Who controls the world? - James B. Glattfelder
when<00:00:16.430> the<00:00:16.550> crisis<00:00:17.029> came<00:00:17.529> the<00:00:18.529> serious
when the crisis came the serious
when the crisis came the serious
limitations<00:00:19.670> of<00:00:19.849> existing<00:00:20.390> economic<00:00:20.960> and
limitations of existing economic and
limitations of existing economic and
financial<00:00:22.250> models<00:00:22.869> immediately<00:00:23.869> became
financial models immediately became
financial models immediately became
apparent<00:00:26.649> there<00:00:27.649> is<00:00:27.739> also<00:00:27.890> strong<00:00:28.340> belief
apparent there is also strong belief
apparent there is also strong belief
which<00:00:30.380> I<00:00:30.560> share<00:00:30.860> that<00:00:31.759> bad<00:00:32.270> or<00:00:33.050> over
which I share that bad or over
which I share that bad or over
simplistic
simplistic
simplistic
and<00:00:34.430> overconfident<00:00:35.270> economics<00:00:36.170> helped
and overconfident economics helped
and overconfident economics helped
create<00:00:37.130> the<00:00:37.340> crisis<00:00:37.820> now<00:00:38.750> you've<00:00:39.079> probably
create the crisis now you've probably
create the crisis now you've probably
all<00:00:39.590> heard<00:00:39.620> of<00:00:39.980> similar<00:00:40.399> criticism<00:00:41.030> coming
all heard of similar criticism coming
all heard of similar criticism coming
from<00:00:41.600> people<00:00:41.809> who<00:00:42.380> are<00:00:42.500> skeptical<00:00:43.040> of
from people who are skeptical of
from people who are skeptical of
capitalism<00:00:43.960> but<00:00:44.960> this<00:00:45.080> is<00:00:45.230> different<00:00:45.440> this<00:00:46.010> is
capitalism but this is different this is
capitalism but this is different this is
coming<00:00:46.490> from<00:00:46.580> the<00:00:46.760> heart<00:00:47.290> of<00:00:48.290> Finance<00:00:48.830> the
coming from the heart of Finance the
coming from the heart of Finance the
first<00:00:50.150> quote<00:00:50.390> is<00:00:50.420> from<00:00:50.780> jean-claude<00:00:51.710> Trichet
first quote is from jean-claude Trichet
first quote is from jean-claude Trichet
when<00:00:52.910> he<00:00:53.000> was<00:00:53.150> governor<00:00:53.510> of<00:00:53.720> the<00:00:53.870> European
when he was governor of the European
when he was governor of the European
Central<00:00:54.800> Bank<00:00:55.100> the<00:00:55.990> second<00:00:56.990> quote<00:00:57.230> is<00:00:57.440> from
Central Bank the second quote is from
Central Bank the second quote is from
the<00:00:58.250> head<00:00:58.460> of<00:00:58.700> the<00:00:59.090> UK<00:00:59.270> Financial<00:01:00.020> Services
the head of the UK Financial Services
the head of the UK Financial Services
Authority<00:01:01.420> are<00:01:02.420> these<00:01:02.600> people<00:01:02.930> implying<00:01:03.170> that
Authority are these people implying that
Authority are these people implying that
we<00:01:04.159> don't<00:01:04.369> understand<00:01:05.000> the<00:01:05.689> economic<00:01:06.170> systems
we don't understand the economic systems
we don't understand the economic systems
that<00:01:06.740> drive<00:01:07.070> our<00:01:07.369> modern<00:01:07.729> societies<00:01:08.649> it<00:01:09.649> gets
that drive our modern societies it gets
that drive our modern societies it gets
worse<00:01:10.899> we<00:01:11.899> spend<00:01:12.200> billions<00:01:12.500> of<00:01:12.770> dollars
worse we spend billions of dollars
worse we spend billions of dollars
trying<00:01:14.119> to<00:01:14.329> understand<00:01:14.810> the<00:01:14.960> origins<00:01:15.470> of<00:01:15.680> the
trying to understand the origins of the
trying to understand the origins of the
universe<00:01:17.110> what<00:01:18.110> we<00:01:18.200> still<00:01:18.409> don't<00:01:18.680> understand
universe what we still don't understand
universe what we still don't understand
the<00:01:19.790> conditions<00:01:20.890> for<00:01:21.890> stable<00:01:22.370> society<00:01:23.000> a
the conditions for stable society a
the conditions for stable society a
functioning<00:01:24.530> economy<00:01:24.620> or<00:01:25.220> peace<00:01:28.690> what's
functioning economy or peace what's
functioning economy or peace what's
happening<00:01:30.049> here<00:01:30.260> how<00:01:31.010> can<00:01:31.220> this<00:01:31.310> be<00:01:31.460> possible
happening here how can this be possible
happening here how can this be possible
do<00:01:32.420> we<00:01:32.540> really<00:01:32.720> understand<00:01:33.170> more<00:01:33.350> about<00:01:33.409> the
do we really understand more about the
do we really understand more about the
fabric<00:01:34.250> of<00:01:34.430> reality<00:01:34.659> than<00:01:35.659> we<00:01:35.690> do<00:01:35.870> about<00:01:35.900> the
fabric of reality than we do about the
fabric of reality than we do about the
fabric<00:01:36.680> which<00:01:37.159> emerges<00:01:37.700> from<00:01:37.940> our<00:01:38.060> human
fabric which emerges from our human
fabric which emerges from our human
interactions<00:01:39.670> unfortunately<00:01:40.670> the<00:01:40.790> answer<00:01:40.880> is
interactions unfortunately the answer is
interactions unfortunately the answer is
yes<00:01:41.740> but<00:01:42.740> there's<00:01:43.610> an<00:01:43.729> intriguing<00:01:44.060> solution
yes but there's an intriguing solution
yes but there's an intriguing solution
which<00:01:45.440> is<00:01:45.619> coming<00:01:45.860> from<00:01:46.060> what<00:01:47.060> is<00:01:47.180> known<00:01:47.390> as
which is coming from what is known as
which is coming from what is known as
the<00:01:47.869> science<00:01:48.229> of<00:01:48.380> complexity<00:01:49.040> to<00:01:50.500> explain
the science of complexity to explain
the science of complexity to explain
what<00:01:51.680> this<00:01:51.860> means<00:01:52.100> and<00:01:52.280> what<00:01:52.430> this<00:01:52.580> thing<00:01:52.880> is
what this means and what this thing is
what this means and what this thing is
please<00:01:53.960> let<00:01:54.110> me<00:01:54.200> quickly<00:01:54.409> take<00:01:54.650> a<00:01:54.710> couple<00:01:55.070> of
please let me quickly take a couple of
please let me quickly take a couple of
steps<00:01:55.460> back<00:01:55.610> I<00:01:56.650> ended<00:01:57.650> up<00:01:57.710> in<00:01:57.890> physics<00:01:58.280> by
steps back I ended up in physics by
steps back I ended up in physics by
accident<00:01:58.880> it<00:01:59.600> was<00:01:59.780> a<00:01:59.810> random<00:02:00.229> encounter<00:02:00.400> when
accident it was a random encounter when
accident it was a random encounter when
it<00:02:01.520> was<00:02:01.610> young<00:02:01.880> and<00:02:02.560> since<00:02:03.560> then<00:02:03.770> I've<00:02:03.920> often
it was young and since then I've often
it was young and since then I've often
wondered<00:02:04.369> about<00:02:04.610> the<00:02:04.880> amazing<00:02:05.299> success<00:02:05.479> of
wondered about the amazing success of
wondered about the amazing success of
physics<00:02:06.320> in<00:02:06.830> describing<00:02:07.790> the<00:02:08.179> reality<00:02:08.569> we
physics in describing the reality we
physics in describing the reality we
wake<00:02:08.899> up<00:02:09.110> in<00:02:09.379> every<00:02:09.679> day<00:02:10.060> in<00:02:11.060> a<00:02:11.659> nutshell<00:02:11.840> you
wake up in every day in a nutshell you
wake up in every day in a nutshell you
can<00:02:12.709> think<00:02:12.950> of<00:02:13.099> physics<00:02:13.459> as<00:02:13.640> follows<00:02:14.000> so<00:02:14.360> you
can think of physics as follows so you
can think of physics as follows so you
take<00:02:14.989> a<00:02:15.019> chunk<00:02:15.319> of<00:02:15.560> reality<00:02:15.980> you<00:02:16.099> want<00:02:16.280> to
take a chunk of reality you want to
take a chunk of reality you want to
understand<00:02:16.879> and<00:02:17.200> you<00:02:18.200> translate<00:02:18.530> it<00:02:18.650> into
understand and you translate it into
understand and you translate it into
mathematics<00:02:20.560> you<00:02:21.560> encode<00:02:21.889> it<00:02:22.099> into<00:02:22.310> equations
mathematics you encode it into equations
mathematics you encode it into equations
then<00:02:24.580> predictions<00:02:25.150> can<00:02:25.480> be<00:02:25.540> made<00:02:25.660> and<00:02:26.080> tested
then predictions can be made and tested
then predictions can be made and tested
we're<00:02:28.600> actually<00:02:28.720> really<00:02:29.050> lucky<00:02:29.350> that<00:02:29.530> this
we're actually really lucky that this
we're actually really lucky that this
works<00:02:30.240> because<00:02:31.240> no<00:02:31.660> one<00:02:31.810> really<00:02:31.840> knows<00:02:32.230> why
works because no one really knows why
works because no one really knows why
the<00:02:32.860> thoughts<00:02:33.160> in<00:02:33.340> our<00:02:33.430> heads<00:02:33.730> should
the thoughts in our heads should
the thoughts in our heads should
actually<00:02:34.210> relate<00:02:35.170> to<00:02:35.200> the<00:02:35.440> fundamental
actually relate to the fundamental
actually relate to the fundamental
workings<00:02:36.340> of<00:02:36.730> the<00:02:36.880> universe<00:02:38.940> despite<00:02:39.940> the
workings of the universe despite the
workings of the universe despite the
success<00:02:40.510> physics<00:02:41.230> has<00:02:41.350> its<00:02:41.530> limits<00:02:41.890> as<00:02:42.390> dear
success physics has its limits as dear
success physics has its limits as dear
Calvin<00:02:43.810> pointed<00:02:44.170> out<00:02:44.320> in<00:02:44.560> the<00:02:44.650> last<00:02:44.830> quote<00:02:45.190> we
Calvin pointed out in the last quote we
Calvin pointed out in the last quote we
don't<00:02:46.209> really<00:02:46.750> understand<00:02:47.260> the<00:02:47.590> complexity
don't really understand the complexity
don't really understand the complexity
that<00:02:48.730> relates<00:02:49.300> to<00:02:49.570> us<00:02:49.660> that<00:02:49.959> surrounds<00:02:50.500> us
that relates to us that surrounds us
that relates to us that surrounds us
this<00:02:52.090> paradox<00:02:52.570> is<00:02:52.810> what<00:02:52.990> got<00:02:53.140> me<00:02:53.260> interested
this paradox is what got me interested
this paradox is what got me interested
in<00:02:54.070> complex<00:02:55.000> systems<00:02:55.540> so<00:02:56.230> these<00:02:56.709> are<00:02:56.890> systems
in complex systems so these are systems
in complex systems so these are systems
which<00:02:57.430> are<00:02:57.580> made<00:02:57.730> up<00:02:57.910> of<00:02:58.090> many<00:02:58.330> interconnected
which are made up of many interconnected
which are made up of many interconnected
or<00:02:59.800> interacting<00:03:00.550> parts<00:03:00.910> swarms<00:03:01.870> of<00:03:01.959> birds<00:03:02.290> or
or interacting parts swarms of birds or
or interacting parts swarms of birds or
fish<00:03:03.100> and<00:03:03.959> colonies<00:03:04.959> ecosystems<00:03:05.950> brains
fish and colonies ecosystems brains
fish and colonies ecosystems brains
financial<00:03:07.690> markets<00:03:08.140> these<00:03:09.010> are<00:03:09.160> just<00:03:09.280> a<00:03:09.430> few
financial markets these are just a few
financial markets these are just a few
examples<00:03:12.390> interestingly<00:03:13.530> complex<00:03:14.530> systems
examples interestingly complex systems
examples interestingly complex systems
are<00:03:15.160> very<00:03:15.340> hard<00:03:15.750> to<00:03:17.070> map<00:03:18.070> into<00:03:18.640> mathematical
are very hard to map into mathematical
are very hard to map into mathematical
equations<00:03:19.930> so<00:03:20.410> the<00:03:21.280> usual<00:03:21.430> physics<00:03:21.970> approach
equations so the usual physics approach
equations so the usual physics approach
doesn't<00:03:22.690> really<00:03:22.989> work<00:03:23.230> here<00:03:23.760> so<00:03:24.760> what<00:03:25.180> do<00:03:25.360> we
doesn't really work here so what do we
doesn't really work here so what do we
know<00:03:25.630> about<00:03:25.660> complex<00:03:26.320> systems<00:03:26.770> well<00:03:27.000> it<00:03:28.000> turns
know about complex systems well it turns
know about complex systems well it turns
out<00:03:28.450> that<00:03:28.660> what<00:03:29.230> looks<00:03:29.470> like<00:03:29.590> complex
out that what looks like complex
out that what looks like complex
behavior<00:03:30.880> from<00:03:30.970> the<00:03:31.150> outside<00:03:31.600> is<00:03:32.340> actually
behavior from the outside is actually
behavior from the outside is actually
the<00:03:33.459> result<00:03:33.610> of<00:03:33.970> a<00:03:34.299> few<00:03:34.540> simple<00:03:34.840> rules<00:03:35.049> of
the result of a few simple rules of
the result of a few simple rules of
interaction<00:03:37.440> this<00:03:38.440> means<00:03:38.680> you<00:03:39.519> can<00:03:39.670> forget
interaction this means you can forget
interaction this means you can forget
about<00:03:39.970> the<00:03:40.330> equations<00:03:40.840> and<00:03:41.110> just<00:03:41.790> start<00:03:42.790> to
about the equations and just start to
about the equations and just start to
understand<00:03:43.420> the<00:03:43.600> system<00:03:44.010> by<00:03:45.010> looking<00:03:45.310> at<00:03:45.430> the
understand the system by looking at the
understand the system by looking at the
interactions<00:03:46.269> so<00:03:46.810> you<00:03:46.870> can<00:03:47.110> actually<00:03:47.620> forget
interactions so you can actually forget
interactions so you can actually forget
about<00:03:48.340> the<00:03:48.580> equations<00:03:49.000> and<00:03:49.150> you<00:03:49.239> just<00:03:49.390> start
about the equations and you just start
about the equations and you just start
to<00:03:49.780> look<00:03:49.930> at<00:03:50.170> the<00:03:50.530> interactions<00:03:51.190> and<00:03:51.430> it<00:03:51.820> gets
to look at the interactions and it gets
to look at the interactions and it gets
even<00:03:52.239> better<00:03:52.269> because<00:03:52.950> most<00:03:53.950> complex<00:03:54.310> systems
even better because most complex systems
even better because most complex systems
have<00:03:55.060> this<00:03:55.299> amazing<00:03:55.900> property<00:03:56.170> called
have this amazing property called
have this amazing property called
emergence<00:03:57.250> so<00:03:58.150> this<00:03:58.329> means<00:03:58.540> that<00:03:58.690> the<00:03:58.840> system
emergence so this means that the system
emergence so this means that the system
as<00:03:59.320> a<00:03:59.350> whole<00:03:59.590> so<00:04:00.430> he<00:04:00.549> starts<00:04:00.910> to<00:04:00.970> show<00:04:01.060> behavior
as a whole so he starts to show behavior
as a whole so he starts to show behavior
which<00:04:02.380> cannot<00:04:02.680> be<00:04:02.799> understood<00:04:03.040> or<00:04:04.140> predicted
which cannot be understood or predicted
which cannot be understood or predicted
by<00:04:05.290> looking<00:04:05.590> at<00:04:05.680> the<00:04:05.799> components<00:04:06.400> of<00:04:06.519> the
by looking at the components of the
by looking at the components of the
system<00:04:07.299> so<00:04:07.870> the<00:04:08.019> whole<00:04:08.200> is<00:04:08.350> literally<00:04:08.799> more
system so the whole is literally more
system so the whole is literally more
than<00:04:09.070> the<00:04:09.790> sum<00:04:10.030> of<00:04:10.060> its<00:04:10.299> parts
than the sum of its parts
than the sum of its parts
and<00:04:11.250> all<00:04:12.250> of<00:04:12.280> this<00:04:12.459> also<00:04:12.700> means<00:04:13.030> that<00:04:13.150> you<00:04:13.390> can
and all of this also means that you can
and all of this also means that you can
forget<00:04:13.840> about<00:04:14.280> the<00:04:15.280> individual<00:04:16.169> parts<00:04:17.169> of<00:04:17.410> the
forget about the individual parts of the
forget about the individual parts of the
system<00:04:18.130> how<00:04:18.250> complex<00:04:18.790> they<00:04:19.000> are<00:04:19.180> so<00:04:19.660> if<00:04:19.930> it's<00:04:20.140> a
system how complex they are so if it's a
system how complex they are so if it's a
cell<00:04:21.160> or<00:04:21.430> a<00:04:21.519> termite<00:04:22.240> or<00:04:22.600> a<00:04:23.470> bird<00:04:23.830> you<00:04:24.610> just
cell or a termite or a bird you just
cell or a termite or a bird you just
focus<00:04:25.150> on<00:04:25.270> the<00:04:25.330> rules<00:04:25.600> of<00:04:25.780> interaction<00:04:27.090> as<00:04:28.380> a
focus on the rules of interaction as a
focus on the rules of interaction as a
result<00:04:30.300> networks<00:04:31.300> are<00:04:31.510> ideal
result networks are ideal
result networks are ideal
representations<00:04:32.740> of<00:04:32.950> complex<00:04:33.849> systems
representations of complex systems
representations of complex systems
the<00:04:36.509> nodes<00:04:36.750> in<00:04:37.080> the<00:04:37.139> network<00:04:37.410> are<00:04:38.130> the
the nodes in the network are the
the nodes in the network are the
system's<00:04:40.110> components<00:04:40.440> and<00:04:41.389> the<00:04:42.389> links<00:04:42.690> are
system's components and the links are
system's components and the links are
given<00:04:43.050> by<00:04:43.169> the<00:04:43.229> interactions<00:04:45.110> so<00:04:46.110> what
given by the interactions so what
given by the interactions so what
equations<00:04:46.860> are<00:04:46.979> physics<00:04:47.690> complex<00:04:48.690> networks
equations are physics complex networks
equations are physics complex networks
offer<00:04:49.620> the<00:04:49.860> study<00:04:50.100> of<00:04:50.250> complex<00:04:50.729> systems<00:04:52.130> this
offer the study of complex systems this
offer the study of complex systems this
approach<00:04:53.490> has<00:04:53.850> been<00:04:54.360> very<00:04:54.660> successfully
approach has been very successfully
approach has been very successfully
applied<00:04:56.070> to<00:04:56.340> many<00:04:56.580> complex<00:04:57.060> systems<00:04:57.539> in
applied to many complex systems in
applied to many complex systems in
physics<00:04:58.410> biology<00:04:59.030> computer<00:05:00.030> science<00:05:00.360> the
physics biology computer science the
physics biology computer science the
social<00:05:01.620> sciences<00:05:02.070> but<00:05:02.610> what<00:05:02.789> about<00:05:02.970> economics
social sciences but what about economics
social sciences but what about economics
where<00:05:05.039> economic<00:05:05.669> networks<00:05:06.560> this<00:05:07.560> is<00:05:07.710> a
where economic networks this is a
where economic networks this is a
surprising<00:05:08.460> and<00:05:08.639> prominent<00:05:09.389> gap<00:05:09.570> in<00:05:09.840> the
surprising and prominent gap in the
surprising and prominent gap in the
literature<00:05:11.360> the<00:05:12.360> study<00:05:12.660> we<00:05:12.870> published<00:05:13.260> last
literature the study we published last
literature the study we published last
year<00:05:13.770> called<00:05:14.479> the<00:05:15.479> network<00:05:15.900> of<00:05:16.110> global
year called the network of global
year called the network of global
corporate<00:05:16.889> control<00:05:17.310> was<00:05:18.240> the<00:05:18.270> first
corporate control was the first
corporate control was the first
extensive<00:05:20.030> analysis<00:05:21.030> of<00:05:21.060> economic<00:05:21.930> networks
extensive analysis of economic networks
extensive analysis of economic networks
the<00:05:24.030> study<00:05:24.330> went<00:05:24.600> viral<00:05:24.840> on<00:05:25.169> the<00:05:25.199> internet<00:05:25.680> and
the study went viral on the internet and
the study went viral on the internet and
it<00:05:26.760> attracted<00:05:27.240> a<00:05:27.360> lot<00:05:27.510> of<00:05:27.539> attention<00:05:27.720> from<00:05:28.229> the
it attracted a lot of attention from the
it attracted a lot of attention from the
international<00:05:28.530> media<00:05:30.650> this<00:05:31.650> is<00:05:31.800> quite
international media this is quite
international media this is quite
remarkable<00:05:32.150> because<00:05:33.150> again<00:05:33.419> why<00:05:34.349> did<00:05:34.410> no<00:05:34.650> one
remarkable because again why did no one
remarkable because again why did no one
look<00:05:34.949> at<00:05:35.070> this<00:05:35.190> before<00:05:35.610> similar<00:05:36.150> date<00:05:36.330> has
look at this before similar date has
look at this before similar date has
been<00:05:36.599> around<00:05:36.960> for<00:05:37.380> quite<00:05:37.410> some<00:05:37.800> time<00:05:37.970> what<00:05:38.970> we
been around for quite some time what we
been around for quite some time what we
looked<00:05:39.270> at<00:05:39.419> in<00:05:39.630> detail<00:05:39.660> was<00:05:40.410> ownership
looked at in detail was ownership
looked at in detail was ownership
networks<00:05:41.630> so<00:05:43.610> here<00:05:44.610> the<00:05:44.789> nodes<00:05:45.030> are<00:05:45.449> companies
networks so here the nodes are companies
networks so here the nodes are companies
people<00:05:46.880> governments<00:05:47.880> foundations<00:05:48.740> etc<00:05:49.740> and
people governments foundations etc and
people governments foundations etc and
the<00:05:51.659> links<00:05:51.930> represent<00:05:52.289> the<00:05:53.280> shareholding
the links represent the shareholding
the links represent the shareholding
relation<00:05:54.270> so<00:05:54.560> shareholder<00:05:55.560> a<00:05:55.740> has<00:05:56.190> X<00:05:56.520> percent
relation so shareholder a has X percent
relation so shareholder a has X percent
of<00:05:57.240> the<00:05:57.599> shares<00:05:57.900> in<00:05:58.139> Company<00:05:58.710> B<00:05:58.889> and<00:05:59.130> we<00:05:59.789> also
of the shares in Company B and we also
of the shares in Company B and we also
assign<00:06:00.270> a<00:06:00.539> value<00:06:00.960> to<00:06:01.530> the<00:06:01.620> company<00:06:01.800> given<00:06:02.280> by
assign a value to the company given by
assign a value to the company given by
the<00:06:02.460> operating<00:06:02.909> revenue<00:06:04.220> so<00:06:05.220> ownership
the operating revenue so ownership
the operating revenue so ownership
networks<00:06:05.970> reveal<00:06:06.930> the<00:06:07.169> patterns<00:06:07.620> of
networks reveal the patterns of
networks reveal the patterns of
shareholding<00:06:08.820> relations<00:06:10.280> in<00:06:11.280> this<00:06:11.610> little
shareholding relations in this little
shareholding relations in this little
example<00:06:11.940> you<00:06:12.360> can<00:06:12.510> see<00:06:12.659> a<00:06:12.690> few<00:06:13.099> financial
example you can see a few financial
example you can see a few financial
institutions<00:06:14.760> with<00:06:15.659> some<00:06:15.930> of<00:06:16.050> the<00:06:16.139> many<00:06:16.349> links
institutions with some of the many links
institutions with some of the many links
highlighted<00:06:18.260> now<00:06:19.260> you<00:06:19.320> may<00:06:19.500> think<00:06:19.530> that<00:06:19.919> no
highlighted now you may think that no
highlighted now you may think that no
one's<00:06:20.940> looked<00:06:21.240> at<00:06:21.389> this<00:06:21.510> before<00:06:21.720> because
one's looked at this before because
one's looked at this before because
ownership<00:06:23.310> networks<00:06:23.490> are<00:06:24.030> like<00:06:24.180> really
ownership networks are like really
ownership networks are like really
really<00:06:25.229> boring<00:06:25.500> to<00:06:25.770> study<00:06:26.419> well<00:06:28.010> as<00:06:29.010> ownership
really boring to study well as ownership
really boring to study well as ownership
is<00:06:29.729> related<00:06:30.210> to<00:06:30.240> control<00:06:30.720> as<00:06:31.020> I<00:06:31.590> shall<00:06:31.710> explain
is related to control as I shall explain
is related to control as I shall explain
later
later
later
looking<00:06:33.240> at<00:06:33.360> ownership<00:06:33.780> networks<00:06:33.960> actually
looking at ownership networks actually
looking at ownership networks actually
can<00:06:34.740> give<00:06:34.860> you<00:06:34.949> answers<00:06:35.340> to<00:06:35.520> questions<00:06:35.970> like
can give you answers to questions like
can give you answers to questions like
who<00:06:37.199> are<00:06:37.289> the<00:06:37.380> key<00:06:37.560> players<00:06:37.770> how<00:06:38.610> are<00:06:38.729> they
who are the key players how are they
who are the key players how are they
organized<00:06:39.240> are<00:06:39.510> they<00:06:39.630> isolated<00:06:40.139> are<00:06:40.650> they
organized are they isolated are they
organized are they isolated are they
interconnected<00:06:42.000> and<00:06:42.570> what<00:06:42.779> is<00:06:42.900> the<00:06:43.020> overall
interconnected and what is the overall
interconnected and what is the overall
distribution<00:06:44.159> of<00:06:44.250> control<00:06:45.560> in<00:06:46.560> other<00:06:46.740> words
distribution of control in other words
distribution of control in other words
who<00:06:48.449> controls<00:06:48.659> the<00:06:49.080> world<00:06:49.289> I<00:06:49.529> think<00:06:50.039> this<00:06:50.189> is
who controls the world I think this is
who controls the world I think this is
an<00:06:50.550> interesting<00:06:50.849> question<00:06:51.120> and<00:06:51.599> it<00:06:52.589> has
an interesting question and it has
an interesting question and it has
implications<00:06:53.639> for<00:06:53.729> systemic<00:06:54.389> risk<00:06:55.759> this<00:06:56.759> is<00:06:56.939> a
implications for systemic risk this is a
implications for systemic risk this is a
measure<00:06:57.270> of<00:06:57.629> how<00:06:58.139> vulnerable<00:06:58.379> a<00:06:58.800> system<00:06:59.249> is
measure of how vulnerable a system is
measure of how vulnerable a system is
overall<00:07:00.180> a<00:07:01.400> high<00:07:02.400> degree<00:07:02.580> of
overall a high degree of
overall a high degree of
interconnectivity<00:07:03.379> can<00:07:04.379> be<00:07:04.499> bad<00:07:04.740> for
interconnectivity can be bad for
interconnectivity can be bad for
stability<00:07:06.080> because<00:07:07.080> then<00:07:07.259> distress<00:07:07.740> can
stability because then distress can
stability because then distress can
spread<00:07:08.370> through<00:07:08.610> the<00:07:08.669> system<00:07:09.620> like<00:07:10.620> an
spread through the system like an
spread through the system like an
epidemic
scientists<00:07:14.279> have<00:07:14.370> sometimes<00:07:14.580> criticized
scientists have sometimes criticized
scientists have sometimes criticized
economists<00:07:16.080> who<00:07:16.289> believe<00:07:16.589> ideas<00:07:17.580> and
economists who believe ideas and
economists who believe ideas and
concepts<00:07:18.479> are<00:07:18.629> more<00:07:18.719> important<00:07:19.680> than
concepts are more important than
concepts are more important than
empirical<00:07:20.550> data<00:07:21.020> because<00:07:22.020> a<00:07:22.229> foundational
empirical data because a foundational
empirical data because a foundational
guideline<00:07:23.490> in<00:07:23.639> science<00:07:23.999> is<00:07:24.469> let<00:07:25.469> the<00:07:25.649> data
guideline in science is let the data
guideline in science is let the data
speak<00:07:25.979> okay<00:07:26.759> let's<00:07:27.029> do<00:07:27.270> that<00:07:27.300> so<00:07:28.080> we<00:07:28.889> started
speak okay let's do that so we started
speak okay let's do that so we started
with<00:07:29.430> a<00:07:29.460> database<00:07:29.909> containing<00:07:30.240> 30<00:07:30.839> million
with a database containing 30 million
with a database containing 30 million
ownership<00:07:32.189> relations<00:07:32.729> from<00:07:33.020> 2007<00:07:34.020> this<00:07:34.979> is<00:07:35.159> a
ownership relations from 2007 this is a
ownership relations from 2007 this is a
lot<00:07:35.370> of<00:07:35.490> data<00:07:35.639> and<00:07:36.330> because<00:07:36.629> we<00:07:36.719> wanted<00:07:36.990> to
lot of data and because we wanted to
lot of data and because we wanted to
find<00:07:37.349> out<00:07:37.520> who<00:07:38.520> rules<00:07:38.789> the<00:07:39.059> world<00:07:39.469> we<00:07:40.469> decided
find out who rules the world we decided
find out who rules the world we decided
to<00:07:40.979> focus<00:07:41.159> on<00:07:41.490> transnational<00:07:41.960> corporations
to focus on transnational corporations
to focus on transnational corporations
or<00:07:43.469> TNC<00:07:44.370> is<00:07:44.430> for<00:07:44.669> short<00:07:44.879> these<00:07:45.300> are<00:07:45.479> companies
or TNC is for short these are companies
or TNC is for short these are companies
that<00:07:45.949> operate<00:07:46.949> in<00:07:47.159> more<00:07:47.339> than<00:07:47.610> one<00:07:47.789> country
that operate in more than one country
that operate in more than one country
and<00:07:48.449> we<00:07:48.899> found<00:07:49.309> 43,000<00:07:51.439> in<00:07:52.439> the<00:07:52.649> next<00:07:52.919> step<00:07:53.099> we
and we found 43,000 in the next step we
and we found 43,000 in the next step we
built<00:07:53.459> the<00:07:53.610> network<00:07:53.789> around<00:07:54.509> these<00:07:54.870> companies
built the network around these companies
built the network around these companies
so<00:07:55.469> we<00:07:55.499> took<00:07:55.709> all<00:07:55.919> the<00:07:56.009> TNCs<00:07:56.459> shareholders<00:07:57.089> and
so we took all the TNCs shareholders and
so we took all the TNCs shareholders and
the<00:07:58.080> shareholders<00:07:58.249> shareholders<00:07:59.249> etc<00:07:59.819> all
the shareholders shareholders etc all
the shareholders shareholders etc all
the<00:08:00.060> way<00:08:00.089> upstream<00:08:00.539> and<00:08:00.930> we<00:08:01.409> did<00:08:01.560> the<00:08:01.680> same
the way upstream and we did the same
the way upstream and we did the same
downstream<00:08:02.459> and<00:08:02.699> ended<00:08:02.999> up<00:08:03.089> with<00:08:03.360> a<00:08:03.389> network
downstream and ended up with a network
downstream and ended up with a network
containing<00:08:04.879> 600,000<00:08:05.879> nodes<00:08:06.060> and<00:08:06.360> 1<00:08:07.139> million
containing 600,000 nodes and 1 million
containing 600,000 nodes and 1 million
links<00:08:07.740> this<00:08:08.729> is<00:08:08.789> a<00:08:08.939> TNC<00:08:09.360> network<00:08:09.959> which<00:08:10.199> we
links this is a TNC network which we
links this is a TNC network which we
analyzed<00:08:11.629> and<00:08:12.629> it<00:08:12.719> turns<00:08:12.930> out<00:08:13.110> to<00:08:13.229> be
analyzed and it turns out to be
analyzed and it turns out to be
structured<00:08:13.770> as<00:08:13.889> follows<00:08:14.310> so<00:08:14.639> you<00:08:14.699> have<00:08:14.879> a
structured as follows so you have a
structured as follows so you have a
periphery<00:08:15.389> and<00:08:15.659> a<00:08:16.589> center<00:08:17.039> which<00:08:17.430> contains
periphery and a center which contains
periphery and a center which contains
about<00:08:18.649> 75%<00:08:19.649> of<00:08:19.949> all<00:08:20.430> the<00:08:20.580> players<00:08:20.849> and<00:08:21.779> in<00:08:22.469> the
about 75% of all the players and in the
about 75% of all the players and in the
center<00:08:22.620> there's<00:08:23.219> this<00:08:23.370> tiny<00:08:23.999> the<00:08:24.509> dominant
center there's this tiny the dominant
center there's this tiny the dominant
core<00:08:25.459> which<00:08:26.459> is<00:08:26.639> made<00:08:26.879> up<00:08:27.120> of<00:08:27.209> highly
core which is made up of highly
core which is made up of highly
interconnected<00:08:28.099> companies<00:08:29.569> to<00:08:30.569> give<00:08:30.689> you<00:08:30.779> a
interconnected companies to give you a
interconnected companies to give you a
better<00:08:30.990> picture<00:08:31.940> think<00:08:32.940> about<00:08:33.149> the
better picture think about the
better picture think about the
metropolitan<00:08:33.930> area<00:08:34.260> so<00:08:34.440> you<00:08:34.500> have<00:08:34.680> the
metropolitan area so you have the
metropolitan area so you have the
suburbs<00:08:35.339> in<00:08:35.459> the<00:08:35.550> periphery<00:08:36.000> you<00:08:36.479> have<00:08:36.569> a
suburbs in the periphery you have a
suburbs in the periphery you have a
center<00:08:37.050> like<00:08:37.260> a<00:08:37.529> financial<00:08:38.370> district<00:08:38.819> then
center like a financial district then
center like a financial district then
the<00:08:39.569> core<00:08:39.810> would<00:08:39.990> be<00:08:40.110> something<00:08:40.349> like<00:08:40.500> the
the core would be something like the
the core would be something like the
tallest<00:08:41.490> high-rise<00:08:42.120> building<00:08:42.630> in<00:08:42.690> the<00:08:42.839> center
tallest high-rise building in the center
tallest high-rise building in the center
and<00:08:45.000> we<00:08:45.300> already<00:08:45.420> see<00:08:45.779> signs<00:08:46.500> of<00:08:46.649> organization
and we already see signs of organization
and we already see signs of organization
going<00:08:47.699> on<00:08:47.819> here<00:08:49.279> thirty-six<00:08:50.279> percent<00:08:50.490> of<00:08:50.910> the
going on here thirty-six percent of the
going on here thirty-six percent of the
TNCs<00:08:52.010> are<00:08:53.010> in<00:08:53.279> the<00:08:53.370> core<00:08:53.610> only<00:08:54.060> but<00:08:54.990> they<00:08:55.170> make
TNCs are in the core only but they make
TNCs are in the core only but they make
up<00:08:55.410> 95%<00:08:56.279> of<00:08:57.029> the<00:08:57.779> total<00:08:58.260> operating<00:08:58.829> revenue<00:08:59.370> of
up 95% of the total operating revenue of
up 95% of the total operating revenue of
all<00:08:59.730> TNCs
all TNCs
all TNCs
okay<00:09:02.360> so<00:09:02.420> now<00:09:02.870> we<00:09:02.930> analyze<00:09:03.529> the<00:09:03.829> structure<00:09:04.160> so
okay so now we analyze the structure so
okay so now we analyze the structure so
how<00:09:05.600> does<00:09:05.660> this<00:09:05.990> relate<00:09:06.350> to<00:09:06.380> the<00:09:06.560> control<00:09:07.990> well
how does this relate to the control well
how does this relate to the control well
ownership<00:09:10.070> keeps<00:09:10.430> voting<00:09:10.880> rights<00:09:11.120> to
ownership keeps voting rights to
ownership keeps voting rights to
shareholders<00:09:12.050> this<00:09:12.649> is<00:09:12.829> the<00:09:13.070> normal<00:09:13.459> notion
shareholders this is the normal notion
shareholders this is the normal notion
of<00:09:14.180> control<00:09:14.480> and<00:09:14.810> their<00:09:15.500> different<00:09:15.889> models
of control and their different models
of control and their different models
which<00:09:16.910> allow<00:09:17.240> you<00:09:17.300> to<00:09:17.420> compute<00:09:17.930> the<00:09:18.709> control
which allow you to compute the control
which allow you to compute the control
you<00:09:19.220> get<00:09:19.339> from<00:09:19.579> ownership<00:09:19.850> if<00:09:20.440> you<00:09:21.440> have<00:09:21.529> more
you get from ownership if you have more
you get from ownership if you have more
than<00:09:21.769> 50%<00:09:22.160> of<00:09:22.639> the<00:09:22.760> shares<00:09:22.790> in<00:09:23.120> a<00:09:23.269> company<00:09:23.449> you
than 50% of the shares in a company you
than 50% of the shares in a company you
get<00:09:24.199> control<00:09:24.550> but<00:09:25.550> usually<00:09:25.910> it<00:09:25.970> depends<00:09:26.360> on
get control but usually it depends on
get control but usually it depends on
the<00:09:27.079> relative<00:09:27.230> distribution<00:09:28.160> of<00:09:28.250> shares<00:09:28.519> and
the relative distribution of shares and
the relative distribution of shares and
the<00:09:30.589> network<00:09:30.980> really<00:09:31.310> matters<00:09:32.860> about<00:09:33.860> 10
the network really matters about 10
the network really matters about 10
years<00:09:34.279> ago<00:09:34.579> mister<00:09:35.029> truncated<00:09:35.540> Rivera<00:09:35.899> had
years ago mister truncated Rivera had
years ago mister truncated Rivera had
ownership<00:09:36.740> and<00:09:37.220> control<00:09:37.610> in<00:09:38.120> a<00:09:38.269> small<00:09:38.540> company
ownership and control in a small company
ownership and control in a small company
which<00:09:40.160> had<00:09:40.310> ownership<00:09:40.760> and<00:09:40.970> control<00:09:41.389> in<00:09:41.690> the
which had ownership and control in the
which had ownership and control in the
bigger<00:09:42.199> company<00:09:42.680> you<00:09:43.339> get<00:09:43.490> the<00:09:43.670> idea<00:09:43.910> this
bigger company you get the idea this
bigger company you get the idea this
ended<00:09:45.199> up<00:09:45.290> giving<00:09:45.500> him<00:09:45.709> control<00:09:46.160> in<00:09:46.370> Telecom
ended up giving him control in Telecom
ended up giving him control in Telecom
Italia<00:09:46.970> with<00:09:47.690> a<00:09:47.720> leverage<00:09:48.680> of<00:09:48.889> 26<00:09:50.920> so<00:09:51.920> this
Italia with a leverage of 26 so this
Italia with a leverage of 26 so this
means<00:09:52.339> that<00:09:52.540> with<00:09:53.540> each<00:09:53.690> euro<00:09:54.110> he<00:09:54.350> invested<00:09:54.860> he
means that with each euro he invested he
means that with each euro he invested he
was<00:09:55.279> able<00:09:55.459> to<00:09:55.610> move<00:09:55.820> 26<00:09:56.540> euros<00:09:56.889> of<00:09:57.889> market
was able to move 26 euros of market
was able to move 26 euros of market
value<00:09:58.550> through<00:09:59.300> the<00:09:59.449> chain<00:09:59.690> of<00:09:59.930> ownership
value through the chain of ownership
value through the chain of ownership
relations<00:10:01.600> now<00:10:02.600> what<00:10:02.839> we<00:10:02.990> actually<00:10:03.110> computed
relations now what we actually computed
relations now what we actually computed
in<00:10:04.310> our<00:10:04.850> study<00:10:05.209> was<00:10:05.720> the<00:10:05.779> control<00:10:06.319> over<00:10:06.620> the
in our study was the control over the
in our study was the control over the
TNCs
TNCs
TNCs
value<00:10:08.470> this<00:10:09.470> allowed<00:10:09.769> us<00:10:09.800> to<00:10:10.010> assign<00:10:10.490> a<00:10:10.730> degree
value this allowed us to assign a degree
value this allowed us to assign a degree
of<00:10:11.269> influence<00:10:11.660> to<00:10:12.230> each<00:10:12.380> shareholder<00:10:14.199> this<00:10:15.199> is
of influence to each shareholder this is
of influence to each shareholder this is
very<00:10:15.529> much<00:10:15.740> in<00:10:16.010> the<00:10:16.279> sense<00:10:16.550> of<00:10:16.819> Max<00:10:17.269> Labor's
very much in the sense of Max Labor's
very much in the sense of Max Labor's
idea<00:10:18.019> of<00:10:18.170> potential<00:10:18.740> power<00:10:19.389> which<00:10:20.389> is<00:10:20.569> the
idea of potential power which is the
idea of potential power which is the
probability<00:10:21.170> of<00:10:21.440> imposing<00:10:21.949> one's<00:10:22.310> own<00:10:22.610> will
probability of imposing one's own will
probability of imposing one's own will
despite<00:10:24.170> the<00:10:24.350> opposition<00:10:24.470> of<00:10:25.010> others<00:10:26.769> if<00:10:27.769> you
despite the opposition of others if you
despite the opposition of others if you
want<00:10:28.100> to<00:10:28.160> compute<00:10:28.490> the<00:10:28.730> flow<00:10:29.000> in<00:10:29.769> a<00:10:30.769> ownership
want to compute the flow in a ownership
want to compute the flow in a ownership
network<00:10:32.060> this<00:10:32.630> is<00:10:32.690> what<00:10:32.959> you<00:10:33.079> have<00:10:33.199> to<00:10:33.319> do<00:10:33.470> it's
network this is what you have to do it's
network this is what you have to do it's
actually<00:10:33.920> not<00:10:34.160> that<00:10:34.220> hard<00:10:34.430> to<00:10:34.730> understand
actually not that hard to understand
actually not that hard to understand
let<00:10:36.290> me<00:10:36.410> explain<00:10:36.670> by<00:10:37.670> giving<00:10:37.970> you<00:10:38.089> this
let me explain by giving you this
let me explain by giving you this
analogy<00:10:38.750> so<00:10:39.230> think<00:10:39.949> about<00:10:40.160> water<00:10:40.399> flowing<00:10:41.029> in
analogy so think about water flowing in
analogy so think about water flowing in
pipes<00:10:41.600> where<00:10:42.139> the<00:10:42.230> pipes<00:10:42.470> have<00:10:42.800> different
pipes where the pipes have different
pipes where the pipes have different
thickness<00:10:44.050> so<00:10:45.050> similarly<00:10:45.949> the<00:10:46.160> control<00:10:46.579> is
thickness so similarly the control is
thickness so similarly the control is
flowing<00:10:47.600> in<00:10:47.779> the<00:10:48.319> ownership<00:10:48.589> networks<00:10:48.920> and<00:10:49.579> is
flowing in the ownership networks and is
flowing in the ownership networks and is
accumulating<00:10:51.470> at<00:10:51.589> the<00:10:51.740> nodes<00:10:53.589> so<00:10:54.589> what<00:10:54.889> did<00:10:55.040> we
accumulating at the nodes so what did we
accumulating at the nodes so what did we
find
find
find
after<00:10:56.060> computing<00:10:56.600> all<00:10:56.750> this<00:10:56.870> Network<00:10:57.410> control
after computing all this Network control
after computing all this Network control
well<00:10:58.610> it<00:10:58.760> turns<00:10:59.000> out<00:10:59.209> that<00:10:59.449> the<00:11:00.310> 737<00:11:01.310> top
well it turns out that the 737 top
well it turns out that the 737 top
shareholders<00:11:02.949> have<00:11:03.949> the<00:11:04.100> potential<00:11:04.519> to
shareholders have the potential to
shareholders have the potential to
collectively<00:11:05.660> control<00:11:06.019> 80<00:11:06.560> percent<00:11:07.160> of<00:11:07.430> the
collectively control 80 percent of the
collectively control 80 percent of the
TNCs<00:11:08.180> value<00:11:10.149> now<00:11:11.149> remember<00:11:11.630> we<00:11:11.720> started<00:11:12.079> out
TNCs value now remember we started out
TNCs value now remember we started out
with<00:11:12.380> 600,000<00:11:13.339> nodes<00:11:13.459> so
with 600,000 nodes so
with 600,000 nodes so
these<00:11:15.250> 737<00:11:16.250> top<00:11:16.880> players<00:11:17.180> make<00:11:18.080> up<00:11:18.260> a<00:11:18.380> bit<00:11:18.560> more
these 737 top players make up a bit more
these 737 top players make up a bit more
than<00:11:19.040> 0.1%<00:11:20.589> they<00:11:21.589> most<00:11:21.830> mostly<00:11:22.370> financial
than 0.1% they most mostly financial
than 0.1% they most mostly financial
institutions<00:11:23.510> in<00:11:23.720> the<00:11:23.990> US<00:11:24.320> and<00:11:24.620> the<00:11:24.890> UK<00:11:25.510> and<00:11:26.510> it
institutions in the US and the UK and it
institutions in the US and the UK and it
gets<00:11:26.839> even<00:11:26.990> more<00:11:27.230> extreme<00:11:28.510> there<00:11:29.510> are<00:11:29.630> 146<00:11:30.620> top
gets even more extreme there are 146 top
gets even more extreme there are 146 top
players<00:11:31.339> in<00:11:31.610> the<00:11:31.820> car<00:11:32.920> and<00:11:33.920> they<00:11:34.550> together<00:11:34.790> has
players in the car and they together has
players in the car and they together has
the<00:11:35.779> potential<00:11:36.170> to<00:11:36.380> collectively<00:11:37.010> control<00:11:37.310> 40
the potential to collectively control 40
the potential to collectively control 40
percent<00:11:38.300> of<00:11:38.650> the<00:11:39.650> TNCs<00:11:39.890> value<00:11:42.580> what<00:11:43.580> should
percent of the TNCs value what should
percent of the TNCs value what should
you<00:11:43.880> take<00:11:44.060> home<00:11:44.270> from<00:11:44.540> all<00:11:44.750> of<00:11:44.870> this<00:11:45.020> well<00:11:46.120> the
you take home from all of this well the
you take home from all of this well the
high<00:11:47.270> degree<00:11:47.630> of<00:11:47.660> control<00:11:48.230> you<00:11:48.470> saw<00:11:48.740> is<00:11:49.029> very
high degree of control you saw is very
high degree of control you saw is very
extreme<00:11:50.480> by<00:11:51.470> any<00:11:51.710> standard<00:11:53.680> the<00:11:54.680> high<00:11:54.830> degree
extreme by any standard the high degree
extreme by any standard the high degree
of<00:11:55.190> interconnectivity<00:11:55.610> of<00:11:56.480> the<00:11:57.200> top<00:11:57.410> players
of interconnectivity of the top players
of interconnectivity of the top players
in<00:11:57.860> the<00:11:58.100> car<00:11:58.750> could<00:11:59.750> pose<00:12:00.020> a<00:12:00.320> significant
in the car could pose a significant
in the car could pose a significant
systemic<00:12:01.760> risk<00:12:02.000> to<00:12:02.510> the<00:12:02.600> global<00:12:02.630> economy<00:12:04.360> and
systemic risk to the global economy and
systemic risk to the global economy and
we<00:12:05.510> could<00:12:05.660> easily<00:12:05.839> reproduce<00:12:06.529> the<00:12:06.740> TNC
we could easily reproduce the TNC
we could easily reproduce the TNC
network<00:12:07.640> with<00:12:07.940> a<00:12:07.970> few<00:12:08.240> simple<00:12:08.510> rules<00:12:09.190> this
network with a few simple rules this
network with a few simple rules this
means<00:12:10.490> that<00:12:10.640> its<00:12:10.790> structure<00:12:11.120> is<00:12:11.360> probably<00:12:11.720> the
means that its structure is probably the
means that its structure is probably the
result<00:12:12.020> of<00:12:12.320> self-organization
result of self-organization
result of self-organization
it's<00:12:14.270> an<00:12:14.450> emergent<00:12:14.930> property<00:12:15.170> which<00:12:16.160> depends
it's an emergent property which depends
it's an emergent property which depends
on<00:12:16.880> the<00:12:17.540> rules<00:12:17.720> of<00:12:17.870> interaction<00:12:18.560> in<00:12:18.680> the
on the rules of interaction in the
on the rules of interaction in the
system<00:12:19.279> so<00:12:20.150> it's<00:12:20.330> probably<00:12:20.750> not<00:12:20.810> the<00:12:21.290> result
system so it's probably not the result
system so it's probably not the result
of<00:12:22.010> a<00:12:22.130> top-down<00:12:22.730> approach<00:12:22.959> like<00:12:23.959> a<00:12:23.990> global
of a top-down approach like a global
of a top-down approach like a global
conspiracy<00:12:26.560> our<00:12:27.560> study<00:12:27.980> is<00:12:28.250> an<00:12:28.370> impression<00:12:28.670> of
conspiracy our study is an impression of
conspiracy our study is an impression of
the<00:12:29.029> moon<00:12:29.209> surface<00:12:29.600> it's<00:12:30.140> not<00:12:30.440> a<00:12:30.470> street<00:12:30.800> map
the moon surface it's not a street map
the moon surface it's not a street map
so<00:12:31.430> you<00:12:31.490> should<00:12:31.850> take<00:12:32.060> the<00:12:32.420> exact<00:12:32.750> numbers<00:12:33.140> in
so you should take the exact numbers in
so you should take the exact numbers in
our<00:12:33.350> study<00:12:33.680> with<00:12:33.920> a<00:12:33.950> grain<00:12:34.220> of<00:12:34.250> salt<00:12:34.550> yet<00:12:35.740> it
our study with a grain of salt yet it
our study with a grain of salt yet it
gave<00:12:36.980> us<00:12:37.010> a<00:12:37.250> tantalizing<00:12:37.910> glimpse<00:12:37.940> of<00:12:38.450> a<00:12:38.810> brave
gave us a tantalizing glimpse of a brave
gave us a tantalizing glimpse of a brave
new<00:12:39.380> world<00:12:39.410> of<00:12:40.130> finance<00:12:42.610> we<00:12:43.610> hope<00:12:43.790> to<00:12:43.940> have
new world of finance we hope to have
new world of finance we hope to have
opened<00:12:44.360> the<00:12:44.420> door<00:12:44.660> for<00:12:45.260> more<00:12:45.440> such<00:12:45.709> research
opened the door for more such research
opened the door for more such research
in<00:12:46.400> this<00:12:46.520> direction<00:12:46.730> so<00:12:47.740> the<00:12:48.740> remaining
in this direction so the remaining
in this direction so the remaining
unknown<00:12:49.430> terrain<00:12:50.120> will<00:12:50.330> be<00:12:50.480> charted<00:12:50.959> in
unknown terrain will be charted in
unknown terrain will be charted in
future<00:12:51.529> and<00:12:52.279> this<00:12:52.550> is<00:12:52.730> slowly<00:12:52.940> starting<00:12:53.140> we're
future and this is slowly starting we're
future and this is slowly starting we're
seeing<00:12:54.380> the<00:12:54.500> emergence<00:12:54.560> of<00:12:55.240> long<00:12:56.240> term<00:12:56.450> and
seeing the emergence of long term and
seeing the emergence of long term and
highly<00:12:57.140> funded<00:12:57.560> programs<00:12:58.270> which<00:12:59.270> aim<00:12:59.540> at
highly funded programs which aim at
highly funded programs which aim at
understanding<00:12:59.839> our<00:13:00.610> networked<00:13:01.610> world<00:13:02.029> from<00:13:02.900> a
understanding our networked world from a
understanding our networked world from a
complexity<00:13:03.589> point<00:13:03.800> of<00:13:04.010> view<00:13:04.300> but<00:13:05.300> this
complexity point of view but this
complexity point of view but this
journey<00:13:05.660> has<00:13:05.870> only<00:13:06.050> just<00:13:06.140> begun<00:13:06.410> so<00:13:07.040> we<00:13:07.580> will
journey has only just begun so we will
journey has only just begun so we will
have<00:13:07.820> to<00:13:08.000> wait<00:13:08.180> before<00:13:08.660> we<00:13:08.930> see<00:13:09.380> the<00:13:09.529> first
have to wait before we see the first
have to wait before we see the first
result<00:13:11.860> now<00:13:12.860> there<00:13:13.670> is<00:13:13.760> still<00:13:13.970> a<00:13:14.000> big<00:13:14.240> problem
result now there is still a big problem
result now there is still a big problem
in<00:13:14.839> my<00:13:14.900> opinion<00:13:16.270> ideas<00:13:17.270> relating<00:13:17.779> to<00:13:17.990> finance
in my opinion ideas relating to finance
in my opinion ideas relating to finance
economics<00:13:19.720> politics<00:13:20.740> society<00:13:21.910> are<00:13:22.910> very
economics politics society are very
economics politics society are very
often<00:13:23.360> tainted<00:13:23.780> by<00:13:24.709> people's<00:13:25.190> personal
often tainted by people's personal
often tainted by people's personal
ideologies
ideologies
ideologies
I<00:13:28.130> really<00:13:29.130> hope<00:13:29.310> that<00:13:29.790> this<00:13:30.020> complexity
I really hope that this complexity
I really hope that this complexity
perspective<00:13:32.240> allows<00:13:33.240> for<00:13:33.600> some<00:13:33.750> common
perspective allows for some common
perspective allows for some common
common<00:13:34.500> ground<00:13:34.800> to<00:13:35.160> be<00:13:35.520> found<00:13:37.339> it<00:13:38.339> would<00:13:38.460> be
common ground to be found it would be
common ground to be found it would be
really<00:13:38.790> great<00:13:39.089> if<00:13:39.390> it<00:13:39.540> has<00:13:39.690> the<00:13:40.050> power<00:13:40.320> to<00:13:40.470> help
really great if it has the power to help
really great if it has the power to help
end<00:13:41.250> the<00:13:41.820> gridlock<00:13:42.620> created<00:13:43.620> by<00:13:43.740> conflicting
end the gridlock created by conflicting
end the gridlock created by conflicting
ideas<00:13:44.810> which<00:13:45.810> appears<00:13:46.200> to<00:13:46.410> be<00:13:46.589> paralyzing<00:13:47.550> our
ideas which appears to be paralyzing our
ideas which appears to be paralyzing our
globalized<00:13:48.270> world<00:13:50.240> morality<00:13:51.240> is<00:13:51.420> so<00:13:51.630> complex
globalized world morality is so complex
globalized world morality is so complex
we<00:13:52.830> need<00:13:52.860> to<00:13:53.160> move<00:13:53.279> away<00:13:53.400> from<00:13:53.580> dogma<00:13:54.800> but<00:13:55.800> this
we need to move away from dogma but this
we need to move away from dogma but this
is<00:13:56.160> just<00:13:56.370> my<00:13:56.520> own<00:13:56.550> personal<00:13:56.700> ideology<00:13:57.470> thank
is just my own personal ideology thank
is just my own personal ideology thank
you
James Glattfelder, TED, TEDx, TEDxZurich, global, economy, economics, TED-Ed, TED, Ed, TEDEducation
