From 600+ conversations with the world’s leading thinkers.
The power of population is so superior to the power in the earth to produce subsistence for man, that premature death must in some shape or other visit the human race.
This is a sector that I have, in my book, projected to reach a net worth of $16 billion by 2022. Yet, in updating my figures for the book release, I found that the 2023 statistics have already surpassed that estimate, pegging the industry at an astounding $20 billion. The sheer size and influence of this industry are undeniably vast and potent.
We are living in a world where the top 1% of the world's population own more of our planet's wealth than the bottom 95% combined. We live in a world where billions exist in abject poverty without access to the basic food, water, shelter which the rest of us take for granted.
You must tell yourself the truth about money if you're going to give it away well. If you can't live well with $999 million, there's something clearly wrong with you.
The inconvenient-truth of this situation is that however many observers and commentators espouse rhetoric about solutions for this crisis, without buy-in from the individuals who are responsible for our economy? those words are in vain.
Even more seriously, cryptocurrency can interfere with governments' ability to fight recessions with monetary policy. When people are using privately created money (cryptocurrency) rather than ordinary money, the money supply is beyond the government's control, and monetary policy can no longer be conducted. That's a bad thing.
Morality represents the way we would like the world to work, and economics represents how it actually does work.
What if we move to a world where, because robots are so cheap... cheap labour doesn't really matter anymore? What will be China's main comparative advantage after that?
The most common misunderstanding is that the Arctic is just a frozen wilderness with a lot of ice and glaciers and a few polar bears roaming. On the contrary the Arctic is a very diverse part of our planet with multiple resources and economic opportunities, the home for over four million people of different nationalities and diverse ethnic origin.
In our part of the world, there will always be some kind of uncertainty. The market accepts and endorses that our physical oil is delivered outside The Strait of Hormuz, we're also not subject to any destination restrictions as Oman is not part of OPEC.
When China started its open-door policy, 40 years ago, it was a much different environment. There was nothing to work with! It was a communist system before that, a planned economy, no free market. People started building things from scratch.
My big contention is that we've misread Adam Smith. People don't realise that Adam Smith was a moral philosopher before an economics expert. His first book, before he wrote 'The Wealth of Nations' was, 'The Theory on Moral Sentiments'. In that book, you find the answer for what the invisible hand really is! He never accelerated the narrative that there should be completely unfettered free markets. He believed markets took place in the context of a moral framework and foundation.