in his wonderful book the economic consequences of the peace john maynard
consequences of the peace john maynard
consequences of the peace john maynard keynes sums up an image of a
keynes sums up an image of a
keynes sums up an image of a middle-class civilized Londoner just
middle-class civilized Londoner just
middle-class civilized Londoner just before the first world war
before the first world war
before the first world war he’s lying in bed reading his morning
he’s lying in bed reading his morning
he’s lying in bed reading his morning times sipping his tea and using this
times sipping his tea and using this
times sipping his tea and using this newfangled device the telephone to order
newfangled device the telephone to order
newfangled device the telephone to order commodities from all over the world
commodities from all over the world
commodities from all over the world he’s absolutely certain that those
he’s absolutely certain that those
he’s absolutely certain that those commodities will arrive on his doorstep
commodities will arrive on his doorstep
commodities will arrive on his doorstep in the next few days he’s using this
in the next few days he’s using this
in the next few days he’s using this newfangled device to make investments in
newfangled device to make investments in
newfangled device to make investments in stocks and shares in companies that
stocks and shares in companies that
stocks and shares in companies that operate all around the world
operate all around the world
operate all around the world he’s absolutely confident that he’ll
he’s absolutely confident that he’ll
he’s absolutely confident that he’ll make money from those investments and
make money from those investments and
make money from those investments and Cain says that this Londoner is certain
Cain says that this Londoner is certain
Cain says that this Londoner is certain that the world will go on becoming more
that the world will go on becoming more
that the world will go on becoming more cosmopolitan more integrated more global
cosmopolitan more integrated more global
cosmopolitan more integrated more global and he’s absolutely blind to the forces
and he’s absolutely blind to the forces
and he’s absolutely blind to the forces of nationalism tribalism and
of nationalism tribalism and
of nationalism tribalism and protectionism that are about to
protectionism that are about to
protectionism that are about to transform that world the global elite
transform that world the global elite
transform that world the global elite over the last twenty years has been
over the last twenty years has been
over the last twenty years has been rather like Keynes’s Londoner we’ve been
rather like Keynes’s Londoner we’ve been
rather like Keynes’s Londoner we’ve been lying in our collective bed sipping our
lying in our collective bed sipping our
lying in our collective bed sipping our collective tea reading our collective
collective tea reading our collective
collective tea reading our collective google google and we’ve been making our
google google and we’ve been making our
google google and we’ve been making our investments we’ve been pressing our mark
investments we’ve been pressing our mark
investments we’ve been pressing our mark smartphones we’ve been expecting our
smartphones we’ve been expecting our
smartphones we’ve been expecting our commodities to arrive from Amazon on our
commodities to arrive from Amazon on our
commodities to arrive from Amazon on our doorstep the next day and we have
doorstep the next day and we have
doorstep the next day and we have collectively been absolutely blind to
collectively been absolutely blind to
collectively been absolutely blind to the forces of tribalism nationalism and
the forces of tribalism nationalism and
the forces of tribalism nationalism and xenophobia which are currently
xenophobia which are currently
xenophobia which are currently transforming our world now Keynes’s
transforming our world now Keynes’s
transforming our world now Keynes’s londoners world was transformed by the
londoners world was transformed by the
londoners world was transformed by the first world war the first world war
first world war the first world war
first world war the first world war divided the world into warring murderous
divided the world into warring murderous
divided the world into warring murderous tribes after the first world war
tribes after the first world war
tribes after the first world war you got economic crisis economic crisis
you got economic crisis economic crisis
you got economic crisis economic crisis led to protectionism protectionism led
led to protectionism protectionism led
led to protectionism protectionism led to depression after the war you got the
to depression after the war you got the
to depression after the war you got the rise of Hitler which led inexorably to
rise of Hitler which led inexorably to
rise of Hitler which led inexorably to the Second World War
the Second World War
the Second World War you got the rise of Stalin which led to
you got the rise of Stalin which led to
you got the rise of Stalin which led to the division of the world into warring
the division of the world into warring
the division of the world into warring ideological camps now after the Second
ideological camps now after the Second
ideological camps now after the Second World War we ground
World War we ground
World War we ground he began to reconstruct the world of
he began to reconstruct the world of
he began to reconstruct the world of global integration from 1945 to the
global integration from 1945 to the
global integration from 1945 to the financial crisis the world became more
financial crisis the world became more
financial crisis the world became more integrated you had a more ambitious more
integrated you had a more ambitious more
integrated you had a more ambitious more hubristic notion of globalization
hubristic notion of globalization
hubristic notion of globalization constantly pushing the world together
constantly pushing the world together
constantly pushing the world together but I think what happened with the
but I think what happened with the
but I think what happened with the financial crisis was this period of
financial crisis was this period of
financial crisis was this period of globalization began to come to an end
globalization began to come to an end
globalization began to come to an end now I believe that globalization will
now I believe that globalization will
now I believe that globalization will continue in the sense that companies
continue in the sense that companies
continue in the sense that companies will continue to trade across borders
will continue to trade across borders
will continue to trade across borders wherever they can
wherever they can
wherever they can but globalization is an ideological
but globalization is an ideological
but globalization is an ideological project driven by policymakers who
project driven by policymakers who
project driven by policymakers who constantly want to lower borders cheered
constantly want to lower borders cheered
constantly want to lower borders cheered by ideal ideologues and intellectuals
by ideal ideologues and intellectuals
by ideal ideologues and intellectuals who say that globalization will produce
who say that globalization will produce
who say that globalization will produce a more integrated more liberal more
a more integrated more liberal more
a more integrated more liberal more peaceful world that globalization is
peaceful world that globalization is
peaceful world that globalization is beginning to dissolve before our eyes
beginning to dissolve before our eyes
beginning to dissolve before our eyes the great era of globalization depended
the great era of globalization depended
the great era of globalization depended on the United States being involved with
on the United States being involved with
on the United States being involved with the world
the world
the world after the Second World War the United
after the Second World War the United
after the Second World War the United States took the lead in pushing for free
States took the lead in pushing for free
States took the lead in pushing for free trade in pushing for NATO in pushing for
trade in pushing for NATO in pushing for
trade in pushing for NATO in pushing for a global architecture of security but
a global architecture of security but
a global architecture of security but after the first world war the United
after the first world war the United
after the first world war the United States did none of those things it
States did none of those things it
States did none of those things it retreated from the world and that’s why
retreated from the world and that’s why
retreated from the world and that’s why you’ve got the depression that’s why
you’ve got the depression that’s why
you’ve got the depression that’s why you’ve got protectionism that’s why
you’ve got protectionism that’s why
you’ve got protectionism that’s why you’ve got the rise of these monsters
you’ve got the rise of these monsters
you’ve got the rise of these monsters across the world I think we’re moving
across the world I think we’re moving
across the world I think we’re moving back to the attitude of the United
back to the attitude of the United
back to the attitude of the United States after the first world war rather
States after the first world war rather
States after the first world war rather than after the Second World War
than after the Second World War
than after the Second World War secondly globalization depended on the U
secondly globalization depended on the U
secondly globalization depended on the U the European Union advancing sucking in
the European Union advancing sucking in
the European Union advancing sucking in more members that process has reached
more members that process has reached
more members that process has reached its limits and is beginning with brexit
its limits and is beginning with brexit
its limits and is beginning with brexit to reverse the European Union is
to reverse the European Union is
to reverse the European Union is essentially now reached its limits
essentially now reached its limits
essentially now reached its limits essentially paralyzed what’s gone wrong
essentially paralyzed what’s gone wrong
essentially paralyzed what’s gone wrong I think what’s gone wrong essentially is
I think what’s gone wrong essentially is
I think what’s gone wrong essentially is that the globalizers over-promised and
that the globalizers over-promised and
that the globalizers over-promised and under-delivered they promised that
under-delivered they promised that
under-delivered they promised that globalization would produce a world of
globalization would produce a world of
globalization would produce a world of obvious benefits for everybody a more
obvious benefits for everybody a more
obvious benefits for everybody a more prosperous and more stable a more
prosperous and more stable a more
prosperous and more stable a more pleasant world well they said that of
pleasant world well they said that of
pleasant world well they said that of course they’ll be disruption of course
course they’ll be disruption of course
course they’ll be disruption of course there’ll be difficulties of course
there’ll be difficulties of course
there’ll be difficulties of course people will have to change and adjust to
people will have to change and adjust to
people will have to change and adjust to that world but overwhelmingly you
that world but overwhelmingly you
that world but overwhelmingly you see improvements in your life this
see improvements in your life this
see improvements in your life this clearly happened in the emerging world I
clearly happened in the emerging world I
clearly happened in the emerging world I was in June Dow not that long ago a city
was in June Dow not that long ago a city
was in June Dow not that long ago a city I’ve hardly ever heard of everybody
I’ve hardly ever heard of everybody
I’ve hardly ever heard of everybody there seemed prosperous there were brand
there seemed prosperous there were brand
there seemed prosperous there were brand new cars the skyscrapers people had jobs
new cars the skyscrapers people had jobs
new cars the skyscrapers people had jobs there was a great sense of optimism
there was a great sense of optimism
there was a great sense of optimism everybody was looking forward to the
everybody was looking forward to the
everybody was looking forward to the future that’s a wonderful thing but if
future that’s a wonderful thing but if
future that’s a wonderful thing but if you leave that world the emerging world
you leave that world the emerging world
you leave that world the emerging world and look at the rich world what do you
and look at the rich world what do you
and look at the rich world what do you see you see that America’s standard of
see you see that America’s standard of
see you see that America’s standard of living has stagnated the average
living has stagnated the average
living has stagnated the average American has seen their standard of
American has seen their standard of
American has seen their standard of living stagnating for the last 20 years
living stagnating for the last 20 years
living stagnating for the last 20 years I recently went to Wolverhampton the
I recently went to Wolverhampton the
I recently went to Wolverhampton the exact opposite of Jing Dao a world where
exact opposite of Jing Dao a world where
exact opposite of Jing Dao a world where people have seen their lives broken by
people have seen their lives broken by
people have seen their lives broken by the industrialization a world where
the industrialization a world where
the industrialization a world where people do not have hope for the future
people do not have hope for the future
people do not have hope for the future and the worrying thing to me is that in
and the worrying thing to me is that in
and the worrying thing to me is that in this period of hyperglobalisation
this period of hyperglobalisation
this period of hyperglobalisation productivity growth has actually been
productivity growth has actually been
productivity growth has actually been much slower than it was from 1945 to
much slower than it was from 1945 to
much slower than it was from 1945 to about 1970 when you had a much more
about 1970 when you had a much more
about 1970 when you had a much more controlled version of globalization so
controlled version of globalization so
controlled version of globalization so we were promised an acceleration in
we were promised an acceleration in
we were promised an acceleration in growth and what we’ve seen in the rich
growth and what we’ve seen in the rich
growth and what we’ve seen in the rich world at least productivity growth
world at least productivity growth
world at least productivity growth beginning to stagnate a great stagnation
beginning to stagnate a great stagnation
beginning to stagnate a great stagnation the globalized has promised that there
the globalized has promised that there
the globalized has promised that there would be a sort of platonic Guardian
would be a sort of platonic Guardian
would be a sort of platonic Guardian class they said well of course we’ll
class they said well of course we’ll
class they said well of course we’ll have turbulence of course we’ll have
have turbulence of course we’ll have
have turbulence of course we’ll have capital movements of course we’ll have
capital movements of course we’ll have
capital movements of course we’ll have hot money running around the world but
hot money running around the world but
hot money running around the world but we understand the science of economics
we understand the science of economics
we understand the science of economics we can control these things we’ll give
we can control these things we’ll give
we can control these things we’ll give you the Great Moderation will end the
you the Great Moderation will end the
you the Great Moderation will end the boom-bust cycle we can control
boom-bust cycle we can control
boom-bust cycle we can control globalization will unleash this force
globalization will unleash this force
globalization will unleash this force it’ll make you richer and we can control
it’ll make you richer and we can control
it’ll make you richer and we can control it well that argument was blown away by
it well that argument was blown away by
it well that argument was blown away by the global financial crisis which was
the global financial crisis which was
the global financial crisis which was testimony to extremely poor financial
testimony to extremely poor financial
testimony to extremely poor financial management so things are not going well
management so things are not going well
management so things are not going well the globalizers promised as well that
the globalizers promised as well that
the globalizers promised as well that all good things would tend to go
all good things would tend to go
all good things would tend to go together you wouldn’t just get global
together you wouldn’t just get global
together you wouldn’t just get global markets advancing you get democracy
markets advancing you get democracy
markets advancing you get democracy advancing you wouldn’t just get global
advancing you wouldn’t just get global
advancing you wouldn’t just get global markets and democracy advanced that you
markets and democracy advanced that you
markets and democracy advanced that you get liberal values advancing everything
get liberal values advancing everything
get liberal values advancing everything would go together there was a lot of
would go together there was a lot of
would go together there was a lot of talk about how democracies never go to
talk about how democracies never go to
talk about how democracies never go to war with each other
war with each other
war with each other there was even hat talk about how to
there was even hat talk about how to
there was even hat talk about how to countries where the McDonnells will
countries where the McDonnells will
countries where the McDonnells will never go to war with each
never go to war with each
never go to war with each that’s how silly things became this
that’s how silly things became this
that’s how silly things became this hasn’t happened we haven’t had this
hasn’t happened we haven’t had this
hasn’t happened we haven’t had this triumph of global liberal values we’ve
triumph of global liberal values we’ve
triumph of global liberal values we’ve had an alternative model of
had an alternative model of
had an alternative model of globalization which is authoritarian
globalization which is authoritarian
globalization which is authoritarian globalization with people at Putin
globalization with people at Putin
globalization with people at Putin people bit people a lot like Turk
people bit people a lot like Turk
people bit people a lot like Turk countries like Turkey which are based on
countries like Turkey which are based on
countries like Turkey which are based on the idea of authoritarian illiberal
the idea of authoritarian illiberal
the idea of authoritarian illiberal globalization authoritarian illiberal
globalization authoritarian illiberal
globalization authoritarian illiberal global global capitalism as an
global global capitalism as an
global global capitalism as an alternative to the liberal West one of
alternative to the liberal West one of
alternative to the liberal West one of the great debates in the 1990s was
the great debates in the 1990s was
the great debates in the 1990s was between Francis Fukuyama and his
between Francis Fukuyama and his
between Francis Fukuyama and his argument about the end of history and
argument about the end of history and
argument about the end of history and Samuel Huntington who talked about the
Samuel Huntington who talked about the
Samuel Huntington who talked about the clash of civilizations well what we’ve
clash of civilizations well what we’ve
clash of civilizations well what we’ve seen is Huntington win that argument
seen is Huntington win that argument
seen is Huntington win that argument absolutely dramatically globalization
absolutely dramatically globalization
absolutely dramatically globalization has not killed nationalism is not killed
has not killed nationalism is not killed
has not killed nationalism is not killed xenophobia quite often it’s unleashed it
xenophobia quite often it’s unleashed it
xenophobia quite often it’s unleashed it and made it even worse and the very
and made it even worse and the very
and made it even worse and the very people the very people who are making
people the very people who are making
people the very people who are making these hubristic arguments have actually
these hubristic arguments have actually
these hubristic arguments have actually engaged in a massive process of self
engaged in a massive process of self
engaged in a massive process of self dealing they’ve done exceptionally well
dealing they’ve done exceptionally well
dealing they’ve done exceptionally well out of this process of globalization at
out of this process of globalization at
out of this process of globalization at a time when we’ve seen economic
a time when we’ve seen economic
a time when we’ve seen economic stagnation the global elite has got
stagnation the global elite has got
stagnation the global elite has got richer and richer and richer and made
richer and richer and richer and made
richer and richer and richer and made out like bandits we’ve seen politicians
out like bandits we’ve seen politicians
out like bandits we’ve seen politicians in the revolving door going from running
in the revolving door going from running
in the revolving door going from running regulated Latorre bodies operating in
regulated Latorre bodies operating in
regulated Latorre bodies operating in Parliament to working for these global
Parliament to working for these global
Parliament to working for these global companies we’ve seen global companies
companies we’ve seen global companies
companies we’ve seen global companies great marvelous global companies that
great marvelous global companies that
great marvelous global companies that claim to be doing good in the world
claim to be doing good in the world
claim to be doing good in the world concealing money from tax that the tax
concealing money from tax that the tax
concealing money from tax that the tax system engaging in the most
system engaging in the most
system engaging in the most extraordinary process of lobbying
extraordinary process of lobbying
extraordinary process of lobbying rigging the system hiding their profits
rigging the system hiding their profits
rigging the system hiding their profits we’ve seen a global elite elite
we’ve seen a global elite elite
we’ve seen a global elite elite preaching the virtues of globalization
preaching the virtues of globalization
preaching the virtues of globalization but instead acting as sort of crony
but instead acting as sort of crony
but instead acting as sort of crony capitalists crony globalists and I think
capitalists crony globalists and I think
capitalists crony globalists and I think something else has gone on at this time
something else has gone on at this time
something else has gone on at this time globalization offers a very difficult
globalization offers a very difficult
globalization offers a very difficult world it’s up roots people’s lives it
world it’s up roots people’s lives it
world it’s up roots people’s lives it challenges their cultures but what does
challenges their cultures but what does
challenges their cultures but what does it offer in return I haven’t seen any
it offer in return I haven’t seen any
it offer in return I haven’t seen any great depth the astonishing thing about
great depth the astonishing thing about
great depth the astonishing thing about globalization is how shallow it’s quite
globalization is how shallow it’s quite
globalization is how shallow it’s quite often being how shallow it’s offering
often being how shallow it’s offering
often being how shallow it’s offering has been so if you look back to the
has been so if you look back to the
has been so if you look back to the great age of liberal
great age of liberal
great age of liberal lism in the 19th century who had an
lism in the 19th century who had an
lism in the 19th century who had an extrordinary flowering of culture you
extrordinary flowering of culture you
extrordinary flowering of culture you had Balzac you had bait oh you had great
had Balzac you had bait oh you had great
had Balzac you had bait oh you had great artists what have we had during the era
artists what have we had during the era
artists what have we had during the era of hyperglobalisation airport lounges
of hyperglobalisation airport lounges
of hyperglobalisation airport lounges management textbooks it’s been an
management textbooks it’s been an
management textbooks it’s been an extremely disappointing era from that
extremely disappointing era from that
extremely disappointing era from that perspective but above all what
perspective but above all what
perspective but above all what globalization or hyper globalization is
globalization or hyper globalization is
globalization or hyper globalization is done is to unleash its opposite its
done is to unleash its opposite its
done is to unleash its opposite its unleashed a very ugly
unleashed a very ugly
unleashed a very ugly form of nationalism
form of nationalism
form of nationalism so confronted with broken promises
so confronted with broken promises
so confronted with broken promises confronted with stagnant economies
confronted with stagnant economies
confronted with stagnant economies confronted with crony –is– global
confronted with crony –is– global
confronted with crony –is– global elites that look after each other the
elites that look after each other the
elites that look after each other the masses people are beginning to turn to
masses people are beginning to turn to
masses people are beginning to turn to the worst sorts of snake oil salesmen
the worst sorts of snake oil salesmen
the worst sorts of snake oil salesmen they’re turning to people who say well
they’re turning to people who say well
they’re turning to people who say well the best alternative to hyper
the best alternative to hyper
the best alternative to hyper globalization is ethnic nationalism the
globalization is ethnic nationalism the
globalization is ethnic nationalism the best alternative to doing too much to
best alternative to doing too much to
best alternative to doing too much to push freedom of movement of people and
push freedom of movement of people and
push freedom of movement of people and ideas is protectionism and managed
ideas is protectionism and managed
ideas is protectionism and managed economy from the top so I think the
economy from the top so I think the
economy from the top so I think the great challenge of liberals over the
great challenge of liberals over the
great challenge of liberals over the next few years is to save globalization
next few years is to save globalization
next few years is to save globalization by reforming it this will involve a
by reforming it this will involve a
by reforming it this will involve a great deal more humility on the part of
great deal more humility on the part of
great deal more humility on the part of liberals it will involve a willingness
liberals it will involve a willingness
liberals it will involve a willingness to compromise about fundamental things
to compromise about fundamental things
to compromise about fundamental things or things that they thought were
or things that they thought were
or things that they thought were fundamental and I think the free
fundamental and I think the free
fundamental and I think the free movement of people might well be part of
movement of people might well be part of
movement of people might well be part of that I think the insistence by the
that I think the insistence by the
that I think the insistence by the European Union that the free movement of
European Union that the free movement of
European Union that the free movement of people is absolutely undebatable is may
people is absolutely undebatable is may
people is absolutely undebatable is may well be going much too far it will be it
well be going much too far it will be it
well be going much too far it will be it will involve a willingness to recognize
will involve a willingness to recognize
will involve a willingness to recognize that nationalism has a bright side as
that nationalism has a bright side as
that nationalism has a bright side as well as a dark side we need to rescue
well as a dark side we need to rescue
well as a dark side we need to rescue the good side of nationalism in order to
the good side of nationalism in order to
the good side of nationalism in order to prevent the triumph of the bad side of
prevent the triumph of the bad side of
prevent the triumph of the bad side of nationalism it will involve a sort of
nationalism it will involve a sort of
nationalism it will involve a sort of humility on the part of people we’ve
humility on the part of people we’ve
humility on the part of people we’ve seen over the last L on the part of
seen over the last L on the part of
seen over the last L on the part of globalist we’ve seen over the era of
globalist we’ve seen over the era of
globalist we’ve seen over the era of triumphant globalism a sort of bourgeois
triumphant globalism a sort of bourgeois
triumphant globalism a sort of bourgeois triumphalism the sort of notion where
triumphalism the sort of notion where
triumphalism the sort of notion where right everybody who doesn’t agree with
right everybody who doesn’t agree with
right everybody who doesn’t agree with us is wrong anybody who doesn’t agree
us is wrong anybody who doesn’t agree
us is wrong anybody who doesn’t agree with our values about
with our values about
with our values about free trade free movement across borders
free trade free movement across borders
free trade free movement across borders gender fluidity and the rest of it must
gender fluidity and the rest of it must
gender fluidity and the rest of it must be some stump toothed bigoted
be some stump toothed bigoted
be some stump toothed bigoted nationalists and we need to demonize
nationalists and we need to demonize
nationalists and we need to demonize them and write them out of the script
them and write them out of the script
them and write them out of the script and this is coming from people who’ve
and this is coming from people who’ve
and this is coming from people who’ve mismanaged this process and have made
mismanaged this process and have made
mismanaged this process and have made themselves rich in the process of
themselves rich in the process of
themselves rich in the process of globalization and I think above all we
globalization and I think above all we
globalization and I think above all we need to have a war against self dealing
need to have a war against self dealing
need to have a war against self dealing against global cronyism we need to stop
against global cronyism we need to stop
against global cronyism we need to stop this door from revolving we need to stop
this door from revolving we need to stop
this door from revolving we need to stop these tax havens from being created to
these tax havens from being created to
these tax havens from being created to save companies from from paying any
save companies from from paying any
save companies from from paying any taxes so the price of failure the price
taxes so the price of failure the price
taxes so the price of failure the price of failure from this process will be an
of failure from this process will be an
of failure from this process will be an ugly world of nationalism and xenophobia
ugly world of nationalism and xenophobia
ugly world of nationalism and xenophobia and the people who will be responsible
and the people who will be responsible
and the people who will be responsible for creating this ugly world will be
for creating this ugly world will be
for creating this ugly world will be just as much overreaching globalists as
just as much overreaching globalists as
just as much overreaching globalists as they are tub-thumping nationalists thank
they are tub-thumping nationalists thank
they are tub-thumping nationalists thank you
you
you [Applause]
”
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