Hello, Roy. Hello. How are I'm? Yeah, I'm I'm okay. How are you? Not too bad, not too bad. Doing well. Are you think better or housewife? Yeah, really? Okay. Okay. Cool. How's he going? Going at school? We are just doing. Well, just stain full in full. The globalization part, is it that part like the trade and stuff waiting didn't adopit? Yeah. Globalization, trade and what? Wto, okay, how are you finding it? How are you finding it? I Mr, okay. Yeah. I think it's easier than it's easier than the other parts. It's easier than thethree. Okay, fine, fine, fine, fine. Okay, good, good, good, good. Okay. Then we can start with that if youlike, we can keep the around. So last time we're looking at globalization like generally, right, and thinking a tiny bit about comparative advantage, right, was are kind of okay that clear. Yeah, but can you turn your camera on or is it not possible? Is it possible at all? No sorry sorry I'm really lucked seeing so okay not let me try next time making next few lessons if possible just I think it helps me to kind of gauge what okay so globalization was finer we kind of looked to the causes right of globalization worry well causes one the causes like the what globalization how has it affected our daily life right? I mean look me speaking to you look when I don't think you're British, right? Rory, I don't I'm not British myself. Certainly we're talking about a levels, which is a British system. I'm Spanish, Yeah, and Canadian and you'll, I imagine Chinese, right? So if you think about it, this is this is globalization at its best, right? We're talking about something that we theory both inherently, because of a nationality, are probably less likely to know about. No ecomthe a level syllabus, right? Why are we talking about a level? Why are 't we talking about the training system, the garhouse system? Why are we talking about the Spanish system? And we're talking here about a levels online. You're in the uk, I'm a bawho. And this is due global globalization, right? It is A, I guess, a good thing for me in the sense that I can maybe, if this is worth my time, more so than, let's say, for example, my opportunity costs up my next best alternative, which might be teaching Spanish, a level Econ, if that exists. I'm doing this because in theory, might be worth more, my time more, right? And this might be worth your time more than studying the traditional training cloucal system, right? Potentially, right? So this is to work more globe as well. We have better opportunities, whether you're very rich or very performing people that move, that have different interests to go abroad, maybe they don't have those opportunities locally. Maybe you know, even apple, Steve Jobs wanted to sell more iPhones, had to go abroad, right? And the fact that he was able to access bigger markets and just markets as a whole outside of the us is really good. I mean, before we this didn't happen. I mean, the the radius or the like the radius away from where you're at physically that's gone on massively at the time and and or the feeling, think of radius circumference and let's say geographical area we have an impact is limitless almost now right? And that's globalization even like the Internet as a next step in globalization right you can buy from I think it's very recent Rory right thing of tau and Shane right. Have they been being in China for a have they been being big in China for a long long time more Yeah but I have never heard of shi and tin China and heard a in the uk. Interesting. Okay. I was one of my suspicions. So I've only heard of this coming by recently, right? However, we know that in China there's a big e -commerce plalike tathey've been around for a long time, right? Yeah, right. So I mean, I don't know if the Chinese version or this is just a pure kind of western business where it's selling Chinese products that were probably only available to Chinese people very cheap, selling them to British people, know, Spanish people, French people, American people, I don't know if America, but at least Europeans, right? Very cheap for the first time, right? And it's not just Amazon, as it were, not just getting things. We don't just have to buy from Amazon which to buy it from China, we can buy from China directly, right? This is an incredible thing, right? Yeah and this is very recent. I'm I'm not a big, I'm not bought on these platforms. My girlfriend does buy quite a lot but it's very recently a couple three, two years maybe maybe not a long time since it's still going right. Go ahead. Go ahead. Yeah, it's still going strright so this isn't increasing get Yeah a lot of people use sir from my experience, Yeah, people buy these things on these platforms. Yeah I mean, why buy through Amazon where you already have a western company making a margin on top ring? Why can't you buy directly from the Chinese ring? Let the Chinese make their money. They've earned it, right? Let them make their money. Why do you want another middman? Right? It all comes from China. I love this product that you buy on Amazon make like house kind of house improvement product, you know whether it's having neon lights or Christmas tree or whatever it is, right? So this is good. This is good about good with regards to globalization. Okay. Hell, there's there's some interesting things that are happening gory, right? Think of comparative advantage. Traditionally the comparative advantage of China has been what over the past 30, 40 years, Rory. Lots of people on cheap labor. Yeah and awesome. Okay, those things are yes, but it's not like the full picture in the sense that a lot of countries turn off expensive labours in. They're quite poor. And for sure this is getting on to the point rate countries that are much cheaper labor now than China. But China also, just for many reasons, you can these this cheap label that originally was paired with a good work culture, work ethic, skilled work workso, maybe didn't have big education, but mean, we can all think of maybe some stereotypes. But I think that, you know, if you think of Chinese people coming into factories, you would assume that, I mean, look, this isn't big supposition, almost right? But they will do a good job, disciplined et ceto blala all these things. Country that was opening up to foreign direct investment that was conducive to learning and getting investment, getting inputs. But now the cheap labof lesser, right, Rory, I mean, before this is the famous model you might learn at a University, you decided to do Econ and also maybe part the level course, actually like concepyou called the Lewis model. Okay, where did all this cheap labor come from, Rory? That would come into the big cities, into the factories. Where would it come from? Deep labors come from. I don't wait, let me think. So they come from China before. Where in China? What would they come from? South, maybe, maybe, maybe general ges. If the factory are in the cities, where where do they come from? Walking class. Well, I'm from the the countryside, right? Area. Yeah Yeah, Yeah, Yeah Yeah they're from the countryside. Yeah and I mean, this is not just the China. I mean, look, if we think about MaaS migration domestically, this happened massive in the twentieth century. I don't know about your grandparents, but I think about my grandparents. My grandparents, all four of them are Spanish, right? And all four of them migrated to cities right in twentieth century, basically roughly the same time after the civil war in Spain, which is kind of more or less the World War Two, right? So Yeah, two of them. One of them came or married and then brought my grandmother here. And I was the same on my other side, very different social classes as well. But it both moved to big cities. This happened everywhere, also in China would be later later on. And it was also for sure it's an economic thing, right? I don't about your grandmatthing. My parents is moved from villages to, it's different to my, my dad's side, my mom's side. So my, my dad, my, so basically for my dad's side, my dad was born and raised in the village, and my dad came to the city after high school, basically in China. And my mom, she was born and raised in the city, but her parents moved from village to the city. So and your dad went to University after high school in the city or in the city? Yeah. Okay. So maybe he kind of jumped a step. Like most of the time you would assume that. I'm not saying this is always going to be the case, right? The parents will come, would work, have kids, or maybe bring their kids if they're Young, when they're Young, and then kind of theyget raised and they're like the first generation to really be there and then they go be off with that opportunity to go to University. So typically, I mean, if you think of China, typically you would imagine that the Lewis model, well, the Lewis model states is that like all countries that were not as urbanianized before, they were just more rural cities were much smaller population density. Well, always population investpopulation cities was a smaller percentage, much lower percent. Yeah. But basically in China, the most model states, wages are higher. In cities, there are more opportunities. So factories are offering higher wages. I mean, yes, they are. So people move to cities attracted by the higher wages rich. What does this cause against? As more and more people come to cities, wages start going downward. There's still massive demand. Wages are still very high. But there's more supply of labevery single day in the city, right? There's more and more labor. So supply of labor goes up. Do you see that roory? So let's say demand is high. Okay. And over many years, pgoes up in cring, you know these people are moving to cities, right? There's this movement, MaaS movement, probably the biggest in turn migratory movement in the world ever. Chinese people going from rural areas south and west to the big cities in the east, right, are northeast again, well, north, I mean, east Shanghai, etc. And then obviously, Yeah, the Manhas gone up as well. I mean, most definitely, right? I mean, it's not. The supply has just gone up and demand is what it is, but it's gone a point where the demand is good, it is what it is. And supply has also gone up massively. Well, there's no more people left to come into cities, really. I mean, for sure, people in various raries still, right? But do you see that? I'm not saying you see this physically, but do you see a lot more people with the potential of moving to the big cities in in in China? And why is important? It's important because they did depress wages. They would keep wages low. If you constantly, it's kind of imagine you have a job, Rory, and it's not just that other people doing your job are threatening to do it for less again. Imagine as an Indian worker that will do it for half, or thsomeone from abroad, that will come in or can do it online. This is the real threat raory. So if there are constantly people coming from rural areas to the cities to factories, wages would still be low. But then but they're not coming in. So then these workers in the big cities are more protected, getting unionized, right? They have more power, more bargaining power, trade ding unions are know this and they drive wages up, right? And this is not good for them. But I don't know if this has definitely changed the comparative advantage of China, right? Yeah, any country, any country like any country. I mean, why is there no manufacturing in the us? Really? Car manufacturing in Detroit? You've heard of Detroit, right? Yeah, right. By Canada, right north of the us. Does it produce any cars now? I mean, I assume not many. Not really. No, anymore, I think. So you're paying workers in the us 50 an hour, 60 an hour for manuual. Labwhat are my friends. So what are my my sisters doing? A PhD in Texas and Texas that the Tesla has got like a new, not sure it's a headquarbut definitely has a lot presence. Ts recently in Texas rank, Elon Musk has kind of set up a lot of if his stuff from Tesla in Texas. And one of my friends, one of my friend and my sister, she's doing a final year. Her PhD is her friend. Her boyfriend works p, like as a workout of factory. So like manual labi making six figures over $100000, right? Another $100000 in the us doesn't mean as much as it used to, right, or as much as it mean somewhere else, but making a lot of money in a factory, Rory, so mean, is this really just look, maybe Tesla specific type of car? I'm sure it only does a part of this manufacturing there. Maybe it's worth it. But can this be done in MaaS before making a regular car? Can you really employ people making such a high wage? Is this sustainable? Is it financially the best option? Why not? So that's why a lot of manufacturers lead in China, but China is developing an inlook. What was ini? Don't we talked about the derroy book? I don't know if you saw Macron with the French president in China the other day last week. Yeah. Him to China. Yeah, Yeah. I mean, I read that basically he was went to China. One of the things he said is there was kind of asking for Chinese investment in Europe. I mean, since when since when as Europeans asked the Chinese for the I mean, it's a change of the kind of change of the God. It's turning the table ables, right? I mean, we're going to China to ask for investment because China not just has the money to invest, the capital to invest, but also has the technology, right? A love of it. It was to off with Chinese technological investment in Europe. This is incredible. I mean, China is up there technologically now, right? And it's, that's its comparative advantage shifting. It's not just manufacturing cheap stuff, right? So and that's one of the good things about interesting things about globalization. Things are changing all the time. Okay. What are the threats of globalization? We spoke about a few of them. They ororder the threats, Roy, potential threats to increasing globalization. And the threats are obviously losing your own culture, the risk of losing because that. When the big countries that very lots of soft power and your country's culture probably will, I don't know, like. Will be will be overlapped, for example, like you wouldn't have your like those European countries, like the small European countries, for example, like. No, actually like Norway and Sweden, these countries they have like a they are like they don't really have their own media. So like lots of media they watch are British and American. So it's like they they kind of don't really have her own like television program or whatever. Yeah, sure, sure, sure, sure. Yeah, agree. Okay. Okay, by the way, okay, so you're kind of seeing disadvantages or negative consequence. I mean, I get that, but but one of threats like what can halt, what can stop globalization, I mean, it is maybe stopping now or we've kind of seen that this people becoming more skeptical of this integration into the world ring. What are the threats? Why is this happening? What the. Why is this? Can you maybe talk to me about this a little bit? Okay. So what are the threats to continuously getting? What are the threats to exports continuously going? Are everyone being friends, everyone being friendly and everything kind of exchange, cultural language, financial exchange, everything kind of increasing, becoming more and more integrgreater tively? What are the threats to that? We see this a lot, right? In America. Donald Trump, for example, right again and rywhat about Donald Trump. It atttheir own industry, so they would so they put tof on the foreign growth. And why do you think he does this? So tariffs for sure to threat, right? But why does he do this? What do you think is motivation? So I get it. To do like to help them. Firms rate, American firms rate they would face less competition. But why? Why does he care? Is this even a good thing? I have Oh, because obviously having like tariff can stop the stop this country from importing the goods from other countries because it's more expensive. So it's not competitive in the market because the tariff has added it on it, so it's more expensive. But why does he care? So like for example, he cares a lot about look, in theory, one of the what reasons is like he wants to keep American industry competitive, right? Write me in theory, right? So Yeah, he wants to help American manufacturers and help the faclook. If I tariff import from China, I will help my manufacturer toys sell toys America, because now he becomes more competitive relative to Chinese toys because I placed a 300% tariff on Chinese toys, right? But at the same time, people wanting to buy toys, they have to pay more, right? So it's also hurting the American consumer. So why does he do this the first place to I mean, as economists, Roy, we learned the tariffs bad in net terms for the economy record isn't bad, categorically bad in net terms again. But why does he insist then what you think? Why does he insist? What I see insist on protection. He wants the law. He wants to protect their own industries, yes. But is it political? What are the deeper motivations for just a helping industry? Because he's also hurting Americans. He's also hurting industry, actually, really many ways. But are there any kind of political motivations, any kind of big statement? Thank you. Think of politics, maybe. Yeah so politically, I mean, he's just a political animal, really. I mean, he he wants to kind of bring back this idea of help making America great again, right? This is kind of a slogan. He doesn't really care about the economy rule. It's just about hurting the others and making it kind of not being nationalist, right? I don't I want to make my country great. Maybe I'm not doing what's best for the country economically, but I just want to hurt the Chinese, right? I want na make me seem really powerful against foreigners, right? And countries that are not on my level kind of thing, right? That's kind of his perception. That's how he gains virthat. Obviously, Trump can't get reelected, whereas, you know, Trump is in a second term. There's a limit. You know, you can't do a third presidential term in the us, right? But you know, he wants, he has deeper motivations. He wants power, history to kind of look down at him as a great president. You know, he's interested in other things. It's not just getting go to it, is it? Obviously that's not possible. Okay, cool. So we have nationalist movements that's kind of was my gonna to be my point right Rory? We have nationalist movements the the threats to globalization you know certain pressures about I don't we don't want globalization. It's bad. We feel we are, we should be self sufficient. We have to be able to take care of ourselves, right? Think of, for example, Covid Rory Covid thought supply chains kind of breakdown, right? It was hard to get product sometimes in time. Yeah, okay. So what does this mean? While it means that. You become a bit more isolated, a bit more insular, right? If you can't get in spthere's the shortage ges of certain things. So it's love our cry that we should be able to manufacture these things ourselves, right? Why do we rely on China? Why do rely on other countries when we really need these things most? They don't come, don't get here on time looking. So that's another thing, this idea of nationalism being supreme, being resupreme ourselves, right? Think of Brexit. Why doesn't think the uk left the European Union? Ory, what are some reasons? Because the globalization decglobalization okay of why why so why do the uk believe it's a big step, right, of that massive step? Give me one reason it doesn't not. Yeah. It's a massive step here. So give me one reason why they left. Because. They don't want to be trading with you anymore because they want independence. For example, Yeah independence. And what would mean not trawith eu independence? What does this mean? It's not. Let be more precise, please, if you can. They don't want immigration from eu anymore. Fine. Good. This is against a lot of globalization, right? Why don't want someone from abroad? I don't trust them or they hurt my wages. It's down to this kind of same wage diagram, right? What are foreigners doing? Bulgfor? Manians, what are they doing to demand and supply of labor? How do they affect it? The demand of labor. Okay. You've got a demand of supply of labor, right? Yeah what happens? Wages and quantity of labor? Supply would go down. Supply would go down. Are you sure? In the uk? In the uk Oh, in the uk. And if they if there were labels from everywhere or if for they want so what I'm saying is supply somei don't want to give it away, but let's say there's a lot of poles, a lot of Romanians coming into the uk, right? How does that affect Yeah the supply of labor in the increasing increasing labor, right? So we get this. So what happens? What's the result of that? What's the? Result supply cloushift left, right? Yes. And what's the result? The result is increasing quantity decreasase in. Decreasing wages. Decreasing wage is right. And do British people want that? British workers? No, no, not particularly. No. Okay. So this is one of the reasons why, like kicked them out, right? Is this idea we don't want more immigrants, right? I guess some of them will stay. You kind of can't kick them out, but a lot of them would leave. And now people at least wouldn't come in. But the thing is, what's happening is, look at now, we have people from other places come in and they said, well, I mean, I've been in the uk for a long time actually in terms of living there. But what I've been told by my friends is, look, you don't have as many Europeans coming in, whether it's to be a builder or whether it's to be a sea overcoming, we just don't have as many brain. Obviously, it's not that hard to come to uk as a European anyway. You can ask for some permit, especially if you have a degree and all that, but it definitely stopped some immigration. Okay, so my point in this, a supply of labor dynamics have changed. Okay, fine. But also this hurt for ves people if they want to go abroad to work, right? It's also kind of reciprocal, right? What if they want to be going to Spain as a tourist threat? Yeah, it's very easy still, but if this continues, right dupeople are are they able to travel? Are they able to study abroad? Look, maybe more people come to the uk than uk students going abroad. But still, you know you want to be able to do an Erasmus. I don't know if you know about that term. Before there was like love schemes within the eu being able to study abroad for a year. You know you could go do an exchange in Paris in exchange in Rome or whatever, right? And this is something that people like to do, right? And now they can't, they're not part of these things, okay? Fine. So it's not just money is feel like opportunity flexibility, right? Okay. And okay, let's think of economics, Rory. What's a trading what's a trade union? What's a trade union? Trading union. Sorry. What is a trading three? Oh, let's say or let's say it's a customs union, sir. What is a customs union? Thank. Trading union, you're a customs union. Like on on a basic level, I'm trying to describe what the triwith the European Union is. Okay, basically free toof freedom of of freedom of movement, labor and anything. Yeah. Basically on a basic level it's just imports and exports, right? For free no tariffs what for free no tariffs, right? You can sell in my other country at the same price you sell in your okay, so that's it really. I mean that's on the base obviously also implies maybe the customs union, sorry remomovement of labor to work to visit tourism, all these things, right? Also implies Yeah capital movement so you can move it money in and out, no problem, right? Not like deeply regulated. But at least the export impimporting is a big thing right now. The uk can't export to the eu was no tariffs in theory, right? But they have in theory, yes, they they still don't face tariffs roory. So basically the theory is yes, you don't export, you can't export as much anymore. It's not on tariffed. But the reality is looked as the uk is negotiated with the European Union, Rory uk. So when the uk sells in the eu, basically it's free of tariffs. However, if you're part of the eu, you also face a common external tariff. So what do I mean by this rule? So imagine this is the eu. Okay, can you see my square? Can you see what I've drawn? Just drawing a square and some okay, so the eu is is the big thing, okay? When you've got all these countries, Germany, Spain, all of these countries within the eu, right? You see that France, Italy, no tariffs, okay? So if you want to sell in another country, they want to sell on yours, no tariffs, okay. However, what do I mean by the outside of books or I mean that there's a common external tariff or tariff. What do I mean by this? Do you. Like everything is interdependent by each other, okay? But outside common external tariffs, no tariffs within. What do I mean by common external tariffs? And by this, I mean when you sell it abroad again. Yeah, go ahead, go ahead. Each one has the same tariff, external tariff, right? So you if you want to sell in India, okay, if you want to sell in India as a uk, well let's say as a German exporter today, well as a German importer, so let's say German German importer, you want to import Chinese stuff, Indian stuff, whatever import you want to buy, you have to you have to comply with a common external terror, okay? So basically what I'm saying is if you I'm, if you're German and you want to buy a product from Australia, China, India, you you must comply with the eu regulation, okay? So the eu has decided that there's a 50% tariff on Indian curry. Spicer it you have to enforce deegate. So you're not free to do whatever you want, okay, within yes free trade outside of no free trade, even if you want free trade, okay. Do you think what do you think this was a reason, okay, for for eventually leaving? Okay. Why do you think the British people didn't like this or the Britain, why do you think they didn't like this common external tariff thing? And the fact that they had to basically tariff because they didn't want a tariff could have could have this have been unpopular? Yeah, it could have been cheaper the goods, right. And what do you mean by the new elaborate. Therebe no tariff like on unnecessary goods, so it could have been cheaper. Renand, they want to do their own deals with their own friends. Look, they they have always thought of the Commonwealth. You they have the Commonwealth. Do you know what the Commonwealth is? Yeah. So, you know, go over the uk, Canada, the sphere of influence, right? Think of the power bbeaan. Think of India, Pakistan, all these know all these countries. They thought, okay, why can't I trade with my my friends doing I don't want to product. So this is again another reason why they decided to leave. I want to leave to be able to trade with my friends and trade freely with them if I was so one to okay, if I so wish to. Fair enough. Yeah. Okay. And also the wages thing, the people coming in, what else? The people the uk didn't like. Look, the welfare system, the benefits system, what do you think I'm going to talk about there? Can you elaborate? You give it a go. So you know, you've got the welfare system in the uk, in most western economies, right, which is basically pensions, public pensions, free health care, free education rate, at least primary and secondary education rate. Fine, right? So what? And then you've got other things like benefits, right? If you're a Young mother, single mother with very little income, you know thatgive you some money to help you, right? In other words, Yeah, immigrants would come in and somehow kind of apparently, you know, obviously they need to go to the hospital if they get sick, right? Right. They you know a lot of them come in and I'm a bit poorer or don't have a lot of resources. They require benefits. They claim do want to claim benefits, but do you think this would have been unpopular, Rory? Will this have been unpopular? So you are Polish people, Bulgarian, Romanians, coming into uk ine claiming benefits. What do you think? Would this have been a normal thing? What do you think the British people would have thought? Who do you think roory? I think they wouldn't like her, obviously, because it will change their Yeah, okay. It will change their job opportunity. Okay, okay. So they didn't like people coming in and using up their own resources like people do. When it comes down to money, that's the worst thing. People don't mind immigrants, but if they think they're taking money away from them in different ways through wage, because wages going down, taking their jobs or whatever else, I mean, this for them is a big no, no, right? They don't want them to use their pension, maybe like public pensions, rare a bit going at kind of at a tipping point, right? We think we don't have enough money for our generation, right, for our pensions. So do we want someone else to for us to spend money on them? An awful lot of money. They don't contribute tax revenue. They just consumsume government spending. Well, no, there's love research, Rory, that says the immigration is positive in net times, okay? It contributes to more in tax revenue than in government than what it demands in government spending, making we will understand that if you see someone come in and receiving welfare benefits straight away, you're like, why why is this for that, right? Anyway, okay, so that's one other thing, right? And also another thing is the eu bossing the uk around decaking, so the eu has regulation. I don't know if you know a ravalry. The eu has certain laws and regulation that are above local British laws or French laws, German laws. So they didn't also didn't like this idea that the eu had power over the sovereign country. Ring. Okay, fine too. I think we've got a picture, right, of a certain element of globalization, of Brexit in terms like risk, to think of political risk in what the motivations for Trump, right? This idea of decglobalization that you mentioned, there's certain den risks for globalization, right? As countries become more nationalist. And it's not just economic growth anymore, it's also power. People, countries want power. The uk over China, China over the us, etc.. Fine. What else are you doing at the moment in it? Thefor globalization? What's the next bwhat are the next bds, Rory, that you're doing the moment? That's evthis week. What have you done? This? I'm just to W to what' S W to what's the world's organization zation, what is it? And it's a trading. You did that to have rules and. The culhave to follow the rules. Okay, but what is it? Are you short? It's a training union, ory. To be fair, we haven't finished this. So like I'm not really familiar with this yet, but okay, so agreit's coming with rules, right? Yeah, but you're saying it's kind of a training union between who or the touches, okay? So okay, we can think of it. Okay, one way of thinking might be that, but more than that, it's just it's a set of rules in a it's an organization that's basically promoting free trade across the world. So it's not like a union in a sense that people, countries are members of it. Well, countries are members at the wto, but it's more like a regulator, right? If that make sense. It's not like an organization. So like the eu for example, that it is a regulated many things, but it is a we're part of this club. It's not a club, right? But that makes more of a regulator, more of an enforcer. So what it does, Rory, is basically a world level international organization that oversees trade across the world. And for example, if there's a claim this country is using tariffs or is using some kind of protection as a Rory, they might go and investigate it. Obviously. Look, countries are entitled to enforce tariffs, right? Ory, they're sovereign countries. Well, the wto's kind of purpose is to try to decrease these tariffs in lobby and almost sometimes even enforce a luring of tariffs of making competition, of increasing competition rate. Does that make sense? Royeah, okay. So from Trump is is sovereignly allowed, Trump can increase tariffs rate that will the wto like it? No. Is this wwto even if able to do something about it? Probably not. Because it's a us ring, we could definitely use its soft power and also hard power, in some cases, ring, to kind of promote trade. And trade is good for development, to give China and export exporting country benefits massively from free trade. Again, fine. So wtiis a big organization, I believe believe it's based in New York. I'm not I'm not sure. I mean, maybe it's best based in Switzerland. It's basically an international organization that tries to promote or promote international trade. New, let me tell. Was Geneva? Let's see. Geneva. Geneva. Yeah, Geneva. Yeah, in Geneva. Okay, cool. Have you also, what else have you learned maybe now in the past week at school with regards to this? So I only had, I only had like four, eight lessons this week because just a, I'm done it for, you've done the W all this time. Just W anything else? Yeah, really? W, Yeah. My teacher is not really good. So not a lot of people listen the lesson because it's not the best teacher. Okay, okay, okay, fine. So we've kind of talked about globalization, trade des, the risks, consequences. Okay. We've talked about negatives a little bit last time. We've talked about some potential bad things, about a lot of trade rain, a lot of integration. You mentioned one at the start. Today, culture and language kind of becoming the same across the world range. You mentioned this, right? Rory? You mentioned this, the star of the lesson, right? This this idea, the Yeah, Yeah, I don't know what Yeah, we're all watching the same cartoon, right? We're watching the same films, same music. It's culture. Still hit te local culturing, okay. What are other things with regards to bad things? Again, we can think of manufacturing leaving and that can cause structural unemployment, right? Rory, Yeah, if you've got workers that were working in mines or in factories in the uk, and now the uk doesn't manufacture everything, anything, it's all sent to China. What happens to these workers? Right? Ory. This workers. Lost that job, right? Okay. And what can they do? What's their alternative once they've lost their job, once their job gets sent to China, what what can they physically do? What are their options? I don't. I mean, they're out of work, okay? They go back home. They're out of work. Their job and company and factory all went t all left and into another country that's far away, right? What can they do as individuals? But what do they do next? Or do you use your job? Sorry? I would find another job, right? But imagine your type of work is gone as in factory workers in car manufacturing over time. Look, they've all kind of left, okay? So you're not going to get work at least in your home sitting home country. What are your options then? Learn the new skills and do job about our skills. Okay, I agree. And is that easy or difficult? Very difficult, takes time as well, right? Yeah, I mean it takes time to train up. I mean, you're not gonna to learn it from one day to the next qualification stay time. It's a formal process, right? So it's not easy to retrain, especially when you're old, right? Rory, when you're old it's harder like physically, mentally, but also you don't have enough time to retrain almost, right? You're kind of close to the end of your career, are you? Is it really worth retraining? Two companies even want to hire someone for a few years, like right at the end of their career. Maybe they don't. Maybe it's not worth it. Maybe look, they're not as good because it's a bit of a physical job as well working the factory, right? Yeah. Okay. So this is this is one of the reasons why we have structural unemployment. Have you heard of this term? Yeah, we learned to last year. Okay, what does it mean? It means like your job disappeared. It's like, go ahead, go ahead, ahead. No, because there isn't like job available like the one you have right now, just like of the because of the technological advancements and everything. Okay. You know, exactly, exactly. So basically, structurally, you don't have a job. So look, it's fine not to be fired and not have a job. Rivery, as economists, we think that's fine. We can call this like frictional well, because there's many things, but there's always there's always be some frictional unemployment or not be people coming in and out of work, okay, leaving a job, going holiday, taking another or leaving a job because they're sick and then looking for another job that's normal. Like it's okay, but we want people to progress on to the next job, right? So people really can't find a job and for a long time and they're long time unemployed or even drop out of the labor force, that's a really bad thing for society, right? They're not contributing in terms of tax revenue, their liability to society. Look, they're not making any money. So theybe poor where they can't coners much. We might need to help them through welfare benefits etcec, right? So it is a big worry. It's a big issue again. So what can you do? You can train them up, incentivize them to help themselves, but it is hard. It is hard, and it takes time. Think of AI, Rory. AI is likely to render a soul structurally unemployed. Mai'm a teacher. That's the only thing I can do, right? And now AI takes my job. What can I do if I don't train up? I'm unemployer forever, right? Can I do something else? Can I do right? It is something we have to think about with regards to AI and structural unemployment. Okay, cool. Do you have any questions roory? No, not really on this partner. Okay, fine. Do you have any exams coming up next couple of weeks before before Christmas? No, I'm already my, I'm already in my Christmas break. Oh, okay, where are you right now? You're at school or baup. I'm back home. You're in China. I, I mean, back home Harin the uk. Oh, so you live in London with your parents when you're not at school or you're boarding school because you're back home? London, okay. No, no, no. I live from my parents. Oh, you don't go to boarding school. Okay, okay, okay, okay, okay. I don't go to Boorder school in London, right? Yeah, okay, cool. Oh, and when are you back? That's school early Jan seven. Like fifth sixth of January I think okay good holiday I guess when I was in London was I mean we ster I think our break was a bit later 16 so depended right okay so you've been on board c because I was to always have like holidays early I don't know why but okay that's what good deal it's it's a good deal it's a good deal movie okay it is I got there Yeah okay so I suggest you try and revise a little bit of Econ over the Christmas Yeah I think Econ is one of those things maybe within your a levels that it's quite relaxed to study you can just read textbook read any kind of outside reading a few that would also help of course and just try to solidify those concepts right if you can I think it's worth Christmas kind of keeping a bit active in this sense again and we here. How's your ucast going? Have you applied in the android? Yeah, I have applied for ucl. Yeah. Okay, just one. We've applied to five choices. Five choices. I applito ucl. Two, majcucl. Which ones would you business? One is called business and health. One called global health studies. Okay. And the other three, sorry. Can you I don't know. I know you told me already. Can you just remind me? The others are Manchester Union University business and the other one is half to China. So Bristol. Yeah Bristol. Okay, good. Well, best of luck. Okay, hopefully office come in and thank you and keep improvising a little bit of Econ if possible. I'm always worth it. And Yeah I don't know if we'll have more lessons. I mean ask I think they told me maybe but we'll see but hopefully see you soon and ask me any questions. Ask reach out to them if you have any Econ questions. Okay and this is an easy top globalization. Okay so so one that's actually quite easy to read up on okay, so do we give it a go and we can go into a more difficult thing soon looking okay. Okay, well we can stop here maybe Rory see thanks for your doing well and talk to you soon. Okay, thank you. That's all roaring bye, bye, bye. Take care. Bye. Take care. Bye.