00:00You know, maybe the invisible hand's a bit too invisible at the moment, I think.
00:06Like, this system we've got is for sure the best system there is to allocate resources,
00:12create jobs, grow wealth, grow the pie for everyone.
00:15But it's far from perfect.
00:17And if you look back at human history, firstly, I'd say capitalism hasn't existed for very long in its current form.
00:23And secondly, it doesn't get things right very regularly in terms of it moves forward, it moves back,
00:30governments regulate more or less, people feel they're participating or not.
00:34We're certainly better off than we've ever been.
00:36And my colleagues here on the panel are examples of how we get the benefits of the financial systems out to the people.
00:46But I think one thing we've observed is we're moving into a phase now where because of the huge leveraging of the economy really since World War II
00:57and because we've had a series of crises in the last 20 years where the solutions have made rich people richer
01:05but not necessarily made young and working people participate in that,
01:10there's a rising view of inequality right around the world.
01:13And that's leading to more populist policy, more intervention in markets, and in general, that's a bad thing.
01:23It leads to lower growth, a smaller pie, more inflation, and that's not good for society.
01:29So we've been thinking quite hard, one, about how to invest into that world.
01:33You talk about resilience.
01:34But two, about what can be done to smooth that effect so that governments step in in the right way
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