"but that is a question","startTime":2134.87,"endTime":2136.36,"body":"in terms of governments always saying,"},{"speaker":"but that is a question","startTime":2136.36,"endTime":2138.13,"body":"oh, we love small business,"},{"speaker":"but that is a question","startTime":2138.13,"endTime":2141.29,"body":"and small businesses are the"},{"speaker":"but that is a question","startTime":2138.13,"endTime":2141.29,"body":"biggest employers together"},{"speaker":"but that is a question","startTime":2142.61,"endTime":2144.24,"body":"in any country,"},{"speaker":"but that is a question","startTime":2144.24,"endTime":2146.74,"body":"well why can't we do"},{"speaker":"but that is a question","startTime":2144.24,"endTime":2146.74,"body":"anything for small companies?"},{"speaker":"The benefit is twofold","startTime":2150.45,"endTime":2152.22,"body":"of course, small companies are doing well,"},{"speaker":"The benefit is twofold","startTime":2152.22,"endTime":2153.23,"body":"the country is doing well,"},{"speaker":"The benefit is twofold","startTime":2153.23,"endTime":2156.29,"body":"it doesn't matter which"},{"speaker":"The benefit is twofold","startTime":2153.23,"endTime":2156.29,"body":"country we talk about,"},{"speaker":"The benefit is twofold","startTime":2156.29,"endTime":2158.98,"body":"and also, the country as a whole,"},{"speaker":"The benefit is twofold","startTime":2158.98,"endTime":2160.17,"body":"or the economy as a whole"},{"speaker":"The benefit is twofold","startTime":2160.17,"endTime":2162.45,"body":"can be much more robust to shocks"},{"speaker":"The benefit is twofold","startTime":2162.45,"endTime":2164.4,"body":"if the small companies are doing well,"},{"speaker":"The benefit is twofold","startTime":2164.4,"endTime":2167.62,"body":"because small companies tend"},{"speaker":"The benefit is twofold","startTime":2164.4,"endTime":2167.62,"body":"to have small supply chains,"},{"speaker":"The benefit is twofold","startTime":2167.62,"endTime":2169.7,"body":"they buy locally, they sell locally,"},{"speaker":"The benefit is twofold","startTime":2169.7,"endTime":2174.34,"body":"and therefore they can"},{"speaker":"The benefit is twofold","startTime":2169.7,"endTime":2174.34,"body":"be quite self-sufficient."},{"speaker":"The benefit is twofold","startTime":2174.34,"endTime":2178.3,"body":"And for things like food or medical goods,"},{"speaker":"The benefit is twofold","startTime":2178.3,"endTime":2179.29,"body":"I mean it's astonishing"},{"speaker":"The benefit is twofold","startTime":2179.29,"endTime":2181.7,"body":"how much the UK imports by way of food,"},{"speaker":"The benefit is twofold","startTime":2181.7,"endTime":2184.013,"body":"so if supply chains are cut off,"},{"speaker":"The benefit is twofold","startTime":2185.6,"endTime":2186.9,"body":"what are you going to eat?"},{"speaker":"The benefit is twofold","startTime":2188.86,"endTime":2191.22,"body":"And medical goods, masks,"},{"speaker":"The benefit is twofold","startTime":2191.22,"endTime":2193.22,"body":"trivial things which can be made."},{"speaker":"The benefit is twofold","startTime":2193.22,"endTime":2195.7,"body":"So there will have to be sectors"},{"speaker":"The benefit is twofold","startTime":2195.7,"endTime":2197.21,"body":"which will need to be supported,"},{"speaker":"The benefit is twofold","startTime":2197.21,"endTime":2199.4,"body":"that means maybe more expensive goods,"},{"speaker":"The benefit is twofold","startTime":2199.4,"endTime":2202.42,"body":"but as long as these sectors"},{"speaker":"The benefit is twofold","startTime":2202.42,"endTime":2204.63,"body":"can meet the demand for a few months,"},{"speaker":"The benefit is twofold","startTime":2204.63,"endTime":2208.493,"body":"then the economy as a whole is de-risked."},{"speaker":"The benefit is twofold","startTime":2209.387,"endTime":2212.58,"body":"So this is not for reasons of charity"},{"speaker":"The benefit is twofold","startTime":2212.58,"endTime":2216.0,"body":"that we support small"},{"speaker":"The benefit is twofold","startTime":2212.58,"endTime":2216.0,"body":"and medium companies,"},{"speaker":"The benefit is twofold","startTime":2216.0,"endTime":2218.67,"body":"it's to make the economy more robust"},{"speaker":"The benefit is twofold","startTime":2220.04,"endTime":2222.01,"body":"and achieve self-sufficiency."},{"speaker":"The benefit is twofold","startTime":2222.01,"endTime":2223.58,"body":"So one idea,"},{"speaker":"The benefit is twofold","startTime":2223.58,"endTime":2225.89,"body":"and this is actually"},{"speaker":"The benefit is twofold","startTime":2223.58,"endTime":2225.89,"body":"becoming tangible now,"},{"speaker":"The benefit is twofold","startTime":2225.89,"endTime":2229.173,"body":"is this old idea of commons"},{"speaker":"The benefit is twofold","startTime":2225.89,"endTime":2229.173,"body":"in an English village."},{"speaker":"The benefit is twofold","startTime":2230.8,"endTime":2231.633,"body":"In the commons,"},{"speaker":"The benefit is twofold","startTime":2231.633,"endTime":2233.97,"body":"you can take your sheep,"},{"speaker":"The benefit is twofold","startTime":2231.633,"endTime":2233.97,"body":"or cows, or whatever,"},{"speaker":"The benefit is twofold","startTime":2233.97,"endTime":2237.06,"body":"I actually saw cows"},{"speaker":"The benefit is twofold","startTime":2233.97,"endTime":2237.06,"body":"close to Richmond Park,"},{"speaker":"The benefit is twofold","startTime":2240.31,"endTime":2241.8,"body":"there is a commons,"},{"speaker":"The benefit is twofold","startTime":2241.8,"endTime":2245.63,"body":"and you can take your"},{"speaker":"The benefit is twofold","startTime":2241.8,"endTime":2245.63,"body":"cows, and graze them,"},{"speaker":"The benefit is twofold","startTime":2245.63,"endTime":2249.78,"body":"and the idea of commons"},{"speaker":"The benefit is twofold","startTime":2245.63,"endTime":2249.78,"body":"can be brought forward"},{"speaker":"The benefit is twofold","startTime":2251.08,"endTime":2253.18,"body":"for the economy as a whole."},{"speaker":"The benefit is twofold","startTime":2253.18,"endTime":2255.42,"body":"One example that's just started coming up"},{"speaker":"The benefit is twofold","startTime":2255.42,"endTime":2257.72,"body":"is this open-network digital commerce."},{"speaker":"The benefit is twofold","startTime":2257.72,"endTime":2258.86,"body":"You know how,"},{"speaker":"The benefit is twofold","startTime":2258.86,"endTime":2261.47,"body":"if you are a small"},{"speaker":"The benefit is twofold","startTime":2258.86,"endTime":2261.47,"body":"shopkeeper on Oxford Street,"},{"speaker":"The benefit is twofold","startTime":2261.47,"endTime":2264.71,"body":"you're not going to have an"},{"speaker":"The benefit is twofold","startTime":2261.47,"endTime":2264.71,"body":"e-commerce company of your own."},{"speaker":"The benefit is twofold","startTime":2264.71,"endTime":2268.4,"body":"You can go to Amazon and sell off Amazon,"},{"speaker":"The benefit is twofold","startTime":2268.4,"endTime":2271.63,"body":"but then you pay a 30%"},{"speaker":"The benefit is twofold","startTime":2268.4,"endTime":2271.63,"body":"commission on your revenues"},{"speaker":"The benefit is twofold","startTime":2271.63,"endTime":2272.79,"body":"to Amazon,"},{"speaker":"The benefit is twofold","startTime":2272.79,"endTime":2274.31,"body":"so that means your profit margin"},{"speaker":"The benefit is twofold","startTime":2274.31,"endTime":2277.033,"body":"is going to be either"},{"speaker":"The benefit is twofold","startTime":2274.31,"endTime":2277.033,"body":"negative or minuscule."},{"speaker":"The benefit is twofold","startTime":2277.9,"endTime":2281.13,"body":"But if that platform could"},{"speaker":"The benefit is twofold","startTime":2277.9,"endTime":2281.13,"body":"be provided by the country,"},{"speaker":"The benefit is twofold","startTime":2281.13,"endTime":2285.6,"body":"and this is what India is"},{"speaker":"The benefit is twofold","startTime":2281.13,"endTime":2285.6,"body":"trying to do with this ONDC,"},{"speaker":"The benefit is twofold","startTime":2285.6,"endTime":2287.73,"body":"it's not a platform, it's a meta-platform,"},{"speaker":"The benefit is twofold","startTime":2287.73,"endTime":2288.563,"body":"the idea is,"},{"speaker":"The benefit is twofold","startTime":2288.563,"endTime":2290.32,"body":"if this connectivity is already there,"},{"speaker":"The benefit is twofold","startTime":2290.32,"endTime":2292.01,"body":"just like electricity,"},{"speaker":"The benefit is twofold","startTime":2292.01,"endTime":2294.85,"body":"electricity exists, you can"},{"speaker":"The benefit is twofold","startTime":2292.01,"endTime":2294.85,"body":"do things with electricity,"},{"speaker":"The benefit is twofold","startTime":2294.85,"endTime":2298.93,"body":"so imagine if there is a network,"},{"speaker":"The benefit is twofold","startTime":2298.93,"endTime":2302.26,"body":"an internet-based network"},{"speaker":"The benefit is twofold","startTime":2298.93,"endTime":2302.26,"body":"with everybody connected,"},{"speaker":"The benefit is twofold","startTime":2302.26,"endTime":2304.77,"body":"then people can create apps,"},{"speaker":"The benefit is twofold","startTime":2304.77,"endTime":2309.77,"body":"or you could create a"},{"speaker":"The benefit is twofold","startTime":2304.77,"endTime":2309.77,"body":"small e-commerce platform"},{"speaker":"The benefit is twofold","startTime":2310.52,"endTime":2311.98,"body":"just for the local area"},{"speaker":"The benefit is twofold","startTime":2311.98,"endTime":2316.98,"body":"where people can order from"},{"speaker":"The benefit is twofold","startTime":2311.98,"endTime":2316.98,"body":"their local shops just locally,"},{"speaker":"The benefit is twofold","startTime":2317.24,"endTime":2319.02,"body":"or it could be nationally,"},{"speaker":"The benefit is twofold","startTime":2319.02,"endTime":2321.45,"body":"but everybody would have the same access"},{"speaker":"The benefit is twofold","startTime":2321.45,"endTime":2323.39,"body":"to the entire country."},{"speaker":"The benefit is twofold","startTime":2323.39,"endTime":2325.22,"body":"India is a huge market,"},{"speaker":"The benefit is twofold","startTime":2325.22,"endTime":2327.85,"body":"but that means logistics"},{"speaker":"The benefit is twofold","startTime":2325.22,"endTime":2327.85,"body":"providers can go in there,"},{"speaker":"The benefit is twofold","startTime":2327.85,"endTime":2329.77,"body":"small companies can go in there,"},{"speaker":"The benefit is twofold","startTime":2329.77,"endTime":2334.77,"body":"so the advantage that Amazon"},{"speaker":"The benefit is twofold","startTime":2329.77,"endTime":2334.77,"body":"has, or Walmart has in India,"},{"speaker":"The benefit is twofold","startTime":2335.73,"endTime":2337.27,"body":"that would be reduced,"},{"speaker":"The benefit is twofold","startTime":2337.27,"endTime":2339.9,"body":"because profit margins for"},{"speaker":"The benefit is twofold","startTime":2337.27,"endTime":2339.9,"body":"a small shopkeeper in India"},{"speaker":"The benefit is twofold","startTime":2339.9,"endTime":2343.63,"body":"are not going to be more than 30%,"},{"speaker":"The benefit is twofold","startTime":2343.63,"endTime":2347.85,"body":"so paying 30% to Amazon would"},{"speaker":"The benefit is twofold","startTime":2343.63,"endTime":2347.85,"body":"not make any sense at all."},{"speaker":"The benefit is twofold","startTime":2347.85,"endTime":2351.95,"body":"So this way, you have a"},{"speaker":"The benefit is twofold","startTime":2347.85,"endTime":2351.95,"body":"level field for anybody,"},{"speaker":"The benefit is twofold","startTime":2351.95,"endTime":2353.62,"body":"that means you have"},{"speaker":"The benefit is twofold","startTime":2351.95,"endTime":2353.62,"body":"access to the internet,"},{"speaker":"The benefit is twofold","startTime":2353.62,"endTime":2355.97,"body":"you can buy goods,"},{"speaker":"The benefit is twofold","startTime":2355.97,"endTime":2358.99,"body":"you can get a logistics"},{"speaker":"The benefit is twofold","startTime":2355.97,"endTime":2358.99,"body":"provider to ship your goods,"},{"speaker":"The benefit is twofold","startTime":2358.99,"endTime":2360.67,"body":"all off the internet."},{"speaker":"The benefit is twofold","startTime":2360.67,"endTime":2362.223,"body":"And I think the same idea,"},{"speaker":"The benefit is twofold","startTime":2363.54,"endTime":2365.55,"body":"I've been talking about"},{"speaker":"The benefit is twofold","startTime":2363.54,"endTime":2365.55,"body":"something similar here,"},{"speaker":"The benefit is twofold","startTime":2365.55,"endTime":2366.74,"body":"even for Oxford Street,"},{"speaker":"The benefit is twofold","startTime":2366.74,"endTime":2370.62,"body":"where small businesses could"},{"speaker":"The benefit is twofold","startTime":2366.74,"endTime":2370.62,"body":"do something like this,"},{"speaker":"The benefit is twofold","startTime":2370.62,"endTime":2371.88,"body":"but this is quite practical,"},{"speaker":"The benefit is twofold","startTime":2371.88,"endTime":2374.523,"body":"and I hope other countries"},{"speaker":"The benefit is twofold","startTime":2371.88,"endTime":2374.523,"body":"will pick that up."},{"speaker":"The benefit is twofold","startTime":2375.93,"endTime":2377.52,"body":"And this is another question,"},{"speaker":"The benefit is twofold","startTime":2377.52,"endTime":2379.53,"body":"these tech companies,"},{"speaker":"The benefit is twofold","startTime":2379.53,"endTime":2381.84,"body":"now they've started"},{"speaker":"The benefit is twofold","startTime":2379.53,"endTime":2381.84,"body":"extracting much more profit"},{"speaker":"The benefit is twofold","startTime":2381.84,"endTime":2383.15,"body":"now they're established,"},{"speaker":"The benefit is twofold","startTime":2383.15,"endTime":2383.983,"body":"so the question is,"},{"speaker":"The benefit is twofold","startTime":2383.983,"endTime":2385.08,"body":"are they utility companies?"},{"speaker":"The benefit is twofold","startTime":2385.08,"endTime":2386.35,"body":"Should we expect,"},{"speaker":"The benefit is twofold","startTime":2386.35,"endTime":2390.33,"body":"just like electricity"},{"speaker":"The benefit is twofold","startTime":2386.35,"endTime":2390.33,"body":"companies or water companies,"},{"speaker":"The benefit is twofold","startTime":2390.33,"endTime":2392.35,"body":"we expect them to make"},{"speaker":"The benefit is twofold","startTime":2390.33,"endTime":2392.35,"body":"a little bit of profit,"},{"speaker":"The benefit is twofold","startTime":2392.35,"endTime":2394.81,"body":"but not go all out,"},{"speaker":"The benefit is twofold","startTime":2394.81,"endTime":2395.643,"body":"so same thing,"},{"speaker":"The benefit is twofold","startTime":2395.643,"endTime":2398.69,"body":"should we start treating"},{"speaker":"The benefit is twofold","startTime":2395.643,"endTime":2398.69,"body":"utility companies,"},{"speaker":"The benefit is twofold","startTime":2398.69,"endTime":2401.86,"body":"whether it's Meta or Google,"},{"speaker":"The benefit is twofold","startTime":2401.86,"endTime":2406.61,"body":"and not allow them to"},{"speaker":"The benefit is twofold","startTime":2401.86,"endTime":2406.61,"body":"make these profit margins"},{"speaker":"The benefit is twofold","startTime":2406.61,"endTime":2411.593,"body":"that allow trillion and"},{"speaker":"The benefit is twofold","startTime":2406.61,"endTime":2411.593,"body":"multi-trillion dollar valuations?"},{"speaker":"So let me summarize now","startTime":2417.997,"endTime":2419.053,"body":"the topic of course is"},{"speaker":"So let me summarize now","startTime":2419.053,"endTime":2421.44,"body":"where is globalization headed,"},{"speaker":"So let me summarize now","startTime":2421.44,"endTime":2423.3,"body":"and I've talked about,"},{"speaker":"So let me summarize now","startTime":2423.3,"endTime":2426.0,"body":"globalization has benefits,"},{"speaker":"So let me summarize now","startTime":2426.0,"endTime":2427.873,"body":"globalization has costs,"},{"speaker":"So let me summarize now","startTime":2428.78,"endTime":2430.55,"body":"and in the press,"},{"speaker":"So let me summarize now","startTime":2430.55,"endTime":2433.54,"body":"there's been a lot of talk"},{"speaker":"So let me summarize now","startTime":2430.55,"endTime":2433.54,"body":"about the end of globalization,"},{"speaker":"So let me summarize now","startTime":2433.54,"endTime":2436.063,"body":"and I've talked about"},{"speaker":"So let me summarize now","startTime":2433.54,"endTime":2436.063,"body":"where that came from,"},{"speaker":"So let me summarize now","startTime":2437.41,"endTime":2441.816,"body":"and I've talked about why"},{"speaker":"So let me summarize now","startTime":2437.41,"endTime":2441.816,"body":"globalization is under threat,"},{"speaker":"So let me summarize now","startTime":2441.816,"endTime":2446.816,"body":"and the need to separate"},{"speaker":"So let me summarize now","startTime":2441.816,"endTime":2446.816,"body":"de-risking globalization"},{"speaker":"So let me summarize now","startTime":2451.27,"endTime":2453.06,"body":"from de-globalization,"},{"speaker":"So let me summarize now","startTime":2453.06,"endTime":2456.45,"body":"and I said de-globalization actually means"},{"speaker":"So let me summarize now","startTime":2457.83,"endTime":2460.24,"body":"the world will become more globalized,"},{"speaker":"So let me summarize now","startTime":2460.24,"endTime":2463.58,"body":"so there'll be more"},{"speaker":"So let me summarize now","startTime":2460.24,"endTime":2463.58,"body":"globalization, not less,"},{"speaker":"So let me summarize now","startTime":2463.58,"endTime":2465.143,"body":"and there are other reasons."},{"speaker":"So let me summarize now","startTime":2466.0,"endTime":2466.833,"body":"In this world,"},{"speaker":"So let me summarize now","startTime":2466.833,"endTime":2468.333,"body":"a government will have to,"},{"speaker":"So let me summarize now","startTime":2469.25,"endTime":2470.7,"body":"this world, meaning this world"},{"speaker":"So let me summarize now","startTime":2470.7,"endTime":2473.633,"body":"where you have more"},{"speaker":"So let me summarize now","startTime":2470.7,"endTime":2473.633,"body":"efficient supply chains,"},{"speaker":"So let me summarize now","startTime":2475.23,"endTime":2478.09,"body":"and much more sprawled"},{"speaker":"So let me summarize now","startTime":2475.23,"endTime":2478.09,"body":"out across the world,"},{"speaker":"So let me summarize now","startTime":2478.09,"endTime":2478.923,"body":"in this world,"},{"speaker":"So let me summarize now","startTime":2478.923,"endTime":2481.01,"body":"governments will need to do more"},{"speaker":"So let me summarize now","startTime":2481.01,"endTime":2483.53,"body":"to protect the people"},{"speaker":"So let me summarize now","startTime":2481.01,"endTime":2483.53,"body":"who are paying the cost,"},{"speaker":"So let me summarize now","startTime":2483.53,"endTime":2486.623,"body":"but not getting the"},{"speaker":"So let me summarize now","startTime":2483.53,"endTime":2486.623,"body":"benefits of globalization."},{"speaker":"So let me summarize now","startTime":2488.2,"endTime":2489.8,"body":"Certainly, lower barriers to trade"},{"speaker":"So let me summarize now","startTime":2489.8,"endTime":2491.28,"body":"means lower costs overall,"},{"speaker":"So let me summarize now","startTime":2491.28,"endTime":2492.33,"body":"which is a good thing,"},{"speaker":"So let me summarize now","startTime":2492.33,"endTime":2495.143,"body":"and hopefully, businesses will join,"},{"speaker":"So let me summarize now","startTime":2496.12,"endTime":2499.16,"body":"but developing an industrial policy,"},{"speaker":"So let me summarize now","startTime":2499.16,"endTime":2501.64,"body":"especially things like the ONDC,"},{"speaker":"So let me summarize now","startTime":2501.64,"endTime":2503.82,"body":"where everybody has access"},{"speaker":"So let me summarize now","startTime":2503.82,"endTime":2508.82,"body":"to the same internet-based"},{"speaker":"So let me summarize now","startTime":2503.82,"endTime":2508.82,"body":"systems for commerce,"},{"speaker":"So let me summarize now","startTime":2510.07,"endTime":2513.21,"body":"requiring more reporting,"},{"speaker":"So let me summarize now","startTime":2513.21,"endTime":2515.703,"body":"especially on the UN STG goals,"},{"speaker":"So let me summarize now","startTime":2517.53,"endTime":2521.7,"body":"and finally, supporting small companies,"},{"speaker":"So let me summarize now","startTime":2521.7,"endTime":2524.883,"body":"so developing industrial"},{"speaker":"So let me summarize now","startTime":2521.7,"endTime":2524.883,"body":"policy for robustness,"},{"speaker":"So let me summarize now","startTime":2526.0,"endTime":2528.22,"body":"and then small companies,"},{"speaker":"So let me summarize now","startTime":2528.22,"endTime":2529.923,"body":"especially in critical sectors."},{"speaker":"So let me summarize now","startTime":2533.423,"endTime":2536.423,"body":"(audience applauds)"},{"speaker":"So let me summarize now","startTime":2538.35,"endTime":2540.38,"body":"- Professor Sodhi, thank you very much."},{"speaker":"So let me summarize now","startTime":2540.38,"endTime":2542.97,"body":"We have a lot of online questions,"},{"speaker":"So let me summarize now","startTime":2542.97,"endTime":2544.77,"body":"and I will try to get to most of them"},{"speaker":"So let me summarize now","startTime":2544.77,"endTime":2546.98,"body":"but there will be some I'm"},{"speaker":"So let me summarize now","startTime":2544.77,"endTime":2546.98,"body":"just not able to get to"},{"speaker":"So let me summarize now","startTime":2546.98,"endTime":2548.113,"body":"in the time allowed."},{"speaker":"So let me summarize now","startTime":2549.14,"endTime":2550.95,"body":"I'll ask a few from the online audience,"},{"speaker":"So let me summarize now","startTime":2550.95,"endTime":2552.52,"body":"and then I'll open up to the in-person,"},{"speaker":"So let me summarize now","startTime":2552.52,"endTime":2555.463,"body":"and we'll probably come"},{"speaker":"So let me summarize now","startTime":2552.52,"endTime":2555.463,"body":"back to the online audience."},{"speaker":"So let me summarize now","startTime":2556.48,"endTime":2558.51,"body":"Talking about governments,"},{"speaker":"So let me summarize now","startTime":2558.51,"endTime":2559.627,"body":"and there's a question here,"},{"speaker":"So let me summarize now","startTime":2559.627,"endTime":2560.46,"body":"\"How can governments"},{"speaker":"So let me summarize now","startTime":2560.46,"endTime":2563.257,"body":"\"seek to address the ills of globalization"},{"speaker":"So let me summarize now","startTime":2563.257,"endTime":2566.087,"body":"\"when administrations are"},{"speaker":"So let me summarize now","startTime":2563.257,"endTime":2566.087,"body":"so heavily influenced,"},{"speaker":"So let me summarize now","startTime":2566.087,"endTime":2569.878,"body":"\"reliant upon, and lobbied by industry?\""},{"speaker":"So let me summarize now","startTime":2569.878,"endTime":2574.878,"body":"- That is a huge problem in democracies,"},{"speaker":"So let me summarize now","startTime":2575.32,"endTime":2577.1,"body":"and ironically enough,"},{"speaker":"So let me summarize now","startTime":2577.1,"endTime":2580.85,"body":"it takes somebody like"},{"speaker":"So let me summarize now","startTime":2577.1,"endTime":2580.85,"body":"President Xi of China,"},{"speaker":"So let me summarize now","startTime":2580.85,"endTime":2582.64,"body":"in a non-democratic society,"},{"speaker":"So let me summarize now","startTime":2582.64,"endTime":2585.0,"body":"to say that society cannot be owned"},{"speaker":"So let me summarize now","startTime":2585.0,"endTime":2586.723,"body":"by a few large companies."},{"speaker":"So let me summarize now","startTime":2588.23,"endTime":2592.3,"body":"I remember even President"},{"speaker":"So let me summarize now","startTime":2588.23,"endTime":2592.3,"body":"Putin writing many years ago"},{"speaker":"So let me summarize now","startTime":2592.3,"endTime":2595.26,"body":"about how liberal democracy is failing,"},{"speaker":"So let me summarize now","startTime":2595.26,"endTime":2598.0,"body":"and this is one of the"},{"speaker":"So let me summarize now","startTime":2595.26,"endTime":2598.0,"body":"reasons of that failure."},{"speaker":"So let me summarize now","startTime":2598.0,"endTime":2599.15,"body":"I know he's not popular,"},{"speaker":"So let me summarize now","startTime":2599.15,"endTime":2600.31,"body":"we shouldn't be quoting him,"},{"speaker":"So let me summarize now","startTime":2600.31,"endTime":2602.15,"body":"but still, that is something"},{"speaker":"So let me summarize now","startTime":2602.15,"endTime":2605.51,"body":"that voters will have to"},{"speaker":"So let me summarize now","startTime":2602.15,"endTime":2605.51,"body":"consider going forward,"},{"speaker":"So let me summarize now","startTime":2605.51,"endTime":2610.03,"body":"and that this globalization"},{"speaker":"So let me summarize now","startTime":2605.51,"endTime":2610.03,"body":"hasn't benefited them as much."},{"speaker":"So let me summarize now","startTime":2610.03,"endTime":2612.21,"body":"You can see that in"},{"speaker":"So let me summarize now","startTime":2610.03,"endTime":2612.21,"body":"these populism movements"},{"speaker":"So let me summarize now","startTime":2612.21,"endTime":2613.56,"body":"in so many countries,"},{"speaker":"So let me summarize now","startTime":2613.56,"endTime":2615.35,"body":"not just in the US,"},{"speaker":"So let me summarize now","startTime":2615.35,"endTime":2616.483,"body":"but even here,"},{"speaker":"So let me summarize now","startTime":2617.88,"endTime":2620.65,"body":"Brexit was a sort of populist movement,"},{"speaker":"So let me summarize now","startTime":2620.65,"endTime":2622.27,"body":"and that is happening."},{"speaker":"So let me summarize now","startTime":2622.27,"endTime":2624.48,"body":"It would be good is governments recognized"},{"speaker":"So let me summarize now","startTime":2624.48,"endTime":2627.22,"body":"that the reason for populism"},{"speaker":"So let me summarize now","startTime":2627.22,"endTime":2630.76,"body":"is that people understand"},{"speaker":"So let me summarize now","startTime":2630.76,"endTime":2633.123,"body":"that the government is"},{"speaker":"So let me summarize now","startTime":2630.76,"endTime":2633.123,"body":"not working for them,"},{"speaker":"So let me summarize now","startTime":2634.4,"endTime":2636.253,"body":"and sooner or later,"},{"speaker":"So let me summarize now","startTime":2637.28,"endTime":2638.88,"body":"people will either change their government"},{"speaker":"So let me summarize now","startTime":2638.88,"endTime":2641.86,"body":"and find somebody who will work for them."},{"speaker":"So let me summarize now","startTime":2641.86,"endTime":2643.34,"body":"- Thank you."},{"speaker":"So let me summarize now","startTime":2643.34,"endTime":2645.877,"body":"There's a question here"},{"speaker":"So let me summarize now","startTime":2643.34,"endTime":2645.877,"body":"about quality of products,"},{"speaker":"So let me summarize now","startTime":2645.877,"endTime":2648.407,"body":"\"How much does the quality of products"},{"speaker":"So let me summarize now","startTime":2648.407,"endTime":2651.307,"body":"\"affect the growth of these"},{"speaker":"So let me summarize now","startTime":2648.407,"endTime":2651.307,"body":"damaging supply chains?"},{"speaker":"So let me summarize now","startTime":2651.307,"endTime":2653.797,"body":"\"For instance, products"},{"speaker":"So let me summarize now","startTime":2651.307,"endTime":2653.797,"body":"wear out, they fail,"},{"speaker":"So let me summarize now","startTime":2653.797,"endTime":2656.397,"body":"\"software becomes obsolete"},{"speaker":"So let me summarize now","startTime":2653.797,"endTime":2656.397,"body":"pretty quickly now,"},{"speaker":"So let me summarize now","startTime":2656.397,"endTime":2658.55,"body":"\"is this by design?\""},{"speaker":"So let me summarize now","startTime":2658.55,"endTime":2663.55,"body":"- A lot of quality of goods"},{"speaker":"So let me summarize now","startTime":2658.55,"endTime":2663.55,"body":"being poor is by design,"},{"speaker":"So let me summarize now","startTime":2664.54,"endTime":2668.77,"body":"and it's the design actually"},{"speaker":"So let me summarize now","startTime":2664.54,"endTime":2668.77,"body":"imposed by Western companies."},{"speaker":"So let me summarize now","startTime":2668.77,"endTime":2671.67,"body":"I visited China many years ago,"},{"speaker":"So let me summarize now","startTime":2671.67,"endTime":2674.233,"body":"they make separate kinds of microwaves,"},{"speaker":"So let me summarize now","startTime":2674.233,"endTime":2677.41,"body":"there was one company, and one factory,"},{"speaker":"So let me summarize now","startTime":2677.41,"endTime":2681.27,"body":"which makes 90% of the"},{"speaker":"So let me summarize now","startTime":2677.41,"endTime":2681.27,"body":"world's microwaves, 90%,"},{"speaker":"So let me summarize now","startTime":2681.27,"endTime":2683.45,"body":"just put it in different boxes,"},{"speaker":"So let me summarize now","startTime":2683.45,"endTime":2687.02,"body":"but they have different"},{"speaker":"So let me summarize now","startTime":2683.45,"endTime":2687.02,"body":"microwaves for the Chinese market,"},{"speaker":"So let me summarize now","startTime":2687.02,"endTime":2688.66,"body":"so the ones for the Western market"},{"speaker":"So let me summarize now","startTime":2688.66,"endTime":2690.56,"body":"are poor quality by design"},{"speaker":"So let me summarize now","startTime":2690.56,"endTime":2693.44,"body":"because the Western companies"},{"speaker":"So let me summarize now","startTime":2690.56,"endTime":2693.44,"body":"will pay very little money,"},{"speaker":"So let me summarize now","startTime":2693.44,"endTime":2695.563,"body":"and then sell them for a high price,"},{"speaker":"So let me summarize now","startTime":2696.61,"endTime":2697.83,"body":"and so the profit margin."},{"speaker":"So let me summarize now","startTime":2697.83,"endTime":2699.84,"body":"So you can go to the store and say,"},{"speaker":"So let me summarize now","startTime":2699.84,"endTime":2701.21,"body":"my microwave doesn't work,"},{"speaker":"So let me summarize now","startTime":2701.21,"endTime":2703.08,"body":"and they'll replace it quickly,"},{"speaker":"So let me summarize now","startTime":2703.08,"endTime":2704.75,"body":"because you are the quality control,"},{"speaker":"So let me summarize now","startTime":2704.75,"endTime":2707.54,"body":"you took it home, you"},{"speaker":"So let me summarize now","startTime":2704.75,"endTime":2707.54,"body":"tried it out at your risk,"},{"speaker":"So let me summarize now","startTime":2707.54,"endTime":2708.9,"body":"does it work or not,"},{"speaker":"So let me summarize now","startTime":2708.9,"endTime":2709.94,"body":"but in the factory,"},{"speaker":"So let me summarize now","startTime":2709.94,"endTime":2711.74,"body":"there was no quality control, or anything,"},{"speaker":"So let me summarize now","startTime":2711.74,"endTime":2713.73,"body":"it was just things being"},{"speaker":"So let me summarize now","startTime":2711.74,"endTime":2713.73,"body":"assembled, thrown up,"},{"speaker":"So let me summarize now","startTime":2713.73,"endTime":2715.0,"body":"put into boxes,"},{"speaker":"So let me summarize now","startTime":2715.0,"endTime":2717.483,"body":"a GE box, or a Whirlpool box,"},{"speaker":"So let me summarize now","startTime":2718.55,"endTime":2720.04,"body":"and at a furious pace,"},{"speaker":"So let me summarize now","startTime":2720.04,"endTime":2723.553,"body":"there's no time for quality controls."},{"speaker":"So let me summarize now","startTime":2724.499,"endTime":2726.78,"body":"This is called planned obsolescence,"},{"speaker":"So let me summarize now","startTime":2726.78,"endTime":2729.05,"body":"many of these goods are planned to fail,"},{"speaker":"So let me summarize now","startTime":2729.05,"endTime":2731.25,"body":"so that's not quality"},{"speaker":"So let me summarize now","startTime":2731.25,"endTime":2733.47,"body":"because of not having the capability,"},{"speaker":"So let me summarize now","startTime":2733.47,"endTime":2735.92,"body":"that's poor quality by design,"},{"speaker":"So let me summarize now","startTime":2735.92,"endTime":2738.18,"body":"and that poor quality is"},{"speaker":"So let me summarize now","startTime":2735.92,"endTime":2738.18,"body":"designed by the buyer,"},{"speaker":"So let me summarize now","startTime":2738.18,"endTime":2739.79,"body":"which means the Western companies."},{"speaker":"So let me summarize now","startTime":2739.79,"endTime":2742.92,"body":"- And then that increases"},{"speaker":"So let me summarize now","startTime":2739.79,"endTime":2742.92,"body":"the supply chain-"},{"speaker":"So let me summarize now","startTime":2742.92,"endTime":2746.59,"body":"- Yeah, because you're buying"},{"speaker":"So let me summarize now","startTime":2742.92,"endTime":2746.59,"body":"more goods than you need,"},{"speaker":"So let me summarize now","startTime":2746.59,"endTime":2749.633,"body":"and that obviously is"},{"speaker":"So let me summarize now","startTime":2746.59,"endTime":2749.633,"body":"a supply chain problem."},{"speaker":"So let me summarize now","startTime":2751.0,"endTime":2754.883,"body":"- [Questioner] Hi, I like"},{"speaker":"So let me summarize now","startTime":2751.0,"endTime":2754.883,"body":"your point of view about SMEs."},{"speaker":"So let me summarize now","startTime":2756.3,"endTime":2760.19,"body":"Because globalization is being"},{"speaker":"So let me summarize now","startTime":2756.3,"endTime":2760.19,"body":"monopolized and dominated"},{"speaker":"So let me summarize now","startTime":2760.19,"endTime":2763.26,"body":"by big corporations such as,"},{"speaker":"So let me summarize now","startTime":2763.26,"endTime":2766.58,"body":"take chips as an example,"},{"speaker":"So let me summarize now","startTime":2766.58,"endTime":2769.23,"body":"the Taiwanese, what's his name?"},{"speaker":"So let me summarize now","startTime":2769.23,"endTime":2773.94,"body":"TSMC, they supply a lot of chips."},{"speaker":"So let me summarize now","startTime":2773.94,"endTime":2777.8,"body":"So how can SMEs and family businesses"},{"speaker":"So let me summarize now","startTime":2779.26,"endTime":2782.87,"body":"who are the antithesis of big corporations"},{"speaker":"So let me summarize now","startTime":2782.87,"endTime":2784.49,"body":"in this global supply chain"},{"speaker":"So let me summarize now","startTime":2784.49,"endTime":2787.453,"body":"challenge these big corporations?"},{"speaker":"So let me summarize now","startTime":2788.46,"endTime":2789.89,"body":"Like a family-run food farm,"},{"speaker":"So let me summarize now","startTime":2789.89,"endTime":2794.54,"body":"I can imagine supply local produce,"},{"speaker":"So let me summarize now","startTime":2794.54,"endTime":2798.983,"body":"but when it comes to at least"},{"speaker":"So let me summarize now","startTime":2794.54,"endTime":2798.983,"body":"high tech, complex industry,"},{"speaker":"So let me summarize now","startTime":2801.26,"endTime":2803.4,"body":"not supported by the government,"},{"speaker":"So let me summarize now","startTime":2803.4,"endTime":2808.4,"body":"how can they rival this"},{"speaker":"So let me summarize now","startTime":2803.4,"endTime":2808.4,"body":"established global company"},{"speaker":"So let me summarize now","startTime":2809.18,"endTime":2812.75,"body":"that is part of this very"},{"speaker":"So let me summarize now","startTime":2809.18,"endTime":2812.75,"body":"complex global supply chain?"},{"speaker":"So let me summarize now","startTime":2812.75,"endTime":2815.26,"body":"So what can government do"},{"speaker":"So let me summarize now","startTime":2815.26,"endTime":2820.26,"body":"to promote and foster the local SMEs"},{"speaker":"So let me summarize now","startTime":2820.697,"endTime":2822.52,"body":"who create local jobs, et cetera?"},{"speaker":"So let me summarize now","startTime":2822.52,"endTime":2825.78,"body":"So SME versus global, big corporations."},{"speaker":"So let me summarize now","startTime":2825.78,"endTime":2828.5,"body":"- Let's take the example of TSMC,"},{"speaker":"So let me summarize now","startTime":2828.5,"endTime":2831.37,"body":"this is the company that makes"},{"speaker":"So let me summarize now","startTime":2828.5,"endTime":2831.37,"body":"chips for most of the world,"},{"speaker":"So let me summarize now","startTime":2831.37,"endTime":2833.33,"body":"and these chips have been in short supply,"},{"speaker":"So let me summarize now","startTime":2833.33,"endTime":2836.05,"body":"as we experienced in the auto industry,"},{"speaker":"So let me summarize now","startTime":2836.05,"endTime":2837.173,"body":"so certainly,"},{"speaker":"So let me summarize now","startTime":2838.83,"endTime":2841.78,"body":"what the US has done,"},{"speaker":"So let me summarize now","startTime":2838.83,"endTime":2841.78,"body":"what President Biden did,"},{"speaker":"So let me summarize now","startTime":2841.78,"endTime":2846.75,"body":"asked them to install capacity in the US,"},{"speaker":"So let me summarize now","startTime":2846.75,"endTime":2847.71,"body":"which they have done,"},{"speaker":"So let me summarize now","startTime":2847.71,"endTime":2851.14,"body":"and Samsung has done, and Intel has done,"},{"speaker":"So let me summarize now","startTime":2851.14,"endTime":2852.95,"body":"but the government is"},{"speaker":"So let me summarize now","startTime":2851.14,"endTime":2852.95,"body":"paying them the money"},{"speaker":"So let me summarize now","startTime":2852.95,"endTime":2854.57,"body":"to come and set up the plant,"},{"speaker":"So let me summarize now","startTime":2854.57,"endTime":2856.82,"body":"and that was $50 billion"},{"speaker":"So let me summarize now","startTime":2856.82,"endTime":2858.93,"body":"paid to these three"},{"speaker":"So let me summarize now","startTime":2856.82,"endTime":2858.93,"body":"companies to set up a plant,"},{"speaker":"So let me summarize now","startTime":2858.93,"endTime":2861.96,"body":"so that way, it's within the country,"},{"speaker":"So let me summarize now","startTime":2861.96,"endTime":2863.89,"body":"and there is some control."},{"speaker":"So let me summarize now","startTime":2863.89,"endTime":2865.92,"body":"The second is bigger,"},{"speaker":"So let me summarize now","startTime":2865.92,"endTime":2867.34,"body":"obviously not every country"},{"speaker":"So let me summarize now","startTime":2867.34,"endTime":2872.13,"body":"is going to pay TSMC, or"},{"speaker":"So let me summarize now","startTime":2867.34,"endTime":2872.13,"body":"Intel, or Samsung $50 billion"},{"speaker":"So let me summarize now","startTime":2872.13,"endTime":2873.68,"body":"to come and set up a plant there."},{"speaker":"So let me summarize now","startTime":2873.68,"endTime":2876.13,"body":"There's been talk here in"},{"speaker":"So let me summarize now","startTime":2873.68,"endTime":2876.13,"body":"the UK too, by the way."},{"speaker":"So let me summarize now","startTime":2878.715,"endTime":2880.87,"body":"The opposite of that is"},{"speaker":"So let me summarize now","startTime":2880.87,"endTime":2884.54,"body":"innovation to come up with other products,"},{"speaker":"So let me summarize now","startTime":2884.54,"endTime":2887.913,"body":"or other things that you can make at home."},{"speaker":"So let me summarize now","startTime":2890.51,"endTime":2891.71,"body":"There's also the question of,"},{"speaker":"So let me summarize now","startTime":2891.71,"endTime":2893.26,"body":"a lot of these electronic goods"},{"speaker":"So let me summarize now","startTime":2893.26,"endTime":2895.95,"body":"are actually just throwaway goods,"},{"speaker":"So let me summarize now","startTime":2895.95,"endTime":2898.28,"body":"it's not whether we"},{"speaker":"So let me summarize now","startTime":2895.95,"endTime":2898.28,"body":"actually need them or not,"},{"speaker":"So let me summarize now","startTime":2898.28,"endTime":2899.5,"body":"so there is a question of,"},{"speaker":"So let me summarize now","startTime":2899.5,"endTime":2900.77,"body":"are these being pushed on us"},{"speaker":"So let me summarize now","startTime":2900.77,"endTime":2902.77,"body":"or do we really need them."},{"speaker":"So let me summarize now","startTime":2902.77,"endTime":2904.57,"body":"But I think even small countries,"},{"speaker":"So let me summarize now","startTime":2904.57,"endTime":2905.85,"body":"like Finland, or whatever,"},{"speaker":"So let me summarize now","startTime":2905.85,"endTime":2908.64,"body":"have done a tremendous"},{"speaker":"So let me summarize now","startTime":2905.85,"endTime":2908.64,"body":"amount of innovation"},{"speaker":"So let me summarize now","startTime":2908.64,"endTime":2912.29,"body":"on the e-commerce side."},{"speaker":"So let me summarize now","startTime":2912.29,"endTime":2915.69,"body":"We think of mobile phones,"},{"speaker":"So let me summarize now","startTime":2915.69,"endTime":2917.993,"body":"they all came from Finland,"},{"speaker":"So let me summarize now","startTime":2919.7,"endTime":2922.99,"body":"so countries have to innovate."},{"speaker":"So let me summarize now","startTime":2922.99,"endTime":2924.64,"body":"You can innovate out of the box"},{"speaker":"So let me summarize now","startTime":2924.64,"endTime":2926.72,"body":"or you carry a big stick like the US"},{"speaker":"So let me summarize now","startTime":2926.72,"endTime":2928.91,"body":"and then require companies"},{"speaker":"So let me summarize now","startTime":2928.91,"endTime":2931.87,"body":"to set up their supply chains in house,"},{"speaker":"So let me summarize now","startTime":2931.87,"endTime":2935.17,"body":"but those are the kinds of"},{"speaker":"So let me summarize now","startTime":2931.87,"endTime":2935.17,"body":"things that have to be done."},{"speaker":"So let me summarize now","startTime":2935.17,"endTime":2939.28,"body":"- [Questioner] I've seen that"},{"speaker":"So let me summarize now","startTime":2935.17,"endTime":2939.28,"body":"we've had extra warehouses"},{"speaker":"So let me summarize now","startTime":2939.28,"endTime":2940.46,"body":"in the UK,"},{"speaker":"So let me summarize now","startTime":2940.46,"endTime":2942.51,"body":"an extra 1/5 in the last three years,"},{"speaker":"So let me summarize now","startTime":2942.51,"endTime":2944.47,"body":"do you think we're going to swing"},{"speaker":"So let me summarize now","startTime":2944.47,"endTime":2949.47,"body":"to shorter supply chains, more protection"},{"speaker":"So let me summarize now","startTime":2951.46,"endTime":2953.0,"body":"for another five years,"},{"speaker":"So let me summarize now","startTime":2953.0,"endTime":2955.19,"body":"until we get past these present shocks,"},{"speaker":"So let me summarize now","startTime":2955.19,"endTime":2956.19,"body":"and if there's no more shocks,"},{"speaker":"So let me summarize now","startTime":2956.19,"endTime":2958.62,"body":"then just, human nature,"},{"speaker":"So let me summarize now","startTime":2958.62,"endTime":2963.13,"body":"loosen up again and go back"},{"speaker":"So let me summarize now","startTime":2958.62,"endTime":2963.13,"body":"to the natural globalization?"},{"speaker":"So let me summarize now","startTime":2963.13,"endTime":2965.32,"body":"- I think five years is a long time."},{"speaker":"So let me summarize now","startTime":2965.32,"endTime":2970.32,"body":"I gave you the example in"},{"speaker":"So let me summarize now","startTime":2965.32,"endTime":2970.32,"body":"the US of Target and Walmart,"},{"speaker":"So let me summarize now","startTime":2970.37,"endTime":2974.28,"body":"where they've gone from"},{"speaker":"So let me summarize now","startTime":2970.37,"endTime":2974.28,"body":"having too little inventory"},{"speaker":"So let me summarize now","startTime":2974.28,"endTime":2975.79,"body":"to too much inventory"},{"speaker":"So let me summarize now","startTime":2975.79,"endTime":2977.18,"body":"within a matter of months,"},{"speaker":"So let me summarize now","startTime":2977.18,"endTime":2979.52,"body":"and stock prices have gone"},{"speaker":"So let me summarize now","startTime":2977.18,"endTime":2979.52,"body":"from very high to very low"},{"speaker":"So let me summarize now","startTime":2979.52,"endTime":2981.91,"body":"also very quickly,"},{"speaker":"So let me summarize now","startTime":2981.91,"endTime":2984.07,"body":"so I think the same"},{"speaker":"So let me summarize now","startTime":2981.91,"endTime":2984.07,"body":"thing will happen here."},{"speaker":"So let me summarize now","startTime":2984.07,"endTime":2986.93,"body":"We may have extra warehouses"},{"speaker":"So let me summarize now","startTime":2984.07,"endTime":2986.93,"body":"for keeping extra goods,"},{"speaker":"So let me summarize now","startTime":2986.93,"endTime":2989.477,"body":"but then, because of"},{"speaker":"So let me summarize now","startTime":2986.93,"endTime":2989.477,"body":"that Forrester effect,"},{"speaker":"So let me summarize now","startTime":2989.477,"endTime":2991.57,"body":"and the continuous imbalance,"},{"speaker":"So let me summarize now","startTime":2991.57,"endTime":2992.5,"body":"within five years,"},{"speaker":"So let me summarize now","startTime":2992.5,"endTime":2993.82,"body":"there'll be many cycles"},{"speaker":"So let me summarize now","startTime":2993.82,"endTime":2996.41,"body":"of too much inventory"},{"speaker":"So let me summarize now","startTime":2993.82,"endTime":2996.41,"body":"and too little inventory,"},{"speaker":"So let me summarize now","startTime":2996.41,"endTime":3001.41,"body":"so my guess is it won't be"},{"speaker":"So let me summarize now","startTime":2996.41,"endTime":3001.41,"body":"five years before that happens."},{"speaker":"So let me summarize now","startTime":3003.86,"endTime":3005.83,"body":"- [Questioner] If you"},{"speaker":"So let me summarize now","startTime":3003.86,"endTime":3005.83,"body":"compare the economies"},{"speaker":"So let me summarize now","startTime":3005.83,"endTime":3009.17,"body":"of large countries like China and India,"},{"speaker":"So let me summarize now","startTime":3009.17,"endTime":3010.6,"body":"they did research on this,"},{"speaker":"So let me summarize now","startTime":3010.6,"endTime":3013.73,"body":"and they found that, in China,"},{"speaker":"So let me summarize now","startTime":3013.73,"endTime":3017.05,"body":"they like to get all"},{"speaker":"So let me summarize now","startTime":3013.73,"endTime":3017.05,"body":"the designs from abroad,"},{"speaker":"So let me summarize now","startTime":3017.05,"endTime":3019.27,"body":"and they act accordingly,"},{"speaker":"So let me summarize now","startTime":3019.27,"endTime":3021.49,"body":"and India, when they did the research,"},{"speaker":"So let me summarize now","startTime":3021.49,"endTime":3024.64,"body":"they got the impression that,"},{"speaker":"So let me summarize now","startTime":3024.64,"endTime":3028.1,"body":"no, they don't want to follow"},{"speaker":"So let me summarize now","startTime":3024.64,"endTime":3028.1,"body":"other people's designs,"},{"speaker":"So let me summarize now","startTime":3028.1,"endTime":3030.17,"body":"they want to do their own design,"},{"speaker":"So let me summarize now","startTime":3030.17,"endTime":3032.45,"body":"first of all for the internal market,"},{"speaker":"So let me summarize now","startTime":3032.45,"endTime":3034.65,"body":"and then they want the rest of the world"},{"speaker":"So let me summarize now","startTime":3034.65,"endTime":3037.71,"body":"to get interested in the thing."},{"speaker":"So let me summarize now","startTime":3037.71,"endTime":3039.76,"body":"This paradigm is a problem."},{"speaker":"So let me summarize now","startTime":3039.76,"endTime":3040.593,"body":"The other thing,"},{"speaker":"So let me summarize now","startTime":3040.593,"endTime":3043.52,"body":"I was rather concerned"},{"speaker":"So let me summarize now","startTime":3040.593,"endTime":3043.52,"body":"about people who fall back,"},{"speaker":"So let me summarize now","startTime":3043.52,"endTime":3047.083,"body":"who are falling behind"},{"speaker":"So let me summarize now","startTime":3043.52,"endTime":3047.083,"body":"because of globalization,"},{"speaker":"So let me summarize now","startTime":3047.959,"endTime":3051.97,"body":"and what governments can do,"},{"speaker":"So let me summarize now","startTime":3051.97,"endTime":3053.79,"body":"is it entirely due to corruption,"},{"speaker":"So let me summarize now","startTime":3053.79,"endTime":3056.103,"body":"or is it some other reason?"},{"speaker":"So let me summarize now","startTime":3059.3,"endTime":3060.133,"body":"- Two questions,"},{"speaker":"So let me summarize now","startTime":3060.133,"endTime":3060.966,"body":"first of all,"},{"speaker":"So let me summarize now","startTime":3062.33,"endTime":3065.3,"body":"I had looked at Chinese"},{"speaker":"So let me summarize now","startTime":3062.33,"endTime":3065.3,"body":"companies over the '90s,"},{"speaker":"So let me summarize now","startTime":3065.3,"endTime":3067.8,"body":"and during those '90s,"},{"speaker":"So let me summarize now","startTime":3067.8,"endTime":3069.88,"body":"initially, from taking"},{"speaker":"So let me summarize now","startTime":3067.8,"endTime":3069.88,"body":"designs from abroad,"},{"speaker":"So let me summarize now","startTime":3069.88,"endTime":3071.9,"body":"just making goods cheaply,"},{"speaker":"So let me summarize now","startTime":3071.9,"endTime":3074.6,"body":"they went further up in the supply chain"},{"speaker":"So let me summarize now","startTime":3074.6,"endTime":3076.13,"body":"to make their own designs,"},{"speaker":"So let me summarize now","startTime":3076.13,"endTime":3081.13,"body":"and now they will offer Western"},{"speaker":"So let me summarize now","startTime":3076.13,"endTime":3081.13,"body":"companies their own design"},{"speaker":"So let me summarize now","startTime":3081.31,"endTime":3083.27,"body":"and their own product."},{"speaker":"So let me summarize now","startTime":3083.27,"endTime":3084.94,"body":"And some companies,"},{"speaker":"So let me summarize now","startTime":3084.94,"endTime":3086.12,"body":"they've even gone forward"},{"speaker":"So let me summarize now","startTime":3086.12,"endTime":3088.29,"body":"where they even offer customer service"},{"speaker":"So let me summarize now","startTime":3088.29,"endTime":3091.85,"body":"on behalf of the Western companies,"},{"speaker":"So let me summarize now","startTime":3091.85,"endTime":3094.51,"body":"so getting closer and"},{"speaker":"So let me summarize now","startTime":3091.85,"endTime":3094.51,"body":"closer to the customer,"},{"speaker":"So let me summarize now","startTime":3094.51,"endTime":3098.25,"body":"getting upstream in"},{"speaker":"So let me summarize now","startTime":3094.51,"endTime":3098.25,"body":"terms of design and R\u0026D,"},{"speaker":"So let me summarize now","startTime":3098.25,"endTime":3102.65,"body":"because every company"},{"speaker":"So let me summarize now","startTime":3098.25,"endTime":3102.65,"body":"eventually says buy or make,"},{"speaker":"So let me summarize now","startTime":3102.65,"endTime":3104.63,"body":"so the same thing you"},{"speaker":"So let me summarize now","startTime":3102.65,"endTime":3104.63,"body":"can say about research,"},{"speaker":"So let me summarize now","startTime":3104.63,"endTime":3109.63,"body":"so Chinese companies have"},{"speaker":"So let me summarize now","startTime":3104.63,"endTime":3109.63,"body":"also expanded their remit"},{"speaker":"So let me summarize now","startTime":3113.67,"endTime":3115.743,"body":"into design as well."},{"speaker":"So let me summarize now","startTime":3118.07,"endTime":3119.4,"body":"Comparing that with India,"},{"speaker":"it's always been slightly confused","startTime":3122.32,"endTime":3123.153,"body":"on one hand,"},{"speaker":"it's always been slightly confused","startTime":3124.83,"endTime":3126.63,"body":"the current government says make in India,"},{"speaker":"it's always been slightly confused","startTime":3126.63,"endTime":3129.11,"body":"make it locally, everything done here,"},{"speaker":"it's always been slightly confused","startTime":3129.11,"endTime":3132.87,"body":"but then they import these"},{"speaker":"it's always been slightly confused","startTime":3129.11,"endTime":3132.87,"body":"really expensive weapon systems"},{"speaker":"it's always been slightly confused","startTime":3132.87,"endTime":3134.21,"body":"and then they export rice,"},{"speaker":"it's always been slightly confused","startTime":3134.21,"endTime":3135.54,"body":"which is already subsidized,"},{"speaker":"it's always been slightly confused","startTime":3135.54,"endTime":3137.59,"body":"so it's a money-losing business,"},{"speaker":"it's always been slightly confused","startTime":3137.59,"endTime":3142.12,"body":"so this industrial"},{"speaker":"it's always been slightly confused","startTime":3137.59,"endTime":3142.12,"body":"policy, bar manufacturing,"},{"speaker":"it's always been slightly confused","startTime":3142.12,"endTime":3145.57,"body":"hasn't really been"},{"speaker":"it's always been slightly confused","startTime":3142.12,"endTime":3145.57,"body":"thought through very well."},{"speaker":"it's always been slightly confused","startTime":3145.57,"endTime":3146.63,"body":"And like I said,"},{"speaker":"it's always been slightly confused","startTime":3146.63,"endTime":3149.75,"body":"there is research which"},{"speaker":"it's always been slightly confused","startTime":3146.63,"endTime":3149.75,"body":"ties that to globalization,"},{"speaker":"it's always been slightly confused","startTime":3149.75,"endTime":3152.963,"body":"so globalization has created not only,"},{"speaker":"it's always been slightly confused","startTime":3155.26,"endTime":3156.21,"body":"widened the difference"},{"speaker":"it's always been slightly confused","startTime":3156.21,"endTime":3158.08,"body":"between rich countries and poor countries,"},{"speaker":"it's always been slightly confused","startTime":3158.08,"endTime":3162.82,"body":"but also has widened the gap"},{"speaker":"it's always been slightly confused","startTime":3158.08,"endTime":3162.82,"body":"between the rich and the poor"},{"speaker":"it's always been slightly confused","startTime":3162.82,"endTime":3164.32,"body":"in those poor countries."},{"speaker":"it's always been slightly confused","startTime":3164.32,"endTime":3166.15,"body":"- [Questioner] But how"},{"speaker":"it's always been slightly confused","startTime":3164.32,"endTime":3166.15,"body":"can one prevent that?"},{"speaker":"it's always been slightly confused","startTime":3166.15,"endTime":3167.3,"body":"- That's why I'm hoping"},{"speaker":"it's always been slightly confused","startTime":3167.3,"endTime":3170.96,"body":"that governments can do"},{"speaker":"it's always been slightly confused","startTime":3167.3,"endTime":3170.96,"body":"these kinds of things,"},{"speaker":"it's always been slightly confused","startTime":3170.96,"endTime":3172.393,"body":"what we saw here,"},{"speaker":"it's always been slightly confused","startTime":3174.28,"endTime":3175.25,"body":"which will target,"},{"speaker":"it's always been slightly confused","startTime":3175.25,"endTime":3178.35,"body":"how do you protect the"},{"speaker":"it's always been slightly confused","startTime":3175.25,"endTime":3178.35,"body":"weaker part of society,"},{"speaker":"it's always been slightly confused","startTime":3178.35,"endTime":3179.723,"body":"and weaker countries."},{"speaker":"it's always been slightly confused","startTime":3180.7,"endTime":3181.997,"body":"- [Questioner] I was really"},{"speaker":"it's always been slightly confused","startTime":3180.7,"endTime":3181.997,"body":"curious about that question,"},{"speaker":"it's always been slightly confused","startTime":3181.997,"endTime":3186.04,"body":"because is globalization the"},{"speaker":"it's always been slightly confused","startTime":3181.997,"endTime":3186.04,"body":"cause of this increased gap,"},{"speaker":"it's always been slightly confused","startTime":3186.04,"endTime":3187.2,"body":"or was it going to happen away"},{"speaker":"it's always been slightly confused","startTime":3187.2,"endTime":3188.89,"body":"if we didn't have globalization?"},{"speaker":"it's always been slightly confused","startTime":3188.89,"endTime":3190.17,"body":"I thought those countries,"},{"speaker":"it's always been slightly confused","startTime":3190.17,"endTime":3191.589,"body":"the countries that have fallen behind-"},{"speaker":"it's always been slightly confused","startTime":3191.589,"endTime":3194.35,"body":"- Yeah, there is enough research"},{"speaker":"it's always been slightly confused","startTime":3194.35,"endTime":3199.053,"body":"to show that it's the cause"},{"speaker":"it's always been slightly confused","startTime":3194.35,"endTime":3199.053,"body":"and not a correlation."},{"speaker":"it's always been slightly confused","startTime":3200.29,"endTime":3203.22,"body":"- Can I bring you to a"},{"speaker":"it's always been slightly confused","startTime":3200.29,"endTime":3203.22,"body":"practical question here"},{"speaker":"it's always been slightly confused","startTime":3203.22,"endTime":3204.963,"body":"that someone has asked online?"},{"speaker":"it's always been slightly confused","startTime":3205.96,"endTime":3206.793,"body":"He's saying,"},{"speaker":"it's always been slightly confused","startTime":3206.793,"endTime":3208.677,"body":"\"Practically, what should procurement"},{"speaker":"it's always been slightly confused","startTime":3208.677,"endTime":3211.027,"body":"\"and supply chain functions in companies"},{"speaker":"it's always been slightly confused","startTime":3211.027,"endTime":3215.52,"body":"\"be doing now to improve their"},{"speaker":"it's always been slightly confused","startTime":3211.027,"endTime":3215.52,"body":"systems thinking capability?\""},{"speaker":"it's always been slightly confused","startTime":3215.52,"endTime":3219.65,"body":"So it's about scenario"},{"speaker":"it's always been slightly confused","startTime":3215.52,"endTime":3219.65,"body":"planning and systems thinking,"},{"speaker":"it's always been slightly confused","startTime":3219.65,"endTime":3221.62,"body":"what should companies be doing now"},{"speaker":"it's always been slightly confused","startTime":3221.62,"endTime":3224.853,"body":"to improve their systems"},{"speaker":"it's always been slightly confused","startTime":3221.62,"endTime":3224.853,"body":"thinking capability?"},{"speaker":"it's always been slightly confused","startTime":3225.99,"endTime":3227.06,"body":"- There were two aspects"},{"speaker":"it's always been slightly confused","startTime":3227.06,"endTime":3231.173,"body":"when I said making"},{"speaker":"it's always been slightly confused","startTime":3227.06,"endTime":3231.173,"body":"supply chains efficient,"},{"speaker":"it's always been slightly confused","startTime":3233.29,"endTime":3234.61,"body":"de-risking the supply chain,"},{"speaker":"it's always been slightly confused","startTime":3234.61,"endTime":3237.48,"body":"and also this continued imbalance"},{"speaker":"it's always been slightly confused","startTime":3237.48,"endTime":3240.463,"body":"that I referred to as the"},{"speaker":"it's always been slightly confused","startTime":3237.48,"endTime":3240.463,"body":"Forrester effect, and all that."},{"speaker":"it's always been slightly confused","startTime":3243.62,"endTime":3244.89,"body":"For both,"},{"speaker":"it's always been slightly confused","startTime":3244.89,"endTime":3246.66,"body":"obviously I don't understand"},{"speaker":"it's always been slightly confused","startTime":3246.66,"endTime":3247.97,"body":"the full intent of the question,"},{"speaker":"it's always been slightly confused","startTime":3247.97,"endTime":3251.01,"body":"whether that means more"},{"speaker":"it's always been slightly confused","startTime":3247.97,"endTime":3251.01,"body":"modeling for systems dynamics"},{"speaker":"it's always been slightly confused","startTime":3251.01,"endTime":3251.843,"body":"to understand"},{"speaker":"it's always been slightly confused","startTime":3253.172,"endTime":3257.93,"body":"these continued shortage"},{"speaker":"it's always been slightly confused","startTime":3253.172,"endTime":3257.93,"body":"and excess inventory cycles,"},{"speaker":"it's always been slightly confused","startTime":3257.93,"endTime":3259.78,"body":"certainly, there are modeling solutions,"},{"speaker":"it's always been slightly confused","startTime":3259.78,"endTime":3261.21,"body":"but effectively, it's,"},{"speaker":"it's always been slightly confused","startTime":3261.21,"endTime":3263.75,"body":"the longer the supply"},{"speaker":"it's always been slightly confused","startTime":3261.21,"endTime":3263.75,"body":"chain, that'll happen."},{"speaker":"it's always been slightly confused","startTime":3263.75,"endTime":3268.75,"body":"But in terms of how to"},{"speaker":"it's always been slightly confused","startTime":3263.75,"endTime":3268.75,"body":"de-risk their supply chains"},{"speaker":"it's always been slightly confused","startTime":3269.77,"endTime":3272.73,"body":"and prevent shocks from"},{"speaker":"it's always been slightly confused","startTime":3269.77,"endTime":3272.73,"body":"happening in the first place,"},{"speaker":"it's always been slightly confused","startTime":3272.73,"endTime":3274.07,"body":"and if shocks don't happen,"},{"speaker":"it's always been slightly confused","startTime":3274.07,"endTime":3276.973,"body":"then the system will not become unstable,"},{"speaker":"it's always been slightly confused","startTime":3278.69,"endTime":3280.74,"body":"I would say right now, immediately,"},{"speaker":"it's always been slightly confused","startTime":3280.74,"endTime":3282.18,"body":"the companies have to think about"},{"speaker":"it's always been slightly confused","startTime":3282.18,"endTime":3284.94,"body":"how they can de-risk their supply chains,"},{"speaker":"it's always been slightly confused","startTime":3284.94,"endTime":3286.85,"body":"although the effort, again,"},{"speaker":"it's always been slightly confused","startTime":3286.85,"endTime":3290.35,"body":"can result in more risk"},{"speaker":"it's always been slightly confused","startTime":3286.85,"endTime":3290.35,"body":"rather than less risk."},{"speaker":"it's always been slightly confused","startTime":3290.35,"endTime":3291.43,"body":"- And one more,"},{"speaker":"it's always been slightly confused","startTime":3291.43,"endTime":3292.76,"body":"which I think is a bit more practical,"},{"speaker":"this is about port congestions","startTime":3295.097,"endTime":3297.977,"body":"\"How can these be"},{"speaker":"this is about port congestions","startTime":3295.097,"endTime":3297.977,"body":"avoided in a planned way,"},{"speaker":"this is about port congestions","startTime":3297.977,"endTime":3299.907,"body":"\"especially in a post-distress period,"},{"speaker":"this is about port congestions","startTime":3299.907,"endTime":3301.847,"body":"\"for example post COVID?\""},{"speaker":"this is about port congestions","startTime":3303.3,"endTime":3305.0,"body":"- I think after the fact,"},{"speaker":"this is about port congestions","startTime":3305.0,"endTime":3305.94,"body":"many people will say,"},{"speaker":"this is about port congestions","startTime":3305.94,"endTime":3307.453,"body":"oh we should have done that,"},{"speaker":"this is about port congestions","startTime":3308.57,"endTime":3309.76,"body":"we should have done that."},{"speaker":"this is about port congestions","startTime":3309.76,"endTime":3310.593,"body":"The point is,"},{"speaker":"this is about port congestions","startTime":3310.593,"endTime":3312.16,"body":"in a world which is highly unstable,"},{"speaker":"this is about port congestions","startTime":3312.16,"endTime":3315.28,"body":"something or the other"},{"speaker":"this is about port congestions","startTime":3312.16,"endTime":3315.28,"body":"will always be going wrong,"},{"speaker":"this is about port congestions","startTime":3315.28,"endTime":3317.33,"body":"so either you plan for your supply chain"},{"speaker":"this is about port congestions","startTime":3317.33,"endTime":3320.04,"body":"assuming something,"},{"speaker":"this is about port congestions","startTime":3317.33,"endTime":3320.04,"body":"somewhere will go wrong,"},{"speaker":"this is about port congestions","startTime":3320.04,"endTime":3322.823,"body":"as long as most of the"},{"speaker":"this is about port congestions","startTime":3320.04,"endTime":3322.823,"body":"supply chain is working,"},{"speaker":"this is about port congestions","startTime":3323.67,"endTime":3325.82,"body":"that is a good thing,"},{"speaker":"this is about port congestions","startTime":3325.82,"endTime":3327.54,"body":"but you cannot predict,"},{"speaker":"this is about port congestions","startTime":3327.54,"endTime":3330.44,"body":"or take precautions such as,"},{"speaker":"this is about port congestions","startTime":3330.44,"endTime":3332.17,"body":"oh, the Suez Canal happened."},{"speaker":"this is about port congestions","startTime":3332.17,"endTime":3333.61,"body":"I mean, who would have guessed"},{"speaker":"this is about port congestions","startTime":3333.61,"endTime":3335.81,"body":"that this ship would"},{"speaker":"this is about port congestions","startTime":3333.61,"endTime":3335.81,"body":"have turned in such a way"},{"speaker":"this is about port congestions","startTime":3335.81,"endTime":3337.01,"body":"and then blocked?"},{"speaker":"this is about port congestions","startTime":3337.01,"endTime":3338.19,"body":"These things will happen,"},{"speaker":"this is about port congestions","startTime":3338.19,"endTime":3339.33,"body":"somewhere they will happen,"},{"speaker":"this is about port congestions","startTime":3339.33,"endTime":3342.0,"body":"in a very long supply"},{"speaker":"this is about port congestions","startTime":3339.33,"endTime":3342.0,"body":"chain with many links,"},{"speaker":"this is about port congestions","startTime":3342.0,"endTime":3345.16,"body":"some link or the other will break down."},{"speaker":"this is about port congestions","startTime":3345.16,"endTime":3348.07,"body":"- [Questioner] I was just"},{"speaker":"this is about port congestions","startTime":3345.16,"endTime":3348.07,"body":"curious to ask whether you think,"},{"speaker":"this is about port congestions","startTime":3348.07,"endTime":3350.06,"body":"in some regards,"},{"speaker":"this is about port congestions","startTime":3350.06,"endTime":3351.93,"body":"there's also an inequality"},{"speaker":"this is about port congestions","startTime":3351.93,"endTime":3354.21,"body":"in the complexity of supply chains?"},{"speaker":"this is about port congestions","startTime":3354.21,"endTime":3355.91,"body":"So like you said about countries"},{"speaker":"this is about port congestions","startTime":3355.91,"endTime":3358.04,"body":"that essentially just dig a mineral"},{"speaker":"this is about port congestions","startTime":3358.04,"endTime":3360.34,"body":"or an agricultural"},{"speaker":"this is about port congestions","startTime":3358.04,"endTime":3360.34,"body":"produce out of the ground,"},{"speaker":"this is about port congestions","startTime":3360.34,"endTime":3362.5,"body":"and then it enters a"},{"speaker":"this is about port congestions","startTime":3360.34,"endTime":3362.5,"body":"more complex supply chain"},{"speaker":"this is about port congestions","startTime":3362.5,"endTime":3364.99,"body":"as it's sent abroad as an export,"},{"speaker":"this is about port congestions","startTime":3364.99,"endTime":3366.88,"body":"in that sense, for that country,"},{"speaker":"this is about port congestions","startTime":3366.88,"endTime":3368.703,"body":"it's really just a one-way street,"},{"speaker":"this is about port congestions","startTime":3369.74,"endTime":3372.63,"body":"and then it enters a"},{"speaker":"this is about port congestions","startTime":3369.74,"endTime":3372.63,"body":"more complex supply chain"},{"speaker":"this is about port congestions","startTime":3372.63,"endTime":3375.63,"body":"as it enters more advanced economies,"},{"speaker":"this is about port congestions","startTime":3375.63,"endTime":3377.82,"body":"or economies with more infrastructure"},{"speaker":"this is about port congestions","startTime":3377.82,"endTime":3379.75,"body":"to move it in different ways."},{"speaker":"this is about port congestions","startTime":3379.75,"endTime":3380.583,"body":"So in that sense,"},{"speaker":"this is about port congestions","startTime":3380.583,"endTime":3381.59,"body":"do you think globalization"},{"speaker":"this is about port congestions","startTime":3381.59,"endTime":3385.55,"body":"somewhat relies on that"},{"speaker":"this is about port congestions","startTime":3381.59,"endTime":3385.55,"body":"inequality of supply chains,"},{"speaker":"this is about port congestions","startTime":3385.55,"endTime":3387.26,"body":"where, for the export-focused country,"},{"speaker":"this is about port congestions","startTime":3387.26,"endTime":3388.81,"body":"it's really just a one-way street?"},{"speaker":"this is about port congestions","startTime":3388.81,"endTime":3390.73,"body":"- Yeah, that is very true,"},{"speaker":"this is about port congestions","startTime":3390.73,"endTime":3393.57,"body":"that's why globalization"},{"speaker":"this is about port congestions","startTime":3390.73,"endTime":3393.57,"body":"causes inequality,"},{"speaker":"this is about port congestions","startTime":3393.57,"endTime":3394.78,"body":"because if one country says,"},{"speaker":"this is about port congestions","startTime":3394.78,"endTime":3398.53,"body":"oh, we are not going to export bauxite,"},{"speaker":"this is about port congestions","startTime":3398.53,"endTime":3401.393,"body":"we want to refine it a little"},{"speaker":"this is about port congestions","startTime":3398.53,"endTime":3401.393,"body":"bit before we export it,"},{"speaker":"this is about port congestions","startTime":3401.393,"endTime":3402.226,"body":"then you say,"},{"speaker":"this is about port congestions","startTime":3402.226,"endTime":3404.99,"body":"oh, I'll just buy it from"},{"speaker":"this is about port congestions","startTime":3402.226,"endTime":3404.99,"body":"the neighboring country."},{"speaker":"this is about port congestions","startTime":3404.99,"endTime":3406.83,"body":"- [Questioner] I come from Australia,"},{"speaker":"this is about port congestions","startTime":3406.83,"endTime":3409.17,"body":"which is often accused itself by others"},{"speaker":"this is about port congestions","startTime":3409.17,"endTime":3410.55,"body":"of selling the farm,"},{"speaker":"this is about port congestions","startTime":3410.55,"endTime":3411.913,"body":"iron ore, wheat."},{"speaker":"this is about port congestions","startTime":3413.52,"endTime":3416.038,"body":"But during the Second World War,"},{"speaker":"this is about port congestions","startTime":3416.038,"endTime":3418.98,"body":"the problems of isolation became evident,"},{"speaker":"this is about port congestions","startTime":3418.98,"endTime":3420.67,"body":"and they started to industrialize,"},{"speaker":"this is about port congestions","startTime":3420.67,"endTime":3423.237,"body":"so we were quite"},{"speaker":"this is about port congestions","startTime":3420.67,"endTime":3423.237,"body":"industrialized for some time."},{"speaker":"this is about port congestions","startTime":3423.237,"endTime":3427.143,"body":"The result was that there was"},{"speaker":"this is about port congestions","startTime":3423.237,"endTime":3427.143,"body":"protection on the industries."},{"speaker":"this is about port congestions","startTime":3429.71,"endTime":3431.36,"body":"They made nice motor cars,"},{"speaker":"this is about port congestions","startTime":3431.36,"endTime":3433.6,"body":"but they didn't always work very well,"},{"speaker":"this is about port congestions","startTime":3433.6,"endTime":3435.12,"body":"until they took the protection off,"},{"speaker":"this is about port congestions","startTime":3435.12,"endTime":3436.553,"body":"then the motor cars worked better,"},{"speaker":"this is about port congestions","startTime":3436.553,"endTime":3438.09,"body":"then they took more protection off,"},{"speaker":"this is about port congestions","startTime":3438.09,"endTime":3440.32,"body":"and now they don't make any at all."},{"speaker":"this is about port congestions","startTime":3440.32,"endTime":3442.36,"body":"But I was surprised just recently"},{"speaker":"this is about port congestions","startTime":3442.36,"endTime":3447.05,"body":"that I heard that the"},{"speaker":"this is about port congestions","startTime":3442.36,"endTime":3447.05,"body":"previous prime minister"},{"speaker":"this is about port congestions","startTime":3447.98,"endTime":3452.7,"body":"was at a factory that was making things"},{"speaker":"this is about port congestions","startTime":3452.7,"endTime":3454.193,"body":"for making phones work,"},{"speaker":"this is about port congestions","startTime":3456.54,"endTime":3458.643,"body":"I lose the words from time to time,"},{"speaker":"this is about port congestions","startTime":3460.16,"endTime":3463.89,"body":"and there was another"},{"speaker":"this is about port congestions","startTime":3460.16,"endTime":3463.89,"body":"factory making solar panels,"},{"speaker":"this is about port congestions","startTime":3463.89,"endTime":3467.75,"body":"and they're fairly new"},{"speaker":"this is about port congestions","startTime":3463.89,"endTime":3467.75,"body":"industries, they're coming in."},{"speaker":"this is about port congestions","startTime":3467.75,"endTime":3470.63,"body":"Let's hope they don't"},{"speaker":"this is about port congestions","startTime":3467.75,"endTime":3470.63,"body":"protect them overmuch,"},{"speaker":"this is about port congestions","startTime":3470.63,"endTime":3472.38,"body":"but just enough to keep them going,"},{"speaker":"this is about port congestions","startTime":3473.791,"endTime":3475.89,"body":"somewhere in the middle, it's got to be."},{"speaker":"this is about port congestions","startTime":3475.89,"endTime":3480.77,"body":"- One is, if we stay true to capitalism"},{"speaker":"this is about port congestions","startTime":3480.77,"endTime":3483.09,"body":"and make sure there is enough competition."},{"speaker":"this is about port congestions","startTime":3483.09,"endTime":3484.73,"body":"Once you take away the competition"},{"speaker":"this is about port congestions","startTime":3484.73,"endTime":3489.063,"body":"then there is not much"},{"speaker":"this is about port congestions","startTime":3484.73,"endTime":3489.063,"body":"incentive to improve quality."},{"speaker":"this is about port congestions","startTime":3493.03,"endTime":3495.63,"body":"And part of that"},{"speaker":"this is about port congestions","startTime":3493.03,"endTime":3495.63,"body":"increasing the competition"},{"speaker":"this is about port congestions","startTime":3495.63,"endTime":3498.41,"body":"is to level the playing field"},{"speaker":"this is about port congestions","startTime":3495.63,"endTime":3498.41,"body":"for small companies too,"},{"speaker":"this is about port congestions","startTime":3498.41,"endTime":3500.24,"body":"because then the threat is always,"},{"speaker":"this is about port congestions","startTime":3500.24,"endTime":3503.27,"body":"those small companies can,"},{"speaker":"this is about port congestions","startTime":3500.24,"endTime":3503.27,"body":"tomorrow, become large,"},{"speaker":"this is about port congestions","startTime":3503.27,"endTime":3505.63,"body":"and then compete with the"},{"speaker":"this is about port congestions","startTime":3503.27,"endTime":3505.63,"body":"current large companies."},{"speaker":"this is about port congestions","startTime":3505.63,"endTime":3510.47,"body":"The whole effort of any large company"},{"speaker":"this is about port congestions","startTime":3510.47,"endTime":3511.97,"body":"is to wipe out the competition"},{"speaker":"this is about port congestions","startTime":3511.97,"endTime":3514.22,"body":"so that they can have monopoly profits,"},{"speaker":"this is about port congestions","startTime":3514.22,"endTime":3515.26,"body":"and the government,"},{"speaker":"this is about port congestions","startTime":3515.26,"endTime":3517.01,"body":"if it's a truly capitalist government,"},{"speaker":"this is about port congestions","startTime":3517.01,"endTime":3520.48,"body":"should make sure there"},{"speaker":"this is about port congestions","startTime":3517.01,"endTime":3520.48,"body":"is enough competition"},{"speaker":"this is about port congestions","startTime":3520.48,"endTime":3523.213,"body":"that bad players do not exist."},{"speaker":"this is about port congestions","startTime":3524.06,"endTime":3525.96,"body":"The other part of the question is,"},{"speaker":"this is about port congestions","startTime":3525.96,"endTime":3527.66,"body":"should we protect some industries"},{"speaker":"this is about port congestions","startTime":3527.66,"endTime":3529.84,"body":"which are critical in the long-run,"},{"speaker":"this is about port congestions","startTime":3529.84,"endTime":3533.81,"body":"and you could argue steel,"},{"speaker":"this is about port congestions","startTime":3529.84,"endTime":3533.81,"body":"or healthcare goods,"},{"speaker":"this is about port congestions","startTime":3533.81,"endTime":3535.91,"body":"even though they are"},{"speaker":"this is about port congestions","startTime":3533.81,"endTime":3535.91,"body":"more expensive than, say,"},{"speaker":"this is about port congestions","startTime":3535.91,"endTime":3537.32,"body":"importing from China,"},{"speaker":"this is about port congestions","startTime":3537.32,"endTime":3540.49,"body":"we need to have something always there"},{"speaker":"this is about port congestions","startTime":3540.49,"endTime":3542.63,"body":"so that supply chains"},{"speaker":"this is about port congestions","startTime":3540.49,"endTime":3542.63,"body":"in the country can run"},{"speaker":"this is about port congestions","startTime":3542.63,"endTime":3545.67,"body":"even if everything was cut off,"},{"speaker":"this is about port congestions","startTime":3545.67,"endTime":3547.43,"body":"and food in the UK"},{"speaker":"this is about port congestions","startTime":3547.43,"endTime":3551.32,"body":"is something we'll have to"},{"speaker":"this is about port congestions","startTime":3547.43,"endTime":3551.32,"body":"be looking at very carefully,"},{"speaker":"this is about port congestions","startTime":3551.32,"endTime":3554.67,"body":"because there is just"},{"speaker":"this is about port congestions","startTime":3551.32,"endTime":3554.67,"body":"not enough supply chains,"},{"speaker":"this is about port congestions","startTime":3554.67,"endTime":3556.3,"body":"and we can keep importing,"},{"speaker":"this is about port congestions","startTime":3556.3,"endTime":3557.9,"body":"but at some point, if you say,"},{"speaker":"this is about port congestions","startTime":3557.9,"endTime":3561.68,"body":"what if we cannot import"},{"speaker":"this is about port congestions","startTime":3557.9,"endTime":3561.68,"body":"anything for six months,"},{"speaker":"this is about port congestions","startTime":3561.68,"endTime":3563.13,"body":"what are we going to live on?"},{"speaker":"this is about port congestions","startTime":3564.3,"endTime":3569.3,"body":"So there has to be some"},{"speaker":"this is about port congestions","startTime":3564.3,"endTime":3569.3,"body":"protection for some industries."},{"speaker":"this is about port congestions","startTime":3570.69,"endTime":3572.09,"body":"- Well Professor Sodhi,"},{"speaker":"this is about port congestions","startTime":3572.09,"endTime":3573.53,"body":"I'm afraid that's all we have time for,"},{"speaker":"this is about port congestions","startTime":3573.53,"endTime":3574.95,"body":"thank you very much for your lecture,"},{"speaker":"this is about port congestions","startTime":3574.95,"endTime":3576.93,"body":"and thank you to our"},{"speaker":"this is about port congestions","startTime":3574.95,"endTime":3576.93,"body":"audience for attending,"},{"speaker":"this is about port congestions","startTime":3576.93,"endTime":3578.72,"body":"both those in the room and online."},{"speaker":"this is about port congestions","startTime":3578.72,"endTime":3581.516,"body":"Please join me in thanking the professor."},{"speaker":"this is about port congestions","startTime":3581.516,"endTime":3584.066,"body":"(audience applauds)"}]}