Geoff Mulgan: Post-crash, investing in a better world

38,150 views ใƒป 2009-09-02

TED


ืื ื ืœื—ืฅ ืคืขืžื™ื™ื ืขืœ ื”ื›ืชื•ื‘ื™ื•ืช ื‘ืื ื’ืœื™ืช ืœืžื˜ื” ื›ื“ื™ ืœื”ืคืขื™ืœ ืืช ื”ืกืจื˜ื•ืŸ.

ืžืชืจื’ื: Yasaf Volinsky ืžื‘ืงืจ: Sigal Tifferet
00:19
It's hard to believe that it's less than a year since the extraordinary moment
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ืงืฉื” ืœื”ืืžื™ืŸ ื›ื™ ื—ืœืคื” ืคื—ื•ืช ืžืฉื ื” ืžืื– ืื•ืชื• ืจื’ืข ื‘ืœืชื™ ื ืชืคืก
00:23
when the finance, the credit, which drives our economies froze.
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ื‘ื• ื”ืžื™ืžื•ืŸ, ื”ืืฉืจืื™, ืืฉืจ ืžื ื™ืข ืืช ื›ืœื›ืœื•ืช ื”ืขื•ืœื ืงืคื.
00:27
A massive cardiac arrest.
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ื“ื•ื ืœื‘.
00:30
The effect, the payback, perhaps, for years of vampire predators like Bernie Madoff,
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ื”ื”ืฉืคืขื”, ื™ื™ืชื›ืŸ ื”ืขื•ื ืฉ, ืขืœ ืฉื ื™ื ืฉืœ ื˜ื•ืจืคื™ื ื˜ืคื™ืœื™ื™ื ื›ื’ื•ืŸ ื‘ืจื ื™ ืžื™ื™ื“ื•ืจืฃ,
00:34
whom we saw earlier.
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ืฉืื•ืชื• ืจืื™ื ื• ืงื•ื“ื.
00:36
Abuse of steroids, binging and so on.
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ืฉื ื™ื ืฉืœ ื›ืœื›ืœื” ืขืœ ืกื˜ืจื•ืื™ื“ื™ื, ื”ืื‘ืกื” ื•ื—ื–ื™ืจื•ืช.
00:39
And it's only a few months since governments
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ื—ืœืคื• ืจืง ื—ื•ื“ืฉื™ื ืกืคื•ืจื™ื ืžืื– ืฉืžืžืฉืœื•ืช
00:41
injected enormous sums of money to try and keep the whole system afloat.
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ื”ื–ืจื™ืงื• ืกื›ื•ืžื™ ื›ืกืฃ ืื“ื™ืจื™ื ืœืฉื•ืง ื‘ื ืกื™ื•ืŸ ืœืฉืžื•ืจ ื›ื™ ืœื ื™ืฉืงืข.
00:47
And we're now in a very strange sort of twilight zone,
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ื•ื›ืขืช ืื ื• ื‘ืื™ื–ื•ืจ ื“ื™ืžื“ื•ืžื™ื ืžืฉื•ื ื”
00:49
where no one quite knows what's worked, or what doesn't.
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ื‘ื• ืื™ืฉ ืื™ื ื• ื™ื•ื“ืข ื‘ื“ื™ื•ืง ืžื” ืขื‘ื“, ืื• ืžื” ืื™ื ื• ืขื•ื‘ื“.
00:53
We don't have any very clear maps, any compass to guide us.
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ืื ื• ื ื˜ื•ืœื™ ืžืคื•ืช ื•ืžืฆืคืŸ ืฉื™ื ื—ื• ืื•ืชื ื•.
00:58
We don't know which experts to believe anymore.
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ืื™ื ื ื• ื™ื•ื“ืขื™ื ืœืืœื• ืžื•ืžื—ื™ื ืขืœื™ื ื• ืœื”ืืžื™ืŸ ื›ืขืช.
01:01
What I'm going to try and do is to give some pointers
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ื‘ื›ื•ื•ื ืชื™ ืœื ืกื•ืช ื•ืœืืคื™ื™ืŸ ื‘ืžืกืคืจ ื ืงื•ื“ื•ืช
01:04
to what I think is the landscape on the other side of the crisis,
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ืืช ืคื ื™ื• ืฉืœ ื”ื ื•ืฃ ื”ื ืคืจืฉ ืžืขื‘ืจื• ื”ืื—ืจ ืฉืœ ื”ืžืฉื‘ืจ.
01:08
what things we should be looking out for
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ืขืœ ืื™ืœื• ื“ื‘ืจื™ื ืขืœื™ื ื• ืœืชืช ื“ืขืชื ื•
01:10
and how we can actually use the crisis.
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ื•ื›ื™ืฆื“ ืื ื• ื™ื›ื•ืœื™ื ืœืžืขืฉื” ืœืขืฉื•ืช ืฉื™ืžื•ืฉ ื‘ืžืฉื‘ืจ.
01:13
There's a definition of leadership which says,
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ืื—ืช ื”ื”ื’ื“ืจื•ืช ืœืžื ื”ื™ื’ื•ืช ื”ื™ื,
01:15
"It's the ability to use the smallest possible crisis
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"ื”ื™ื›ื•ืœืช ืœื ืฆืœ ืืช ื”ืžืฉื‘ืจ ื”ืงื˜ืŸ ื‘ื™ื•ืชืจ
01:19
for the biggest possible effect."
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ืขืœ ืžื ืช ืœื”ืฉื™ื’ ื”ืฉืคืขื” ืžื™ืจื‘ื™ืช".
01:21
And I want to talk about how we ensure that this crisis,
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ื•ืื ื™ ืจื•ืฆื” ืœื“ื‘ืจ ืขืœ ื”ืื•ืคืŸ ื‘ื• ืื ื• ื™ื›ื•ืœื™ื ืœื”ื‘ื˜ื™ื— ื›ื™ ื”ืžืฉื‘ืจ ื”ื–ื”,
01:24
which is by no means small, really is used to the full.
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ืฉื‘ืคื™ืจื•ืฉ ืื™ื ื• ืงื˜ืŸ, ื™ื ื•ืฆืœ ื‘ืžืœื•ืื•.
01:28
I want to start just by saying a bit about where I'm coming from.
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ืื ื™ ืจื•ืฆื” ืœืคืชื•ื— ื‘ืกืงื™ืจื” ืงืฆืจื” ืฉืœ ื”ืจืงืข ืฉืœื™ ื•ื”ืžืงื•ื ืžืžื ื• ืื ื™ ืžื’ื™ืข.
01:31
I've got a very confused background
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ืื ื™ ื‘ืขืœ ืจืงืข ืžืื•ื“ "ืžื‘ื•ืœื‘ืœ"
01:34
which perhaps makes me appropriate for confused times.
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ืžื” ืฉื”ื•ืคืš ืื•ืชื™ ืœืžืชืื™ื ื‘ืžื™ื•ื—ื“ ืœื–ืžื ื™ื ื›ืื•ื˜ื™ื™ื.
01:38
I've got a Ph.D. in Telecoms, as you can see.
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ื›ืคื™ ืฉืืชื ื™ื›ื•ืœื™ื ืœืจืื•ืช, ืื ื™ ื“ื•ืงื˜ื•ืจ ืœื˜ืœืงื•ืžื•ื ื™ืงืฆื™ื”.
01:41
I trained briefly as a Buddhist monk under this guy.
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ืงื™ื‘ืœืชื™ ื”ื›ืฉืจื” ื›ื ื–ื™ืจ ื‘ื•ื“ื”ื™ืกื˜ื™ ืชื—ืช ื”ืื™ืฉ ื”ื–ื”.
01:44
I've been a civil servant,
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ื”ื™ื™ืชื™ ืขื•ื‘ื“ ืžื“ื™ื ื”,
01:46
and I've been in charge of policy for this guy as well.
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ื•ืื—ืจืื™ ืขืœ ื ื™ื”ื•ืœ ืžื“ื™ื ื™ื•ืช ืขื‘ื•ืจ ื”ื‘ื—ื•ืจ ื”ื–ื”.
01:49
But what I want to talk about begins when I was at this city, this university, as a student.
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ืื‘ืœ ื”ื“ื‘ืจ ืขืœื™ื• ืื ื™ ืจื•ืฆื” ืœื“ื‘ืจ ื”ืชื—ื™ืœ ื›ืืฉืจ ื”ื™ื™ืชื™ ืกื˜ื•ื“ื ื˜, ื‘ืขื™ืจ ื”ื–ื• ื•ื‘ืื•ื ื™ื‘ืจืกื™ื˜ื” ื”ื–ื•.
01:54
And then as now, it was a beautiful place of balls and punts, beautiful people,
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ื•ืื–, ื›ืขื›ืฉื™ื•, ื”ื™ื ื”ื™ืชื” ืžืงื•ื ื™ืคื” ืžืœื ืกืคื™ื ื•ืช, ื ืฉืคื™ื ื•ืื ืฉื™ื ื™ืคื™ื,
02:00
many of whom took to heart Ronald Reagan's comment
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ืฉืจื‘ื™ื ืžื”ื ืœืงื—ื• ืœืœื™ื‘ื ืืช ืืžืจืชื• ืฉืœ ืจื•ื ืœื“ ืจื™ื™ื’ืŸ
02:03
that, "even if they say hard work doesn't do you any harm,
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ืฉ"ืืคื™ืœื• ืื ืื•ืžืจื™ื ืฉืขื‘ื•ื“ื” ืงืฉื” ืœื ืžื–ื™ืงื” ืœื‘ืจื™ืื•ืช,
02:06
why risk it?"
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ืžื“ื•ืข ืœื”ืกืชื›ืŸ?"
02:09
But when I was here,
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ืืš ื›ืฉื”ื™ื™ืชื™ ื›ืืŸ,
02:11
a lot of my fellow teenagers were in a very different situation,
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ืจื‘ื™ื ืžื—ื‘ืจื™ ื”ืžืชื‘ื’ืจื™ื ื”ื™ื• ื‘ืžืฆื‘ ืฉื•ื ื” ื‘ืขืœื™ืœ,
02:15
leaving school at a time then of rapidly growing youth unemployment,
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ื›ืืฉืจ ืขื–ื‘ื• ืืช ื‘ืชื™ ื”ืกืคืจ ื‘ืชืงื•ืคื” ื‘ื” ื’ื“ืœ ืฉื™ืขื•ืจ ื”ืื‘ื˜ืœื” ื‘ืงืจื‘ ื”ืฆืขื™ืจื™ื,
02:19
and essentially hitting a brick wall in terms of their opportunities.
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ืจื•ื‘ื ื ืชืงืขื• ืœืžืขืฉื” ืžื‘ื—ื™ื ืช ื”ืืคืฉืจื•ื™ื•ืช ื”ืคืชื•ื—ื•ืช ื‘ืคื ื™ื”ื.
02:23
And I spent quite a lot of time with them rather than in punts.
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ืื ื™ ื‘ื™ืœื™ืชื™ ืขืžื ืœื ืžืขื˜ ื–ืžืŸ.
02:27
And they were people who were not short of wit, or grace or energy,
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ื•ืœื ื—ืกืจื• ืœื”ื ืื ืจื’ื™ื”, ืชื‘ื•ื ื” ืื• ืงืกื ืื™ืฉื™
02:32
but they had no hope, no jobs, no prospects.
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ืืš ืœื ื”ื™ื• ืœื”ื ืชืงื•ื•ืช, ืขื‘ื•ื“ื” ืื• ื—ื–ื•ืŸ ืœืขืชื™ื“.
02:35
And when people aren't allowed to be useful,
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ื•ื›ืืฉืจ ืื™ืŸ ืžืืคืฉืจื™ื ืœืื ืฉื™ื ืœื”ื™ื•ืช ืžื•ืขื™ืœื™ื,
02:37
they soon think that they're useless.
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ืžื”ืจ ืžืื•ื“ ื”ื ืžืชื—ื™ืœื™ื ืœื—ืฉื•ื‘ ืฉื”ื ื—ืกืจื™ ืชื•ืขืœืช.
02:40
And although that was great for the music business at the time,
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ื•ืœืžืจื•ืช ืฉื–ื” ื”ื™ื” ืžืขื•ืœื” ืขื‘ื•ืจ ืขืกืงื™ ื”ืžื•ื–ื™ืงื” ื‘ื–ืžื ื•,
02:43
it wasn't much good for anything else.
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ื–ื” ืœื ื”ื•ืขื™ืœ ืœืฉื•ื ื“ื‘ืจ ืื—ืจ.
02:45
And ever since then, I've wondered why it is that capitalism
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ื•ืžืื– ื•ืขื“ ื”ื™ื•ื ืชื”ื™ืชื™ ืžื“ื•ืข ืงืคื™ื˜ืœื™ื–ื
02:48
is so amazingly efficient at some things, but so inefficient at others,
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ื›ื” ืžื•ืฆืœื— ื‘ื“ื‘ืจื™ื ืžืกื•ื™ื™ืžื™ื ืื‘ืœ ื›ื•ืฉืœ ื‘ืื—ืจื™ื,
02:52
why it's so innovative in some ways and so un-innovative in others.
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ื›ื” ื—ื“ืฉื ื™ ื‘ืื—ื“ื™ื ืื‘ืœ ืžืคื’ืจ ื‘ืื—ืจื™ื.
02:57
Now, since that time,
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ื•ื‘ื›ืŸ, ืžืื–,
02:59
we've actually been through an extraordinary boom,
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ืขื‘ืจื ื• ืชืงื•ืคืช ืฆืžื™ื—ื” ื™ื•ืฆืืช ืžืŸ ื”ื›ืœืœ,
03:02
the longest boom ever in the history of this country.
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ืชืงื•ืคืช ื”ืฆืžื™ื—ื” ื”ืืจื•ื›ื” ื‘ืชื•ืœื“ื•ืช ื”ืžื“ื™ื ื”.
03:06
Unprecedented wealth and prosperity,
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ืขื•ืฉืจ ื•ืฉื’ืฉื•ื’ ื—ืกืจื™ ืชืงื“ื™ื,
03:08
but that growth hasn't always delivered what we needed.
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ืืš ื”ืฆืžื™ื—ื” ืœื ืชืžื™ื“ ืกื™ืคืงื” ืืช ื”ืฆืจื›ื™ื ืฉืœื ื•.
03:12
H.L. Mencken once said that, "to every complex problem,
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ื”.ืœ. ืžื ืงืŸ ืืžืจ ื›ื™ "ืœื›ืœ ื‘ืขื™ื” ืžืกื•ื‘ื›ืช,
03:15
there is a simple solution and it's wrong."
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ืงื™ื™ื ืคืชืจื•ืŸ ืคืฉื•ื˜ ืื‘ืœ ืฉื’ื•ื™."
03:19
But I'm not saying growth is wrong,
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ืื™ื ื ื™ ื˜ื•ืขืŸ ื›ื™ ืฆืžื™ื—ื” ื”ื™ื ืฉื’ื•ื™ื”,
03:21
but it's very striking that throughout the years of growth,
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ืื‘ืœ ื ื™ื›ืจ ื›ื™ ืœืื•ืจืš ืฉื ื•ืช ื”ื’ื™ื“ื•ืœ,
03:24
many things didn't get better.
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ื“ื‘ืจื™ื ืจื‘ื™ื ืœื ื”ืฉืชืคืจื•.
03:26
Rates of depression carried on up, right across the Western world.
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ืื—ื•ื–ื™ ื”ื“ื›ืื•ืŸ ื”ืžืฉื™ื›ื• ืœืขืœื•ืช, ื‘ื›ืœ ื”ืขื•ืœื ื”ืžืขืจื‘ื™.
03:30
If you look at America, the proportion of Americans
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ื‘ืืจื”"ื‘, ื”ื—ืœืง ื”ื™ื—ืกื™ ื‘ืื•ื›ืœื•ืกื™ื” ืฉืœ ืื ืฉื™ื
03:32
with no one to talk to about important things
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ืฉืื™ืŸ ืœื”ื ืขื ืžื™ ืœื“ื‘ืจ ืขืœ ื“ื‘ืจื™ื ื—ืฉื•ื‘ื™ื
03:34
went up from a tenth to a quarter.
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ืขืœื” ืžืขืฉื™ืจื™ืช ืœืจื‘ืข.
03:37
We commuted longer to work, but as you can see from this graph,
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ืื ื—ื ื• ื ื•ืกืขื™ื ืžืจื—ืงื™ื ื’ื“ื•ืœื™ื ื™ื•ืชืจ ืœืขื‘ื•ื“ื”, ืื‘ืœ ื›ืคื™ ืฉืืชื ื™ื›ื•ืœื™ื ืœืจืื•ืช ื‘ื’ืจืฃ,
03:40
the longer you commute the less happy you're likely to be.
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ื›ื›ืœ ืฉื”ืžืจื—ืง ื’ื“ื•ืœ ื™ื•ืชืจ ื›ืš ื”ืกื‘ื™ืจื•ืช ืœืื•ืฉืจ ื™ื•ืจื“ืช.
03:44
And it became ever clearer that economic growth
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ื•ื”ืชื‘ืจืจ ื›ื™ ืฆืžื™ื—ื” ื›ืœื›ืœื™ืช
03:47
doesn't automatically translate into social growth or human growth.
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ืœื ืžื™ืชืจื’ืžืช ื‘ืื•ืคืŸ ืื•ื˜ื•ืžืื˜ื™ ืœืฆืžื™ื—ื” ื—ื‘ืจื™ืช ืื• ืฆืžื™ื—ื” ืื ื•ืฉื™ืช.
03:52
We're now at another moment
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ื•ืขื›ืฉื™ื• ืื ื—ื ื• ื‘ืชืงื•ืคื” ื ื•ืกืคืช
03:54
when another wave of teenagers are entering a cruel job market.
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ื‘ื” ื“ื•ืจ ืฉืœ ืžืชื‘ื’ืจื™ื ื ื›ื ืก ืœืฉื•ืง ืชืขืกื•ืงืชื™ ืื›ื–ืจื™.
03:59
There will be a million unemployed young people here
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ื•ืฆืคื•ื™ ื›ื™ ืžื™ืœื™ื•ืŸ ืฆืขื™ืจื™ื ื™ื”ื™ื• ืžื—ื•ืกืจื™ ืขื‘ื•ื“ื”
04:01
by the end of the year,
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ืขื“ ืกื•ืฃ ื”ืฉื ื”.
04:03
thousands losing their jobs everyday in America.
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ืืœืคื™ื ืžืื‘ื“ื™ื ืืช ืขื‘ื•ื“ืชื ืžื“ื™ ื™ื•ื ื‘ืืจื”"ื‘.
04:06
We've got to do whatever we can to help them,
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ื•ืขืœื™ื ื• ืœืขืฉื•ืช ื›ืœ ืฉื ื™ืชืŸ ืขืœ ืžื ืช ืœืกื™ื™ืข ืœื”ื,
04:09
but we've also got to ask, I think, a more profound question
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ืื‘ืœ ืื ื—ื ื• ื—ื™ื™ื‘ื™ื ืœืฉืื•ืœ, ืื ื™ ื—ื•ืฉื‘, ืฉืืœื” ืขืžื•ืงื” ื™ื•ืชืจ
04:12
of whether we use this crisis to jump forward
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ื”ืื ืื ื• ื™ื›ื•ืœื™ื ืœื”ืฉืชืžืฉ ื‘ืžืฉื‘ืจ ื”ื–ื” ืขืœ ืžื ืช ืœื–ื ืง ืงื“ื™ืžื”
04:15
to a different kind of economy that's more suited to human needs,
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ืืœ ืกื•ื’ ืื—ืจ ืฉืœ ื›ืœื›ืœื” ืืฉืจ ืžืชืื™ื ื™ื•ืชืจ ืœืฆืจื›ื™ื ืื ื•ืฉื™ื™ื,
04:19
to a better balance of economy and society.
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ืืœ ืื™ื–ื•ืŸ ื˜ื•ื‘ ื™ื•ืชืจ ื‘ื™ืŸ ื›ืœื›ืœื” ื•ื—ื‘ืจื”.
04:23
And I think one of the lessons of history is that
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ื•ืื ื™ ื—ื•ืฉื‘ ืฉืื—ื“ ื”ืฉื™ืขื•ืจื™ื ืฉื ื™ืชืŸ ืœืœืžื•ื“ ืžื”ื”ื™ืกื˜ื•ืจื™ื” ื”ื•ื
04:25
even the deepest crises can be moments of opportunity.
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ื›ื™ ืืคื™ืœื• ื”ืžืฉื‘ืจื™ื ื”ืขืžื•ืงื™ื ื‘ื™ื•ืชืจ ื™ื›ื•ืœื™ื ืœื”ืคื•ืš ืœื”ื–ื“ืžื ื•ื™ื•ืช ืœืฉื™ื ื•ื™.
04:30
They bring ideas from the margins into the mainstream.
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ื”ื ืžืงืจื‘ื™ื ืจืขื™ื•ื ื•ืช ืžืŸ ื”ืฉื•ืœื™ื™ื ืืœ ื”ื–ืจื ื”ืžืจื›ื–ื™,
04:33
They often lead to the acceleration of much-needed reforms.
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ื•ืžืกื™ื™ืขื™ื ืœื”ืืฆืช ืจืคื•ืจืžื•ืช ื ื—ื•ืฆื•ืช.
04:37
And you saw that in the '30s,
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ืจืื™ื ื• ืืช ื–ื” ื‘ืฉื ื•ืช ื”ืฉืœื•ืฉื™ื,
04:40
when the Great Depression paved the way
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ื›ืืฉืจ ื”ืžืฉื‘ืจ ื”ื’ื“ื•ืœ ืกืœืœ ืืช ื”ื“ืจืš
04:43
for Bretton Woods, welfare states and so on.
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ืœื”ืกื›ืžื™ ื‘ืจื˜ื•ืŸ-ื•ื•ื“ืก, ืžื“ื™ื ืช ื”ืจื•ื•ื—ื” ื•ื›ื“ื•ืžื”.
04:47
And I think you can see around us now,
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ื•ืื ื™ ื—ื•ืฉื‘ ืฉืื ื• ื™ื›ื•ืœื™ื ืœืจืื•ืช ืกื‘ื™ื‘ื ื• ื›ืขืช,
04:49
some of the green shoots of a very different kind of economy and capitalism
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ื—ืœืง ืžืŸ ื”ื ื™ืฆื ื™ื ืฉืœ ื›ืœื›ืœื” ื•ืงืคื™ื˜ืœื™ื–ื ืžืกื•ื’ ืฉื•ื ื”
04:52
which could grow.
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ืฉืขืฉื•ื™ื™ื ืœืฆืžื•ื— ืžืŸ ื”ืžืฉื‘ืจ.
04:54
You can see it in daily life.
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ื ื™ืชืŸ ืœืจืื•ืช ืืช ื–ื” ื‘ื™ื•ื ื™ื•ื.
04:56
When times are hard, people have to do things for themselves,
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ื›ืืฉืจ ื”ื–ืžื ื™ื ืงืฉื™ื, ืื ืฉื™ื ืคื•ืขืœื™ื ืœืžืขืŸ ืขืฆืžื,
04:58
and right across the world, Oxford, Omaha, Omsk,
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ื•ืœืื•ืจื›ื• ื•ืœืจื•ื—ื‘ื• ืฉืœ ื”ืขื•ืœื, ื‘ื™ืŸ ืื ืžื“ื•ื‘ืจ ื‘ืื•ืงืกืคื•ืจื“, ืื•ืžื”ื” ืื• ืื•ืžืกืง,
05:02
you can see an extraordinary explosion of urban farming,
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ืืคืฉืจ ืœืจืื•ืช ื”ืชืคื•ืฆืฆื•ืช ืžืžืฉ ืฉืœ ื—ืงืœืื•ืช ืขื™ืจื•ื ื™ืช,
05:05
people taking over land, taking over roofs,
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ืื ืฉื™ื ืžืฉืชืœื˜ื™ื ืขืœ ืื“ืžื•ืช ื•ืขืœ ื’ื’ื•ืช,
05:08
turning barges into temporary farms.
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ื”ื•ืคื›ื™ื ืืกื“ื•ืช ืœื—ื•ื•ืช ื–ืžื ื™ื•ืช.
05:10
And I'm a very small part of this.
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ื•ืื ื™ ื—ืœืง ืงื˜ืŸ ื‘ืชื•ืš ื–ื”.
05:12
I have 60,000 of these things in my garden.
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ื™ืฉ ืœื™ ื‘ื—ืฆืจ 60,000 ืžืืœื•.
05:15
A few of these. This is Atilla the hen.
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ื›ืžื” ื›ืืœื•. ื–ื”ื• ืื˜ื™ืœื” ื”ืžื˜ื™ืœื”.
05:18
And I'm a very small part of a very large movement,
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ื•ืื ื™ ื—ืœืง ืงื˜ืŸ ืžืชื ื•ืขื” ืจื—ื‘ื”,
05:21
which for some people is about survival,
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ืฉืขื‘ื•ืจ ื—ืœืง ืžื”ืื ืฉื™ื ืžื™ื™ืฆื’ืช ื”ื™ืฉืจื“ื•ืช,
05:24
but is also about values, about a different kind of economy,
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ืื‘ืœ ื’ื ืžืกืžืœืช ืขืจื›ื™ื, ืžืกืžืœืช ืกื•ื’ ืื—ืจ ืฉืœ ื›ืœื›ืœื”,
05:27
which isn't so much about consumption and credit,
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ืฉืœื ื ืกื•ื‘ื” ืกื‘ื™ื‘ ืฆืจื›ื ื•ืช ื•ืืฉืจืื™,
05:29
but about things which matter to us.
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ืืœื ืกื‘ื™ื‘ ื“ื‘ืจื™ื ื”ื—ืฉื•ื‘ื™ื ืœื ื•.
05:32
And everywhere too, you can see a proliferation of time banks
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ื ื™ืชืŸ ืœืจืื•ืช ืืช ื”ื”ืชืคืฉื˜ื•ืช ืฉืœ ื‘ื ืงื™ ื–ืžืŸ,
05:35
and parallel currencies,
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ื•ืžื˜ื‘ืขื•ืช ืžืงื‘ื™ืœื™ื™ื
05:37
people using smart technologies to link up
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ื•ืื ืฉื™ื ืขื•ืฉื™ื ืฉื™ืžื•ืฉ ื‘ื˜ื›ื ื•ืœื•ื’ื™ื•ืช ื—ื›ืžื•ืช ืขืœ ืžื ืช ืœืงืฉืจ
05:40
all the resources freed up by the market -- people, buildings, land --
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ืืช ื›ืœ ื”ืžืฉืื‘ื™ื ืฉื”ืฉื•ืง ืฉื—ืจืจ, ืื ืฉื™ื, ืžื‘ื ื™ื, ืื“ืžื•ืช
05:43
and linking them to whomever has got the most compelling needs.
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ื•ืžื—ื‘ืจื™ื ืื•ืชื ืืœ ื”ื–ืงื•ืงื™ื ืœื”ื ื‘ื™ื•ืชืจ.
05:48
There's a similar story, I think, for governments.
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ืชื”ืœื™ืš ื“ื•ืžื”, ืœื“ืขืชื™, ืงื•ืจื” ื’ื ื‘ืžืžืฉืœื•ืช.
05:51
Ronald Reagan, again, said the two funniest sentences
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ืจื•ื ืœื“ ืจื™ื™ื’ืŸ, ืฉื•ื‘, ืืžืจ ืคืขื ื›ื™ ืฉื ื™ ื”ืžืฉืคื˜ื™ื ื”ืžืฆื—ื™ืงื™ื ื‘ื™ื•ืชืจ
05:54
in the English language are,
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ื‘ืฉืคื” ื”ืื ื’ืœื™ื ื”ื,
05:56
"I'm from the government. And I'm here to help."
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"ืื ื™ ืžื”ืžืžืฉืœื”. ื•ืื ื™ ืคื” ื‘ืฉื‘ื™ืœ ืœืขื–ื•ืจ."
06:00
But I think last year when governments did step in,
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ืื‘ืœ ื ื“ืžื” ืœื™ ืฉื‘ืฉื ื” ืฉืขื‘ืจื”, ื›ืืฉืจ ื”ืžืžืฉืœื•ืช ื”ืชืขืจื‘ื•,
06:02
people were quite glad that they were there, that they did act.
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ื”ืฆื™ื‘ื•ืจ ื“ื•ื•ืงื ืฉืžื— ืขืœ ืงื™ื•ืžืŸ ื•ืขืœ ื”ืชืขืจื‘ื•ืชืŸ.
06:05
But now, a few months on,
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ืื•ืœื ื›ืขืช, ื—ื•ื“ืฉื™ื ืกืคื•ืจื™ื ืœืื—ืจ ืžื›ืŸ,
06:07
however good politicians are at swallowing frogs
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ืœืžืจื•ืช ื™ื›ื•ืœื•ืชื ื”ืžื•ืคืœืื” ืฉืœ ืคื•ืœื™ื˜ื™ืงืื™ื ืœื‘ืœื•ืข ืฆืคืจื“ืขื™ื
06:10
without pulling a face, as someone once put it,
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ื‘ืœื™ ืœื”ืขื•ื•ืช ืืช ืคื ื™ื”ื, ื›ืคื™ ืฉื”ืขื™ืจ ืคืขื ืžื™ืฉื”ื•,
06:12
they can't hide their uncertainty.
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ื”ื ืื™ื ื ื™ื›ื•ืœื™ื ืขื•ื“ ืœื”ืžืฉื™ืš ื•ืœื”ืกืชื™ืจ ืืช ื—ื•ืกืจ ื‘ื˜ื—ื•ื ื.
06:14
Because it's already clear
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ื›ื™ื•ื•ืŸ ืฉื›ื‘ืจ ื‘ืจื•ืจ ืœื›ืœ
06:16
how much of the enormous amount of money they put into the economy,
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ืื™ื–ื” ื—ืœืง ืžื”ื›ืกืคื™ื ื”ืื“ื™ืจื™ื ืฉื”ื•ืฉืงืขื• ื‘ื›ืœื›ืœื”,
06:20
really went into fixing the past, bailing out the banks, the car companies,
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ื”ื•ืงืฆื” ืœื˜ื•ื‘ืช ืชื™ืงื•ืŸ ื”ืขื‘ืจ, ื”ืฆืœืช ื”ื‘ื ืงื™ื ื•ื—ื‘ืจื•ืช ื”ืจื›ื‘,
06:25
not preparing us for the future.
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ื•ืœื ืœื˜ื•ื‘ืช ื”ืฉืงืขื” ื‘ืขืชื™ื“.
06:27
How much of the money is going into concrete and boosting consumption,
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ื›ืžื” ืžื”ื›ืกืฃ ื”ื•ืœืš ืœื˜ื•ื‘ืช ื”ืืฆืช ื”ืฆืจื™ื›ื”,
06:31
not into solving the really profound problems we have to solve.
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ื•ืœื ืœื˜ื•ื‘ืช ืคืชืจื•ืŸ ื”ื‘ืขื™ื•ืช ื”ื™ื•ืชืจ ืขืžื•ืงื•ืช ืฉื‘ืคื ื™ื ื•.
06:35
And everywhere, as people think about the unprecedented sums
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ื•ื‘ื›ืœ ืžืงื•ื, ื›ืืฉืจ ืื ืฉื™ื ืฉื•ืงืœื™ื ืืช ื”ืกื›ื•ืžื™ื ื—ืกืจื™ ื”ืชืงื“ื™ื
06:38
which are being spent of our money and our children's money,
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ืฉืื ื• ืžื‘ื–ื‘ื–ื™ื ืžื›ืกืคื™ื ื• ื•ื›ืกืคื™ ื™ืœื“ื™ื ื•,
06:41
now, in the depth of this crisis, they're asking:
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ื‘ืžืฉื‘ืจ ื”ื ื•ื›ื—ื™, ื”ื ืžืงืฉื™ื:
06:43
Surely, we should be using this with a longer-term vision
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ืœื ืขื“ื™ืฃ ืฉื ืฉืชืžืฉ ื‘ื›ืกืฃ ื”ื–ื” ืœืฆื•ืจืš ื—ื–ื•ืŸ ืืจื•ืš ื˜ื•ื•ื—
06:47
to accelerate the shift to a green economy,
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ืœื”ืื™ืฅ ืืช ื”ืžืขื‘ืจ ืœื›ืœื›ืœื” ื™ืจื•ืงื” ื™ื•ืชืจ,
06:49
to prepare for aging, to deal with some of the inequalities
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ืœื”ืชื›ื•ื ืŸ ืœื”ื–ื“ืงื ื•ืช ื”ืื•ื›ืœื•ืกื™ื”, ืœื”ืชืžื•ื“ื“ ืขื ื—ื•ืกืจ ื”ืฉื™ื•ื•ื™ืŸ ื•ื”ืคืขืจื™ื
06:52
which scar countries like this and the United States
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ื”ืžืฆืœืงื™ื ืžื“ื™ื ื•ืช ื›ืžื• ื–ื• ื•ื›ืžื• ืืจื”"ื‘
06:56
rather than just giving the money to the incumbents?
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ืžืืฉืจ ืคืฉื•ื˜ ืœืชืช ืืช ื”ื›ืกืฃ ืœืืœื• ืฉื’ืจืžื• ืœืžืฉื‘ืจ ?
06:59
Surely, we should be giving the money to entrepreneurs, to civil society,
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ืœื‘ื˜ื— ืขืœื™ื ื• ืœืชืช ืืช ื”ื›ืกืฃ ืœื™ื–ืžื™ื, ืœื—ื‘ืจื” ื”ืื–ืจื—ื™ืช,
07:02
for people able to create the new,
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ืœืื ืฉื™ื ื”ื™ื›ื•ืœื™ื ืœื™ืฆื•ืจ ืืช ื”ื—ื“ืฉ,
07:04
not to the big, well-connected companies,
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ืœื ืœื—ื‘ืจื•ืช ื’ื“ื•ืœื•ืช ื•ืžืงื•ืฉืจื•ืช ื”ื™ื˜ื‘,
07:07
big, clunky government programs.
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ื•ืœื ืœืชื›ื ื™ื•ืช ืžืžืฉืœืชื™ื•ืช ื’ื“ื•ืœื•ืช ื•ืžืกื•ืจื‘ืœื•ืช.
07:10
And, after all this, as the great Chinese sage Lao Tzu said,
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ืื—ืจื™ ื”ื›ืœ, ื›ืคื™ ืฉืืžืจ ื”ืคื™ืœื•ืกื•ืฃ ื”ืกื™ื ื™ ืœืื•-ื“ื–ื”
07:14
"Governing a great country is like cooking a small fish.
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"ื™ืฉ ืœื ื”ืœ ืžื“ื™ื ื” ื’ื“ื•ืœื” ื›ืคื™ ืฉืžื‘ืฉืœื™ื ื“ื’ ืงื˜ืŸ.
07:17
Don't overdo it."
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ืœื ืœืขืฉื•ืช ื–ืืช ื™ืชืจ ืขืœ ื”ืžื™ื“ื”."
07:20
And I think more and more people are also asking:
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ื•ื ื“ืžื” ืฉื™ื•ืชืจ ื•ื™ื•ืชืจ ืื ืฉื™ื ืฉื•ืืœื™ื :
07:23
Why boost consumption, rather than change what we consume?
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ืžื“ื•ืข ืœืขื•ื“ื“ ืฆืจื›ื ื•ืช, ื‘ืžืงื•ื ืœืฉื ื•ืช ืืช ื”ืื•ืคืŸ ื‘ื• ืื ื• ืฆื•ืจื›ื™ื ?
07:26
Like the mayor of Sรฃo Paulo who's banned advertising billboards,
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ื›ืžื• ืจืืฉ ืขืจื™ื™ืช ืกืื• ืคืื•ืœื• ืฉืืกืจ ืคืจืกื•ื ืขืœ ืฉืœื˜ื™ ื—ื•ืฆื•ืช,
07:30
or the many cities like San Francisco
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ืื• ืขืจื™ื ืฉื•ื ื•ืช, ื›ืžื• ืกืŸ ืคืจื ืกื™ืกืงื•,
07:32
putting in infrastructures for electric cars.
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ื”ืžืฉืงื™ืขื•ืช ื‘ืชืฉืชื™ื•ืช ืœืžื›ื•ื ื™ื•ืช ื—ืฉืžืœื™ื•ืช.
07:35
You can see a bit of the same thing happening in the business world.
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ืืคืฉืจ ืœืจืื•ืช ืงืฆืช ืžื”ืชื”ืœื™ืš ืžืชื—ื™ืœ ืœืงืจื•ืช ื’ื ื‘ืขื•ืœื ื”ืขืกืงื™ื.
07:41
Some, I think some of the bankers
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ื—ืœืง, ื•ืื ื™ ื—ื•ืฉื‘ ืขืœ ื—ืœืง ืžื”ื‘ื ืงืื™ื
07:43
who have appear to have learned nothing and forgotten nothing.
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ืฉื ื“ืžื” ื›ื™ ืœื ืœืžื“ื• ื“ื‘ืจ ื•ืœื ืฉื›ื—ื• ื“ื‘ืจ.
07:46
But ask yourselves: What will be the biggest sectors of the economy
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ืื‘ืœ ืชืฉืืœื• ืืช ืขืฆืžื›ื: ืžื” ื™ื”ื™ื• ื”ืžื’ื–ืจื™ื ื”ื’ื“ื•ืœื™ื ื‘ื›ืœื›ืœื”
07:49
in 10, 20, 30 years time? It won't be the ones lining up for handouts,
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ื‘ืขื•ื“ 10, 20, 30 ืฉื ื” ? ืืœื• ืœื ื™ื”ื™ื• ื”ืชืขืฉื™ื•ืช ื”ืžืชื—ื ื ื•ืช ืœื ื“ื‘ื•ืช
07:53
like cars and aerospace and so on.
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ื›ืžื• ืžื›ื•ื ื™ื•ืช ื•ืื•ื•ื™ืจื•ื ืื•ื˜ื™ืงื” ื•ื›ื™ื•ืฆื ื‘ื–ืืช.
07:55
The biggest sector, by far, will be health --
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ื”ืžื’ื–ืจ ื”ื’ื“ื•ืœ ื‘ื™ื•ืชืจ, ื‘ืื•ืคืŸ ืžืฉืžืขื•ืชื™, ื™ื”ื™ื” ื‘ืจื™ืื•ืช -
07:58
already 18 percent of the American economy,
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ืืฉืจ ื›ื‘ืจ ืžื”ื•ื•ื” 18 ืื—ื•ื–ื™ื ืžื›ืœื›ืœืช ืืจื”"ื‘,
08:01
predicted to grow to 30, even 40 percent by mid-century.
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ื•ืฆืคื•ื™ ื›ื™ ื™ื’ื“ืœ ืœื›ื“ื™ 30 ื•ืืคื™ืœื• 40 ืื—ื•ื–ื™ื ืขื“ ืืžืฆืข ื”ืžืื”.
08:05
Elder care, child care, already much bigger employers than cars.
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ื˜ื™ืคื•ืœ ื‘ืžื‘ื•ื’ืจื™ื ื•ื˜ื™ืคื•ืœ ื‘ื™ืœื“ื™ื ื›ื‘ืจ ื”ื™ื•ื ืžืขืกื™ืงื™ื ื”ืจื‘ื” ื™ื•ืชืจ ืื ืฉื™ื ืžืืฉืจ ืชืขืฉื™ืช ื”ืจื›ื‘.
08:09
Education: six, seven, eight percent of the economy and growing.
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ืžื’ื–ืจ ื—ื™ื ื•ืš ื”ื•ื ืฉื™ืฉื”, ืฉื‘ืขื”, ืฉืžื•ื ื” ืื—ื•ื–ื™ื ืžื”ื›ืœื›ืœื” ื•ืขื•ื“ื ื• ืฆื•ืžื—.
08:13
Environmental services, energy services, the myriad of green jobs,
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ืฉืจื•ืชื™ ืกื‘ื™ื‘ื”, ืฉืจื•ืชื™ ืื ืจื’ื™ื” ื•ืจื‘ื‘ื•ืช ืžืฉืจื•ืช "ื™ืจื•ืงื•ืช"
08:17
they're all pointing to a very different kind of economy
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ื›ื•ืœื ืžืฆื‘ื™ืขื™ื ืืœ ืกื•ื’ ืื—ืจ ืฉืœ ื›ืœื›ืœื”
08:20
which isn't just about products, but is using distributed networks,
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ืฉืื™ื ื• ืจืง ืžืžื•ืงื“ ื‘ืžื•ืฆืจื™ื ืืœื ืžืฉืชืžืฉ ื‘ืจืฉืชื•ืช ืžื‘ื•ื–ืจื•ืช
08:25
and it's founded above all on care, on relationships,
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ื•ืžื‘ื•ืกืก ื‘ืขื™ืงืจ ืขืœ ืื›ืคืชื™ื•ืช ื•ืžืขืจื›ื•ืช ื™ื—ืกื™ื,
08:29
on what people do to other people, often one to one,
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ืขืœ ืžื” ืฉืื ืฉื™ื ืขื•ืฉื™ื ืœืื ืฉื™ื ืื—ืจื™ื, ืœืจื•ื‘ ืื—ื“ ืœืฉื ื™,
08:32
rather than simply selling them a product.
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ืžืืฉืจ ืขืœ ืคืฉื•ื˜ ืœืžื›ื•ืจ ืœื”ื ืžื•ืฆืจ.
08:37
And I think that what connects the challenge for civil society,
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ื•ืื ื™ ื—ื•ืฉื‘ ืฉืžื” ืฉืžื—ื‘ืจ ืืช ืืชื’ืจ ื”ื—ื‘ืจื” ื”ืื–ืจื—ื™ืช,
08:40
the challenge for governments and the challenge for business now
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ืืชื’ืจ ื”ืžืžืฉืœื•ืช ื•ื”ืืชื’ืจ ืฉืœ ืขื•ืœื ื”ืขืกืงื™ื ื›ืขืช
08:43
is, in a way, a very simple one, but quite a difficult one.
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ื”ื•ื ื“ื‘ืจ ืคืฉื•ื˜ ืื‘ืœ ืงืฉื”.
08:47
We know our societies have to radically change.
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ืื ื—ื ื• ื™ื•ื“ืขื™ื ืฉืขืœ ื”ื—ื‘ืจื” ืฉืœื ื• ืœื”ืฉืชื ื•ืช.
08:51
We know we can't go back to where we were before the crisis.
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ืื ื—ื ื• ื™ื•ื“ืขื™ื ืฉืื™ื ื ื• ื™ื›ื•ืœื™ื ืœื”ืฉื™ื‘ ืืช ื”ื’ืœื’ืœ ืœืžืฆื‘ ื‘ื• ื”ื™ื™ื ื• ืœืคื ื™ ื”ืžืฉื‘ืจ.
08:55
But we also know it's only through experiment
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ืื‘ืœ ืื ื—ื ื• ื’ื ื™ื•ื“ืขื™ื ืฉืจืง ืขืœ ื™ื“ื™ ื ื™ืกื•ื™
08:58
that we'll discover exactly how to run a low carbon city,
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ื ื•ื›ืœ ืœื’ืœื•ืช ื‘ื“ื™ื•ืง ื›ื™ืฆื“ ืืคืฉืจ ืœื ื”ืœ ืขื™ืจ ื“ืœืช ืคื—ืžืŸ.
09:02
how to care for a much older population,
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ื›ื™ืฆื“ ืœื˜ืคืœ ื‘ืื•ื›ืœื•ืกื™ื•ืช ืžืชื‘ื’ืจื•ืช,
09:05
how to deal with drug addiction and so on.
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ื›ื™ืฆื“ ืœื”ืชืžื•ื“ื“ ืขื ื”ืชืžื›ืจื•ืช ืœืกืžื™ื ื•ืขื•ื“.
09:09
And here's the problem.
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ื•ื›ืืŸ ื‘ื“ื™ื•ืง ื”ื‘ืขื™ื”.
09:11
In science, we do experiments systematically.
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ื‘ืžื“ืข, ืื ื—ื ื• ืžื‘ืฆืขื™ื ื ื™ืกื•ื™ื™ื ื‘ืื•ืคืŸ ืฉื™ื˜ืชื™.
09:14
Our societies now spend two, three, four percent of GDP
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ืื ื—ื ื• ืžืฉืงื™ืขื™ื ื‘ื™ืŸ ืฉื ื™ื™ื ืœืืจื‘ืขื” ืื—ื•ื–ื™ื ื›ืœ ืฉื ื” ืžื”ืชืž"ื’ ืฉืœื ื•
09:19
to invest systematically in new discovery, in science, in technology,
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ื‘ื’ื™ืœื•ื™ื™ื ืฉื™ื˜ืชื™ื™ื ื‘ืžื“ืข ื•ื‘ื˜ื›ื ื•ืœื•ื’ื™ื”
09:22
to fuel the pipeline of brilliant inventions
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ื›ื“ื™ ืœืชื—ื–ืง ืืช ื–ืจื ื”ื”ืžืฆืื•ืช ื”ืžื‘ืจื™ืง
09:25
which illuminate gatherings like this.
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ื”ืžืื™ืจ ื”ืชืืกืคื•ื™ื•ืช ื›ืžื• ื–ื• ืฉืœื ื•.
09:28
It's not that our scientists are necessarily much smarter
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ื–ื” ืœื ืฉื”ืžื“ืขื ื™ื ืฉืœื ื• ื›ื™ื•ื ื‘ื”ื›ืจื— ื—ื›ืžื™ื ื™ื•ืชืจ
09:30
than they were a hundred years ago, maybe they are,
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ืžืžื” ืฉื”ื ื”ื™ื• ืœืคื ื™ ืžืื” ืฉื ื™ื, ื™ื™ืชื›ืŸ ืฉื”ื ื›ืŸ,
09:33
but they have a hell of a lot more backing than they ever did.
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ืื‘ืœ ื”ื ื–ื•ื›ื™ื ื‘ืชืžื™ื›ื” ืžืืกื™ื‘ื™ืช ื”ืจื‘ื” ื™ื•ืชืจ ืžืืฉืจ ืื™ ืคืขื ื‘ืขื‘ืจ.
09:37
And what's striking though,
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ื•ืžื” ืฉืžื“ื”ื™ื ื”ื•ื,
09:39
is that in society there's almost nothing comparable,
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ืฉืื™ืŸ ื‘ื—ื‘ืจื” ืฉื•ื ื“ื‘ืจ ืžืงื‘ื™ืœ,
09:41
no comparable investment,
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ืฉื•ื ื”ืฉืงืขื” ืžืงื‘ื™ืœื”,
09:43
no systematic experiment, in the things capitalism isn't very good at,
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ืฉื•ื ื ื™ืกื•ื™ ืฉื™ื˜ืชื™ ื‘ื“ื‘ืจื™ื ื‘ื”ื ืงืคื™ื˜ืœื™ื–ื ืื™ื ื• ืžื•ืฆืœื—,
09:47
like compassion, or empathy, or relationships or care.
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ื›ืžื• ื—ืžืœื”, ื”ื–ื“ื”ื•ืช, ืžืขืจื›ื•ืช ื™ื—ืกื™ื ืื• ืื›ืคืชื™ื•ืช.
09:52
Now, I didn't really understand that until I met this guy
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ืื ื™ ืœื ื”ื‘ื ืชื™ ืืช ื–ื” ื‘ืืžืช ืขื“ ืฉืคื’ืฉืชื™ ืืช ื”ื‘ื—ื•ืจ ื”ื–ื”
09:55
who was then an 80-year-old, slightly shambolic man
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ืฉื”ื™ื” ื‘ืฉืขืชื• ื‘ืŸ 80, ืžืขื˜ ืžืคื•ื–ืจ,
09:58
who lived on tomato soup and thought ironing was very overrated.
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ื”ืชืงื™ื™ื ืขืœ ืžืจืง ืขื’ื‘ื ื™ื•ืช ื•ื—ืฉื‘ ืฉื’ื™ื”ื•ืฅ ื”ื•ื ืขื™ืกื•ืง ืžื™ื•ืชืจ.
10:03
He had helped shape Britain's post-war institutions,
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ื”ื•ื ืกื™ื™ืข ืœืขืฆื‘ ืืช ื”ืžื•ืกื“ื•ืช ืฉืœ ื‘ืจื™ื˜ื ื™ื” ืœืื—ืจ ื”ืžื—ืœืžื”,
10:06
its welfare state, its economy,
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ืืช ืžื“ื™ื ืช ื”ืจื•ื•ื—ื”, ืืช ื”ื›ืœื›ืœื”,
10:09
but had sort of reinvented himself as a social entrepreneur,
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ืื‘ืœ ื”ืžืฆื™ื ืขืฆืžื• ืžื—ื“ืฉ ื‘ืชื•ืจ ื™ื–ื ื—ื‘ืจืชื™,
10:12
became an inventor of many, many different organizations.
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ื•ื”ืคืš ืœืžืžืฆื™ื ืฉืœ ืืจื’ื•ื ื™ื ืจื‘ื™ื.
10:15
Some famous ones like the Open University, which has 110,000 students,
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ื—ืœืงื ืžืคื•ืจืกืžื™ื, ื›ืžื• ื”ืื•ื ื™ื‘ืจืกื™ื˜ื” ื”ืคืชื•ื—ื”, ืžื•ืกื“ ื”ืžื—ื–ื™ืง ื›-110,000 ืกื˜ื•ื“ื ื˜ื™ื,
10:20
the University of the Third Age, which has nearly half a million older people
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ื”ืื•ื ื™ื‘ืจืกื™ื˜ื” ืฉืœ ื”ื’ื™ืœ ื”ืฉืœื™ืฉื™ ื”ืžื—ื–ื™ืงื” ื›ื—ืฆื™ ืžื™ืœื™ื•ืŸ ืื–ืจื—ื™ื ืžื‘ื•ื’ืจื™ื
10:23
teaching other older people,
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ื”ืžืœืžื“ื™ื ืื–ืจื—ื™ื ืžื‘ื•ื’ืจื™ื ืื—ืจื™ื,
10:25
as well as strange things like DIY garages and language lines
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ื›ืžื• ื’ื ื“ื‘ืจื™ื ืžืฉื•ื ื™ื ื›ื’ื•ืŸ ืžื•ืกื›ื™ ืขืฉื”-ื–ืืช-ื‘ืขืฆืžืš ื•ืžืจื›ื–ื™ ืฉืคื•ืช
10:30
and schools for social entrepreneurs.
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ื•ื‘ืชื™ ืกืคืจ ืœื™ื–ืžื™ื ื—ื‘ืจืชื™ื™ื.
10:32
And he ended his life selling companies to venture capitalists.
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ื•ื”ื•ื ืกื™ื™ื ืืช ื—ื™ื™ื• ื‘ืžื›ื™ืจืช ื—ื‘ืจื•ืช ืœืื ืฉื™ ื”ื•ืŸ ืกื™ื›ื•ืŸ.
10:36
He believed if you see a problem, you shouldn't tell someone to act,
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ื”ื•ื ื”ืืžื™ืŸ ืฉืื ืจืื™ืช ื‘ืขื™ื”, ืืชื” ืœื ืืžื•ืจ ืœื”ื’ื™ื“ ืœืžื™ืฉื”ื• ืื—ืจ ืœืคืขื•ืœ ื‘ื ื“ื•ืŸ,
10:39
you should act on it yourself, and he lived long enough
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ืืœื ืœืคืขื•ืœ ื‘ืขืฆืžืš, ื•ื”ื•ื ื—ื™ ืžืกืคื™ืง ื–ืžืŸ
10:41
and saw enough of his ideas first scorned and then succeed
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ื•ืจืื” ืžืกืคื™ืง ืžื”ืจืขื™ื•ื ื•ืช ืฉืœื• ื ืœืขื’ื™ื ื‘ืชื—ื™ืœื” ื•ืžืฆืœื™ื—ื™ื ืœืื—ืจ ืžื›ืŸ,
10:45
that he said you should always take no as a question and not as an answer.
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ื›ื“ื™ ืœื•ืžืจ ืฉืขืœื™ืš ืชืžื™ื“ ืœื”ืชื™ื™ื—ืก ืœ-'ืœื' ื›ืฉืืœื” ื•ืœื ื›ืชืฉื•ื‘ื”.
10:51
And his life was a systematic experiment to find better social answers,
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ื—ื™ื™ื• ื”ื™ื• ื ื™ืกื•ื™ ืฉื™ื˜ืชื™ ืœืžืฆื•ื ืชืฉื•ื‘ื•ืช ื—ื‘ืจืชื™ื•ืช ื˜ื•ื‘ื•ืช ื™ื•ืชืจ,
10:55
not from a theory, but from experiment, and experiment involving the people
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ืœื ืžืชื™ืื•ืจื™ื”, ืืœื ืžื ืกื™ื•ืŸ, ื ืกื™ื•ืŸ ืœืขืจื‘ ืืช ื”ืื ืฉื™ื
11:00
with the best intelligence on social needs,
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ื‘ืขืœื™ ื”ื™ื“ืข ื”ื˜ื•ื‘ ื‘ื™ื•ืชืจ ืขืœ ืฆืจื›ื™ื ื—ื‘ืจืชื™ื™ื,
11:02
which were usually the people living with those needs.
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ืœืจื•ื‘ ืื•ืชื ืื ืฉื™ื ื”ื—ื™ื™ื ืขื ื”ืฆืจื›ื™ื ื”ืœืœื•.
11:04
And he believed we live with others, we share the world with others
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ื•ื”ื•ื ื”ืืžื™ืŸ ืฉืื ื• ื—ื™ื™ื ืขื ืื ืฉื™ื ืื—ืจื™ื, ืฉืืชื ืื ื• ื—ื•ืœืงื™ื ืืช ื”ืขื•ืœื
11:07
and therefore our innovation must be done with others too,
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ื•ืœื›ืŸ ืขืœ ื”ื—ื“ืฉื ื•ืช ืฉืœื ื• ืœื”ื™ืขืฉื•ืช ื‘ืฉื™ืชื•ืฃ ืขืžื,
11:11
not doing things at people, for them, and so on.
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ืœื ืœืขืฉื•ืช ื“ื‘ืจื™ื ืœืื ืฉื™ื, ืืœื ื‘ืฉื‘ื™ืœื ื•ื›ืš ื”ืœืื”.
11:15
Now, what he did didn't used to have a name,
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ืœืžื” ืฉื”ื•ื ืขืฉื” ืœื ื”ื™ื” ืฉื,
11:19
but I think it's rapidly becoming quite mainstream.
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ืื‘ืœ ืขื•ืฉื” ืจื•ืฉื ื›ื™ ื–ื” ื”ื•ืคืš ืœืžืงื•ื‘ืœ ื™ื•ืชืจ ื•ื™ื•ืชืจ.
11:22
It's what we do in the organization named after him
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ื–ื” ืžื” ืฉืื ื—ื ื• ืขื•ืฉื™ื ื‘ืืจื’ื•ืŸ ื”ื ืงืจื ืขืœ ืฉืžื•
11:25
where we try and invent, create, launch new ventures,
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ืฉื ืื ื• ืžื ืกื™ื ืœื”ืžืฆื™ื, ืœื™ืฆื•ืจ ื•ืœื”ืฉื™ืง ืžื™ื–ืžื™ื ื—ื“ืฉื™ื,
11:28
whether it's schools, web companies, health organizations and so on.
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ื‘ื™ืŸ ืื ืžื“ื•ื‘ืจ ื‘ื‘ืชื™ ืกืคืจ, ื—ื‘ืจื•ืช ืžื‘ื•ืกืกื•ืช ืจืฉืช, ืืจื’ื•ื ื™ ื‘ืจื™ืื•ืช ื•ื›ื™ื•ืฆื ื‘ื–ื”.
11:32
And we find ourselves part of a very rapidly growing global movement
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ื•ืื ื• ืžื•ืฆืื™ื ืขืฆืžื ื• ื‘ืจืืฉื” ืฉืœ ืชื ื•ืขื” ืขื•ืœืžื™ืช ืฆื•ืžื—ืช
11:36
of institutions working on social innovation,
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ืฉืœ ืžื•ืกื“ื•ืช ื”ืขื•ื‘ื“ื™ื ืขืœ ื—ื“ืฉื ื•ืช ื—ื‘ืจืชื™ืช,
11:39
using ideas from design or technology or community organizing
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ื”ืขื•ืฉื™ื ืฉื™ืžื•ืฉ ื‘ืจืขื™ื•ื ื•ืช ืžืขื•ืœื ื”ืขื™ืฆื•ื‘, ื”ื˜ื›ื ื•ืœื•ื’ื™ื” ืื• ืืจื’ื•ืŸ ืงื”ื™ืœืชื™
11:43
to develop the germs of a future world, but through practice and through demonstration
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ืขืœ ืžื ืช ืœืคืชื— ืืช ื–ืจืขื™ ื”ืขืชื™ื“ ื‘ืืžืฆืขื•ืช ืžืชืŸ ื“ื•ื’ืžื ื•ื™ื™ืฉื•ื
11:48
and not through theory.
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ื•ืœื ื‘ืืžืฆืขื•ืช ืชื™ืื•ืจื™ื”.
11:51
And they're spreading from Korea to Brazil to India to the USA
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ื•ื”ื ืžืชืคืฉื˜ื™ื ืžืงื•ืจื™ืื” ืืœ ื‘ืจื–ื™ืœ, ื”ื•ื“ื• ืืจื”"ื‘
11:54
and across Europe.
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ื•ืขืœ ืคื ื™ ืื™ืจื•ืคื”.
11:57
And they've been given new momentum by the crisis, by the need for better answers
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ื•ื”ื ืงื™ื‘ืœื• ืชื ื•ืคื” ื—ื“ืฉื” ื‘ืขืงื‘ื•ืช ื”ืžืฉื‘ืจ, ื•ื”ืฆื•ืจืš ื‘ืชืฉื•ื‘ื•ืช ื˜ื•ื‘ื•ืช ื™ื•ืชืจ
12:03
to joblessness, community breakdown and so on.
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ืœื—ื•ืกืจ ื”ืขื‘ื•ื“ื”, ื”ืชืคืจืงื•ืช ื”ืงื”ื™ืœื” ื•ื›ื™ื•ืฆื ื‘ืืœื•.
12:06
Some of the ideas are strange.
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ื—ืœืง ืžื”ืจืขื™ื•ื ื•ืช ื”ืืœื• ืžืฉื•ื ื™ื.
12:08
These are complaints choirs.
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ืืœื• ื”ืŸ ืžืงื”ืœื•ืช ืชืœื•ื ื•ืช.
12:10
People come together to sing about the things that really bug them.
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ืื ืฉื™ื ืžืชืืกืคื™ื ื›ื“ื™ ืœืฉื™ืจ ืขืœ ื”ื“ื‘ืจื™ื ืฉืžื˜ืจื™ื“ื™ื ืื•ืชื.
12:13
(Laughter)
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(ืฆื—ื•ืง)
12:15
Others are much more pragmatic: health coaches, learning mentors, job clubs.
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ืจืขื™ื•ื ื•ืช ืื—ืจื™ื ื”ื ื™ื•ืชืจ ืคืจื’ืžื˜ื™ื™ื, ืžื“ืจื™ื›ื™ ื‘ืจื™ืื•ืช, ืžืจื›ื–ื™ ืœื™ืžื•ื“, ืžื•ืขื“ื•ื ื™ ืขื‘ื•ื“ื”.
12:19
And some are quite structural, like social impact bonds
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ื—ืœืงื ืžื‘ื ื™ื™ื ืœืžื“ื™ ื›ืžื• ืื’ืจื•ืช ื—ื•ื‘ ืœืžืขืŸ ื”ืฉืคืขื” ื—ื‘ืจืชื™ืช,
12:22
where you raise money to invest in diverting teenagers from crime
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ื›ืืฉืจ ืžื’ื™ื™ืกื™ื ื›ืกืคื™ื ืœืžืขืŸ ื”ืฆืœื” ืฉืœ ื‘ื ื™ ื ื•ืขืจ ืžืคืฉืข
12:26
or helping old people keep out of hospital,
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ืื• ืกื™ื•ืข ืœืžื‘ื•ื’ืจื™ื ืœื”ืžื ืข ืžื”ืฆื•ืจืš ื‘ื‘ืชื™ ื—ื•ืœื™ื,
12:28
and you get paid back according to how successful your projects are.
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ื•ื”ืชืฉืœื•ื ืžืชืงื‘ืœ ื‘ื”ืชืื ืœื”ืฆืœื—ืช ื”ืคืจื•ื™ืงื˜ื™ื.
12:34
Now, the idea that all of this represents,
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ืžื” ืฉื”ืจืขื™ื•ืŸ ื”ื–ื” ืžื™ื™ืฆื’
12:36
I think, is rapidly becoming a common sense
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ื”ื•ืคืš, ืœื“ืขืชื™, ื‘ืžื”ื™ืจื•ืช ืœื ื—ืœืช ื”ื›ืœืœ
12:39
and part of how we respond to the crisis,
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ื•ื—ืœืง ืžื”ืื•ืคืŸ ื‘ื• ืื ื• ืžื’ื™ื‘ื™ื ืœืžืฉื‘ืจ,
12:41
recognizing the need to invest in innovation for social progress
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ื‘ื”ื›ืจืชื ื• ื‘ืฆื•ืจืš ื‘ื—ื“ืฉื ื•ืช ืœืžืขืŸ ืงื™ื“ืžื” ื—ื‘ืจืชื™ืช
12:45
as well as technological progress.
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ื‘ื ื•ืกืฃ ืœื–ื• ื”ื˜ื›ื ื•ืœื•ื’ื™ืช.
12:47
There were big health innovation funds
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ื‘ืชื—ื™ืœืช ื”ืฉื ื” ื”ื•ืฉืงื• ืงืจื ื•ืช
12:50
launched earlier this year in this country,
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ืœื—ื“ืฉื ื•ืช ื‘ืชื—ื•ื ื”ื‘ืจื™ืื•ืช
12:52
as well as a public service innovation lab.
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ื‘ื ื•ืกืฃ ืœืžืขื‘ื“ื•ืช ื—ื™ื“ื•ืฉื™ื ื‘ืชื—ื•ื ื”ืฉื™ืจื•ืชื™ื ื”ืฆื™ื‘ื•ืจื™ื™ื.
12:54
Across northern Europe, many governments
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ื‘ืฆืคื•ืŸ ืื™ืจื•ืคื” ื›ื™ื•ื ืžืžืฉืœื•ืช ืจื‘ื•ืช
12:56
now have innovation laboratories within them.
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ืžื ื”ืœื•ืช ืžืขื‘ื“ื•ืช ื—ื™ื“ื•ืฉื™ื ืฉื›ืืœื•.
12:59
And just a few months ago, President Obama
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ื•ืจืง ืœืคื ื™ ื—ื•ื“ืฉื™ื ืกืคื•ืจื™ื, ื”ื ืฉื™ื ืื•ื‘ืžื”
13:01
launched the Office of Social Innovation in the White House.
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ื”ืฉื™ืง ืืช ื”ืžืฉืจื“ ืœื—ื“ืฉื ื•ืช ื—ื‘ืจืชื™ืช ื‘ื‘ื™ืช ื”ืœื‘ืŸ.
13:04
And what people are beginning to ask is:
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ื•ื”ืื ืฉื™ื ืžืชื—ื™ืœื™ื ืœืฉืื•ืœ:
13:06
Surely, just as we invest in R and D, two, three, four percent,
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ื”ืจื™ ืื ื• ืžืฉืงื™ืขื™ื ื‘ืžื—ืงืจ ื•ืคื™ืชื•ื— ืฉืœื•ืฉื”, ืืจื‘ืขื” ืื—ื•ื–ื™ื
13:10
of our GDP, of our economy,
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ืžื”ืชืœ"ื’ ืฉืœื ื•, ืžื”ื›ืœื›ืœื” ืฉืœื ื•
13:12
what if we put, let's say, one percent of public spending
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ืžื“ื•ืข ืฉืœื ื ืฉืงื™ืข ืื—ื•ื– ื‘ื•ื“ื“ ืžื”ื”ื•ืฆืื” ื”ืฆื™ื‘ื•ืจื™ืช ืฉืœื ื•
13:15
into social innovation, into elder care, new kinds of education,
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ื‘ื—ื“ืฉื ื•ืช ื—ื‘ืจืชื™ืช, ื˜ื™ืคื•ืœ ื‘ืžื‘ื•ื’ืจื™ื, ืกื•ื’ื™ื ื—ื“ืฉื™ื ืฉืœ ื—ื™ื ื•ืš
13:19
new ways of helping the disabled?
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ื•ื“ืจื›ื™ื ืœืกื™ื™ืข ืœื‘ืขืœื™ ืžื•ื’ื‘ืœื•ื™ื•ืช ?
13:21
Perhaps we'd achieve similar productivity gains in society
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ืื• ืื– ื™ื™ืชื›ืŸ ื•ื ืฉื™ื’ ื”ืชืงื“ืžื•ืช ื—ื‘ืจืชื™ืช
13:25
to those we've had in the economy and in technology.
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ื“ื•ืžื” ืœืืœื• ืฉื”ืฉื’ื ื• ืžื‘ื—ื™ื ื” ื›ืœื›ืœื™ืช ื•ื˜ื›ื ื•ืœื•ื’ื™ืช.
13:29
And if, a generation or two ago, the big challenges
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ืื ืœืคื ื™ ื“ื•ืจ ืื• ืฉื ื™ื™ื ื”ืืชื’ืจื™ื ืฉื ื™ืฆื‘ื• ื‘ืคื ื™ ื”ืื ื•ืฉื•ืช
13:31
were ones like getting a man on the moon,
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ื”ื™ื• ืœื”ื ื—ื™ืช ืื“ื ืขืœ ื”ื™ืจื— ื•ืžืฉื™ืžื•ืช ื“ื•ืžื•ืช,
13:34
perhaps the challenges we need to set ourselves now
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ื™ื™ืชื›ืŸ ืฉืจืื•ื™ ืฉื”ืืชื’ืจื™ื ืฉืœ ื”ื™ื•ื ื™ื”ื™ื•
13:37
are ones like eliminating child malnutrition, stopping trafficking,
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ื—ื™ืกื•ืœ ืชืช ืชื–ื•ื ื” ื‘ืงืจื‘ ื™ืœื“ื™ื, ืขืฆื™ืจืช ื”ืกื—ืจ ื‘ื‘ื ื™ ืื“ื
13:42
or one, I think closer to home for America or Europe,
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ืื•, ืืชื’ืจ ื”ืงืจื•ื‘ ื™ื•ืชืจ ืœืœื‘ ืื™ืจื•ืคื” ืื• ืืžืจื™ืงื”,
13:44
why don't we set ourselves the goal
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ืžื“ื•ืข ืฉืœื ื ืงื‘ืข ืœื ื• ื›ืžื˜ืจื”
13:46
of achieving a billion extra years of life for today's citizens.
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ืœื”ื•ืกื™ืฃ ืขื•ื“ ืžื™ืœื™ืืจื“ ืฉื ื•ืช ื—ื™ื™ื ืœืื–ืจื—ื™ื ื”ื—ื™ื™ื ื›ื™ื•ื.
13:49
Now those are all goals which could be achieved within a decade,
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ืืช ื›ืœ ื”ืžื˜ืจื•ืช ื”ืœืœื• ื ื™ืชืŸ ืœื”ืฉื™ื‘ ื‘ืชื•ืš ืขืฉื•ืจ ื™ื—ื™ื“,
13:53
but only with radical and systematic experiment,
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ืื‘ืœ ืจืง ืขืœ ื™ื“ื™ ื ื™ืกื•ื™ื™ื ืฉื™ื˜ืชื™ื™ื ื•ืžืจื—ื™ืงื™ ืœื›ืช,
13:57
not just with technologies, but also with lifestyles and culture
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ืœื ืจืง ืขื ื˜ื›ื ื•ืœื•ื’ื™ื•ืช ืืœ ื™ื—ื“ ืขื ืื•ืจื— ื—ื™ื™ื, ืชืจื‘ื•ืช
14:01
and policies and institutions too.
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ืžื“ื™ื ื™ื•ืช ื•ืžื•ืกื“ื•ืช ืžืชืื™ืžื™ื.
14:05
Now, I want to end by saying a little bit about what I think this means for capitalism.
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ืื ื™ ืจื•ืฆื” ืœืกื™ื™ื ื•ืœื“ื‘ืจ ืขืœ ื”ืžืฉืžืขื•ืช ืฉืœ ื›ืœ ื–ื” ื‘ื™ื—ืก ืœืงืคื™ื˜ืœื™ื–ื.
14:11
I think what this is all about, this whole movement
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ืื ื™ ื—ื•ืฉื‘ ืฉื›ืœ ื”ืขื ื™ื™ืŸ, ื›ืœ ื”ืชื ื•ืขื” ื”ื–ื•
14:13
which is growing from the margins, remains quite small.
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ืฉื’ื“ืœื” ืžื”ืฉื•ืœื™ื™ื ื ื•ืชืจื” ืงื˜ื ื” ืœืžื“ื™.
14:16
Nothing like the resources of a CERN or a DARPA or an IBM or a Dupont.
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ืขื ืžืฉืื‘ื™ื ืงื˜ื ื™ื ื‘ื”ืจื‘ื” ืžืืœื• ืฉืœ CERN, DARPA, IBM ืื• Dupont.
14:20
What it's telling us is that capitalism is going to become more social.
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ื•ื–ื” ืื•ืžืจ ืœื ื• ื›ื™ ื”ืงืคื™ื˜ืœื™ื–ื ืขื•ืžื“ ืœื”ืคื•ืš ืœื—ื‘ืจืชื™ ื™ื•ืชืจ.
14:24
It's already immersed in social networks.
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ื”ื•ื ื’ื ื›ื›ื” ืžืฉื•ืงืข ื‘ืจืฉืชื•ืช ื—ื‘ืจืชื™ื•ืช.
14:26
It will become more involved in social investment, and social care
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ื”ื•ื ื™ื”ืคื•ืš ืœืžืขื•ืจื‘ ื™ื•ืชืจ ื‘ื”ืฉืงืขื” ื—ื‘ืจืชื™ืช ื•ื”ื“ื“ื™ื•ืช
14:31
and in industries where the value comes from what you do with others,
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ื•ื‘ืชืขืฉื™ื•ืช ื‘ื”ืŸ ื”ืขืจืš ื ื•ื‘ืข ืžืžื” ืฉืืชื” ืขื•ืฉื ืขื ืื—ืจื™ื,
14:35
not just from what you sell to them,
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ื•ืœื ืจืง ืžืžื” ืฉืืชื” ืžื•ื›ืจ ืœื”ื,
14:38
and from relationships as well as from consumption.
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ื•ืžื™ื—ืกื™ื ื‘ื ื•ืกืฃ ืœืฆืจื™ื›ื”.
14:41
But interestingly too, it implies a future where society learns a few tricks from capitalism
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ืื‘ืœ, ื‘ืื•ืคืŸ ืžืจืชืง, ื–ื” ืžืจืžื– ืขืœ ืขืชื™ื“ ื‘ื• ื”ื—ื‘ืจื” ืชืœืžื“ ื›ืžื” ืžื”"ื˜ืจื™ืงื™ื" ืฉืœ ืงืคื™ื˜ืœื™ื–ื
14:46
about how you embed the DNA of restless continual innovation
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ื•ืื™ืš ืœื”ื˜ืžื™ืข ืืช ื”DNA ืฉืœ ื—ื“ืฉื ื•ืช ื—ืกืจืช ืžื ื•ื—ื” ื•ืžืชืžืฉื›ืช ื‘ื—ื‘ืจื”,
14:50
into society, trying things out and then growing and scaling the ones that work.
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ืขืœ ื™ื“ื™ ื ื™ืกื•ื™ ืฉืœ ื“ื‘ืจื™ื ื—ื“ืฉื™ื ื•ื™ื™ืฉื•ื ื‘ืงื ื” ืžื™ื“ื” ื’ื“ื•ืœ ื™ื•ืชืจ ืฉืœ ืืœื• ืฉืขื•ื‘ื“ื™ื ื”ื™ื˜ื‘.
14:57
Now, I think this future will be quite surprising to many people.
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ืื ื™ ื—ื•ืฉื‘ ืฉื”ืขืชื™ื“ ื”ื–ื” ื™ืคืชื™ืข ืœื ืžืขื˜ ืื ืฉื™ื.
15:01
In recent years, a lot of intelligent people thought that capitalism had basically won.
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ื‘ืฉื ื™ื ื”ืื—ืจื•ื ื•ืช ื”ืจื‘ื” ืื ืฉื™ื ืื™ื ื˜ืœื™ื’ื ื˜ื™ื™ื ื—ืฉื‘ื• ืฉืงืคื™ื˜ืœื™ื–ื, ืœืžืขืฉื”, ื ื™ืฆื—.
15:06
History was over
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ืฉื”ื”ื™ืกื˜ื•ืจื™ื” ื”ื’ื™ืขื” ืœืงื™ืฆื”
15:08
and society would inevitably have to take second place to economy.
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ื•ืฉื”ื—ื‘ืจื” ืชื™ืืœืฅ ืœืชืคื•ืก ืžืงื•ื ืžืฉื ื™ ื‘ื™ื—ืก ืœื›ืœื›ืœื”.
15:13
But I've been struck with a parallel in how people often talk about capitalism today
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ืื‘ืœ ืœื™ ื ืจืื” ืฉืื ืฉื™ื ืžื™ื™ื—ืกื™ื ื‘ืื•ืคืŸ ืžืงื‘ื™ืœ ืœืงืคื™ื˜ืœื™ื–ื ื”ื™ื•ื
15:18
and how they talked about the monarchy 200 years ago,
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ื›ืžื• ืืœ ืžืœื•ื›ื ื•ืช ืœืคื ื™ 200 ืฉื ื”,
15:21
just after the French Revolution and the restoration of the monarchy in France.
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ื‘ื“ื™ื•ืง ืœืื—ืจ ื”ืžื”ืคื›ื” ื”ืฆืจืคืชื™ืช ื•ื”ืจืกื˜ื•ืจืฆื™ื” ืฉืœ ื”ืžืœื•ื›ื” ื‘ืฆืจืคืช.
15:25
Then, people said monarchy dominated everywhere
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ืื– ืื ืฉื™ื ืืžืจื• ื›ื™ ื”ืžืœื•ื›ื” ืฉื•ืจื” ื‘ื›ืœ
15:28
because it was rooted in human nature.
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ื›ื™ื•ื•ืŸ ืฉื”ื™ื ื ืขื•ืฆื” ื‘ื˜ื‘ืข ื”ืื ื•ืฉื™.
15:30
We were naturally deferential. We needed hierarchy.
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ืื ื—ื ื• ืฆื™ื™ืชื ื™ื ืžื˜ื™ื‘ื ื•. ืื ื—ื ื• ื–ืงื•ืงื™ื ืœื”ื™ืจืจื›ื™ื”.
15:33
Just as today, the enthusiasts of unrestrained capitalism
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ื‘ื“ื™ื•ืง ื›ืคื™ ืฉื›ื™ื•ื, ื”ืชื•ืžื›ื™ื ื”ื ืœื”ื‘ื™ื ืฉืœ ืงืคื™ื˜ืœื™ื–ื ืžืฉื•ืœื— ืจืกืŸ
15:37
say it's rooted in human nature,
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ื˜ื•ืขื ื™ื ื›ื™ ื”ื•ื ื ืขื•ืฅ ื‘ื˜ื‘ืข ื”ืื ื•ืฉื™,
15:39
only now it's individualism, inquisitiveness, and so on.
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ืจืง ืฉื›ื™ื•ื ืžื“ื‘ืจื™ื ืขืœ ืื™ื ื“ื™ื‘ื™ื“ื•ืืœื™ื–ื, ืกืงืจื ื•ืช ื•ื›ื•'.
15:42
Then monarchy had seen off its big challenger, mass democracy,
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ืื– ื”ืžื•ื ืจื›ื™ื” ื ืคืจื“ื” ืžื”ืžืชื—ืจื” ื”ื’ื“ื•ืœื” ืฉืœื”, ื“ืžื•ืงืจื˜ื™ื” ืœื”ืžื•ื ื™ื,
15:47
which was seen as a well-intentioned but doomed experiment,
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ืืฉืจ ื ืจืืชื” ื›ื ื™ืกื•ื™ ืจื•ื•ื™ ื›ื•ื•ื ื•ืช ื˜ื•ื‘ื•ืช, ืืš ื ื™ื“ื•ืŸ ืœื›ื™ืฉืœื•ืŸ.
15:50
just as capitalism has seen off socialism.
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ื‘ื“ื™ื•ืง ื›ืคื™ ืฉื”ืงืคื™ื˜ืœื™ื–ื ื ืคืจื“ ืžื”ืกื•ืฆื™ืืœื™ื–ื.
15:53
Even Fidel Castro now says that the only thing worse
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ืืคื™ืœื• ืคื™ื“ืœ ืงืกื˜ืจื• ื˜ื•ืขืŸ ื›ื™ื•ื ื›ื™
15:56
than being exploited by multinational capitalism
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ื”ื“ื‘ืจ ื”ื™ื—ื™ื“ ื”ื™ื•ืชืจ ื’ืจื•ืข ืžืœื”ื™ื•ืช ืžื ื•ืฆืœ ืขืœ ื™ื“ื™ ืงืคื™ื˜ืœื™ื–ื ืจื‘ ืœืื•ืžื™
15:58
is not being exploited by multinational capitalism.
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ื”ื•ื ืœื ืœื”ื™ื•ืช ืžื ื•ืฆืœ ืขืœ ื™ื“ื™ ืงืคื™ื˜ืœื™ื–ื ืจื‘ ืœืื•ืžื™.
16:03
And whereas then monarchies, palaces and forts dominated every city skyline
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ื•ื‘ืขื•ื“ ืฉืื– ืžื•ื ืจื›ื™ื”, ืืจืžื•ื ื•ืช ื•ืžืฆื•ื“ื•ืช ืฉืœื˜ื• ื‘ืงื• ื”ืจืงื™ืข ืฉืœ ื”ืขืจื™ื
16:07
and looked permanent and confident,
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ื•ื ื“ืžื• ื›ื ืฆื—ื™ื™ื ื•ืžืœืื™ ื‘ื˜ื—ื•ืŸ,
16:09
today it's the gleaming towers of the banks which dominate every big city.
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ื›ื™ื•ื ืืœื• ื”ื‘ื ื™ื™ื ื™ื ื”ื ื•ืฆืฆื™ื ืฉืœ ื‘ื ืงื™ื ื”ืฉื•ืœื˜ื™ื ื‘ื›ืœ ืขื™ืจ ื’ื“ื•ืœื”.
16:13
I'm not suggesting the crowds are about to storm the barricades
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ืื™ื ื ื™ ืžืฆื™ืข ื›ื™ ื”ื”ืžื•ื ื™ื ื™ืกืชืขืจื• ืขืœ ื”ื‘ืจื™ืงื“ื•ืช
16:16
and string up every investment banker from the nearest lamppost,
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ื•ื™ืชืœื• ื‘ื ืงืื™ื ืžืขืžื•ื“ื™ ืชืื•ืจื”,
16:20
though that might be quite tempting.
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ืœืžืจื•ืช ืฉื”ืžื—ืฉื‘ื” ืžืื•ื“ ืžืคืชื”.
16:22
But I do think we're on the verge of a period when,
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ืื‘ืœ ืื ื™ ื›ืŸ ื—ื•ืฉื‘ ืฉืื ื• ื‘ืคืชื—ื” ืฉืœ ืชืงื•ืคื” ื‘ื”,
16:25
just as happened to the monarchy and, interestingly, the military too,
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ื‘ื“ื™ื•ืง ื›ืคื™ ืฉืงืจื” ืœืžื•ื ืจื›ื™ื”, ื•ื’ื ืœืฆื‘ื ืœืžืขืฉื”,
16:29
the central position of finance capital is going to come to an end,
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ื”ืขืžื“ื” ื”ืฉืœื˜ืช ืฉืœ ืขื•ืœื ื”ืžื™ืžื•ืŸ ืขื•ืžื“ืช ืœื‘ื•ื ืœืงื™ืฆื”,
16:33
and it's going to steadily move to the sides, the margins of our society,
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ื•ืชืคื ื” ื™ื•ืชืจ ื•ื™ื•ืชืจ ืœืฆื“ื“ื™ื, ืืœ ื”ืฉื•ืœื™ื™ื ืฉืœ ื”ื—ื‘ืจื”,
16:37
transformed from being a master into a servant,
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ื•ืชืฉืชื ื” ืžืื“ื•ืŸ ืœืžืฉืจืช,
16:40
a servant to the productive economy and of human needs.
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ืžืฉืจืช ืืช ื”ื›ืœื›ืœื” ื”ื™ืฆืจื ื™ืช ืฉืœ ืฆืจื›ื™ื ืื ื•ืฉื™ื™ื.
16:44
And as that happens,
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ื•ื›ืฉื–ื” ื™ืงืจื”,
16:46
we will remember something very simple and obvious about capitalism,
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ืื ื—ื ื• ื ื–ื›ื•ืจ ื“ื‘ืจ ืžืื•ื“ ืคืฉื•ื˜ ื•ื‘ืจื•ืจ ื‘ื ื•ื’ืข ืœืงืคื™ื˜ืœื™ื–ื,
16:49
which is that, unlike what you read in economics textbooks,
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ืฉื‘ื ื™ื’ื•ื“ ืœืžื” ืฉื›ืชื•ื‘ ื‘ืกืคืจื™ ื›ืœื›ืœื”,
16:52
it's not a self-sufficient system.
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ื–ื• ืื™ื ื” ืžืขืจื›ืช ื”ืžืกืคืงืช ืืช ืขืฆืžื”.
16:55
It depends on other systems,
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ื”ื™ื ื ืฉืขื ืช ืขืœ ืžืขืจื›ื•ืช ืื—ืจื•ืช,
16:57
on ecology, on family, on community,
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ืขืœ ืืงื•ืœื•ื’ื™ื”, ืžืฉืคื—ื”, ืงื”ื™ืœื”
17:00
and if these aren't replenished, capitalism suffers too.
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ื•ืื ืืœื• ืื™ื ืŸ ืžืชื—ื“ืฉื•ืช ื”ืงืคื™ื˜ืœื™ื–ื ื ืคื’ืข ืžื›ืš ื’ื ื›ืŸ.
17:04
And our human nature isn't just selfish, it's also compassionate.
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ื˜ื‘ืขื ื• ื”ืื ื•ืฉื™ ื”ื•ื ืœื ืจืง ืื ื•ื›ื™, ืืœื ื’ื ื—ื•ืžืœ.
17:09
It's not just competitive, it's also caring.
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ื”ื•ื ืœื ืจืง ืชื—ืจื•ืชื™, ืืœื ื’ื ืื›ืคืชื™.
17:14
Because of the depth of the crisis, I think we are at a moment of choice.
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ื‘ืฉืœ ืขื•ืžืงื• ืฉืœ ื”ืžืฉื‘ืจ, ืื ื™ ื—ื•ืฉื‘ ืฉืื ื• ื‘ืจื’ืข ืฉืœ ื”ื›ืจืขื”.
17:19
The crisis is almost certainly deepening around us.
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ื”ืžืฉื‘ืจ, ื›ืžืขื˜ ืœื‘ื˜ื—, ืžืขืžื™ืง ืกื‘ื™ื‘ื ื•.
17:22
It will be worse at the end of this year,
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ื”ื•ื ื™ื”ื™ื” ื™ื•ืชืจ ื—ืžื•ืจ ื‘ืกื•ืคื” ืฉืœ ื”ืฉื ื”,
17:24
quite possibly worse in a year's time than it is today.
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ื•ื™ื™ืชื›ืŸ ืฉืืฃ ื—ืžื•ืจ ืžื›ืš ื‘ืขื•ื“ ืฉื ื” ืžื”ื™ื•ื.
17:27
But this is one of those very rare moments
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ืื‘ืœ ื–ื”ื• ืื—ื“ ืžื”ืจื’ืขื™ื ื”ื ื“ื™ืจื™ื
17:30
when we have to choose whether we're just pedaling furiously
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ื‘ื”ื ืื ื• ื‘ื•ื—ืจื™ื ื”ืื ืœืจื“ื•ืฃ ื•ืœื”ืชืืžืฅ
17:33
to get back to where we were a year or two ago,
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ืจืง ืขืœ ืžื ืช ืœื”ื’ื™ืข ืœืื•ืชื• ืžืงื•ื ื‘ื• ื”ื™ื™ื ื• ืœืคื ื™ ืฉื ื” ืื• ืฉืชื™ื™ื,
17:36
and a very narrow idea of what the economy is for,
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ื•ืœืื•ืชื• ืจืขื™ื•ืŸ ืฆืจ ื•ืžื•ื’ื‘ืœ ืฉืœ ืžื”ื™ ื›ืœื›ืœื” ื•ืžื” ื”ื™ื ืžืฉืžืฉืช,
17:40
or whether this is a moment to jump ahead, to reboot
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ืื• ืฉืžื ื–ื”ื• ื”ืจื’ืข ืœื–ื ืง ืงื“ื™ืžื”, ืœืืชื—ืœ ืืช ื”ืžืขืจื›ืช
17:45
and to do some of the things we probably should have been doing anyway.
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ื•ืœืขืฉื•ืช ื—ืœืง ืžืื•ืชื ื”ื“ื‘ืจื™ื ืฉื”ื™ื™ื ื• ืืžื•ืจื™ื ืœืขืฉื•ืช ืžืœื›ืชื—ื™ืœื”.
17:48
Thank you.
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ืชื•ื“ื” ืจื‘ื”.
17:50
(Applause)
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(ืžื—ื™ืื•ืช ื›ืคื™ื™ื)
ืขืœ ืืชืจ ื–ื”

ืืชืจ ื–ื” ื™ืฆื™ื’ ื‘ืคื ื™ื›ื ืกืจื˜ื•ื ื™ YouTube ื”ืžื•ืขื™ืœื™ื ืœืœื™ืžื•ื“ ืื ื’ืœื™ืช. ืชื•ื›ืœื• ืœืจืื•ืช ืฉื™ืขื•ืจื™ ืื ื’ืœื™ืช ื”ืžื•ืขื‘ืจื™ื ืขืœ ื™ื“ื™ ืžื•ืจื™ื ืžื”ืฉื•ืจื” ื”ืจืืฉื•ื ื” ืžืจื—ื‘ื™ ื”ืขื•ืœื. ืœื—ืฅ ืคืขืžื™ื™ื ืขืœ ื”ื›ืชื•ื‘ื™ื•ืช ื‘ืื ื’ืœื™ืช ื”ืžื•ืฆื’ื•ืช ื‘ื›ืœ ื“ืฃ ื•ื™ื“ืื• ื›ื“ื™ ืœื”ืคืขื™ืœ ืืช ื”ืกืจื˜ื•ืŸ ืžืฉื. ื”ื›ืชื•ื‘ื™ื•ืช ื’ื•ืœืœื•ืช ื‘ืกื ื›ืจื•ืŸ ืขื ื”ืคืขืœืช ื”ื•ื•ื™ื“ืื•. ืื ื™ืฉ ืœืš ื”ืขืจื•ืช ืื• ื‘ืงืฉื•ืช, ืื ื ืฆื•ืจ ืื™ืชื ื• ืงืฉืจ ื‘ืืžืฆืขื•ืช ื˜ื•ืคืก ื™ืฆื™ืจืช ืงืฉืจ ื–ื”.

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