[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.32,0:00:03.90,Default,,0000,0000,0000,,This is about a hidden corner of the labor market.
Dialogue: 0,0:00:03.90,0:00:07.54,Default,,0000,0000,0000,,It's the world of people who need to work ultra-flexibly,
Dialogue: 0,0:00:07.54,0:00:08.85,Default,,0000,0000,0000,,if they're to work at all.
Dialogue: 0,0:00:08.85,0:00:10.02,Default,,0000,0000,0000,,So think, for instance,
Dialogue: 0,0:00:10.02,0:00:13.64,Default,,0000,0000,0000,,of someone who has a recurring but unpredictable medical condition,
Dialogue: 0,0:00:13.64,0:00:16.42,Default,,0000,0000,0000,,or somebody who's caring for a dependent adult,
Dialogue: 0,0:00:16.42,0:00:19.27,Default,,0000,0000,0000,,or a parent with complex child care needs.
Dialogue: 0,0:00:19.27,0:00:22.42,Default,,0000,0000,0000,,Their availability for work can be such that it's,
Dialogue: 0,0:00:22.42,0:00:24.12,Default,,0000,0000,0000,,"A few hours today.
Dialogue: 0,0:00:24.12,0:00:27.72,Default,,0000,0000,0000,,Maybe I can work tomorrow, but I don't know if and when yet."
Dialogue: 0,0:00:27.72,0:00:30.24,Default,,0000,0000,0000,,And it's extraordinarily difficult for these people
Dialogue: 0,0:00:30.24,0:00:33.27,Default,,0000,0000,0000,,to find the work that they so often need very badly.
Dialogue: 0,0:00:33.27,0:00:36.08,Default,,0000,0000,0000,,Which is a tragedy because there are employers
Dialogue: 0,0:00:36.08,0:00:39.39,Default,,0000,0000,0000,,who can use pools of very flexible local people
Dialogue: 0,0:00:39.39,0:00:43.29,Default,,0000,0000,0000,,booked completely ad hoc around when that person wants to work.
Dialogue: 0,0:00:43.29,0:00:45.89,Default,,0000,0000,0000,,Imagine that you run a cafe.
Dialogue: 0,0:00:45.89,0:00:47.56,Default,,0000,0000,0000,,It's mid-morning, the place is filling up.
Dialogue: 0,0:00:47.56,0:00:49.14,Default,,0000,0000,0000,,You're going to have a busy lunchtime rush.
Dialogue: 0,0:00:49.14,0:00:52.46,Default,,0000,0000,0000,,If you could get two extra workers for 90 minutes
Dialogue: 0,0:00:52.46,0:00:55.11,Default,,0000,0000,0000,,to start in an hour's time,
Dialogue: 0,0:00:55.11,0:01:00.07,Default,,0000,0000,0000,,you'd do it, but they'd have to be reliable, inducted in how your cafe works.
Dialogue: 0,0:01:00.07,0:01:01.95,Default,,0000,0000,0000,,They'd have to be available at very competitive rates.
Dialogue: 0,0:01:01.95,0:01:05.11,Default,,0000,0000,0000,,They'd have to be bookable in about the next minute.
Dialogue: 0,0:01:05.11,0:01:09.04,Default,,0000,0000,0000,,In reality, no recruitment agency wants to handle that sort of business,
Dialogue: 0,0:01:09.04,0:01:12.43,Default,,0000,0000,0000,,so you are going to muddle by, understaffed.
Dialogue: 0,0:01:12.43,0:01:14.75,Default,,0000,0000,0000,,And it's not just caterers, it's hoteliers, it's retailers,
Dialogue: 0,0:01:14.75,0:01:18.04,Default,,0000,0000,0000,,it's anyone who provides services to the public or businesses.
Dialogue: 0,0:01:18.04,0:01:22.58,Default,,0000,0000,0000,,There's all sorts of organizations that can use these pools of very flexible people,
Dialogue: 0,0:01:22.58,0:01:25.73,Default,,0000,0000,0000,,possibly already once they've been inducted.
Dialogue: 0,0:01:25.73,0:01:27.76,Default,,0000,0000,0000,,At this level of the labor market,
Dialogue: 0,0:01:27.76,0:01:31.61,Default,,0000,0000,0000,,what you need is a marketplace for spare hours.
Dialogue: 0,0:01:31.61,0:01:33.73,Default,,0000,0000,0000,,They do exist. Here's how they work.
Dialogue: 0,0:01:33.73,0:01:37.20,Default,,0000,0000,0000,,So in this example, a distribution company has said,
Dialogue: 0,0:01:37.20,0:01:40.48,Default,,0000,0000,0000,,we've got a rush order that we've got to get out of the warehouse tomorrow morning.
Dialogue: 0,0:01:40.48,0:01:41.88,Default,,0000,0000,0000,,Show us everyone who's available.
Dialogue: 0,0:01:41.88,0:01:43.53,Default,,0000,0000,0000,,It's found 31 workers.
Dialogue: 0,0:01:43.53,0:01:47.06,Default,,0000,0000,0000,,Everybody on this screen is genuinely available at those specific hours tomorrow.
Dialogue: 0,0:01:47.06,0:01:49.40,Default,,0000,0000,0000,,They're all contactable in time for this booking.
Dialogue: 0,0:01:49.40,0:01:53.40,Default,,0000,0000,0000,,They've all defined the terms on which they will accept bookings.
Dialogue: 0,0:01:53.40,0:01:56.81,Default,,0000,0000,0000,,And this booking is within all the parameters for each individual.
Dialogue: 0,0:01:56.81,0:01:59.37,Default,,0000,0000,0000,,And they would all be legally compliant by doing this booking.
Dialogue: 0,0:01:59.37,0:02:01.30,Default,,0000,0000,0000,,Of course, they're all trained to work in warehouses.
Dialogue: 0,0:02:01.30,0:02:03.51,Default,,0000,0000,0000,,You can select as many of them as you want.
Dialogue: 0,0:02:03.51,0:02:04.96,Default,,0000,0000,0000,,They're from multiple agencies.
Dialogue: 0,0:02:04.96,0:02:08.90,Default,,0000,0000,0000,,It's calculated the charge rate for each person for this specific booking.
Dialogue: 0,0:02:08.90,0:02:11.23,Default,,0000,0000,0000,,And it's monitoring their reliability.
Dialogue: 0,0:02:11.23,0:02:14.23,Default,,0000,0000,0000,,The people on the top row are the provenly reliable ones.
Dialogue: 0,0:02:14.23,0:02:15.98,Default,,0000,0000,0000,,They're likely to be more expensive.
Dialogue: 0,0:02:15.98,0:02:19.18,Default,,0000,0000,0000,,In an alternative view of this pool of local, very flexible people,
Dialogue: 0,0:02:19.18,0:02:20.86,Default,,0000,0000,0000,,here's a market research company,
Dialogue: 0,0:02:20.86,0:02:24.81,Default,,0000,0000,0000,,and it's inducted maybe 25 local people in how to do street interviewing.
Dialogue: 0,0:02:24.81,0:02:27.50,Default,,0000,0000,0000,,And they've got a new campaign. They want to run it next week.
Dialogue: 0,0:02:27.50,0:02:30.90,Default,,0000,0000,0000,,And they're looking at how many of the people they've inducted
Dialogue: 0,0:02:30.90,0:02:33.18,Default,,0000,0000,0000,,are available each hour next week.
Dialogue: 0,0:02:33.18,0:02:35.91,Default,,0000,0000,0000,,And they'll then decide when to do their street interviews.
Dialogue: 0,0:02:35.91,0:02:38.53,Default,,0000,0000,0000,,But is there more that could be done
Dialogue: 0,0:02:38.53,0:02:40.28,Default,,0000,0000,0000,,for this corner of the labor market?
Dialogue: 0,0:02:40.28,0:02:42.96,Default,,0000,0000,0000,,Because right now there are so many people
Dialogue: 0,0:02:42.96,0:02:46.56,Default,,0000,0000,0000,,who need whatever economic opportunity they can get.
Dialogue: 0,0:02:46.56,0:02:48.61,Default,,0000,0000,0000,,Let's make it personal.
Dialogue: 0,0:02:48.61,0:02:51.40,Default,,0000,0000,0000,,Imagine that a young woman -- base of the economic pyramid,
Dialogue: 0,0:02:51.40,0:02:53.60,Default,,0000,0000,0000,,very little prospect of getting a job --
Dialogue: 0,0:02:53.60,0:02:57.31,Default,,0000,0000,0000,,what economic activity could she theoretically engage in?
Dialogue: 0,0:02:57.31,0:02:59.60,Default,,0000,0000,0000,,Well, she might be willing to work odd hours
Dialogue: 0,0:02:59.60,0:03:02.90,Default,,0000,0000,0000,,in a call center, in a reception area, in a mail room.
Dialogue: 0,0:03:02.90,0:03:06.23,Default,,0000,0000,0000,,She may be interested in providing local services to her community:
Dialogue: 0,0:03:06.23,0:03:08.78,Default,,0000,0000,0000,,babysitting, local deliveries, pet care.
Dialogue: 0,0:03:08.78,0:03:11.92,Default,,0000,0000,0000,,She may have possessions that she would like to trade
Dialogue: 0,0:03:11.92,0:03:13.16,Default,,0000,0000,0000,,at times she doesn't need them.
Dialogue: 0,0:03:13.16,0:03:16.76,Default,,0000,0000,0000,,So she might have a sofa bed in her front room that she would like to let out.
Dialogue: 0,0:03:16.76,0:03:20.93,Default,,0000,0000,0000,,She might have a bike, a video games console she only uses occasionally.
Dialogue: 0,0:03:20.93,0:03:24.33,Default,,0000,0000,0000,,And you're probably thinking -- because you're all very web-aware --
Dialogue: 0,0:03:24.33,0:03:26.90,Default,,0000,0000,0000,,yes, and we're in the era of collaborative consumption,
Dialogue: 0,0:03:26.90,0:03:28.66,Default,,0000,0000,0000,,so she can go online and do all this.
Dialogue: 0,0:03:28.66,0:03:31.31,Default,,0000,0000,0000,,She can go to Airbnb to list her sofa bed,
Dialogue: 0,0:03:31.31,0:03:35.20,Default,,0000,0000,0000,,she can go to TaskRabbit.com and say, "I want to do local deliveries," and so on.
Dialogue: 0,0:03:35.20,0:03:40.55,Default,,0000,0000,0000,,These are good sites, but I believe we can go a step further.
Dialogue: 0,0:03:40.55,0:03:47.16,Default,,0000,0000,0000,,And the key to that is a philosophy that we call modern markets for all.
Dialogue: 0,0:03:47.16,0:03:51.71,Default,,0000,0000,0000,,Markets have changed beyond recognition in the last 20 years,
Dialogue: 0,0:03:51.71,0:03:55.40,Default,,0000,0000,0000,,but only for organizations at the top of the economy.
Dialogue: 0,0:03:55.40,0:03:58.40,Default,,0000,0000,0000,,If you're a Wall Street trader, you now take it for granted
Dialogue: 0,0:03:58.40,0:04:01.31,Default,,0000,0000,0000,,that you sell your financial assets in a system of markets
Dialogue: 0,0:04:01.31,0:04:04.90,Default,,0000,0000,0000,,that identifies the most profitable opportunities for you in real time,
Dialogue: 0,0:04:04.90,0:04:08.55,Default,,0000,0000,0000,,executes on that in microseconds within the boundaries you've set.
Dialogue: 0,0:04:08.55,0:04:11.98,Default,,0000,0000,0000,,It analyzes supply and demand and pricing
Dialogue: 0,0:04:11.98,0:04:14.07,Default,,0000,0000,0000,,and tells you where your next wave of opportunities are coming from.
Dialogue: 0,0:04:14.07,0:04:17.62,Default,,0000,0000,0000,,It manages counterparty risk in incredibly sophisticated ways.
Dialogue: 0,0:04:17.62,0:04:20.06,Default,,0000,0000,0000,,It's all extremely low overhead.
Dialogue: 0,0:04:20.06,0:04:23.06,Default,,0000,0000,0000,,What have we gained at the bottom of the economy
Dialogue: 0,0:04:23.06,0:04:27.15,Default,,0000,0000,0000,,in terms of markets in the last 20 years?
Dialogue: 0,0:04:27.15,0:04:33.31,Default,,0000,0000,0000,,Basically classified adverts with a search facility.
Dialogue: 0,0:04:33.31,0:04:35.32,Default,,0000,0000,0000,,So why do we have this disparity
Dialogue: 0,0:04:35.32,0:04:38.87,Default,,0000,0000,0000,,between these incredibly sophisticated markets at the top of the economy
Dialogue: 0,0:04:38.87,0:04:42.49,Default,,0000,0000,0000,,that are increasingly sucking more and more activity and resource
Dialogue: 0,0:04:42.49,0:04:45.94,Default,,0000,0000,0000,,out of the main economy into this rarefied level of trading,
Dialogue: 0,0:04:45.94,0:04:48.32,Default,,0000,0000,0000,,and what the rest of us have?
Dialogue: 0,0:04:48.32,0:04:51.39,Default,,0000,0000,0000,,A modern market is more than a website;
Dialogue: 0,0:04:51.39,0:04:54.01,Default,,0000,0000,0000,,it's a web of interoperable marketplaces,
Dialogue: 0,0:04:54.01,0:04:56.54,Default,,0000,0000,0000,,back office mechanisms, regulatory regimes,
Dialogue: 0,0:04:56.54,0:05:01.44,Default,,0000,0000,0000,,settlement mechanisms, liquidity sources and so on.
Dialogue: 0,0:05:01.44,0:05:04.59,Default,,0000,0000,0000,,And when a Wall Street trader comes into work in the morning,
Dialogue: 0,0:05:04.59,0:05:09.79,Default,,0000,0000,0000,,she does not write a listing for every financial derivative she wants to sell today
Dialogue: 0,0:05:09.79,0:05:12.40,Default,,0000,0000,0000,,and then post that listing on multiple websites
Dialogue: 0,0:05:12.40,0:05:14.90,Default,,0000,0000,0000,,and wait for potential buyers to get in touch
Dialogue: 0,0:05:14.90,0:05:18.62,Default,,0000,0000,0000,,and start negotiating the terms on which she might trade.
Dialogue: 0,0:05:18.62,0:05:21.52,Default,,0000,0000,0000,,In the early days of this modern markets technology,
Dialogue: 0,0:05:21.52,0:05:23.59,Default,,0000,0000,0000,,the financial institutions worked out
Dialogue: 0,0:05:23.59,0:05:27.22,Default,,0000,0000,0000,,how they could leverage their buying power, their back office processes,
Dialogue: 0,0:05:27.22,0:05:29.52,Default,,0000,0000,0000,,their relationships, their networks
Dialogue: 0,0:05:29.52,0:05:34.11,Default,,0000,0000,0000,,to shape these new markets that would create all this new activity.
Dialogue: 0,0:05:34.11,0:05:37.20,Default,,0000,0000,0000,,They asked governments for supporting regulatory regimes,
Dialogue: 0,0:05:37.20,0:05:39.83,Default,,0000,0000,0000,,and in a lot of cases they got it.
Dialogue: 0,0:05:39.83,0:05:41.78,Default,,0000,0000,0000,,But throughout the economy,
Dialogue: 0,0:05:41.78,0:05:44.60,Default,,0000,0000,0000,,there are facilities that could likewise leverage
Dialogue: 0,0:05:44.60,0:05:46.20,Default,,0000,0000,0000,,a new generation of markets
Dialogue: 0,0:05:46.20,0:05:48.93,Default,,0000,0000,0000,,for the benefit of all of us.
Dialogue: 0,0:05:48.93,0:05:50.90,Default,,0000,0000,0000,,And those facilities --
Dialogue: 0,0:05:50.90,0:05:54.62,Default,,0000,0000,0000,,I'm talking about things like the mechanisms that prove our identity,
Dialogue: 0,0:05:54.62,0:05:56.90,Default,,0000,0000,0000,,the licensing authorities
Dialogue: 0,0:05:56.90,0:06:00.73,Default,,0000,0000,0000,,that know what each of us is allowed to do legally at any given time,
Dialogue: 0,0:06:00.73,0:06:04.40,Default,,0000,0000,0000,,the processes by which we resolve disputes through official channels.
Dialogue: 0,0:06:04.40,0:06:07.25,Default,,0000,0000,0000,,These mechanisms, these facilities
Dialogue: 0,0:06:07.25,0:06:10.80,Default,,0000,0000,0000,,are not in the gift of Craigslist or Gumtree or Yahoo,
Dialogue: 0,0:06:10.80,0:06:13.90,Default,,0000,0000,0000,,they're controlled by the state.
Dialogue: 0,0:06:13.90,0:06:16.63,Default,,0000,0000,0000,,And the policymakers who sit on top of them
Dialogue: 0,0:06:16.63,0:06:22.85,Default,,0000,0000,0000,,are, I suggest, simply not thinking about how those facilities could be used
Dialogue: 0,0:06:22.85,0:06:25.63,Default,,0000,0000,0000,,to underpin a whole new era of markets.
Dialogue: 0,0:06:25.63,0:06:30.35,Default,,0000,0000,0000,,Like everyone else, those policymakers are taking it for granted
Dialogue: 0,0:06:30.35,0:06:32.62,Default,,0000,0000,0000,,that modern markets are the preserve
Dialogue: 0,0:06:32.62,0:06:40.53,Default,,0000,0000,0000,,of organizations powerful enough to create them for themselves.
Dialogue: 0,0:06:40.53,0:06:43.96,Default,,0000,0000,0000,,Suppose we stopped taking that for granted.
Dialogue: 0,0:06:43.96,0:06:47.12,Default,,0000,0000,0000,,Suppose tomorrow morning the prime minister of Britain or the president of the U.S.,
Dialogue: 0,0:06:47.12,0:06:49.30,Default,,0000,0000,0000,,or the leader of any other developed nation,
Dialogue: 0,0:06:49.30,0:06:53.16,Default,,0000,0000,0000,,woke up and said, "I'm never going to be able to create
Dialogue: 0,0:06:53.16,0:06:55.32,Default,,0000,0000,0000,,all the jobs I need in the current climate.
Dialogue: 0,0:06:55.32,0:07:00.66,Default,,0000,0000,0000,,I have got to focus on whatever economic opportunity I can get to my citizens.
Dialogue: 0,0:07:00.66,0:07:04.62,Default,,0000,0000,0000,,And for that they have to be able to access state-of-the-art markets.
Dialogue: 0,0:07:04.62,0:07:06.99,Default,,0000,0000,0000,,How do I make that happen?"
Dialogue: 0,0:07:06.99,0:07:09.74,Default,,0000,0000,0000,,And I think I can see a few eyes rolling.
Dialogue: 0,0:07:09.74,0:07:13.52,Default,,0000,0000,0000,,Politicians in a big, complex, sophisticated I.T. project?
Dialogue: 0,0:07:13.52,0:07:17.05,Default,,0000,0000,0000,,Oh, that's going to be a disaster waiting to happen.
Dialogue: 0,0:07:17.05,0:07:20.06,Default,,0000,0000,0000,,Not necessarily.
Dialogue: 0,0:07:20.06,0:07:22.90,Default,,0000,0000,0000,,There is a precedent for technology-enabled service
Dialogue: 0,0:07:22.90,0:07:26.61,Default,,0000,0000,0000,,that has been initiated by politicians in multiple countries
Dialogue: 0,0:07:26.61,0:07:29.42,Default,,0000,0000,0000,,and has been hugely successful:
Dialogue: 0,0:07:29.42,0:07:31.87,Default,,0000,0000,0000,,national lotteries.
Dialogue: 0,0:07:31.87,0:07:33.62,Default,,0000,0000,0000,,Let's take Britain as an example.
Dialogue: 0,0:07:33.62,0:07:36.22,Default,,0000,0000,0000,,Our government didn't design the national lottery,
Dialogue: 0,0:07:36.22,0:07:39.01,Default,,0000,0000,0000,,it didn't fund the national lottery, it doesn't operate the national lottery.
Dialogue: 0,0:07:39.01,0:07:44.16,Default,,0000,0000,0000,,It simply passed the National Lottery Act and this is what followed.
Dialogue: 0,0:07:44.16,0:07:47.42,Default,,0000,0000,0000,,This act defines what a national lottery will look like.
Dialogue: 0,0:07:47.42,0:07:49.09,Default,,0000,0000,0000,,It specifies certain benefits
Dialogue: 0,0:07:49.09,0:07:51.77,Default,,0000,0000,0000,,that the state can uniquely bestow on the operators.
Dialogue: 0,0:07:51.77,0:07:54.47,Default,,0000,0000,0000,,And it puts some obligations on those operators.
Dialogue: 0,0:07:54.47,0:07:57.82,Default,,0000,0000,0000,,In terms of spreading gambling activity to the masses,
Dialogue: 0,0:07:57.82,0:08:00.86,Default,,0000,0000,0000,,this was an unqualified success.
Dialogue: 0,0:08:00.86,0:08:02.64,Default,,0000,0000,0000,,But let's suppose that our aim
Dialogue: 0,0:08:02.64,0:08:06.52,Default,,0000,0000,0000,,is to bring new economic activity to the base of the pyramid.
Dialogue: 0,0:08:06.52,0:08:08.67,Default,,0000,0000,0000,,Could we use the same model?
Dialogue: 0,0:08:08.67,0:08:10.46,Default,,0000,0000,0000,,I believe we could.
Dialogue: 0,0:08:10.46,0:08:14.57,Default,,0000,0000,0000,,So imagine that policymakers outlined a facility.
Dialogue: 0,0:08:14.57,0:08:18.56,Default,,0000,0000,0000,,Let's call it national e-markets, NEMs for short.
Dialogue: 0,0:08:18.56,0:08:20.41,Default,,0000,0000,0000,,Think of it as a regulated public utility.
Dialogue: 0,0:08:20.41,0:08:23.29,Default,,0000,0000,0000,,So it's on a par with the water supply or the road network.
Dialogue: 0,0:08:23.29,0:08:27.41,Default,,0000,0000,0000,,And it's a series of markets for low-level trade
Dialogue: 0,0:08:27.41,0:08:30.22,Default,,0000,0000,0000,,that can be fulfilled by a person or a small company.
Dialogue: 0,0:08:30.22,0:08:32.97,Default,,0000,0000,0000,,And government has certain benefits
Dialogue: 0,0:08:32.97,0:08:35.52,Default,,0000,0000,0000,,it can uniquely bestow on these markets.
Dialogue: 0,0:08:35.52,0:08:38.31,Default,,0000,0000,0000,,It's about public spending going through these markets
Dialogue: 0,0:08:38.31,0:08:40.90,Default,,0000,0000,0000,,to buy public services at the local level.
Dialogue: 0,0:08:40.90,0:08:42.64,Default,,0000,0000,0000,,It's about interfacing these markets
Dialogue: 0,0:08:42.64,0:08:46.29,Default,,0000,0000,0000,,direct into the highest official channels in the land.
Dialogue: 0,0:08:46.29,0:08:49.69,Default,,0000,0000,0000,,It's about enshrining government's role as a publicist for these markets.
Dialogue: 0,0:08:49.69,0:08:52.47,Default,,0000,0000,0000,,It's about deregulating some sectors
Dialogue: 0,0:08:52.47,0:08:53.90,Default,,0000,0000,0000,,so that local people can enter them.
Dialogue: 0,0:08:53.90,0:08:56.16,Default,,0000,0000,0000,,So, taxi journeys might be one example.
Dialogue: 0,0:08:56.16,0:09:00.94,Default,,0000,0000,0000,,And there are certain obligations that should go with those benefits
Dialogue: 0,0:09:00.94,0:09:02.54,Default,,0000,0000,0000,,to be placed on the operators,
Dialogue: 0,0:09:02.54,0:09:04.04,Default,,0000,0000,0000,,and the key one is, of course,
Dialogue: 0,0:09:04.04,0:09:06.91,Default,,0000,0000,0000,,that the operators pay for everything,
Dialogue: 0,0:09:06.91,0:09:09.91,Default,,0000,0000,0000,,including all the interfacing into the public sector.
Dialogue: 0,0:09:09.91,0:09:13.47,Default,,0000,0000,0000,,So imagine that the operators make their return
Dialogue: 0,0:09:13.47,0:09:16.66,Default,,0000,0000,0000,,by building a percentage markup into each transaction.
Dialogue: 0,0:09:16.66,0:09:19.09,Default,,0000,0000,0000,,Imagine that there's a concession period
Dialogue: 0,0:09:19.09,0:09:21.52,Default,,0000,0000,0000,,defined of maybe 15 years
Dialogue: 0,0:09:21.52,0:09:25.99,Default,,0000,0000,0000,,in which they can take all these benefits and run with them.
Dialogue: 0,0:09:25.99,0:09:29.31,Default,,0000,0000,0000,,And imagine that the consortia who bid to run it are told,
Dialogue: 0,0:09:29.31,0:09:32.94,Default,,0000,0000,0000,,whoever comes in at the lowest percentage markup on each transaction
Dialogue: 0,0:09:32.94,0:09:34.43,Default,,0000,0000,0000,,to fund the whole thing
Dialogue: 0,0:09:34.43,0:09:35.81,Default,,0000,0000,0000,,will get the deal.
Dialogue: 0,0:09:35.81,0:09:37.61,Default,,0000,0000,0000,,So government then exits the frame.
Dialogue: 0,0:09:37.61,0:09:39.24,Default,,0000,0000,0000,,This is now in the hands of the consortium.
Dialogue: 0,0:09:39.24,0:09:41.79,Default,,0000,0000,0000,,Either they are going to unlock an awful lot of economic opportunity
Dialogue: 0,0:09:41.79,0:09:43.87,Default,,0000,0000,0000,,and make a percentage on all of it
Dialogue: 0,0:09:43.87,0:09:45.47,Default,,0000,0000,0000,,or it's all going to crash and burn,
Dialogue: 0,0:09:45.47,0:09:47.09,Default,,0000,0000,0000,,which is tough on their shareholders.
Dialogue: 0,0:09:47.09,0:09:49.54,Default,,0000,0000,0000,,It doesn't bother the taxpayer necessarily.
Dialogue: 0,0:09:49.54,0:09:54.19,Default,,0000,0000,0000,,And there would be no constraints on alternative markets.
Dialogue: 0,0:09:54.19,0:09:56.62,Default,,0000,0000,0000,,So this would just be one more choice
Dialogue: 0,0:09:56.62,0:09:59.44,Default,,0000,0000,0000,,among millions of Internet forums.
Dialogue: 0,0:09:59.44,0:10:01.99,Default,,0000,0000,0000,,But it could be very different,
Dialogue: 0,0:10:01.99,0:10:05.61,Default,,0000,0000,0000,,because having access to those state-backed facilities
Dialogue: 0,0:10:05.61,0:10:07.94,Default,,0000,0000,0000,,could incentivize this consortium
Dialogue: 0,0:10:07.94,0:10:10.06,Default,,0000,0000,0000,,to seriously invest in the service.
Dialogue: 0,0:10:10.06,0:10:13.12,Default,,0000,0000,0000,,Because they would have to get a lot of these small transactions going
Dialogue: 0,0:10:13.12,0:10:14.86,Default,,0000,0000,0000,,to start making their return.
Dialogue: 0,0:10:14.86,0:10:19.75,Default,,0000,0000,0000,,So we're talking about sectors like home hair care,
Dialogue: 0,0:10:19.75,0:10:23.70,Default,,0000,0000,0000,,the hire of toys, farm work,
Dialogue: 0,0:10:23.70,0:10:27.32,Default,,0000,0000,0000,,hire of clothes even, meals delivered to your door,
Dialogue: 0,0:10:27.32,0:10:29.13,Default,,0000,0000,0000,,services for tourists, home care.
Dialogue: 0,0:10:29.13,0:10:35.91,Default,,0000,0000,0000,,This would be a world of very small trades, but very well-informed,
Dialogue: 0,0:10:35.91,0:10:39.78,Default,,0000,0000,0000,,because national e-markets will deliver data.
Dialogue: 0,0:10:39.78,0:10:42.41,Default,,0000,0000,0000,,So this is a local person
Dialogue: 0,0:10:42.41,0:10:45.41,Default,,0000,0000,0000,,potentially deciding whether to enter the babysitting market.
Dialogue: 0,0:10:45.41,0:10:48.26,Default,,0000,0000,0000,,And they might be aware that they would have to fund vetting and training
Dialogue: 0,0:10:48.26,0:10:49.66,Default,,0000,0000,0000,,if they wanted to go into that market.
Dialogue: 0,0:10:49.66,0:10:52.28,Default,,0000,0000,0000,,They'd have to do assessment interviews with local parents
Dialogue: 0,0:10:52.28,0:10:53.78,Default,,0000,0000,0000,,who wanted a pool of babysitters.
Dialogue: 0,0:10:53.78,0:10:55.18,Default,,0000,0000,0000,,Is it worth their while?
Dialogue: 0,0:10:55.18,0:10:56.88,Default,,0000,0000,0000,,Should they be looking at other sectors?
Dialogue: 0,0:10:56.88,0:10:58.76,Default,,0000,0000,0000,,Should they be moving to another part of the country
Dialogue: 0,0:10:58.76,0:11:01.01,Default,,0000,0000,0000,,where there's a shortage of babysitters?
Dialogue: 0,0:11:01.01,0:11:03.36,Default,,0000,0000,0000,,This kind of data can become routine.
Dialogue: 0,0:11:03.36,0:11:05.40,Default,,0000,0000,0000,,And this data can be used by investors.
Dialogue: 0,0:11:05.40,0:11:08.56,Default,,0000,0000,0000,,So if there's a problem with a shortage of babysitters in some parts of the country
Dialogue: 0,0:11:08.56,0:11:11.46,Default,,0000,0000,0000,,and the problem is nobody can afford the vetting and training,
Dialogue: 0,0:11:11.46,0:11:13.05,Default,,0000,0000,0000,,an investor can pay for it
Dialogue: 0,0:11:13.05,0:11:16.73,Default,,0000,0000,0000,,and the system will tithe back the enhanced earnings of the individuals
Dialogue: 0,0:11:16.73,0:11:18.38,Default,,0000,0000,0000,,for maybe the next two years.
Dialogue: 0,0:11:18.38,0:11:21.68,Default,,0000,0000,0000,,This is a world of atomized capitalism.
Dialogue: 0,0:11:21.68,0:11:23.71,Default,,0000,0000,0000,,So it's small trades by small people,
Dialogue: 0,0:11:23.71,0:11:30.58,Default,,0000,0000,0000,,but it's very informed, safe, convenient, low-overhead and immediate.
Dialogue: 0,0:11:30.58,0:11:33.50,Default,,0000,0000,0000,,Some rough research suggests this could unlock
Dialogue: 0,0:11:33.50,0:11:37.70,Default,,0000,0000,0000,,around 100 million pounds' worth a day of new economic activity
Dialogue: 0,0:11:37.70,0:11:39.66,Default,,0000,0000,0000,,in a country the size of the U.K.
Dialogue: 0,0:11:39.66,0:11:42.39,Default,,0000,0000,0000,,Does that sound improbable to you?
Dialogue: 0,0:11:42.39,0:11:46.52,Default,,0000,0000,0000,,That's what a lot of people said about turbo trading
Dialogue: 0,0:11:46.52,0:11:49.57,Default,,0000,0000,0000,,in financial exchanges 20 years ago.
Dialogue: 0,0:11:49.57,0:11:52.67,Default,,0000,0000,0000,,Do not underestimate the transformative power
Dialogue: 0,0:11:52.67,0:11:55.83,Default,,0000,0000,0000,,of truly modern markets.
Dialogue: 0,0:11:55.83,0:11:57.46,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:11:57.46,0:11:59.04,Default,,0000,0000,0000,,(Applause)