This was an excellent, fact and data driven analysis of the UK’s current position. I’m mostly amazed at how few people have watched it. What I like and respect so much about Dr Wolf is that he is quick to admit the limitations of the data and his own personal knowledge limitations on a given matter. Which means he has his eye NOT on his own self-promotion, but on educating his audience without the interference of his own ego. Imagine Tucker Carlson trying to do this. BRAVO MARTIN WOLF! May we have more journalists like you; and the USA and Britain may have a slim chance of avoiding the different but related economic future of disaster resulting from the disastrous policy of financialisation and, at least In the US, the intentional expropriation of wealth from the middle and lower classes and passing the wealth to the high income groups. To any viewers under the age of 30, LISTEN TO THOSE WHO TELL THE TRUTH: Noam Chomsky, Martin Wolf, Matt Taibei, Jane Mayer, Sheldon Whitehouse and other people who speak truth. Seek them out.
What is the matter with Britain? "Absolutely nothing", according to Martin Wolf, who then goes on to show that Britain is the international laggard in just about every category considered. I think Martin, in his very fine presentation, went on to show that "Absolutely everything" would have been the correct answer to the initial question.
No, I think he was right. The rest of the world has finally totally caught up with the first mover advantage of having the industrial revolution start here in Britain. Of course, very individual British business does what it can to compete. Explain how we are self sabotaging?
Nicely put together, its always difficult to know which sides to include in such presentations, i would have included key points on; globalisation and how its effected the UK in comparison to the other economies and why, plus the effects of low investment to economies without a wealth of global manufacturing companies. I have built 3 manufacturing companies in my lifetime, gained several patents, had series investment in my last business. I found in each business i built the investment funds/ banks have a propensity to under fund and sell the companies at too early a stage, enabling the buyers better returns, which leads to a downward spiral of future growth in manufacturing in the UK, giving lessor returns to the investors giving them less interest in investing in manufacturing, leading to loss of expertise in the labour markets leaving lower paid jobs when the company’s are sold. Brexit and no import tariffs will destroy future manufacturing opportunities and any technical start ups will continue to be sold to foreign companies giving short term well paid jobs without generating larger more impactful businesses.
You can well imagine that as a German I am more than happy about it.not having Britain's colonial past. Because the fact that a country becomes prosperous, rich and happy through the exploitation of other countries is a truth that only lasts for a short time. The long-term consequences are catastrophic, as Martin Wolf's analysis (not stated) is able to show. For this reason, I am very happy that we were prevented from experiencing a colonial past like the British people of Britain.
I wonder what the graph of long term productivity would look like if the "India" effect is removed. The period 1870-1950 just happens to be the period during which Great Britain ruled India, taking over the reins from the East India Company. It is estimated that, during this period, Great Britain financed the Industrial revolution out of the loot from India, and raised its prosperity levels from out of the approximately 45 trillion dollars that it took out of India, all this while beggaring India.
In what way? I think Wolf is referring to the collapse of British industry during the Thatcher years. In my view, Thatcher was lucky in that she was Prime Minister at a time when the post-war baby-boomer generation was just entering the work force. In 2023, that generation is now retiring, drawing their pension and putting excessive strain on the NHS.
Only thing wrong with Britain is - it forgot what made an Empire where Sun never sets - Japan copied everything from Britain and became such a power which almost defeated USA, well, India also copied everything from Britain - the difference is - Japan copied it when Britain was becoming World-wide Empire, and India copied it when Sun was setting, and British empire was vanishing. In fact I tell everyone when they face some big difficulty, they should watch the movie - Battle of Britain; there is nothing wrong with Britian - all it needs is to take a day off and watch Battle Of Britain movie. If they were to start implementing Brexit from day ONE, well at least on DAY EIGHT (one week of negotiations with EU is enough to know what kind of fellows EU are), I am sure in 3 months time, EU would be maing all those visits to negotiate with UK (after all UK sells little to EU but EU sells a lot to UK). Even now that is the way to deal with EU. Boris Jhonson made a huge favour to UK by stopping Ukraine peace deal with Nato - resulting in recession in all European countries... and his predecessors did a lot to take revenge on USA (who extracted the last drop of UK's riches after WW2, same fellows never even hinted they are expecting repayment from Russia) by creating these never ending wars for USA pushing USA to bankruptcy... which has reached climax - now USA is more or less at war directly with Russia - after climax plays our, there won't be any super power USA...
We did not 'suffer' during the first half of the 20th Century like the rest of Europe suffered. Which meant we stayed in this retarded 'pre-1914' mindset. Socially, industrially, economically, and politically. So:- 1. Industry never adapted to post Imperial realities 2. Industrial relations remained in the 19th Century. The 'Millowner Mentality' never went away 3. The Middle Class never got the lesson in humility much of Western Europe did, so social hierarchies remained as they were 4. The political institutions stayed stuck in a the Victorian era Hence our own Post War 'New Deal' was only temporary and within a generation it was gone.
Incompetent UK politicians - Brexit Treaty negotiations and many more, over taxes over regulated - mad Netzero, Woke culture, poor industrial relations, low osmosis between university and industry - centalised government polluting flow of ideas to innovation. University culture is focused social engineering with ideologically driven acceptance of fact. Massive government spending at the expense of entrepreneurship. UK needs leaders with a spine:decentralize government, scrap netzero, cancel " level playing field", cheap energy, relative to Europe, low regulation, low taxes.
Increasingly people are asking themselves: Where was I some 13 years ago, when the Tories got into government, and where am I now? I know that I am acutely aware that my life, and the lives of the people around me, have gotten significantly worse and worse over the curse of the last 13 years of having the Tories in charge of the country, and no amount of trying to blame foreigners, migrants, refugees, and minorities is going to cut it. Let's not buy into their "Look over there" tactics, let us instead hold to account the people who have been in charge, and benefiting from the ongoing upwards wealth distribution from all of us to the top, responsible for running the economy into the ground whilst shamelessly pointing the finger at vulnerable people.
What way of life precisely ? Getting pissed up on a Friday and Saturday night. Football hooliganism ? Following the royal family like sheep ? Not going to church.
@@christinepereira7622 Rubbish. Governments don't run private businesses. The fact that Britain has not made a fiscal surplus for the last 23 years is due to the collective abilities or lack thereof of British businesses plus our declining oil and gas revenues. Whoever is in power will find themselves flogging a dead horse
This was an excellent, fact and data driven analysis of the UK’s current position. I’m mostly amazed at how few people have watched it. What I like and respect so much about Dr Wolf is that he is quick to admit the limitations of the data and his own personal knowledge limitations on a given matter. Which means he has his eye NOT on his own self-promotion, but on educating his audience without the interference of his own ego. Imagine Tucker Carlson trying to do this. BRAVO MARTIN WOLF! May we have more journalists like you; and the USA and Britain may have a slim chance of avoiding the different but related economic future of disaster resulting from the disastrous policy of financialisation and, at least In the US, the intentional expropriation of wealth from the middle and lower classes and passing the wealth to the high income groups. To any viewers under the age of 30, LISTEN TO THOSE WHO TELL THE TRUTH: Noam Chomsky, Martin Wolf, Matt Taibei, Jane Mayer, Sheldon Whitehouse and other people who speak truth. Seek them out.
You missed out Chris Hedges.
@@lenrman969 Apologies! You are correct. Thx. Hedges is dark but truthful.
That was really interesting and it answered a lot of questions that it isn't on the television for people to see
Excellent presentation, thanks for uploading
What is the matter with Britain? "Absolutely nothing", according to Martin Wolf, who then goes on to show that Britain is the international laggard in just about every category considered. I think Martin, in his very fine presentation, went on to show that "Absolutely everything" would have been the correct answer to the initial question.
Along with the rest of the western world. Candidly i think the west is having an historical sunset.
No, I think he was right. The rest of the world has finally totally caught up with the first mover advantage of having the industrial revolution start here in Britain. Of course, very individual British business does what it can to compete. Explain how we are self sabotaging?
Well done Martin, fascinating. G'day mate!
Nicely put together, its always difficult to know which sides to include in such presentations, i would have included key points on; globalisation and how its effected the UK in comparison to the other economies and why, plus the effects of low investment to economies without a wealth of global manufacturing companies.
I have built 3 manufacturing companies in my lifetime, gained several patents, had series investment in my last business. I found in each business i built the investment funds/ banks have a propensity to under fund and sell the companies at too early a stage, enabling the buyers better returns, which leads to a downward spiral of future growth in manufacturing in the UK, giving lessor returns to the investors giving them less interest in investing in manufacturing, leading to loss of expertise in the labour markets leaving lower paid jobs when the company’s are sold. Brexit and no import tariffs will destroy future manufacturing opportunities and any technical start ups will continue to be sold to foreign companies giving short term well paid jobs without generating larger more impactful businesses.
You can well imagine that as a German I am more
than happy about it.not having Britain's colonial past.
Because the fact that a country becomes prosperous,
rich and happy through the exploitation of other
countries is a truth that only lasts for a short time.
The long-term consequences are catastrophic, as
Martin Wolf's analysis (not stated) is able to show.
For this reason, I am very happy that we were
prevented from experiencing a colonial past like
the British people of Britain.
Great job Marcus
The minimum wage is causing much of our problems. The businesses are getting richer and the workers are getting poorer.
I wonder what the graph of long term productivity would look like if the "India" effect is removed. The period 1870-1950 just happens to be the period during which Great Britain ruled India, taking over the reins from the East India Company. It is estimated that, during this period, Great Britain financed the Industrial revolution out of the loot from India, and raised its prosperity levels from out of the approximately 45 trillion dollars that it took out of India, all this while beggaring India.
Exactly.
Britain is irrelevant today because they lost india. Thats it 😂
The view expressed at 43:30 was excessively benign unfortunately - things are far worse than that.
North Sea Oil and Gas in 1980's - arguably a long term curse for UK economy?
In what way? I think Wolf is referring to the collapse of British industry during the Thatcher years. In my view, Thatcher was lucky in that she was Prime Minister at a time when the post-war baby-boomer generation was just entering the work force. In 2023, that generation is now retiring, drawing their pension and putting excessive strain on the NHS.
Only thing wrong with Britain is - it forgot what made an Empire where Sun never sets - Japan copied everything from Britain and became such a power which almost defeated USA, well, India also copied everything from Britain - the difference is - Japan copied it when Britain was becoming World-wide Empire, and India copied it when Sun was setting, and British empire was vanishing. In fact I tell everyone when they face some big difficulty, they should watch the movie - Battle of Britain; there is nothing wrong with Britian - all it needs is to take a day off and watch Battle Of Britain movie. If they were to start implementing Brexit from day ONE, well at least on DAY EIGHT (one week of negotiations with EU is enough to know what kind of fellows EU are), I am sure in 3 months time, EU would be maing all those visits to negotiate with UK (after all UK sells little to EU but EU sells a lot to UK). Even now that is the way to deal with EU. Boris Jhonson made a huge favour to UK by stopping Ukraine peace deal with Nato - resulting in recession in all European countries... and his predecessors did a lot to take revenge on USA (who extracted the last drop of UK's riches after WW2, same fellows never even hinted they are expecting repayment from Russia) by creating these never ending wars for USA pushing USA to bankruptcy... which has reached climax - now USA is more or less at war directly with Russia - after climax plays our, there won't be any super power USA...
We did not 'suffer' during the first half of the 20th Century like the rest of Europe suffered. Which meant we stayed in this retarded 'pre-1914' mindset. Socially, industrially, economically, and politically. So:-
1. Industry never adapted to post Imperial realities
2. Industrial relations remained in the 19th Century. The 'Millowner Mentality' never went away
3. The Middle Class never got the lesson in humility much of Western Europe did, so social hierarchies remained as they were
4. The political institutions stayed stuck in a the Victorian era
Hence our own Post War 'New Deal' was only temporary and within a generation it was gone.
Incompetent UK politicians - Brexit Treaty negotiations and many more, over taxes over regulated - mad Netzero, Woke culture, poor industrial relations, low osmosis between university and industry - centalised government polluting flow of ideas to innovation. University culture is focused social engineering with ideologically driven acceptance of fact. Massive government spending at the expense of entrepreneurship.
UK needs leaders with a spine:decentralize government, scrap netzero, cancel " level playing field", cheap energy, relative to Europe, low regulation, low taxes.
Wrong on EVERY issue. Crazy libertratian garbage that leads to MASSIVE inequality....
Basically a basket case.
This guy just doesnt get it. Fighting inequality leads to the very stagnation he's trying to fix. Inequality is not something desirable to fight.
Too many immigrants who do not understand the British way of life and have no knowledge of our laws and traditions.
Who told YOU to believe that?
Increasingly people are asking themselves: Where was I some 13 years ago, when the Tories got into government, and where am I now? I know that I am acutely aware that my life, and the lives of the people around me, have gotten significantly worse and worse over the curse of the last 13 years of having the Tories in charge of the country, and no amount of trying to blame foreigners, migrants, refugees, and minorities is going to cut it. Let's not buy into their "Look over there" tactics, let us instead hold to account the people who have been in charge, and benefiting from the ongoing upwards wealth distribution from all of us to the top, responsible for running the economy into the ground whilst shamelessly pointing the finger at vulnerable people.
What way of life precisely ? Getting pissed up on a Friday and Saturday night.
Football hooliganism ?
Following the royal family like sheep ?
Not going to church.
@@christinepereira7622 Rubbish. Governments don't run private businesses. The fact that Britain has not made a fiscal surplus for the last 23 years is due to the collective abilities or lack thereof of British businesses plus our declining oil and gas revenues. Whoever is in power will find themselves flogging a dead horse
You slept through the analysis and just woke up petal?