WEBVTT 00:00:09.775 --> 00:00:11.404 Thank you very much. 00:00:11.404 --> 00:00:15.836 It's a difficult act to follow someone such as Diogo Costa, 00:00:15.836 --> 00:00:17.997 but I will do my best. 00:00:17.997 --> 00:00:22.087 I want to address the question of creative destruction 00:00:22.087 --> 00:00:24.868 in a somewhat different context. 00:00:24.868 --> 00:00:27.550 There's a lot of data that's been presented, 00:00:27.550 --> 00:00:29.728 I'll talk about that very briefly, 00:00:29.728 --> 00:00:33.297 but I want to look at it in the context of globalization, 00:00:33.297 --> 00:00:36.319 just another controversial issue. 00:00:36.319 --> 00:00:39.428 Many people start the discussion by assuming 00:00:39.428 --> 00:00:43.103 that the term "globalization" has a negative meaning. 00:00:43.103 --> 00:00:45.628 I don't think that's good social science. 00:00:45.628 --> 00:00:50.330 We should start with a neutral meaning, and then, investigate, in the world, 00:00:50.330 --> 00:00:54.674 whether something is having a positive or a negative impact. 00:00:54.674 --> 00:00:58.719 So, one common approach to understanding globalization, 00:00:58.719 --> 00:01:02.230 that does not tell you if it's a good or a bad thing, 00:01:02.230 --> 00:01:06.186 is to refer to the diminution or elimination 00:01:06.786 --> 00:01:12.011 of state-enforced restrictions on exchange across political borders - 00:01:12.011 --> 00:01:14.491 so between, for instance, Brazil and Argentina, 00:01:14.491 --> 00:01:16.370 or the United States and Canada, 00:01:16.370 --> 00:01:20.721 or Japan and Kenya - 00:01:20.721 --> 00:01:25.632 and then, the increasingly integrated and complex global system of exchange, 00:01:25.632 --> 00:01:29.681 commerce, and production that has emerged as a result. 00:01:29.681 --> 00:01:32.922 So, this doesn't tell us if it's a good thing or if it's a bad thing, 00:01:32.922 --> 00:01:36.844 but it is a trend that we can identify in the world. 00:01:36.844 --> 00:01:38.452 It's not a new thing. 00:01:38.452 --> 00:01:42.205 People have been talking about globalization for a very long time. 00:01:42.205 --> 00:01:45.792 The philosopher Democritus of Abdera told us, 00:01:45.792 --> 00:01:49.011 "To a wise man, the whole earth is open, 00:01:49.011 --> 00:01:54.272 and for the native land of a good soul is the entire earth." 00:01:54.272 --> 00:01:57.414 Now, we can ask, "Is it accelerating?" 00:01:57.414 --> 00:02:00.224 And rather than presenting you with data, 00:02:00.224 --> 00:02:03.454 I'm going to suggest you can find out on your own. 00:02:03.454 --> 00:02:06.264 You can go to the global internet. 00:02:06.264 --> 00:02:08.454 For the first time in the history of humanity, 00:02:08.454 --> 00:02:12.253 we have an entirely globalized information system. 00:02:12.253 --> 00:02:15.242 And here are some of the things you could check through Google, 00:02:15.242 --> 00:02:18.147 or other search engines. 00:02:18.147 --> 00:02:23.128 International trade in goods, as a percentage of economic output: 00:02:23.128 --> 00:02:25.421 has it been rising or falling? 00:02:25.421 --> 00:02:28.245 Hint: rising, quite dramatically. 00:02:28.245 --> 00:02:31.015 International trade in services? 00:02:31.015 --> 00:02:34.625 That's an interesting one because, for most of human history, 00:02:34.625 --> 00:02:37.737 services could not be traded internationally. 00:02:37.737 --> 00:02:41.886 You could not have your hair cut in a different country, for example, 00:02:41.886 --> 00:02:45.136 or get a massage on a different continent, 00:02:45.136 --> 00:02:51.398 but now, services increasingly can be traded across international borders. 00:02:51.398 --> 00:02:54.257 We can look at cross-border investment, 00:02:54.257 --> 00:02:56.738 that is to say, investors in one country 00:02:56.738 --> 00:03:01.802 who own assets or businesses in other countries. 00:03:02.667 --> 00:03:04.688 International tourist arrivals. 00:03:04.688 --> 00:03:08.268 That's one that is rarely talked about in the economic context, 00:03:08.268 --> 00:03:12.028 but you'd find an incredibly steep upward curve 00:03:12.028 --> 00:03:15.569 in the amount of people traveling around the world. 00:03:15.569 --> 00:03:18.308 When I was young, you never saw a Chinese tourist, 00:03:18.308 --> 00:03:21.035 unless they were from Taiwan or Hong Kong. 00:03:21.035 --> 00:03:25.609 Now, people from the mainland can be seen as tourists all around the world, 00:03:25.609 --> 00:03:29.289 a huge increase in international travel. 00:03:29.289 --> 00:03:32.631 And then, finally, international telephone calls, 00:03:32.631 --> 00:03:36.499 more people connecting with friends, neighbors, families, 00:03:36.499 --> 00:03:39.290 all around the planet. 00:03:39.290 --> 00:03:44.421 I was just at a conference like this, in Kenya, in Nairobi, 00:03:44.421 --> 00:03:47.011 and one of the speakers asked something. 00:03:47.011 --> 00:03:53.071 He said, "How many of you here have friends who live in other countries?" 00:03:53.611 --> 00:03:57.433 And the majority of their hands went up, of East African students. 00:03:57.433 --> 00:04:02.241 He said, "You are the first generation of whom that could be said. 00:04:02.241 --> 00:04:08.072 You have friends in Canada, and Korea, and South Africa, and Germany. 00:04:08.072 --> 00:04:10.542 That has never happened before." 00:04:10.542 --> 00:04:13.612 It's an enormous change in the world, 00:04:13.612 --> 00:04:16.265 and we can go and measure it. 00:04:17.322 --> 00:04:20.773 Now, I want to put it in a cultural context, though; 00:04:20.773 --> 00:04:25.903 not so much about economic data and how this is raising living standards, 00:04:25.903 --> 00:04:30.034 but often we hear it said that this is harmful to culture. 00:04:30.034 --> 00:04:34.304 I want to tell a little story about Guatemalan women 00:04:34.304 --> 00:04:38.484 and the clothes that they wear, the traditional Huipil and Corté. 00:04:38.484 --> 00:04:43.924 Huipil is a kind of a shirt for the top part of her body, 00:04:43.924 --> 00:04:48.784 and the Corté is a skirt which she wraps around herself and folds over. 00:04:49.384 --> 00:04:52.776 I had a tremendous opportunity in Guatemala. 00:04:52.776 --> 00:04:57.586 I was teaching at the Francisco Marroquín University, 00:04:57.586 --> 00:05:00.784 and one of the professors there is an anthropologist. 00:05:00.784 --> 00:05:03.604 He made a great offer, and he said, "You know, next weekend, 00:05:03.604 --> 00:05:06.796 I'm going to go visit my family in the Mayan Highlands." 00:05:06.796 --> 00:05:09.727 He's an indigenous person, and he's Mayan. 00:05:09.727 --> 00:05:11.946 He said, "Would you like to come with?" 00:05:11.946 --> 00:05:14.296 And I am really glad I said yes, 00:05:14.296 --> 00:05:18.426 because I saw a part of the country I never would have seen otherwise. 00:05:18.426 --> 00:05:24.462 I got to see a different way of understanding that complicated country. 00:05:25.786 --> 00:05:30.127 It's told me, as we were driving, he takes many foreigners 00:05:30.127 --> 00:05:31.898 because he's an anthropologist, 00:05:31.898 --> 00:05:36.548 so he has visitors from universities in France, England, America and elsewhere, 00:05:36.548 --> 00:05:39.164 who want to go "study" the Indians, 00:05:39.164 --> 00:05:43.988 and he speaks the Mayan languages, as well as Spanish and English. 00:05:43.988 --> 00:05:48.839 And he said, "Consistently, they complain about one thing," 00:05:48.839 --> 00:05:52.761 which is the Mayan women are wearing their Cortés and Huipils 00:05:52.761 --> 00:05:55.242 less often than they used to. 00:05:55.826 --> 00:05:58.953 They say, "I was here ten years ago, and all the women had them. 00:05:58.953 --> 00:06:00.902 Now, not so many." 00:06:02.820 --> 00:06:07.430 They concluded that the Guatemalan women were being robbed of their culture, 00:06:07.430 --> 00:06:10.236 that they were victims of globalization. 00:06:11.545 --> 00:06:13.990 But what was interesting, he said, 00:06:13.990 --> 00:06:20.706 not once had he ever heard a foreigner ask a Guatemalan woman a question, 00:06:21.340 --> 00:06:26.026 the simple question: "Why are you not dressed like your grandmother?" 00:06:26.880 --> 00:06:30.001 That seems a little strange, and maybe rude, 00:06:30.001 --> 00:06:34.892 but increasingly, the indigenous women are wearing clothes for everyday purpose 00:06:34.892 --> 00:06:38.732 like the women you would see in Brazilian cities, 00:06:39.308 --> 00:06:43.435 and they reserve their Corté for special occasions: 00:06:43.435 --> 00:06:49.307 weddings, for going to church, for special family occasions. 00:06:51.202 --> 00:06:55.951 He, however, is a scientist, and he speaks the local language. 00:06:55.951 --> 00:06:57.741 So, he asked them, 00:06:58.451 --> 00:07:00.719 "Why do you not wear the Corté?" 00:07:01.153 --> 00:07:04.503 And he said, "I always get the same answer, in one form or another. 00:07:04.503 --> 00:07:08.086 They say this has become too expensive. 00:07:08.702 --> 00:07:10.815 These are too expensive." 00:07:11.594 --> 00:07:15.721 Now, they're handmade, made generally by women, 00:07:15.721 --> 00:07:18.595 it's traditionally considered "women's work," 00:07:19.475 --> 00:07:22.364 and they take a long time to make. 00:07:22.364 --> 00:07:24.998 They're very elaborate works of art. 00:07:26.669 --> 00:07:32.372 What does it mean for her to say these have become too expensive? 00:07:32.372 --> 00:07:34.167 Well, what does "expensive" mean? 00:07:34.167 --> 00:07:37.285 It means you have to give up more to get it. 00:07:37.955 --> 00:07:42.179 Well, it's labors what she has to give up. To get what? 00:07:43.246 --> 00:07:47.596 In economic terms, what it means is, for the first time in their history, 00:07:47.596 --> 00:07:52.937 the value of the labor of an indigenous woman is rising. 00:07:52.937 --> 00:07:54.576 That's what it means. 00:07:54.576 --> 00:07:57.664 The value of her labor is rising. 00:07:57.664 --> 00:08:04.130 So, she could make a Corté for herself, and wear it, every day. 00:08:04.130 --> 00:08:06.722 working in the field, doing her work, 00:08:06.722 --> 00:08:11.344 or she could make it and sell it to a lady in France. 00:08:11.344 --> 00:08:13.554 They're very expensive. 00:08:13.554 --> 00:08:18.282 And with the money she earns, she could by five or six outfits 00:08:18.282 --> 00:08:20.773 like Brazilian women wear, 00:08:20.773 --> 00:08:24.212 and have enough money also to buy eyeglasses, 00:08:24.212 --> 00:08:26.263 so she can see at a distance, 00:08:26.263 --> 00:08:30.853 and to buy shoes and school books for her daughter, 00:08:30.853 --> 00:08:34.715 so she can go to school and learn to read and write, 00:08:34.715 --> 00:08:37.563 so she can buy medicine against dengue fever, 00:08:37.563 --> 00:08:40.014 which they don't have in France and America, 00:08:40.014 --> 00:08:42.538 where they complain about these things. 00:08:43.615 --> 00:08:45.614 So, the question is: 00:08:47.234 --> 00:08:50.594 was her life made worse off 00:08:50.594 --> 00:08:56.985 by the opportunity to trade with people in France, in the United States, 00:08:56.985 --> 00:09:00.047 in Germany, and elsewhere? 00:09:00.847 --> 00:09:04.255 She now can buy more with her labor, 00:09:04.255 --> 00:09:07.126 and she reserves the Corté for going to church, 00:09:07.126 --> 00:09:09.265 not for everyday work. 00:09:09.997 --> 00:09:11.726 And the other question is: 00:09:11.726 --> 00:09:16.746 from whose perspective has her life been made better or worse? 00:09:16.746 --> 00:09:20.286 From the perspective of the foreign tourist, it's worse, 00:09:20.286 --> 00:09:23.758 you don't see colorful native people as often, 00:09:23.758 --> 00:09:27.087 but maybe, from her perspective, it's an improvement. 00:09:27.087 --> 00:09:31.038 I personally have heard, said by foreigners in Guatemala, 00:09:31.038 --> 00:09:36.307 complaints when they see indigenous people take out mobile telephones. 00:09:36.307 --> 00:09:40.698 "Oh, it ruined the whole experience! It wasn't authentic!" 00:09:40.698 --> 00:09:43.337 They're supposed to have "smoke signals," or something. 00:09:43.337 --> 00:09:44.497 (Laughter) 00:09:44.497 --> 00:09:47.473 They didn't like it, but they didn't think from the perspective 00:09:47.473 --> 00:09:49.348 of that indigenous person. 00:09:49.348 --> 00:09:51.734 What does it mean to have a mobile telephone? 00:09:51.734 --> 00:09:55.708 It means you can call your parents and talk to them. 00:09:55.708 --> 00:10:00.188 You don't learn two weeks later that your mother got sick, 00:10:00.188 --> 00:10:02.684 and you didn't have time to visit her. 00:10:02.684 --> 00:10:07.419 You get a phone call from your dad, saying, "Momma is sick, come home." 00:10:07.419 --> 00:10:10.380 Is that a positive thing for your life or not, 00:10:10.380 --> 00:10:13.293 from the perspective of that person? 00:10:14.199 --> 00:10:16.349 Now, if we want to look at it, 00:10:16.349 --> 00:10:21.491 what's happening in the world is this process of creative destruction, 00:10:21.491 --> 00:10:23.680 from an economic perspective. 00:10:23.680 --> 00:10:28.189 Joseph Schumpeter is one of the most important economists of the last century. 00:10:28.189 --> 00:10:30.295 He was really a great genius, 00:10:30.295 --> 00:10:35.940 and these are some of the most intelligent words ever written in economics. 00:10:35.940 --> 00:10:40.473 It's about a dynamic perspective, not a static perspective, 00:10:40.922 --> 00:10:44.082 "The problem that is usually being visualized 00:10:44.082 --> 00:10:48.302 is how capitalism administers existing structures, 00:10:48.302 --> 00:10:53.861 whereas the relevant problem is how it creates and destroys them," 00:10:53.861 --> 00:10:57.743 a constant process of creative destruction. 00:10:57.743 --> 00:10:59.503 It's happening in the economy. 00:10:59.503 --> 00:11:04.987 It's also happening in the context of cultural life, artistic life, as well. 00:11:05.833 --> 00:11:10.693 If you want to visualize it, let's think first about technology. 00:11:10.693 --> 00:11:13.264 Here's something that is disappearing: 00:11:16.004 --> 00:11:17.613 phone boxes. 00:11:17.613 --> 00:11:19.653 There are a few outside here, 00:11:19.653 --> 00:11:22.133 but they're disappearing from Brazilian cities. 00:11:22.133 --> 00:11:26.215 You cannot find them anymore in North America, 00:11:26.215 --> 00:11:28.854 or Western Europe, or Japan. 00:11:28.854 --> 00:11:33.244 The first time I noticed, I was at a hotel I frequently go to, for conference. 00:11:33.244 --> 00:11:35.064 Someone who worked at the hotel said, 00:11:35.064 --> 00:11:37.126 "Look at that wall. Does it look different?" 00:11:37.126 --> 00:11:41.175 It took me a moment. There were no telephones on it. 00:11:41.175 --> 00:11:44.851 Why? Everyone has a telephone now. 00:11:44.851 --> 00:11:49.134 They have it in their pocket, so why should they invest in these? 00:11:49.134 --> 00:11:52.155 So, here we have what's replaced it. 00:11:52.155 --> 00:11:56.156 My first mobile telephone was the one on the end. 00:11:56.156 --> 00:11:58.722 It was like talking into a giant shoe. 00:11:58.722 --> 00:11:59.803 (Laughter) 00:11:59.803 --> 00:12:05.877 It was huge and very, very expensive, a gigantic device. 00:12:05.877 --> 00:12:08.737 I had to have this put into a special briefcase. 00:12:08.737 --> 00:12:12.606 Now, they've become so tiny you can put it in your ear. 00:12:13.775 --> 00:12:16.495 This has transformed the world. 00:12:17.196 --> 00:12:21.496 Well, here's another one. Some of you may not have ever used these. 00:12:21.496 --> 00:12:25.447 When I first started writing, I wrote with a pen on paper, 00:12:25.447 --> 00:12:28.998 and then I would type them with one of these. 00:12:28.998 --> 00:12:30.909 I had an Underwood 5. 00:12:32.197 --> 00:12:35.857 Many people don't know how to use these anymore. 00:12:35.857 --> 00:12:40.027 A good friend of mine told me his son, when he was five, came to him, and said, 00:12:40.027 --> 00:12:42.698 "Daddy, there's something strange. I want to show you." 00:12:42.698 --> 00:12:44.338 He said, "What is it?" 00:12:44.338 --> 00:12:46.879 He said, "It's a computer, but there is no screen!" 00:12:46.879 --> 00:12:48.248 (Laughter) 00:12:48.248 --> 00:12:50.189 He didn't understand; he went and looked, 00:12:50.189 --> 00:12:53.109 "Oh, I see, yes. It's a typewriter." 00:12:53.109 --> 00:12:55.843 These are now found mainly in museums. 00:12:56.340 --> 00:12:59.858 I'll show you a big improvement in my personal life: 00:12:59.858 --> 00:13:03.589 my first IBM Correcting Selectric tool. 00:13:03.589 --> 00:13:05.869 It could correct your mistakes. 00:13:05.869 --> 00:13:10.960 You had to type backwards, and it would take the type off the page. 00:13:10.960 --> 00:13:15.980 You have no idea what an improvement this was for people who type a lot. 00:13:15.980 --> 00:13:22.009 And, talk about sexy, you could change the type font, 00:13:22.661 --> 00:13:24.060 the kind of letters you used. 00:13:24.060 --> 00:13:26.441 You bought these expensive little things. 00:13:26.441 --> 00:13:28.760 You had to take it out, and put in the other one, 00:13:28.760 --> 00:13:32.183 and snap it shut, and then type with it. 00:13:32.891 --> 00:13:38.312 So, that's how we got by, but now, I have a Macbook Pro, 00:13:39.152 --> 00:13:42.714 and this is better than my typewriter. 00:13:43.273 --> 00:13:46.223 Now remember, something was destroyed. 00:13:46.223 --> 00:13:49.012 There are no more typewriter factories. 00:13:49.012 --> 00:13:52.122 In every town, there were typewriter repair shops. 00:13:52.122 --> 00:13:56.751 They're all gone. I haven't seen a typewriter repair shop in years. 00:13:56.751 --> 00:14:01.007 When I was a boy, I thought I wanted to become a typewriter repairman. 00:14:01.007 --> 00:14:03.644 I thought, "You'll always have work." 00:14:03.644 --> 00:14:06.027 I'm glad I didn't choose that career path. 00:14:06.027 --> 00:14:07.647 (Laughter) 00:14:07.647 --> 00:14:11.702 I can do things with this I couldn't do with my typewriter, 00:14:11.702 --> 00:14:13.814 like watch movies. 00:14:13.814 --> 00:14:17.315 If I talked to my typewriter, people thought I was crazy. 00:14:17.315 --> 00:14:19.883 I talk to my computer all the time, 00:14:19.883 --> 00:14:23.904 and it talks back, with someone who's in another country. 00:14:24.647 --> 00:14:27.235 Now, we can look at another example. 00:14:27.235 --> 00:14:32.415 When I was a boy, I watched Star Trek with my father on television, 00:14:32.415 --> 00:14:34.875 the first Star Trek, 00:14:34.875 --> 00:14:39.635 and they had these amazing devices called "communicators." 00:14:39.635 --> 00:14:45.156 You opened it and you could talk to one person. That's it. 00:14:45.156 --> 00:14:49.006 And that's all it could do, talk to one person. 00:14:49.006 --> 00:14:51.865 I thought, "Wow! That is so cool! 00:14:51.865 --> 00:14:55.666 In the distant future, someone will have those." 00:14:55.666 --> 00:14:57.457 (Laughter) 00:14:57.457 --> 00:14:59.167 Well, I've got one, 00:14:59.167 --> 00:15:03.176 and it's a lot better than they had in these science fiction movies, 00:15:03.176 --> 00:15:04.788 flying between the stars. 00:15:04.788 --> 00:15:08.978 I can watch movies, I can play music, pay my bills, convert currencies, 00:15:08.978 --> 00:15:12.066 I read the newspapers on it, 00:15:12.066 --> 00:15:15.108 I can do all kinds of things you could not do 00:15:15.108 --> 00:15:17.941 on a Star Trek communicator. 00:15:18.607 --> 00:15:21.918 It's not just products that are being replaced. 00:15:21.918 --> 00:15:24.747 It's also ways of doing business. 00:15:24.747 --> 00:15:28.918 Imagine, 20 years ago, having a discussion of online banking. 00:15:28.918 --> 00:15:32.248 "What's that?" People would not have understood you. 00:15:32.248 --> 00:15:34.718 Live-streaming media: 00:15:35.928 --> 00:15:38.339 your grandparents wouldn't have understood that. 00:15:38.339 --> 00:15:42.748 Hub-and-spoke airlines, which have revolutionized travel: 00:15:42.748 --> 00:15:47.029 poor people can afford to fly because of this tremendous innovation. 00:15:47.029 --> 00:15:49.361 And also firms: 00:15:49.361 --> 00:15:53.999 firms are also destroyed and created, on a constant basis. 00:15:53.999 --> 00:15:57.319 Standard & Poors measures the largest firms 00:15:57.319 --> 00:16:01.257 by "market-capitalization" value of their shares. 00:16:01.257 --> 00:16:05.169 How many of those that were in the Top 100 in 1960 00:16:05.169 --> 00:16:08.381 were still on it in 2012? 00:16:08.381 --> 00:16:11.141 Ten. Only ten. 00:16:11.141 --> 00:16:17.772 And 25% of the Top 100 had joined in just the last few years. 00:16:18.733 --> 00:16:21.869 So, firms are coming and going, 00:16:21.869 --> 00:16:26.802 going out of business, being destroyed, and being created to replace the others. 00:16:26.802 --> 00:16:29.760 Now, a lot of people focus on the destructive part 00:16:29.760 --> 00:16:33.291 of creative destruction, but how destructive is it? 00:16:33.291 --> 00:16:37.142 Is it destructive on balance? I don't think so. 00:16:37.142 --> 00:16:40.670 Some value is destroyed, but it's not pure destruction, 00:16:40.670 --> 00:16:43.672 because you get something else that adds more value. 00:16:43.672 --> 00:16:46.043 That's why it replaced it. 00:16:46.043 --> 00:16:49.742 My computer is more valuable than a big typewriter, 00:16:49.742 --> 00:16:55.393 it can do a lot more, and it cost less than I paid for my old typewriter. 00:16:55.393 --> 00:17:01.283 And I'll conclude: what makes possible value-added creative destruction? 00:17:01.283 --> 00:17:03.873 And we have a pretty good idea what that is. 00:17:03.873 --> 00:17:06.322 It's entrepreneurial freedom. 00:17:06.322 --> 00:17:08.893 Now, what does entrepreneurial freedom mean, though? 00:17:08.893 --> 00:17:10.623 Something rather special. 00:17:10.623 --> 00:17:13.954 It's liberty for the unknown person; 00:17:13.954 --> 00:17:20.093 not for any known person, per se, but for weird people, strange people, 00:17:20.093 --> 00:17:22.599 who are called the English "geeks." 00:17:23.293 --> 00:17:26.634 The boys who created the computer industry 00:17:26.634 --> 00:17:30.745 were strange, socially badly-adjusted kids. 00:17:30.745 --> 00:17:34.035 They could not get any of the girls to date them, 00:17:34.035 --> 00:17:38.134 because they were obsessed with radios, computers, and working in their garage. 00:17:38.134 --> 00:17:39.985 This has changed. 00:17:40.675 --> 00:17:44.135 They all found that the girls were more interested in dating them 00:17:44.135 --> 00:17:46.207 after they became billionaires. 00:17:46.207 --> 00:17:47.456 (Laughter) 00:17:47.456 --> 00:17:49.758 Friedrich Hayek put it very neatly, 00:17:49.758 --> 00:17:54.067 "What is important is not the freedom for what I would personally like to do, 00:17:54.757 --> 00:17:58.647 but rather what freedom some person may need 00:17:58.647 --> 00:18:01.447 in order to do things beneficial to society. 00:18:01.447 --> 00:18:04.577 And this freedom we can assure to the unknown person 00:18:04.577 --> 00:18:07.392 only by giving it to everyone." 00:18:07.787 --> 00:18:09.830 Now, that is in an economic context, 00:18:09.830 --> 00:18:15.500 but it has a deep root in your society. 00:18:15.500 --> 00:18:19.508 "Freedom is disruptive because it's about freedom for everyone," 00:18:19.508 --> 00:18:24.042 as Joaquim Nabuco put it very neatly in his book on abolitionism. 00:18:24.042 --> 00:18:27.918 He says, "You should love the freedom of other people. 00:18:27.918 --> 00:18:32.732 When you love the freedom of other people, you'll live in a great society." 00:18:32.732 --> 00:18:33.969 Thank you. 00:18:33.969 --> 00:18:36.265 (Applause)