The dirty secret of capitalism -- and a new way forward | Nick Hanauer

2,808,746 views ใƒป 2019-10-18

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

ืชืจื’ื•ื: Roni Weisman ืขืจื™ื›ื”: Nurit Noy
00:13
I am a capitalist,
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ืื ื™ ืงืคื™ื˜ืœื™ืกื˜,
00:17
and after a 30-year career in capitalism
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ื•ืžืื—ื•ืจื™ 30 ืฉื ื•ืช ืงืจื™ื™ืจื” ื‘ืงืคื™ื˜ืœื™ื–ื
00:20
spanning three dozen companies,
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ื‘ื”ืŸ ื”ื™ื™ืชื™ ื‘ื›-30 ื—ื‘ืจื•ืช,
00:22
generating tens of billions of dollars in market value,
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ื™ื™ืฆืจืชื™ ืขืฉืจื•ืช ืžื™ืœื™ืืจื“ื™ ื“ื•ืœืจื™ื ืฉืœ ืขืจืš ืฉื•ืง,
00:26
I'm not just in the top one percent, I'm in the top .01 percent of all earners.
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ืื ื™ ืœื ืจืง ื‘ืื—ื•ื–ื•ืŸ ื”ืขืœื™ื•ืŸ ืืœื ื‘ืžืื™ืช ื”ืขืœื™ื•ื ื”.
00:33
Today, I have come to share the secrets of our success,
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ื”ื™ื•ื ื‘ืืชื™ ื›ื“ื™ ืœืฉืชืฃ ืืชื›ื ื‘ืกื•ื“ื•ืช ื”ื”ืฆืœื—ื” ืฉืœื ื•,
00:36
because rich capitalists like me have never been richer.
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ื›ื™ ืงืคื™ื˜ืœื™ืกื˜ื™ื ืขืฉื™ืจื™ื ื›ืžื•ื ื™ ืžืขื•ืœื ืœื ื”ื™ื• ืขืฉื™ืจื™ื ื™ื•ืชืจ.
00:40
So the question is, how do we do it?
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ืื– ื”ืฉืืœื” ื”ื™ื, ืื™ืš ืื ื—ื ื• ืขื•ืฉื™ื ืืช ื–ื”?
00:44
How do we manage to grab
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ืื™ืš ืื ื—ื ื• ืžืฆืœื™ื—ื™ื ืœื”ืฉื™ื’
00:45
an ever-increasing share of the economic pie every year?
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ื—ืœืง ื”ื•ืœืš ื•ื’ื“ืœ ืžื”ืขื•ื’ื” ื”ื›ืœื›ืœื™ืช ืžื“ื™ ืฉื ื”?
00:50
Is it that rich people are smarter than we were 30 years ago?
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ื”ืื ื–ื” ืžืฉื•ื ืฉื”ืขืฉื™ืจื™ื ื ืขืฉื• ื—ื›ืžื™ื ื™ื•ืชืจ ืžืืฉืจ ืœืคื ื™ 30 ืฉื ื”?
00:55
Is it that we're working harder than we once did?
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ื”ืื ืื ื—ื ื• ืขื•ื‘ื“ื™ื ืงืฉื” ื™ื•ืชืจ ืžืื™-ืคืขื?
00:59
Are we taller, better looking?
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ื”ืื ืื ื—ื ื• ื’ื‘ื•ื”ื™ื ื™ื•ืชืจ, ื ืจืื™ื ื˜ื•ื‘ ื™ื•ืชืจ?
01:03
Sadly, no.
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ืœืžืจื‘ื” ื”ืฆืขืจ, ืœื.
01:05
It all comes down to just one thing:
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ื”ื’ื•ืจื ื”ื•ื ืื—ื“ ื‘ืœื‘ื“:
01:08
economics.
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ื›ืœื›ืœื”.
01:10
Because, here's the dirty secret.
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ื•ื”ื ื” ื”ืกื•ื“ ื”ืžืœื•ื›ืœืš.
01:12
There was a time in which the economics profession
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ื”ื™ืชื” ืชืงื•ืคื” ื‘ื” ืžืงืฆื•ืข ื”ื›ืœื›ืœื”
ืขื‘ื“ ืœื˜ื•ื‘ืช ื”ืื™ื ื˜ืจืก ื”ืฆื™ื‘ื•ืจื™, ื‘ืฉื‘ื™ืœ ื›ื•ืœื,
01:15
worked in the public interest,
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01:16
but in the neoliberal era,
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ืื‘ืœ ื‘ืขื™ื“ืŸ ื”ื ื™ืื•-ืœื™ื‘ืจืœื™,
01:18
today,
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ื›ื™ื•ื,
01:20
they work only for big corporations
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ื”ื•ื ืžื™ื˜ื™ื‘ ืจืง ืขื ื”ืืจื’ื•ื ื™ื ื”ื’ื“ื•ืœื™ื
01:22
and billionaires,
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ื•ื”ืžื™ืœื™ืืจื“ืจื™ื,
01:24
and that is creating a little bit of a problem.
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ื•ื–ื” ื™ื•ืฆืจ ื‘ืขื™ื” ืงืœื”.
01:27
We could choose to enact economic policies
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ืื ื• ื™ื›ื•ืœื™ื ืœื”ื—ืœื™ื˜ ืขืœ ืžื“ื™ื ื™ื•ืช ื›ืœื›ืœื™ืช
01:31
that raise taxes on the rich,
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ืฉืœ ื”ืขืœืืช ืžืกื™ื ืขืœ ื”ืขืฉื™ืจื™ื,
01:34
regulate powerful corporations or raise wages for workers.
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ื”ื’ื‘ืจืช ื”ืจื’ื•ืœืฆื™ื” ืขืœ ืืจื’ื•ื ื™ื ื—ื–ืงื™ื, ืื• ื”ืขืœืืช ืžืฉื›ื•ืจื•ืช ืขื•ื‘ื“ื™ื.
01:38
We have done it before.
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ืขืฉื™ื ื• ื–ืืช ื‘ืขื‘ืจ.
01:39
But neoliberal economists would warn
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ืื‘ืœ ื›ืœื›ืœื ื™ื ื ื™ืื•-ืœื™ื‘ืจืœื™ื ื™ื–ื”ื™ืจื• ืื•ืชื ื•
01:42
that all of these policies would be a terrible mistake,
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ืฉื—ื•ืงื™ื ื›ืืœื” ื™ื”ื™ื• ื˜ืขื•ืช ืื™ื•ืžื”,
01:46
because raising taxes always kills economic growth,
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ื›ื™ "ื”ืขืœืืช ืžืกื™ื ืชืžื™ื“ ื”ื•ืจื’ืช ืืช ื”ืฆืžื™ื—ื” ื”ื›ืœื›ืœื™ืช",
01:50
and any form of government regulation
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"ื›ืœ ืฆื•ืจื” ืฉืœ ืจื’ื•ืœืฆื™ื” ืžืžืฉืœืชื™ืช
01:52
is inefficient,
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"ืื™ื ื” ื™ืขื™ืœื”",
01:54
and raising wages always kills jobs.
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ื•"ื”ืขืœืืช ืžืฉื›ื•ืจื•ืช ืชืžื™ื“ ืžื—ืกืœืช ืžืฉืจื•ืช".
01:57
Well, as a consequence of that thinking,
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ื›ืชื•ืฆืื” ืžื“ืจืš ื—ืฉื™ื‘ื” ื–ืืช,
02:00
over the last 30 years, in the USA alone,
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ื‘ืžืฉืš 30 ื”ืฉื ื™ื ื”ืื—ืจื•ื ื•ืช, ื‘ืืจืฆื•ืช ื”ื‘ืจื™ืช ืœื‘ื“ื”,
02:04
the top one percent has grown 21 trillion dollars richer
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ื”ืคืš ื”ืื—ื•ื–ื•ืŸ ื”ืขืœื™ื•ืŸ ื”ืขืฉื™ืจ ื™ื•ืชืจ ื‘-21 ื˜ืจื™ืœื™ื•ืŸ ื“ื•ืœืจ
02:09
while the bottom 50 percent have grown 900 billion dollars poorer,
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ื‘ื–ืžืŸ ืฉื”-50% ื”ื ืžื•ื›ื™ื ื”ืคื›ื• ืขื ื™ื™ื ื™ื•ืชืจ ื‘-900 ืžื™ืœื™ืืจื“ ื“ื•ืœืจ,
02:14
a pattern of widening inequality that has largely repeated itself
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ื“ืคื•ืก ืฉืžืขืžื™ืง ืืช ืื™-ื”ืฉื•ื•ื™ื•ืŸ ื•ื—ื•ื–ืจ ืขืœ ืขืฆืžื• ื‘ืžื™ื“ื” ืจื‘ื”
02:18
across the world.
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ื‘ืจื—ื‘ื™ ื”ืขื•ืœื.
02:19
And yet, as middle class families struggle to get by
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ืœืžืจื•ืช ื–ืืช, ื›ืฉืžืฉืคื—ื•ืช ืžื”ืžืขืžื“ ื”ื‘ื™ื ื•ื ื™ ืฉื ืื‘ืงื•ืช ืœื”ืกืชื“ืจ
02:24
on wages that have not budged in about 40 years,
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ืขื ืžืฉื›ื•ืจื•ืช ืฉืœื ื”ืฉืชื ื• ืžื–ื” ื›-40 ืฉื ื”,
02:28
neoliberal economists continue to warn that the only reasonable response
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ื”ื›ืœื›ืœื ื™ื ื”ื ืื•-ืœื™ื‘ืจืœื™ื ืžืžืฉื™ื›ื™ื ืœื”ืชืจื™ืข ืฉื”ืชื’ื•ื‘ื” ื”ืกื‘ื™ืจื” ื”ื™ื—ื™ื“ื”
02:32
to the painful dislocations of austerity and globalization
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ืœืฉื™ื‘ื•ืฉื™ื ื”ื›ื•ืื‘ื™ื ืฉื ื’ืจืžื™ื ื‘ื’ืœืœ ื”ืฆื ืข ื•ื”ื’ืœื•ื‘ืœื™ื–ืฆื™ื”
02:36
is even more austerity and globalization.
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ื”ื™ื ื” ืขื•ื“ ืฆื ืข ื•ื’ืœื•ื‘ืœื™ื–ืฆื™ื”.
02:40
So, what is a society to do?
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ืื– ืžื” ืขืœ ื”ื—ื‘ืจื” ื”ืื ื•ืฉื™ืช ืœืขืฉื•ืช?
02:44
Well, it's super clear to me what we need to do.
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ื•ื‘ื›ืŸ, ื‘ืจื•ืจ ืœื™ ืœื’ืžืจื™ ืžื” ืขืœื™ื ื• ืœืขืฉื•ืช.
02:47
We need a new economics.
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ื ื—ื•ืฆื” ืœื ื• ื›ืœื›ืœื” ื—ื“ืฉื”.
02:51
So, economics has been described as the dismal science,
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ื”ื›ืœื›ืœื” ืชื•ืืจื” ืคืขื ื›"ื”ืžื“ืข ื”ืงื•ื“ืจ",
02:55
and for good reason, because as much as it is taught today,
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ื•ื–ืืช ืžืกื™ื‘ื” ื˜ื•ื‘ื”, ื›ื™ื•ื•ืŸ ืฉืœืžืจื•ืช ืฉืžืœืžื“ื™ื ืื•ืชื” ื›ื” ื”ืจื‘ื” ื”ื™ื•ื,
02:58
it isn't a science at all,
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ื”ื™ื ืื™ื ื” ืžื“ืข ื›ืœืœ,
03:00
in spite of all of the dazzling mathematics.
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ืœืžืจื•ืช ื›ืœ ื”ืžืชืžื˜ื™ืงื” ื”ืžืกื ื•ื•ืจืช.
03:03
In fact, a growing number of academics and practitioners
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ืœืžืขืฉื”, ื™ื•ืชืจ ื•ื™ื•ืชืจ ืืงื“ืžืื™ื ื•ืื—ืจื™ื ื”ืขื•ืกืงื™ื ื‘ืชื—ื•ื
03:06
have concluded that neoliberal economic theory is dangerously wrong
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ื”ื’ื™ืขื• ืœืžืกืงื ื” ืฉืชึตืื•ึนืจึฐื™ื™ืช ื”ื›ืœื›ืœื” ื”ื ื™ืื•-ืœื™ื‘ืจืœื™ืช ืžึปื•ื˜ึฐืขึตื™ืช ื‘ืื•ืคืŸ ืžืกื•ื›ืŸ
03:12
and that today's growing crises of rising inequality
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ื•ืฉื”ืžืฉื‘ืจื™ื ื”ื ื•ื›ื—ื™ื™ื ืฉืœ ื—ื•ืกืจ ื”ืฉื•ื•ื™ื•ืŸ ื”ื›ืœื›ืœื™
03:16
and growing political instability
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ื•ื”ืชื’ื‘ืจื•ืช ื—ื•ืกืจ ื”ื™ืฆื™ื‘ื•ืช ื”ืคื•ืœื™ื˜ื™
03:17
are the direct result of decades of bad economic theory.
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ื”ื ืชื•ืฆืื” ื™ืฉื™ืจื” ืฉืœ ืขืฉืจื•ืช ืฉื ื™ื ืฉืœ ืชืื•ืจื™ื™ืช ื›ืœื›ืœื” ื’ืจื•ืขื”.
03:23
What we now know is that the economics that made me so rich isn't just wrong,
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ื›ื™ื•ื ืื ื• ื™ื•ื“ืขื™ื ืฉื”ื›ืœื›ืœื” ืฉื”ืขืฉื™ืจื” ืื•ืชื™ ื›ืœ ื›ืš, ืื™ื ื ื” ืจืง ืžื•ื˜ืขื™ืช,
03:29
it's backwards,
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ืืœื ื’ื ืžื™ื•ืฉื ืช.
03:31
because it turns out
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ื›ื™ ืžืกืชื‘ืจ
03:33
it isn't capital that creates economic growth,
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ืฉืœื ื”ื”ื•ืŸ ื”ื•ื ืฉืžื—ื•ืœืœ ืฆืžื™ื—ื” ื›ืœื›ืœื™ืช,
03:36
it's people;
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ืืœื ื‘ื ื™ ืื“ื.
03:39
and it isn't self-interest that promotes the public good,
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ื•ืœื ื”ืื™ื ื˜ืจืก ื”ืื™ืฉื™ ื”ื•ื ืฉืžืงื“ื ืืช ื˜ื•ื‘ืช ื”ืฆื‘ื•ืจ,
03:44
it's reciprocity;
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ืืœื ื™ื—ืกื™ ื’ื•ืžืœื™ืŸ.
03:46
and it isn't competition that produces our prosperity,
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ื•ืœื ื”ืชื—ืจื•ืช ื”ื™ื ืฉืžื™ื™ืฆืจืช ืฉื’ืฉื•ื’,
03:50
it's cooperation.
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ืืœื ืฉื™ืชื•ืฃ ื”ืคืขื•ืœื”.
03:53
What we can now see is that an economics that is neither just nor inclusive
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ืžื” ืฉื‘ืจื•ืจ ื›ืขืช ื”ื•ื ืฉื›ืœื›ืœื” ืฉืื™ื ื” ืฆื•ื“ืงืช ื•ืื™ื ื” ืžื›ืœื™ืœื”
03:58
can never sustain the high levels of social cooperation
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ืœื ืชื•ื›ืœ ืœืขื•ืœื ืœืชืžื•ืš ื‘ืื•ืชืŸ ืจืžื•ืช ื’ื‘ื•ื”ื•ืช ืฉืœ ืฉื™ืชื•ืฃ ืคืขื•ืœื” ื—ื‘ืจืชื™
04:02
necessary to enable a modern society to thrive.
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ื”ื ื—ื•ืฆื•ืช ืœืฉื’ืฉื•ื’ื” ืฉืœ ื—ื‘ืจื” ืžื•ื“ืจื ื™ืช.
04:05
So where did we go wrong?
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ืื– ืื™ืคื” ื˜ืขื™ื ื•?
04:09
Well, it turns out that it's become painfully obvious
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ื˜ื•ื‘, ืžืชื‘ืจืจ ืฉื ืขืฉื” ื‘ืจื•ืจ ืžืืœื™ื• ืขื“ ื›ืื‘
04:13
that the fundamental assumptions that undergird neoliberal economic theory
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ืฉื”ื”ื ื—ื•ืช ื”ื‘ืกื™ืกื™ื•ืช ืขืœื™ื”ืŸ ื‘ื ื•ื™ื” ืชื™ืื•ืจื™ื™ืช ื”ื›ืœื›ืœื” ื”ื ื™ืื•-ืœื™ื‘ืจืœื™ืช
04:19
are just objectively false,
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ื”ืŸ ืคืฉื•ื˜ ืฉื’ื•ื™ื•ืช ื‘ืื•ืคืŸ ืื•ื‘ื™ื™ืงื˜ื™ื‘ื™,
04:22
and so today first I want to take you through some of those mistaken assumptions
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ื•ืœื›ืŸ ื”ื™ื•ื ืื ื™ ืจื•ืฆื” ืœืขื‘ื•ืจ ืื™ืชื›ื ืขืœ ื”ื”ื ื—ื•ืช ื”ืžื•ื˜ืขื•ืช ื”ืืœื•
04:26
and then after describe where the science suggests prosperity actually comes from.
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ื•ืœืื—ืจ ืžื›ืŸ ืœืชืืจ ืžื”ื• ื‘ืืžืช ืžืงื•ืจ ื”ืฉื’ืฉื•ื’ ืœื“ืขืช ื”ืžื“ืข.
04:33
So, neoliberal economic assumption number one is
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ื•ื‘ื›ืŸ, ื”ื ื—ื” ืžืกืคืจ 1 ืฉืœ ื”ื›ืœื›ืœื” ื”ื ื™ืื•-ืœื™ื‘ืจืœื™ืช ื”ื™ื,
04:37
that the market is an efficient equilibrium system,
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ืฉื”ืฉื•ืง ื”ื™ื ื• ืžืขืจื›ืช ืฉื™ื•ื•ื™-ืžืฉืงืœ ื™ืขื™ืœื”
04:42
which basically means that if one thing in the economy, like wages, goes up,
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ื›ืœื•ืžืจ, ืื ื“ื‘ืจ ืื—ื“ ื‘ื›ืœื›ืœื”, ืœืžืฉืœ ืžืฉื›ื•ืจื•ืช, ืขื•ืœื”,
04:48
another thing in the economy, like jobs, must go down.
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ื™ืฉื ื• ื“ื‘ืจ ืื—ืจ ื‘ื›ืœื›ืœื”, ืœืžืฉืœ ืžืกืคืจ ืžืฉืจื•ืช, ืฉื—ื™ื™ื‘ ืœืจื“ืช.
04:53
So for example, in Seattle, where I live,
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ื›ืš ืœื“ื•ื’ืžื”, ื‘ืกื™ืื˜ืœ, ื”ื™ื›ืŸ ืฉืื ื™ ื’ืจ,
04:56
when in 2014 we passed our nation's first 15 dollar minimum wage,
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ื›ืฉื”ืขื‘ื™ืจื• ื‘-2014 ื—ื•ืง ืžืฉื›ื•ืจืช ืžื™ื ื™ืžื•ื ื‘ืฉื™ืขื•ืจ 15 ื“ื•ืœืจ.
05:02
the neoliberals freaked out over their precious equilibrium.
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ื”ื ื™ืื•-ืœื™ื‘ืจืœื™ื ื ื˜ืจืคื• ื‘ื’ืœืœ ืฉื™ื•ื•ื™ ื”ืžืฉืงืœ ื”ื™ืงืจ ืฉืœื”ื.
05:07
"If you raise the price of labor," they warned,
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"ืื ืชืขืœื• ืืช ืžื—ื™ืจ ื”ืขื‘ื•ื“ื”," ื”ื ื”ื–ื”ื™ืจื•,
05:10
"businesses will purchase less of it.
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"ื”ืขืกืงื™ื ื™ืจื›ืฉื• ืคื—ื•ืช ืžืžื ื•.
05:12
Thousands of low-wage workers will lose their jobs.
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"ืืœืคื™ ืขื•ื‘ื“ื™ื ื‘ืžืฉื›ื•ืจืช ื ืžื•ื›ื” ื™ืื‘ื“ื• ืืช ืขื‘ื•ื“ืชื.
05:14
The restaurants will close."
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"ื”ืžืกืขื“ื•ืช ืชื™ืกื’ืจื ื”."
05:16
Except ...
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ืืœื ืฉ...
05:19
they didn't.
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ื–ื” ืœื ืงืจื”.
05:20
The unemployment rate fell dramatically.
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ืฉื™ืขื•ืจ ื”ืื‘ื˜ืœื” ื™ืจื“ ื‘ืื•ืคืŸ ื“ืจืžื˜ื™.
05:25
The restaurant business in Seattle boomed.
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ืขืกืงื™ ื”ืžืกืขื“ื ื•ืช ืฉืœ ืกื™ืื˜ืœ ืคืจื—ื•.
05:28
Why?
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ืžื“ื•ืข?
05:30
Because there is no equilibrium.
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ื›ื™ ืื™ืŸ ืฉื™ื•ื•ื™-ืžืฉืงืœ.
05:33
Because raising wages doesn't kill jobs, it creates them;
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ื›ื™ ื”ืขืœืืช ืžืฉื›ื•ืจื•ืช ืื™ื ื” ืžื—ืกืœืช ืžืฉืจื•ืช, ืืœื ื™ื•ืฆืจืช ืื•ืชืŸ.
05:36
because, for instance,
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ื›ื™ ืœืžืฉืœ,
05:38
when restaurant owners are suddenly required to pay restaurant workers enough
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ื›ืฉื‘ืขืœื™ ืžืกืขื“ื•ืช ื ื“ืจืฉื™ื ืคืชืื•ื ืœืฉืœื ืœืขื•ื‘ื“ื™ ื”ืžืกืขื“ื•ืช ืžืกืคื™ืง
05:43
so that now even they can afford to eat in restaurants,
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ืฉืืคื™ืœื• ื”ื ื™ื•ื›ืœื• ื›ืขืช ืœื”ืจืฉื•ืช ืœืขืฆืžื ืœืื›ื•ืœ ื‘ืžืกืขื“ื•ืช,
05:47
it doesn't shrink the restaurant business,
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ื–ื” ืœื ืžืงื˜ื™ืŸ ืืช ืขืกืงื™ ื”ืžืกืขื“ื ื•ืช,
05:49
it grows it, obviously.
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ืืœื ื‘ืื•ืคืŸ ื‘ืจื•ืจ ืžื’ื“ื™ืœ ืื•ืชื.
05:53
(Applause)
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(ืžื—ื™ืื•ืช ื›ืคื™ื™ื)
05:54
Thank you.
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ืชื•ื“ื” ืจื‘ื”.
05:58
The second assumption is
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ื”ื”ื ื—ื” ื”ืฉื ื™ื” ื”ื™ื
06:01
that the price of something is always equal to its value,
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ืฉืžื—ื™ืจื• ืฉืœ ืžืฉื”ื• ืชืžื™ื“ ืฉื•ื•ื” ืœืขืจื›ื•,
06:06
which basically means that if you earn 50,000 dollars a year
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ืžื” ืฉื‘ืขืฆื ืื•ืžืจ ืฉืื ืืชื ืžืจื•ื•ื™ื—ื™ื 50 ืืœืฃ ื“ื•ืœืจ ื‘ืฉื ื”
06:10
and I earn 50 million dollars a year,
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ื•ืื ื™ ืžืจื•ื•ื™ื— 50 ืžื™ืœื™ื•ืŸ ื“ื•ืœืจ ืœืฉื ื”,
06:13
that's because I produce a thousand times as much value as you.
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ื–ื” ื‘ื’ืœืœ ืฉืื ื™ ืžื™ื™ืฆืจ ืขืจืš ื‘ื›ืžื•ืช ื’ื“ื•ืœื” ืคื™ ืืœืฃ ื™ื•ืชืจ ืžื›ื.
06:18
Now,
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ื˜ื•ื‘,
06:20
it will not surprise you to learn
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ืื– ื–ื” ืœื ื™ืคืชื™ืข ืื•ืชื›ื ืœื“ืขืช
06:23
that this is a very comforting assumption
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ืฉื–ื•ื”ื™ ื”ื ื—ืช-ื™ืกื•ื“ ื ื•ื—ื” ืžืื“
06:25
if you're a CEO paying yourself 50 million dollars a year
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ืœืžื ื›"ืœ ืฉืžืฉืœื ืœืขืฆืžื• 50 ืžื™ืœื™ื•ืŸ ื“ื•ืœืจ ื‘ืฉื ื”,
06:28
but paying your workers poverty wages.
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ืื‘ืœ ืžืฉืœื ืœืขื•ื‘ื“ื™ื ืฉืœืš ืžืฉื›ื•ืจื•ืช ืจืขื‘.
06:31
But please, take it from somebody who has run dozens of businesses:
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ื•ื‘ื‘ืงืฉื”, ื”ืืžื™ื ื• ืœืžื™ืฉื”ื• ืฉื ื™ื”ืœ ืขืฉืจื•ืช ื—ื‘ืจื•ืช:
06:35
this is nonsense.
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ืืœื• ืฉื˜ื•ื™ื•ืช.
06:38
People are not paid what they are worth.
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ืœื ืžืฉืœืžื™ื ืœืื ืฉื™ื ื›ืคื™ ืฉื•ื•ื™ื™ื.
06:40
They are paid what they have the power to negotiate,
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ืžืฉืœืžื™ื ืœื”ื ืœืคื™ ื”ื›ื•ื— ืฉืœื”ื ืœื ื”ืœ ืžืฉื ื•ืžืชืŸ,
06:43
and wages' falling share of GDP
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ื•ื—ืœืงืŸ ืฉืœ ื”ืžืฉื›ื•ืจื•ืช ื‘ืชื•ืš ื”ืชืž"ื’ ืงื˜ึตืŸ
06:46
is not because workers have become less productive
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ืœื ื‘ื’ืœืœ ืฉื”ืขื•ื‘ื“ื™ื ื”ืคื›ื• ืคื—ื•ืช ื™ืขื™ืœื™ื
06:50
but because employers have become more powerful.
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ืืœื ืžืคื ื™ ืฉื”ืžืขืกื™ืงื™ื ืจื›ืฉื• ื™ื•ืชืจ ื›ื•ื—.
06:54
And --
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ื• --
06:55
(Applause)
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(ืžื—ื™ืื•ืช ื›ืคื™ื™ื)
06:59
And by pretending that the giant imbalance in power between capital and labor
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ื•ืขืงื‘ ื”ืขืžื“ืช ืคื ื™ื ืฉื—ื•ืกืจ-ื”ืื™ื–ื•ืŸ ื”ืขื ืง ืฉื‘ื™ืŸ ื›ื•ื— ื”ื”ื•ืŸ ืœื›ื•ื— ื”ืขื‘ื•ื“ื”
07:04
doesn't exist,
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ืื™ื ื• ืงื™ื™ื,
07:06
neoliberal economic theory became essentially
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ื”ืคื›ื” ืœืžืขืฉื” ืชื™ืื•ืจื™ื™ืช ื”ื›ืœื›ืœื” ื”ื ื™ืื•-ืœื™ื‘ืจืœื™ืช
07:10
a protection racket for the rich.
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ืœืกืคืงื™ืช ื—ืกื•ืช ืฉืœ ื”ืขืฉื™ืจื™ื.
07:13
The third assumption, and by far the most pernicious,
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ื”ื”ื ื—ื” ื”ืฉืœื™ืฉื™ืช, ืฉื”ื™ื ื‘ื”ื—ืœื˜ ื”ื”ืจืกื ื™ืช ื‘ื™ื•ืชืจ,
07:16
is a behavioral model
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ื”ื™ื ื” ืžื•ื“ืœ ื”ืชื ื”ื’ื•ืชื™
07:17
that describes human beings as something called "homo economicus,"
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ืฉืžืชืืจ ืืช ื‘ื ื™ ื”ืื“ื ื›ืžืฉื”ื• ืฉื ืงืจื "ื”ื•ืžื• ืืงื•ื ื•ืžื™ืงืก,"
07:21
which basically means that we are all perfectly selfish,
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ืฉืžืฉืžืขื•ืชื• ื”ื™ื ืฉื‘ืขืฆื ื›ื•ืœื ื• ืื ื•ื›ื™ื™ื ืœื—ืœื•ื˜ื™ืŸ,
07:26
perfectly rational and relentlessly self-maximizing.
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ืจืฆื™ื•ื ืืœื™ื™ื ืœื’ืžืจื™, ื•ืžืฉืชื“ืœื™ื ื›ืœ ื”ื–ืžืŸ ืœืžืงืกื ืขืจืš ืœืžืขืŸ ืขืฆืžื ื•.
07:31
But just ask yourselves,
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ืื‘ืœ ืฉืืœื• ืืช ืขืฆืžื›ื,
07:33
is it plausible that every single time for your entire life,
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ื”ืื ืžืชืงื‘ืœ ืขืœ ื”ื“ืขืช ืฉื‘ื›ืœ ืจื’ืข ื ืชื•ืŸ ื‘ืžืฉืš ื›ืœ ื—ื™ื™ื›ื,
07:37
when you did something nice for somebody else,
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ื›ืฉืขืฉื™ืชื ืžืฉื”ื• ื˜ื•ื‘ ืขื‘ื•ืจ ืžื™ืฉื”ื• ืื—ืจ,
07:39
all you were doing was maximizing your own utility?
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ื–ื” ื”ื™ื” ืจืง ื›ื“ื™ ืœืžืงืกื ืืช ื”ืชื•ืขืœืช ื”ืื™ืฉื™ืช ืฉืœื›ื?
07:42
Is it plausible that when a soldier jumps on a grenade to defend fellow soldiers,
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ื”ืื ืžืชืงื‘ืœ ืขืœ ื”ื“ืขืช ืฉื—ื™ื™ืœ ืฉืงื•ืคืฅ ืขืœ ืจื™ืžื•ืŸ ื›ื“ื™ ืœื”ื’ืŸ ืขืœ ื—ื‘ืจื™ื• ื”ื—ื™ื™ืœื™ื,
07:46
they're just promoting their narrow self-interest?
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ืจืง ืžืงื“ื ืืช ื”ืื™ื ื˜ืจืก ื”ืื™ืฉื™ ื”ืฆืจ ืฉืœื•?
07:49
If you think that's nuts,
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ืื ืืชื ื—ื•ืฉื‘ื™ื ืฉื–ื” ืžื•ืคืจืš,
07:51
contrary to any reasonable moral intuition,
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ืฉื–ื” ื‘ื ื™ื’ื•ื“ ืœื›ืœ ืื™ื ื˜ื•ืื™ืฆื™ื” ืžื•ืกืจื™ืช ืกื‘ื™ืจื”,
07:54
that's because it is
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ืืชื ืฆื•ื“ืงื™ื. ื–ื” ื‘ืืžืช ืžื•ืคืจืš.
07:56
and, according to the latest science,
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ื•ื‘ื”ืชืื ืœื ืชื•ื ื™ื ื”ืžื“ืขื™ื™ื ื”ืขื“ื›ื ื™ื™ื ื‘ื™ื•ืชืจ,
07:58
not true.
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ื–ื” ืื™ื ื• ื ื›ื•ืŸ.
07:59
But it is this behavioral model
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ืื‘ืœ ื–ื”ื• ื”ืžื•ื“ืœ ื”ื”ืชื ื”ื’ื•ืชื™
08:02
which is at the cold, cruel heart of neoliberal economics,
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ืฉื‘ืœื™ื‘ื” ื”ืงืจ ื•ื”ืื›ื–ืจ ืฉืœ ื”ื›ืœื›ืœื” ื”ื ื™ืื•-ืœื™ื‘ืจืœื™ืช,
08:05
and it is as morally corrosive
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ื•ื–ื” ื’ื ืžืฉื—ื™ืช ืžื•ืกืจื™ืช
08:09
as it is scientifically wrong
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ื•ื’ื ืžื•ื˜ืขื” ืžื“ืขื™ืช,
08:11
because, if we accept at face value
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ื›ื™ ืื ืื ื—ื ื• ืžืงื‘ืœื™ื ื›ืขื•ื‘ื“ื” ื‘ืกื™ืกื™ืช
08:16
that humans are fundamentally selfish,
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ืฉื‘ื ื™ ืื ื•ืฉ ื”ื ืื ื•ื›ื™ื™ื ืžื™ืกื•ื“ื,
08:19
and then we look around the world
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ื•ืื– ืžืชื‘ื•ื ื ื™ื ืกื‘ื™ื‘ื ื• ื‘ืขื•ืœื
08:22
at all of the unambiguous prosperity in it,
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ืขืœ ื›ืœ ื”ืฉื’ืฉื•ื’ ื”ื’ืœื•ื™ ืœืขื™ืŸ ืฉื‘ื•,
08:26
then it follows logically,
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ื”ื’ื™ื•ื ื™ ืœื”ื ื™ื—
08:28
then it must be true by definition,
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ื•ื—ื™ื™ื‘ ืœื”ื™ื•ืช ื ื›ื•ืŸ ื‘ื”ื’ื“ืจื”,
08:30
that billions of individual acts of selfishness
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ืฉืžื™ืœื™ืืจื“ื™ ืคืขื•ืœื•ืช ืฉืœ ืื ื•ื›ื™ื•ืช,
08:34
magically transubstantiate into prosperity and the common good.
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ื”ืคื›ื• ื‘ืžื˜ื”-ืงืกื ืœืฉืคืข ืœื˜ื•ื‘ืช ื”ืฆื™ื‘ื•ืจ.
08:38
If we humans are merely selfish maximizers,
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ืื ืื ื—ื ื•, ื‘ื ื™ ื”ืื“ื, ืคื•ืขืœื™ื ืจืง ืžื˜ืขืžื™ ืื ื•ื›ื™ื•ืช,
08:41
then selfishness is the cause of our prosperity.
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ืื– ื”ืื ื•ื›ื™ื•ืช ื”ื™ื ื”ืกื™ื‘ื” ืœืฉื’ืฉื•ื’ ืฉืœื ื•.
08:46
Under this economic logic,
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ื‘ื”ืชื‘ืกืก ืขืœ ื”ื”ื’ื™ื•ืŸ ื”ื›ืœื›ืœื™ ื”ื–ื”,
08:48
greed is good,
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ืชืื•ื•ืช ื‘ืฆืข ื”ื™ื ื” ื—ื™ื•ื‘ื™ืช.
08:51
widening inequality is efficient,
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ื”ืจื—ื‘ืช ื”ืคืขืจื™ื ื”ื—ื‘ืจืชื™ื™ื ื”ื™ื ื” ื™ืขื™ืœื”,
08:54
and the only purpose of the corporation
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ื•ื”ืžื˜ืจื” ื”ื™ื—ื™ื“ื” ืฉืœ ืชืื’ื™ื“ ื›ืœืฉื”ื•
08:56
can be to enrich shareholders,
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ื™ื›ื•ืœื” ืœื”ื™ื•ืช ืœื”ืขืฉื™ืจ ืืช ื‘ืขืœื™ ื”ืžื ื™ื•ืช.
08:58
because to do otherwise would be to slow economic growth
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ื›ื™ ืื ืคื•ืขืœื™ื ืื—ืจืช ืžืื™ื˜ื™ื ืืช ื”ืฆืžื™ื—ื” ื”ื›ืœื›ืœื™ืช
09:02
and harm the economy overall.
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ื•ื‘ื›ืœืœ ืžื–ื™ืงื™ื ืœื›ืœื›ืœื”.
09:05
And it is this gospel of selfishness
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ื•ื”ื‘ืฉื•ืจื” ื”ื–ืืช ืฉืœ ืื ื•ื›ื™ื•ืช
09:08
which forms the ideological cornerstone of neoliberal economics,
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ืฉืžื”ื•ื•ื” ืืช ืื‘ืŸ-ื”ื™ืกื•ื“ ืฉืœ ื”ื›ืœื›ืœื” ื”ื ื™ืื•-ืœื™ื‘ืจืœื™ืช,
09:13
a way of thinking which has produced economic policies
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ื“ืจืš-ื—ืฉื™ื‘ื” ืฉื™ืฆืจื” ื—ื•ืงื™ื ื›ืœื›ืœื™ื™ื
09:16
which have enabled me and my rich buddies in the top one percent
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ืฉืื™ืคืฉืจื• ืœื™ ื•ืœื—ื‘ืจื™ื™ ื”ืขืฉื™ืจื™ื ื‘ืื—ื•ื–ื•ืŸ ื‘ืขืœื™ื•ืŸ
09:20
to grab virtually all of the benefits of growth over the last 40 years.
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ืœื’ืจื•ืฃ ื‘ืขืฆื ืืช ื›ืœ ื”ืจื•ื•ื—ื™ื ืฉืœ ื”ืฆืžื™ื—ื” ื‘-40 ื”ืฉื ื™ื ื”ืื—ืจื•ื ื•ืช.
09:25
But,
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ืื‘ืœ,
09:26
if instead
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ืื ื‘ืžืงื•ื ื–ืืช,
09:29
we accept the latest empirical research,
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ืื ื• ืžืงื‘ืœื™ื ืืช ืชื•ืฆืื•ืช ื”ืžื—ืงืจ ื”ืืžืคื™ืจื™ ืฉื ืขืฉื” ืœืื—ืจื•ื ื”,
09:32
real science, which correctly describes human beings
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ืžื“ืข ืืžื™ืชื™, ืฉืžืชืืจ ื‘ืื•ืคืŸ ื ื›ื•ืŸ ืืช ื‘ื ื™ ื”ืื“ื
09:36
as highly cooperative,
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ื›ื™ืฆื•ืจื™ื ืฉืžืฉืชืคื™ื ืคืขื•ืœื” ื‘ืžื™ื“ื” ืจื‘ื”,
09:39
reciprocal
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ืฉืฉื•ืืคื™ื ืœื”ื“ื“ื™ื•ืช
09:40
and intuitively moral creatures,
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ื•ืžื•ืกืจื™ื™ื ืžื˜ื‘ืขื,
09:43
then it follows logically
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ืื– ื”ื’ื™ื•ื ื™ ืœื”ื ื™ื—
09:46
that it must be cooperation
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ืฉืžืŸ ื”ืกืชื, ืฉื™ืชื•ืฃ ื”ืคืขื•ืœื”
09:48
and not selfishness
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ื•ืœื ื”ืื ื•ื›ื™ื•ืช
09:50
that is the cause of our prosperity,
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ื”ื™ื ื”ืกื™ื‘ื” ืœืฉื’ืฉื•ื’ ืฉืœื ื•;
09:52
and it isn't our self-interest
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ื•ืœื ื”ืื™ื ื˜ืจืก ื”ืื™ืฉื™ ืฉืœื ื•,
09:54
but rather our inherent reciprocity
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ืืœื ื”ื ื˜ื™ื™ื” ืœืฉื™ืชื•ืฃ ืคืขื•ืœื” ื”ื˜ื‘ื•ืขื” ื‘ื ื•
09:58
that is humanity's economic superpower.
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ื”ื™ื ื›ื•ื—-ื”ืขืœ ื”ื›ืœื›ืœื™ ืฉืžื ื™ืข ืืช ื”ืื ื•ืฉื•ืช.
10:01
So at the heart of this new economics
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ื‘ืžืจื›ื–ื” ืฉืœ ื”ื›ืœื›ืœื” ื”ื—ื“ืฉื” ื”ื–ืืช
10:06
is a story about ourselves that grants us permission to be our best selves,
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ืขื•ืžื“ ื”ืกื™ืคื•ืจ ืขืœื™ื ื•, ืฉืžืขื ื™ืง ืœื ื• ืจืฉื•ืช ืœืžืฆื•ื ืืช ื”ื˜ื•ื‘ ื‘ื™ื•ืชืจ ืฉื‘ื ื•,
10:11
and, unlike the old economics,
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ื•ื‘ื ื™ื’ื•ื“ ืœื›ืœื›ืœื” ื”ื™ืฉื ื”,
10:14
this is a story that is virtuous
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ื–ื”ื• ืจืขื™ื•ืŸ ื ืขืœื”
10:16
and also has the virtue of being true.
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ื•ื”ืขืจืš ื”ืžื•ืกืฃ ืฉืœื• ื”ื•ื ื”ื™ื•ืชื• ืืžืช.
10:21
Now,
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ืื‘ืœ,
10:22
I want to emphasize that this new economics
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ืื ื™ ืจื•ืฆื” ืœื”ื“ื’ื™ืฉ ืฉื”ื›ืœื›ืœื” ื”ื—ื“ืฉื” ื”ื–ืืช
10:25
is not something I have personally imagined or invented.
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ืื™ื ื ื” ืžืฉื”ื• ืฉืื ื™ ื‘ืื•ืคืŸ ืื™ืฉื™ ื”ื’ื™ืชื™ ืื• ื”ืžืฆืืชื™.
10:27
Its theories and models are being developed and refined
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ื”ืชื™ืื•ืจื™ื•ืช ื•ื”ืžื•ื“ืœื™ื ืฉืœื” ืžืคื•ืชื—ื™ื ื•ืžืฉื•ื›ืœืœื™ื
10:30
in universities around the world
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ื‘ืื•ื ื™ื‘ืจืกื™ื˜ืื•ืช ื‘ืจื—ื‘ื™ ื”ืขื•ืœื
10:32
building on some of the best new research in economics,
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ืขืœ ืกืžืš ื›ืžื” ืžื”ืžื—ืงืจื™ื ื”ื—ื“ืฉื™ื ื•ื”ื˜ื•ื‘ื™ื ื‘ื™ื•ืชืจ ื‘ื›ืœื›ืœื”:
10:36
complexity theory, evolutionary theory,
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ืชื•ืจืช ื”ืกื™ื‘ื•ื›ื™ื•ืช, ืชื•ืจืช ื”ืื‘ื•ืœื•ืฆื™ื”,
10:37
psychology, anthropology and other disciplines.
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ืคืกื™ื›ื•ืœื•ื’ื™ื”, ืื ืชืจื•ืคื•ืœื’ื™ื” ื•ื“ื™ืกืฆื™ืคืœื™ื ื•ืช ืื—ืจื•ืช.
10:41
And although this new economics does not yet have its own textbook
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ื•ืœืžืจื•ืช ืฉืื™ืŸ ืขื“ื™ื™ืŸ ืกืคืจ ืœื™ืžื•ื“ ืขื‘ื•ืจ ื”ื›ืœื›ืœื” ื”ื—ื“ืฉื” ื”ื–ืืช
10:45
or even a commonly agreed upon name,
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ืื• ืืคื™ืœื• ืฉื ืžื•ืกื›ื,
10:48
in broad strokes
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ื‘ืงื•ื•ื™ื ื›ืœืœื™ื™ื
10:50
its explanation of where prosperity comes from goes something like this.
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ื”ื”ืกื‘ืจ ืฉืœื” ืœื’ื‘ื™ ืžืงื•ืจื• ืฉืœ ืฉื’ืฉื•ื’ ื”ื•ื ื‘ืขืจืš ื›ื–ื”:
10:55
So, market capitalism is an evolutionary system
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ืฉื•ืง ืงืคื™ื˜ืœื™ืกื˜ื™ ืžื”ื•ื•ื” ืžืขืจื›ืช ืื‘ื•ืœื•ืฆื™ื•ื ื™ืช
11:00
in which prosperity emerges
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ืฉื‘ื” ืฉื’ืฉื•ื’ ืžื•ืคื™ืข
11:02
through a positive feedback loop
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ื“ืจืš ืœื•ืœืืช ืžืฉื•ื‘ ื—ื™ื•ื‘ื™
11:04
between increasing amounts of innovation and increasing amounts of consumer demand.
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ื‘ื™ืŸ ื›ืžื•ื™ื•ืช ืขื•ืœื•ืช ืฉืœ ื—ื“ืฉื ื•ืช ื•ื›ืžื•ื™ื•ืช ืขื•ืœื•ืช ืฉืœ ื‘ื™ืงื•ืฉ ืฆืจื›ื ื™.
11:09
Innovation is the process by which we solve human problems,
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ื”ื—ื“ืฉื ื•ืช ื”ื™ื ื”ืชื”ืœื™ืš ื“ืจื›ื• ืื ื—ื ื• ืคื•ืชืจื™ื ื‘ืขื™ื•ืช ืื ื•ืฉ,
11:14
consumer demand is the mechanism through which the market selects
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ื”ื‘ื™ืงื•ืฉ ืฆืจื›ื ื™ ื”ื”ื•ื ื”ืžื ื’ื ื•ืŸ ืฉื“ืจื›ื• ื‘ื•ื—ืจ ื”ืฉื•ืง
11:17
for useful innovations,
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ื‘ื—ื™ื“ื•ืฉื™ื ืฉื™ืžื•ืฉื™ื™ื,
11:20
and as we solve more problems, we become more prosperous.
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ื•ื›ืฉืื ื• ืžืžืฉื™ื›ื™ื ืœืคืชื•ืจ ื‘ืขื™ื•ืช ืื ื• ืžื•ืกื™ืคื™ื ืœืฉื’ืฉื’.
11:23
But as we become more prosperous,
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ืืš ื›ื›ืœ ืฉืื ื• ืžื•ืกื™ืคื™ื ืœืฉื’ืฉื’,
11:27
our problems and solutions
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ื”ื‘ืขื™ื•ืช ื•ื”ืคืชืจื•ื ื•ืช ืฉืœื ื•
11:29
become more complex,
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ื ืขืฉื™ื ืžื•ืจื›ื‘ื™ื ื™ื•ืชืจ,
11:32
and this increasing technical complexity
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ื•ื”ืžื•ืจื›ื‘ื•ืช ื”ื˜ื›ื ื™ืช ื”ื’ื“ืœื” ื”ื–ืืช
11:35
requires ever higher levels of social and economic cooperation
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ื“ื•ืจืฉืช ืจืžื•ืช ื’ื‘ื•ื”ื•ืช ืืฃ ื™ื•ืชืจ ืฉืœ ืฉื™ืชื•ืฃ ืคืขื•ืœื” ื—ื‘ืจืชื™ ื•ื›ืœื›ืœื™
11:39
in order to produce the more highly specialized products
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ื‘ื›ื“ื™ ืœื™ื™ืฆืจ ืืช ื”ืžื•ืฆืจื™ื ื”ืžื™ื•ื—ื“ื™ื ื›ืœ ื›ืš
11:42
that define a modern economy.
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ืฉืžื’ื“ื™ืจื™ื ืืช ื”ื›ืœื›ืœื” ื”ืžื•ื“ืจื ื™ืช.
11:48
Now, the old economics is correct, of course,
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ื”ื›ืœื›ืœื” ื”ื™ืฉื ื” ืฆื•ื“ืงืช, ื›ืžื•ื‘ืŸ,
11:52
that competition plays a crucial role in how markets work,
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ืžื‘ื—ื™ื ื” ื–ื• ืฉื”ืชื—ืจื•ืช ืžืžืœืืช ืชืคืงื™ื“ ื—ื™ื•ื ื™ ื‘ืชืคืงื•ื“ ื”ืฉื•ื•ืงื™ื,
11:56
but what it fails to see
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ืื‘ืœ ื”ื™ื ืื™ื ื” ืจื•ืื”
11:58
is that it is largely a competition between highly cooperative groups --
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ืฉื–ื• ื‘ืขื™ืงืจ ืชื—ืจื•ืช ื‘ื™ืŸ ืงื‘ื•ืฆื•ืช ืฉืžืฉืชืคื•ืช ื‘ื™ื ื™ื”ืŸ ืคืขื•ืœื” ื‘ืื•ืคืŸ ื”ื“ื•ืง --
12:03
competition between firms, competition between networks of firms,
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ืชื—ืจื•ืช ื‘ื™ืŸ ื—ื‘ืจื•ืช, ืชื—ืจื•ืช ื‘ื™ืŸ ืจืฉืชื•ืช ืฉืœ ื—ื‘ืจื•ืช,
12:07
competition between nations --
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ืชื—ืจื•ืช ื‘ื™ืŸ ืžื“ื™ื ื•ืช --
12:10
and anyone who has ever run a successful business knows
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ื•ื›ืœ ืžื™ ืฉื ื™ื”ืœ ืื™ ืคืขื ืขืกืง ืžืฆืœื™ื— ื™ื•ื“ืข
12:14
that building a cooperative team by including the talents of everyone
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ืฉื‘ื ื™ื™ืช ืฆื•ื•ืช ืฉื™ืชื•ืคื™ ืข"ื™ ื”ื›ืœืœืช ื”ื›ืฉืจื•ื ื•ืช ืฉืœ ื›ื•ืœื
12:19
is almost always a better strategy than just a bunch of selfish jerks.
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ื”ื™ื ื›ืžืขื˜ ืชืžื™ื“ ืืกื˜ืจื˜ื’ื™ื” ื˜ื•ื‘ื” ื™ื•ืชืจ ืžืกืชื ื—ื‘ื•ืจื” ืฉืœ ืื™ื“ื™ื•ื˜ื™ื ืื ื•ื›ื™ื™ื.
12:25
So how do we leave neoliberalism behind
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ืื– ืื™ืš ื ื ื˜ื•ืฉ ืืช ื”ื ื™ืื•-ืœื™ื‘ืจืœื™ื–ื
12:32
and build a more sustainable, more prosperous
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ื•ื ื‘ื ื” ื—ื‘ืจื” ืื ื•ืฉื™ืช ืฉืชื”ื™ื” ื™ื•ืชืจ ื‘ืจืช-ืงื™ื™ืžื, ื™ื•ืชืจ ืžืฉื’ืฉื’ืช
12:37
and more equitable society?
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ื•ื™ื•ืชืจ ืฉื•ื•ื™ื•ื ื™ืช?
12:40
The new economics suggests just five rules of thumb.
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ื”ื›ืœื›ืœื” ื”ื—ื“ืฉื” ืžืฆื™ืขื” ื—ืžื™ืฉื” ื›ืœืœื™ ืืฆื‘ืข.
12:44
First is that successful economies are not jungles, they're gardens,
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ื”ืจืืฉื•ืŸ ืื•ืžืจ ืฉื›ืœื›ืœื•ืช ืžืฆืœื™ื—ื•ืช ืื™ื ืŸ ื’'ื•ื ื’ืœื™ื ืืœื ื’ึทื ื™ื,
12:51
which is to say that markets,
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ื›ืœื•ืžืจ, ืืช ื”ืฉื•ื•ืงื™ื,
12:55
like gardens, must be tended,
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ื›ืžื• ื’ื ื™ื, ื™ืฉ ืœื˜ืคื—,
12:59
that the market is the greatest social technology ever invented
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ืฉื”ืฉื•ืง ื”ื•ื ื”ื˜ื›ื ื•ืœื•ื’ื™ื” ื”ื—ื‘ืจืชื™ืช ื”ืžื•ืฆืœื—ืช ื‘ื™ื•ืชืจ ืฉื”ื•ืžืฆืื” ืื™ ืคืขื
13:03
for solving human problems,
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ืœืฆื•ืจืš ืคืชืจื•ืŸ ื‘ืขื™ื•ืช ืื ื•ืฉ,
13:05
but unconstrained by social norms or democratic regulation,
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ืื‘ืœ ืื ื”ื ืœื ื™ืจื•ืกื ื• ืข"ื™ ื ื•ืจืžื•ืช ื—ื‘ืจืชื™ื•ืช ืื• ืจื’ื•ืœืฆื™ื” ื“ืžื•ืงืจื˜ื™ืช,
13:10
markets inevitably create more problems than they solve.
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ื”ืฉื•ื•ืงื™ื ื™ื•ืฆืจื™ื ื‘ืื•ืคืŸ ื‘ืœืชื™ ื ืžื ืข ื™ื•ืชืจ ื‘ืขื™ื•ืช ืžืืฉืจ ืคืชืจื•ื ื•ืช.
13:14
Climate change,
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ืฉื™ื ื•ื™ื™ ื”ืืงืœื™ื,
13:15
the great financial crisis of 2008
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ื”ืžืฉื‘ืจ ื”ืคื™ื ื ืกื™ ืฉืœ 2008
13:17
are two easy examples.
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ื”ืŸ ืฉืชื™ ื“ื•ื’ืžืื•ืช ืžื™ื™ื“ื™ื•ืช.
13:19
The second rule is
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ื”ื›ืœืœ ื”ืฉื ื™ ื”ื•ื,
13:23
that inclusion creates economic growth.
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ืฉื”ื›ืœืœืช ืื•ื›ืœื•ืกื™ื•ืช ื™ื•ืฆืจืช ืฆืžื™ื—ื” ื›ืœื›ืœื™ืช.
13:28
So the neoliberal idea
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ื”ืจืขื™ื•ืŸ ื”ื ื™ืื•-ืœื™ื‘ืจืœื™,
13:30
that inclusion is this fancy luxury
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ืฉื”ื›ืœืœื” ื”ื™ื ื—ืœืง ืžืื•ืชืŸ ืžื•ืชืจื•ืช ื™ืงืจื™ื
13:33
to be afforded if and when we have growth is both wrong and backwards.
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ืฉืื ื• ื™ื›ื•ืœื™ื ืœื”ืจืฉื•ืช ืœืขืฆืžื ื• ืื ื•ื›ืืฉืจ ื™ืฉื ื” ืฆืžื™ื—ื” ื”ื•ื ืžื•ื˜ืขื” ื•ื’ื ืžืคื’ืจ.
13:39
The economy is people.
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ื›ืœื›ืœื” ื”ื™ื ืื ืฉื™ื.
13:42
Including more people in more ways
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ื”ื›ืœืœืช ื™ื•ืชืจ ืื ืฉื™ื ื‘ื™ื•ืชืจ ื“ืจื›ื™ื
13:44
is what causes economic growth in market economies.
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ื”ื™ื ื–ื• ืฉื’ื•ืจืžืช ืœืฆืžื™ื—ื” ื›ืœื›ืœื™ืช ื‘ื›ืœื›ืœืช ืฉื•ืง.
13:49
The third principle
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ื”ื›ืœืœ ื”ืฉืœื™ืฉื™
13:51
is the purpose of the corporation is not merely to enrich shareholders.
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ื”ื•ื ืฉืžื˜ืจืชื• ืฉืœ ืืจื’ื•ืŸ ืื™ื ื” ืจืง ืœื”ืขืฉื™ืจ ืืช ื‘ืขืœื™ ื”ืžื ื™ื•ืช.
13:58
The greatest grift in contemporary economic life
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ื”ืจืขื™ื•ืŸ ื”ืžืงื•ื“ืฉ ื‘ื™ื•ืชืจ ื‘ื›ืœื›ืœื” ื‘ืช-ื–ืžื ื ื•
14:01
is the neoliberal idea that the only purpose of the corporation
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ื”ื•ื ื”ืจืขื™ื•ืŸ ื”ื ื™ืื•-ืœื™ื‘ืจืœื™ ืฉื”ืžื˜ืจื” ื”ื™ื—ื™ื“ื” ืฉืœ ืชืื’ื™ื“
14:04
and the only responsibility of executives
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ื•ื”ืื—ืจื™ื•ืช ื”ื™ื—ื™ื“ื” ืฉืœ ืžื ื”ืœื™ื•
14:07
is to enrich themselves and shareholders.
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ื”ืŸ ืœื”ืขืฉื™ืจ ืืช ืขืฆืžื ื•ืืช ื‘ืขืœื™ ื”ืžื ื™ื•ืช.
14:11
The new economics must and can insist
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ื”ื›ืœื›ืœื” ื”ื—ื“ืฉื” ื—ื™ื™ื‘ืช ื•ื™ื›ื•ืœื” ืœืขืžื•ื“ ืขืœ ื›ืš
14:17
that the purpose of the corporation
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ืฉืžื˜ืจืชื• ืฉืœ ืชืื’ื™ื“
14:19
is to improve the welfare of all stakeholders:
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ื”ื™ื ืœืฉืคืจ ืืช ื”ืจื•ื•ื—ื” ืฉืœ ื›ืœ ื‘ืขืœื™ ื”ืขื ื™ื™ืŸ:
14:22
customers, workers,
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ืœืงื•ื—ื•ืช, ืขื•ื‘ื“ื™ื,
14:24
community and shareholders alike.
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ื”ืงื”ื™ืœื” ื•ื’ื ื‘ืขืœื™ ื”ืžื ื™ื•ืช.
14:28
Rule four:
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ื›ืœืœ ืืจื‘ืข:
14:30
greed is not good.
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ืชืื•ื•ืช ื‘ืฆืข ืื™ื ื” ื“ื‘ืจ ื—ื™ื•ื‘ื™.
14:34
Being rapacious doesn't make you a capitalist,
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ืขื•ืฉืง ื”ื–ื•ืœืช ืื™ื ื• ืขื•ืฉื” ืืชื›ื ืœืงืคื™ื˜ืœื™ืกื˜ื™ื,
14:38
it makes you a sociopath.
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ืืœื ืœืกื•ืฆื™ื•ืคืชื™ื.
14:40
(Laughter)
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(ืฆื—ื•ืง)
14:42
(Applause)
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(ืžื—ื™ืื•ืช ื›ืคื™ื™ื)
14:47
And in an economy as dependent upon cooperation at scale as ours,
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ื•ื‘ื›ืœื›ืœื” ืฉืชืœื•ื™ื” ื‘ืฉื™ืชื•ืฃ ืคืขื•ืœื” ื›ืžื• ืฉืœื ื•,
14:52
sociopathy is as bad for business as it is for society.
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ืกื•ืฆื™ื•ืคืชื™ื” ืžื–ื™ืงื” ืœืขืกืงื™ื ื›ืžื• ืฉื”ื™ื ืžื–ื™ืงื” ืœื—ื‘ืจื”.
14:57
And fifth and finally,
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ื•ื—ืžื™ืฉื™ ื•ืื—ืจื•ืŸ,
15:00
unlike the laws of physics,
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ื‘ืฉื•ื ื” ืžื—ื•ืงื™ ื”ืคื™ื–ื™ืงื”,
15:03
the laws of economics are a choice.
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ื—ื•ืงื™ ื”ื›ืœื›ืœื” ื”ื ื‘ื—ื™ืจื”.
15:08
Now, neoliberal economic theory
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ื ื›ื•ืŸ, ืชืื•ืจื™ื™ืช ื”ื›ืœื›ืœื” ื”ื ื™ืื•-ืœื™ื‘ืจืœื™ืช
15:10
has sold itself to you as unchangeable natural law,
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ืžื›ืจื” ืœื ื• ืืช ืขืฆืžื” ื›"ื—ื•ืง ื˜ื‘ืข ื‘ืœืชื™ ื ื™ืชืŸ ืœืฉื™ื ื•ื™",
15:15
when in fact it's social norms and constructed narratives
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ื›ืฉื‘ืขืฆื ื”ื™ื ืื•ืกืฃ ืฉืœ ื ื•ืจืžื•ืช ื—ื‘ืจืชื™ื•ืช ื•ืกื™ืคื•ืจื™ื ืžื•ืกื›ืžื™ื
15:19
based on pseudoscience.
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ื”ืžื‘ื•ืกืกื™ื ืขืœ ืžื“ืข-ืœื›ืื•ืจื”.
15:21
If we truly want a more equitable,
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ืื ืื ื—ื ื• ืจื•ืฆื™ื ื‘ื›ื ื•ืช ื›ืœื›ืœื” ืฉืชื”ื™ื” ื™ื•ืชืจ ืฉื•ื•ื™ื•ื ื™ืช,
15:25
more prosperous and more sustainable economy,
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ื™ื•ืชืจ ืžืฉื’ืฉื’ืช ื•ื™ื•ืชืจ ื‘ืจืช-ืงื™ื™ืžื,
15:29
if we want high-functioning democracies
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ืื ืื ื—ื ื• ื—ืคืฆื™ื ื‘ื“ืžื•ืงืจื˜ื™ื•ืช ืฉืžืชืคืงื“ื•ืช ื‘ืื•ืคืŸ ืžื™ื˜ื‘ื™
15:31
and civil society,
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ื•ื‘ื—ื‘ืจื” ืื–ืจื—ื™ืช,
15:34
we must have a new economics.
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ื ื—ื•ืฆื” ืœื ื• ื›ืœื›ืœื” ื—ื“ืฉื”.
15:36
And here's the good news:
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ื•ื”ื ื” ื”ื—ื“ืฉื•ืช ื”ื˜ื•ื‘ื•ืช:
15:38
if we want a new economics,
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ืื ืื ื—ื ื• ืจื•ืฆื™ื ื›ืœื›ืœื” ื—ื“ืฉื”,
15:40
all we have to do is choose to have it.
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ื›ืœ ืฉืขืœื™ื ื• ืœืขืฉื•ืช ื”ื•ื ืœื‘ื—ื•ืจ ื‘ื”.
15:44
Thank you.
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ืชื•ื“ื” ืจื‘ื”.
15:46
(Applause)
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(ืžื—ื™ืื•ืช ื›ืคื™ื™ื)
16:03
Moderator: So Nick, I'm sure you get this question a lot.
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ืžื ื—ื”: ืื– ื ื™ืง, ืื ื™ ื‘ื˜ื•ื—ื” ืฉืืชื” ืฉื•ืžืข ืืช ื”ืฉืืœื” ื”ื–ืืช ืจื‘ื•ืช.
16:08
If you're so unhappy with the economic system,
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ืื ืืชื” ื›ื” ื‘ืœืชื™ ืžืจื•ืฆื” ืžื”ืžืขืจื›ืช ื”ื›ืœื›ืœื™ืช,
16:11
why not just give all your money away and join the 99 percent?
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ืœืžื” ืฉืœื ืคืฉื•ื˜ ืชืชืจื•ื ืืช ื›ืœ ื”ื›ืกืฃ ืฉืœืš ื•ืชืฆื˜ืจืฃ ืœืชื ื•ืขืช "99 ืื—ื•ื–ื™ื"?
16:16
Nick Hanauer: Yeah, no, yes, right.
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ื ื™ืง ื”ืื ืื•ื•ืจ: ืื›ืŸ, ืœื, ื›ืŸ, ื ื›ื•ืŸ.
16:19
You get that a lot. You get that a lot.
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ืืชื” ืฉื•ืžืข ืืช ื–ื” ื”ืจื‘ื”. ืืชื” ืฉื•ืžืข ืืช ื–ื” ื”ืจื‘ื”.
16:20
"If you care so much about taxes, why don't you pay more,
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"ืื ื›ืœ ื›ืš ื—ืฉื•ื‘ื™ื ืœืš ื”ืžืกื™ื, ืœืžื” ืฉืœื ืชืฉืœื ื™ื•ืชืจ,
16:23
and if you care so much about wages, why don't you pay more?"
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ื•ืื ื›ืœ ื›ืš ื—ืฉื•ื‘ื•ืช ืœืš ื”ืžืฉื›ื•ืจื•ืช, ืœืžื” ืฉืœื ืชืฉืœื ื™ื•ืชืจ?"
16:26
And I could do that.
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ื•ื™ื›ื•ืœืชื™ ืœืขืฉื•ืช ื–ืืช.
16:29
The problem is,
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ื”ื‘ืขื™ื” ื”ื™ื,
16:30
it doesn't make that much difference,
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ืฉื–ื” ืœื ื™ื—ื•ืœืœ ืฉื™ื ื•ื™ ื’ื“ื•ืœ,
16:32
and I have discovered a strategy
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ื•ืื ื™ ื’ื™ืœื™ืชื™ ืืกื˜ืจื˜ื’ื™ื”
16:34
that works literally a hundred thousand times better --
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ืฉื‘ืžืคื•ืจืฉ ืขื•ื‘ื“ืช ืคื™ ืžืื” ืืœืฃ ื™ื•ืชืจ ื˜ื•ื‘ --
16:37
Moderator: OK.
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ืžื ื—ื”: ืื• ืงื™ื™.
ื "ื”: ืฉื”ื™ื ืœื”ืฉืชืžืฉ ื‘ื›ืกืฃ ืฉืœื™ ื›ื“ื™ ืœื™ืฆื•ืจ ืžื•ืกื›ืžื•ืช ื•ืœื”ืขื‘ื™ืจ ื—ื•ืงื™ื
16:38
NH: which is to use my money to build narratives and to pass laws
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16:41
that will require all the other rich people
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ืฉื™ื’ืจืžื• ืœื›ืœ ื”ืขืฉื™ืจื™ื ื”ืื—ืจื™ื
16:43
to pay taxes and pay their workers better.
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ืœืฉืœื ื™ื•ืชืจ ืžืกื™ื ื•ืœืฉืœื ืœืขื•ื‘ื“ื™ื”ื ื™ื•ืชืจ.
16:46
(Applause)
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(ืžื—ื™ืื•ืช ื›ืคื™ื™ื)
16:47
And so, for example,
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ื•ื›ืš, ืœื“ื•ื’ืžื”,
16:49
the 15-dollar minimum wage that we cooked up
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ืžืฉื›ื•ืจืช ืžื™ื ื™ืžื•ื ืฉืœ 15 ื“ื•ืœืจ ืฉืจืงื—ื ื•
16:52
has now affected 30 million workers.
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ืžืฉืคื™ืขื” ื›ืขืช ืขืœ 30 ืžื™ืœื™ื•ืŸ ืขื•ื‘ื“ื™ื.
16:54
So that works better.
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ืื– ื–ื” ืขื•ื‘ื“ ื˜ื•ื‘ ื™ื•ืชืจ.
16:55
Moderator: That's great.
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ืžื ื—ื”: ื–ื” ืžืฆื•ื™ื™ืŸ.
ืื ืชืฉื ื” ืืช ื“ืขืชืš, ื ืžืฆื ืขื‘ื•ืจืš ืœืžื™ ืœืชืจื•ื.
16:57
If you change your mind, we'll find some takers for you.
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16:59
NH: OK. Thank you. Moderator: Thank you very much.
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ื "ื”: ืื• ืงื™ื™. ืชื•ื“ื” ืจื‘ื”. ืžื ื—ื”: ืชื•ื“ื” ืจื‘ื” ืœืš.
ื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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