Absolutely. What i would say briefly is i think as a christian i want to see deflowering of forms of love of self and love of neighbor in a variety of different ways across a variety of different bounders and borders that hits at the human level. Our problem in this country is we have the white gorman of gays as the standard. For example, we see a couple walking down the street, black and white couple and another couple black and black, some how we get more excited about the blackandwhite periods aho. Is the same status. The problem is that will put more value on the interracial. Not only that is like a lot of these human beings who are results of this relationship, the level relationship and their father provided challenge. Usually there are associated with being highly successful which is not true. We were talking before. I am teaching a course. This bookstore is theft providing 150 books. I am embarrassing new, but it is true. Three books in that class on friday night. But in that prison, they are in there. The only ones in the white house that is not true. They would catch hell. It is a human thing with all of the other structures of domination of operating. It is as if we can reach the point. In brazil and other nations they have used this as a way of reproducing white supremacy. The white normative case is still central. That is just the beginning of the answer. We will now by my brothers book. [laughter] that is what were going to do now. Buys book. [applause] thank you. Thank you. [applause] [applause] [applause] live with like to hear from you. Tweet as your feedback. Faugh well, thank you for that kind introduction treatises pleasure what beckett politics and prose. Erics jury happy to be back. Are want to begin my discussion of my book with assertions. The first is that globalization, by which time mean the progressive integration of National Economies is here to stay. That might seem to go without saying given the remarkable remarkable and remarkably in tents on going global integration that we have seen from most of the last 25 years, but if you look at the history of the genuinely Global Economy from its first emergence in the middle of the 19th century to the present, you will see that Global Economic integration is almost as much the exception is the rule. Between 1914 in 1945, the era of the two world wars, Global Economy bears agree collapsed. To drew exist the assertion is that although globalization will continue, its path will be a bumpy one. There will be pitfalls, pot holes, sharks, road blocks, the taurus. And the reason fed is that the Global Economy is inexplicably bound up with politics politics is the realm of conflict. Conflict will affect the Global EconomyGoing Forward. Now, the third assertion is that it is possible within limits to be sure to predict the future of the Global Economy theres a useful analogy to the science of seismology they cannot predict they do know where earthquakes will occur and why. Earth. Take place along cracks on the earths surface known as false. Similarly there are major fault lines in the Global Economy activity along which will shape the Global Economic future. There are, in fact, for such fall lines which i discussed in some length in the road to global prosperity. They are first the political framework and provides the necessary stability for global in economic activity. The second is the inevitable backlash in every country legacy to the three elements of globalization. The Cross Border Movement of kurds, money, and people or to put it in more familiar terms, trade to finance command immigration. The third fall line is the worlds freemarket financial systems. The fourth involves the prospects for Economic Growth in the emerging market economies, especially the four most important of them, the socalled bricks, brazil, russia, india, china. To put this in slightly different terms, the future of the Global Economy depends upon the answers to four major questions. First, will the world be peaceful and stable enough to permit cross border trade, finance commemoration to flourish . Second, how strong will be all but inevitable political backlash in every country against Global Economic activity . Third come how frequent and disruptive will be heat almost all but inevitable financial crises that the world will see in the world to five years ahead fourth, how effectively will brazil, russia, india, and time that deal with the principal political obstacle to maximizing the potential for Economic Growth. Let me say a little bit about each of these four. All markets weather local, regional, national, or global in scope the case secure political framework to provide stability. Without stability Global Economic transactions just dont happen. For the Global Economy the principal and most dangerous source of instability is war. There are a number of economically important regions where water is not necessarily likely, certainly not inevitable, but certainly possible. In east asia, for example, a rising china is embroiled in disputes with its neighbors about control of certain violence and the extent of chinese territorial waters. In south asia, india, and pakistan we continue to dispute the status of and his muslim majority province. The two countries have gone to war several times over the status, and now both are armed with nuclear weapons. In the middle east of the location of the largest readily excess of deposits of the worlds most valuable mineral, seeking regional domination and pursuing the acquisition of nuclear weapons. And only recently we have seen in central eurasia russia invaded and occupied, and an ax the canadian province of crimea. Now, each of these four regions has something in common. In each of them an American Military presence and Political Engagement are crucial for sustaining the stability of globalization requires. Therefore the future of the Global Economy does depend to a great extent on the future of American Foreign policy and especially American Military. The capacity of the willingness of the United Nations to provide the military forces upon which global stability parts russ. American military policy of American Military spending are under pressure. Theyre under pressure for fiscal reasons. Theyre under pressure because of the need to reduce federal spending, including military spending to deal with americas chronic and chronically large budget deficits. An American Military policy and American Military spending in American Military deployment are under pressure from the widespread public unhappiness in the United States with the consequences and the costs of the American Military operations in afghanistan. Defense spending is going to drop. It is already doing so. The United States is trying to pull back some of its military deployment. How far will these trends go and how far can they save we go . Well, these are questions that are going to be debated in the years ahead, most notably in this city, but has that to be perceived, it is important to remember that what is at stake is not simply the capacity of the United States to fight and win an economic war but the capacity of the United States to sustain military deployment and military policy that undergirds the stability that Global Economic activity requires. Passport trade, finance an immigration benefit as a whole from these crossborder flows, some people in every country are always disadvantage, and urge, they lose out. That is to say globalization always creates losers as well as winners. In the losers, especially in democracies actually organized themselves politically and try to limit or even cut off and they organized to try to limit the inflow of whatever project is injuring them. Now, in the years ahead, there are two particular trade relationships that have the potential to explode politically in ways that could do significant damage to the Global Economy. One of them is the trade relationship or treating china on the one hand and the united state and other dance industrial economies on the other. And second is the trade relationship between an ef on the one hand in the United States and the other advanced industrial economies on the other. Let me say a word about each. China is regularly accused of unfair trade crack this is the various kinds. They include currency manipulation, theft of intellectual property, unfair, unsatisfied three environmental policies. But the most explosive accusation labeled against china in trade with that country is that trade contributes substantially to two unfortunate , ongoing Economic Trends in the United States and other countries as well. One such trend is the fact nation of wages. The other is growing economic inequality. Economic studies generally show that while trying to trade this contributed to this trend, it is by far not the biggest contributor. The major contributor economists generally find is the answer to elegy. But china gets the lions share of the blame. And this unhappiness with china increases, it could reach the point that it would branch america and western trade policies out of their custom courses. It could start a trade with china and that would have a substantial and probably substantially adverse impact on the Global Economy. As for indiana, trade in that country largely involves services. India is an exporter of services and Treatment Services that become possible because of the digital revolution. Well, if you are doing a service job that can be done just as well as more cheaply in india come you are likely to lose her job. So trade in services of india and other lowwage countries does threaten american jobs. We in the United States are accustomed to seeing jobs go overseas. Thats been had in the last six decades. In the past these were almost exclusively to call your shots, factory jobs. In other jobs that are potentially in shape ready or white collar jobs, office jobs, jobs in the service that are not necessarily entirely ordinary office work. Potentially at risk are jobs that require considerable education and training to perform. Jobs done by doctors, lawyers, architects committed years, even ultimately, god for bid, by professors. Trade in services and the export of jobs to countries like india has the potential to trigger a substantial political backlash in the United States and other rich countries for two reasons. First, the jobs potentially at risk are much more numerous than in the past. There are many more whitecollar service jobs than bluecollar fact or he jobs. So more people are affected in decade, some of the people whose jobs may be at risk in here of course i exclude professors are people who are politically influential and are in a position to bring their influence to bear on American Economic and trade policy. So there is the potential if enough people feel vulnerable to the off shoring of service jobs for political backlash that could again frenchamerican in western trade policy out of the pattern is followed for the last 25 years with potential damage to the Global Economy as a whole. So far its true the outflow of service jobs from United States especially has been a trickle, not a flood and perhaps will remain that way. But the potential for largescale jeopardy of american whitecollar jobs does exist and so two therefore to say globalization harming political backlash. Now to the third the third fault in the Global Economy, the worlds financial systems. By the early seal of free market economies because freemarket economies are susceptible to financial boat roles. Financial bubbles have a tendency to first. Bbravo occurs of course when a series bid up the price of an asset until it climbs higher and higher and neighbors from investor psychology changes peddling the asset doesnt look like a sure thing coinvestors thresh to get at the outset asset, the price plummets and that can do serious damage to the surrounding economy reexperience what you might call the mother of all financial bubbles bursting in the fall of 2008. This was a bubble centered on the American Housing industry. Bursting bubble triggered biggest economic downturn since the great depression, the effects of which are someways filled with the spirit and the American Financial system still poses a potential threat because in the wake of the great crisis of 2008, it is more concentrated than ever. We now have fewer Financial Firms that are larger than was the case before 2008. If anyone of them should get in trouble, that could be significant damage. But the more immediate threat to the Global Economy from financial services, from financials since comes from your. He comes from the crisis of europes common current fee, the aero. That crisis has its origins in a bubble. When the era was formed, investors were happy to buy large quantities of relatively low Interest Rates. The bonds of the countries of Southern Europe to join the euro were regarded as safe bets, sure thing. It gradually down on investors that wasnt so safe in these countries were not all that well managed economically hall is conceivable. The burst of the bubble rushed out of the province of the Southern European countries, which sent the Interest Rates that these countries have to pay to finance the deficit skyhigh, putting enormous stress on their economies. The danger here is if one or more of the members of the euro should default on their bond obligations, this could be calamitous for the banks, especially the banks in Northern European countries, including germany to hold large numbers of these bombs and big collapses in Northern Europe could spread across the atlantic and do as much damage to the Global Economy is the near meltdown of the American Financial system did in 2008. You will, the European Central bank has announced it will buy the bonds of the Southern European countries without limit and not come the fears of the market. The flight away from these bombs ended. Interest rates went down. The pressure in the European Countries economies eased a bit. That europe is not out of the woods. The underlying problems still remain and that means europe has three paths out of this crisis. The first path is to abandon the euro all together, to break it up. This would have one useful benefit to the countries of Southern Europe. The idea was to resume there a National Current use, which they could then devalue to help them find and help them close their budget deficit. The collapse of the year out entirely would have entirely would have sent and received to europe and probably the rest of the world. No one knows just how great they would be, but they might be enormous in the europeans is certainly not been interested in finding out. Theyve made it clear they will do whatever they can to keep the euros to keep the heroes who get to keep it going to prevent its breakout. Their preferred course of action at a severe crisis, the second path is to establish and petitions of political governance in the euro area to help stabilize the occurring to me that belonged to it. One clear lesson, which many people understood before this far and that apparently the are you a to be violent, the currency requires the government. But there is a single government for the countries that belong to the euro. Recognize that the problems have committed them close to his ravishing in editions of economic government that will affect all of them and theyve begun this is, but its a very long process and no one really knows how fast it will perceive or how will proceed because the course has been the third one. This third course is muddling through and hope we are your foot to countries of Southern Europe are able to make the politically painful Economic Reforms that are necessary in order for them to avoid the kinds of trouble that led to the crisis in the first place. Well, these reforms have been implemented in greece, italy, other places. Kris of courses for i have, but italy came to the brink of being cramped a few months back. So they have decided, have committed you are making these changes, lpr will be at the beginning stages. We dont know how far or fast these political and Economic Reforms will go. What we do know is theyre very unpopular in europe, especially the countries making them. We saw that in the result of the european parliament, where parties acting not just to these political reforms, the memberships in the European Union and a whole did surprisingly well. Whichever course europe follows, the europeans i destined for the foreseeable future to chalk up either low Economic Growth or more likely no Economic Growth at all. That means the fourth fault line is even more important for the future of the Global Economy. The emerging market economies are going to have to supply most of the Economic Growth in the years ahead and indeed they have the potential for fire growth into the europeans or even the United States. But whether those countries and in particular the bricks come brazil, russia, india and china are able to fulfill their potential will depend on how well each is a need to cope with the future of its politics but in the past was an asset for Economic Growth, but in the future as a liability. For brazil, that features the first of Economic Management known as populism with its emphasis on generous subsidies to industries and firms and generous Welfare Benefits to individuals. Our russia, the adventures energy. Its Energy Reserves are economic boom to russia. In fact, three quarters of all of russias earnings abroad come from the sale of energy. But for that very reason, the russian government has been able to avoid pressure to create the institutions and adopt the policy is necessary for longterm Economic Growth. If and when the price of energy falls, russia will be in serious economic trouble. For india, the asset turned liability is that countrys Democratic Political system. Now, democracy is essential. Without a Democratic Political system, a united india not and could not exist in in recent weeks, weve seen an impressive demonstration indian democracy in action with indias general election in which 550 voters are to which has a new parliament and created a new government. Select really come indias is functioning well. When it comes to governments come indias democracy does poorly. In particular, indias democracy has prevented the establishment on a large scale industry requiring people with relatively low skills in the building on a large scale and with high quality of the kind of infrastructure the country needs. Roads, ports, waterways cut electricity. The inability of india to achieve these two things is important because it is the combination of largescale highquality infrastructure and low skill industry on a large scale that has enabled china to lift hundreds of billions of people out of poverty. In order to do something comparable, in order to do with comparable effectiveness with widespread poverty, india needs both these things the latest Democratic Political system has operated has blocked them. I think the change. The final brick in the first and most important one is of course china. And for china, the asset turned liability is the authoritarian system. This is a system in which chinas party manipulates his political power. The Ruling Communist Party has a pretty impressive track record of Economic Management. Three full decades of annual doubledigit rate of Economic Growth. But in order to sustain high Economic Growth in the future, china is going to have to become not necessarily a fullfledged democracy with the United States are great britain, but more democratic than it now is. In particular, in order to sustain the kind of Economic Growth that the communist party expects, that the Chinese People have grown accustomed to and that benefits the International Economy as a whole, china is going to have to permit more economic liberty and is going to have to provide its people with more accountable government. Well, those are the fourth fault lines. In conclusion, i want to return to my three original assertions. This time to take them in reverse order. You will recall that the third assertion was that it is possible within limits, the future Global Economy. The future of the Global Economy , a term sometimes seen on empty billboards. That term is watch this space. These four faultlines are the things to watch in order to know which way the Global Economy is going. As for the second assertion that the path for the Global Economy would be a bumpy one, well, given the inevitability of political backlash against trade him against finance the integration and given the high likelihood of shocks to kobo international financial, the road ahead for the Global Economy is very unlikely to be completely smooth. That brings me finally to the first and most important assertion that globalization despite the bumps, despite the shocks will continue. What is the basis for my confidence in making that assertion . Well, i can summarize the reason for that confidence with the opening lines of a song that was popular in the 1940s and it was popular in no small part because it was done in one of the great movies of that decade, casablanca starring Humphrey Bogart and ingrid bergman. The song is of course as time goes by and they peaked this way. You must remember this, a case is still a case. A sigh is just a sigh. The fundamental things apply as time goes by. Well, the fundamental things apply to globalization as well and give grounds for optimism about its future. Three fundamental features of globalization in particular are important here. One is technology. Technology is the concrete cheerio basis on which the Global Economy rests in the relevant technologies of transportation and communication have improved in advanced remarkably since the initial purchase of the Global Economy. Weve gone from the railroad, the steamship in the telegraph of the 19th century to the internet, satellite communication and cell phones of the 21st. And that is not going to change. The foundation will remain in place. Technology is a reversible. The second fundamental feature of globalization relevant here is history. In the latter part of the 20th century, the free market system of Economic Organization vanquished its two leading rivals centrally planned communism and import substituting socialism. It now dominates the world and not as important for the future of globalization because free markets lend themselves almost automatically to crossborder economic dvd where you see freemarket economies, you will see globalization. Now, the dominance of freemarket is not irreversible, but it is certainly not going to be reversed unless and until there appears some alternative attractive form of Economic Organization and at this point, none is even on the. Well, that brings me to the third and final fundamental thing that applies here closely related to the second one and that is economics. Free markets triumphed at the end of the 20th century because they did far better than their rivals in delivering Economic Growth. Economic growth was important in the 20th century and will be even more important in the 21st. That is why most people, most firms than most governments will make most decisions most of the time in ways that support the preservation, the strengthening and expansion of globalization. They will do so because globalization is the road to global prosperity. Thank you. [applause] questions . This is very interesting and very distressing. At 67 years old. I graduated from college in 1969. I remember when it was possible for most people in this country, africanamericans excluded, to aspire to or have a middleclass lifestyle based on type knowledge he. Autoworkers, steelworkers says the technology improved became more is in the process were shared between the management and the workers. The system you are describing may produce more gross, but the distribution of the growth is a big question and i think that is why we have the tea party here and we had the election in europe. You havent mentioned anything about multinational corporations or some system to address the losers who far as the winners in your global free market system. One other thing, there is some thing beside free market gilded age capitalism. There is christian socialism, democratic socialism in germany, in norway and sweden, maybe even in france and in england. You just cant simply write that off as some sort of authoritarian socialism. Okay, a couple of comments. First, it is important to bear in mind that globalization has been the greatest engine in the history of the world for lifting people out of poverty, especially in the very poorest countries. Hundreds of millions of people, in fact i would pay billions are far better off now because globalization and they were before. So the number of winners from globalization is in the hundreds of millions perhaps in the billions. But there are also losers and some of them are in the United States. Theres no doubt about that. We face two challenges. One is adjusting to this new economic world. Its not the first time this country has had to go through such an adjustment in such a transition. After all, 120 years ago, certainly at the beginning of the last century, the majority of people in the United States were on farms and in agriculture became far more efficient than they had to find other jobs and most of them did in the face the same kind of transition now when we need to figure out ways to help people make that transition. Even if we do a good job, they will be in equities. There will be any quality. Any quality has become an important issue in american politics. It has been in the past. It will be presumably in the future and it is a political problem. What to do about people who get left behind and in any Economic System, some people will be left behind is a practical problem that americans in every other people face. Would you care to address the hollowing out of the middle class . This is not a few textile workers at the bottom that can absorb or pay off or Something Like this. This is about bedrock middle class americans. What are you suggesting to help them quite well, let me refer you to my previous book written with Thomas Friedman of the New York Times entitled that use vs, how america fell behind in the world reinvent it and how we can come back, where we devote a couple of chapters to what economists call the phenomenon of skills polarization, with whiskers are very valuable in some people skills are not. Im afraid i dont have time to summarize the entire chapter here, but i urge you to read the book. Ive heard tom friedman. Thank you. First of all, im screwing up your sound system. There was a very needy delivery, but is this lady suggested, there are really fundamental thing that has to be grappled with. Thursday when to throw something out. I received it back to area, i am coming that could be a real slammer to any system. But theres just a few things that are more than youve listed. What i am sort of asking you know is when, maybe youve done this in your book, but when we are going to start to grapple with the problem of how a recording to make decisions. How are we going to solve problems . In other words, as a species we are sort of reciting an old way of doing things, politics and stuff like that. But what i am suggesting is if we are going to build a good, continuous world system, how are we going to figure out how we can make decisions in a fair way and how we can go about solving problems as they come out of a probably a pretty fair clip. One of the major themes of the road to global prosperity, and the major theme is that bottom, all important Economic Issues come down to politics. Politics dominates economics about economics as an independent existence as well. And as the economy becomes more global, theres a disconnect between the scope of the worlds economy and the scope of its politics. We dont have a world government in order to manage the Global Economy and were not going to have one. We could use it with government and a factory could use other countries chipping in to help the United States provides the stability that the world is in order for the Global Economy to function. But as i explained in chapter one of the road to global prosperity, that is simply not in the cards. Nor is a government with the scope to deal with Global Economic issues on the cards. Now, the global issues that gets the most attention these days is Global Warming. I do have an extensive discussion of the politics of Global Warming and Climate Change in the look and my conclusion is we are not going to find international solution. Its going to be up to the various National Governments to adopt policies that can cope with the problem. Okay, if they can. We may need a governing system even if we dont have a government. In other words, governing system. Thank you. Thank you for an excellent presentation. I would like to ask you about china and russia and the difference between the two. We have seen the success of three decades of chinas rise. Secondlargest economy in the world, 500 people 500 Million People lifted out of poverty. Largest trading partner with asia and africa, secondlargest with the u. S. And e. U. Russia on the other hand has not had any success and yet they moved in the direction of markets just like china did a few years after china did. As you pointed out, 45 of the revenues of russia, from oil and gas. But other than selling such a show for code and pollution costs, theres not a lot they russia offers to the world. What has been the reason china has been so diversified and its economic effort and russia has not. Very good question. The basic reason for the difference is china when it began its reforms was at a different stage of Economic Development and russia. China was in the fortunate position of being able to derive substantial Economic Growth from the movement of large numbers of citizens from the farm, the countryside to the cities to work in relatively low skilled manufacturing. That is a kind of oneshot aetna said that every country gets when it is lurched the rural. China has got it for the last 30 years. The reason that china needs to change his politics is that it is to change it Growth Strategy because it is running out of the kind of ammunition for easy growth then its had for the last 80 years. These huge surplus populations in rural areas they can easily are relatively easily work in factories, increase their productivity and drive Economic Growth. Well, so a lot of people of the chinese countryside, but not as many. China got the benefit of what it is possible to do at a particular stage of Economic Development. Russia grew quite substantially from the 20s through the 1950s for precise to the same reason. The soviet union people moved from the countryside to the cities where they could be more unemployed and that is the reason the soviet union, despite his cockamamie Economic System was able to chalk up very impressive rate of Economic Growth in those three decades. Some of you may be old enough to remember that in the 1950s the soviet leaders, Nikita Khrushchev said that the United States, we will bury you. We didnt mean that literally we were told in retrospect. It will ultimately outstripped the United States economically in the soviet union had been able to sustain the rates of Economic Growth that it achieved in the 20s, 30s and 1850s after world war ii, that wouldve happened. But it couldnt because it had moved to a different stage of Economic Development with a different kind of society. At this stage russia had reached in 1991 it could get the easy benefit from a large surplus population that china could. They need a different things. It needed skilled people. It needed secure property rights. It needed innovation. It needed a welcoming atmosphere for Foreign Investment in the russian government that emerged under Boris Yeltsin and now under Vladimir Putin failed to provide those things and was able to avoid even feeling pressure to provide them because of the Energy Wealth that permitted Economic Growth in russia without the things that are necessary for a long term Economic Growth. So the difference between russia in 1991 and china in 1979 is precisely the reason that i argue in the road to global prosperity that Russias Energy has been both a blessing and a mouse over the long term a curse. Natural resource is our finite. Countries very great in their capacity to use or to market their resources. How could we have that global prosperity that doesnt create tremendous inequalities . Well, the answer is that we have any quality. We have less Global Inequality than we did before dispersive globalization. There is a phenomenon that economists call convergence, which is all of the things being equal, economies tend to converge on their level of development. Convergence didnt work for a long time. The poor got poorer. The rich increased the gap between themselves and the poor for political reasons and that is one of the reasons for the principal theme of the road to global prosperity that politics matters. But we are seeing the world slowly becoming more equal amount in this globalization proceeds, that will continue. As for the distribution of National Race or cystitis again at the issue. Free markets do a pretty good job of allocating resources by price but over the long term there are some larger problems bound up with the problem of Global Warming into those problems we do not oppress and have a good solution. Thank you. I would like to ask you a question about a couple of elements that may be transferred to respect to china and its place in the Global Economy and whether you consider their trends. One relates to beaches. The other relates to quality and quality control. Wages in china are going up. Some American Companies are bringing manufacturing back to this country for a variety of reasons. Many reasons. For one of those reasons is raising wages. The other is quality. We have seen some in the says were manufacturing has left various countries and gone to china because of the low cost. But the clients who bought those products found that the quality was not as good in the manufacturing has been returned to the countries. Im not just referring to the u. S. , but other countries as well. The question is do you see these as trends in china . Are they going to impact where they stand in the Global Economy . The answer is yes and these trends are crucial for chinas Economic Future at night to discuss them on my section in china on the road to global prosperity. Together they form what economists call the middle income trap and china risks falling into it. If youre in the middle income trap, that means that your wages are too high to compete with lower wage countries such as david ascher is the tom and some industries go into these countries. On the other hand come your quality is the highness took it with high which countries such as the United States. The Chinese Government to its credit recognizes the pitfall and i think recognizes in order to cope with that, in order to escape the middle income trap, it needs a new Economic Strategy that will require the kind of political changes that i discuss in the book. Whether they can make those changes, we dont know. Thank you, professor mandelbaum. I really enjoyed your presentation. But i was struck with the lack of commentary in your presentation on institutions because it seems to me there are two institutions that underpinned the first wave of globalization. The first of course is the imf and the world they and the second is what is now the wto, but was really a series of agreement on free trade, primarily among the less that allowed this prosperity to be expanded first and foremost in the western democracies. Can we actually regenerate and improve these institutions in ways that they can benefit us Going Forward or Israeli Attack btl kind of the pinnacle of the Global Trade Organization that will actually collapse with the regional trade agreements . Both good questions. I think the wto is doing pretty well. It has established norms. It has attracted almost universal membership. It has dispute resolution mechanisms that countries are using. They dont always abide by the result, but we are closer to a law cover and. It will never be perfect, but there has been real progress. So i would give the World Trade Organization pretty high marks. The International Monetary fund has morphed over the years into a kind of 9 11, a rescue squad for countries embroiled in financial crises. It did pretty well with the Asian Financial crises of the late night to 90s although it is important to note that the rescue efforts really were spearheaded by the United States. The imf would not have worked as well as it did without the efforts of the United States. The imf policies were and continue to be controversial. My judgment is on the whole they were beneficial. Not perfect, but beneficial. The imf was less important in the great financial crisis in the United States of 2008 and has been less important in the euro crisis because it not big enough. It doesnt have enough money. The responsibility for coping with those crises of the first taste of the American Government at south hated the second second case the european governments. I think although the imf is useful in could put out small fires, when it comes to beat raging forest fires, big financial crises of the kind we saw in the United States in 2008, we saw in europe in 2011 and continuing to the present the imf does not have and its not going to have enough firepower to the effect that none of. Thank you so much. Thank you. [applause] there are copies of the book for sale. Bring them back here and get them signed. Thank you. [inaudible conversations] in this next program, Charlotte Bonelli talks about subfloor hatch and arrives at this nazi. The mindset of American Jews and the American Government during this period. This is about 50 minutes