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If you looked at it in 1860 in the United States,
the major occupations in the United States were you were either a farm worker.
And the second most important was you worked as a maid, or a servant,
or something in somebody's house.
By 1900, in 40 years that it changed dramatically and
people were in factories, working in factories, they were industrial workers.
For rural areas have been depopulated, the cities experienced a huge boom in growth,
and that caused all kinds of problems.
There was a gilded age, too much money, too many immigrants,
anti immigrant stuff, the Democratic party platform of 1896,
says we got to prohibit proper labor from coming in.
So all of that's happening in the same sort of way.
Too much wealth, too much inequality.
All the same sorts of issues were present.
But by 1950, if you looked out that world today,
across the industrial world Europe, United States, etc.
Those people that were in industrial jobs, had good jobs, they had reasonable wages,
they had unemployment compensation, they had healthcare, they had pensions.
And then sort of beginning in the 1970s, automation began to take those jobs away.
Then of course, the supply chain management, people began to look for
the lowest producer.
Those jobs went away and the equilibrium in the 1950s,
all across the world was sort of left parties that were pro labor and
right parties bearing degrees that were anti labor.
And it could be multiple party systems, like in Italy, or in France, or
it could be in Germany where there's a left party CDU,
right party rather CDU, a left party SDP, and
the FDP in the middle balancing them out, turning politics one way or the other.
Or in the United States, it's the Democrats, the left party and
Republican but it was stable but now that stability is gone.
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It's hard to find, to put a political party together such as stable as they
were in the 50s and that's because as the job attention change.
And it turns out that the result of that is that it causes political instability.
Not just here but [INAUDIBLE] Brexit, the British leaving the EU.
France, the rise of the National Front or even the new guy who's come in.
He's not a traditional candidate, so instead of left right.
You're getting a lot of center periphery stuff in the voting,
which is kind of what you got in the United States.
So yeah these are unstable times, and I think globalization
has generated most of the instability.
And nobody has yet figured out the right political or economic solution.
And justice in the 1880s, 1890s,
immigration is an issue that comes before.
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It creates wealth inequality.
So, I think it's Robert Downey and
there's some movie called the Iron Man or something.
My grandchildren watch that stuff, he straps on some stuff.
Flies around, saves the world, right?
Well, whatever the last Iron Man was, he made $80 million.
And that's because 320 million people around the world actually paid
whatever they paid and he got a quarter for each time that's 80 million bucks.
So imagine you're the best carpenter or
the best plumber in Palo Alto, California.
There's no way you can come anywhere close to that, so
when you create a world market, bigger winners, bigger losers.
So in a quality comes in you got to deal with it.
But it's not easy design, it's not easy to solve.
And the final problem with it all is, of course, that you can say,
God this globalization has been a wonderful thing.
It's brought billions of people out of poverty around the world and it has.
600 million Chinese are less poor today than they were 30 years ago.
But it's hard to run for president of the United States based on, boy,
this policy was great for China, but that doesn't win votes.
So you still have kind of this global system in local politics.
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If you look at the world today, what's happening is,
that we're always thinking about a political solution.
But at the same time that's happening, the world of finance, and money, and
businesses is making decisions.
They are not waiting til the US, and France, and Germany, and
so on get their act together.
They are as we speak,
people making decisions about where x is going to be produced, where is y.
There are movement of capital is determining things.
So it may be again, that business moves in these ways, and
you either get on board or you don't get on board.
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