[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:01.73,0:00:04.27,Default,,0000,0000,0000,,Guys, we have an issue.
Dialogue: 0,0:00:04.29,0:00:05.39,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:00:05.42,0:00:08.21,Default,,0000,0000,0000,,Growth is fading away,\Nand it's a big deal.
Dialogue: 0,0:00:09.14,0:00:11.29,Default,,0000,0000,0000,,Our global economy stops growing.
Dialogue: 0,0:00:12.02,0:00:13.42,Default,,0000,0000,0000,,And it's not new.
Dialogue: 0,0:00:13.44,0:00:16.75,Default,,0000,0000,0000,,Growth has actually declined\Nfor the last 50 years.
Dialogue: 0,0:00:17.21,0:00:19.75,Default,,0000,0000,0000,,If we continue like this, we need to learn
Dialogue: 0,0:00:19.78,0:00:23.50,Default,,0000,0000,0000,,how to live in a world\Nwith no growth in the next decade.
Dialogue: 0,0:00:24.25,0:00:27.73,Default,,0000,0000,0000,,This is scary because\Nwhen the economy doesn't grow,
Dialogue: 0,0:00:27.75,0:00:29.71,Default,,0000,0000,0000,,our children don't get better lives.
Dialogue: 0,0:00:30.54,0:00:33.95,Default,,0000,0000,0000,,What's even scarier is that\Nwhen the pie does not grow,
Dialogue: 0,0:00:33.97,0:00:35.53,Default,,0000,0000,0000,,each of us get a smaller piece.
Dialogue: 0,0:00:35.55,0:00:37.67,Default,,0000,0000,0000,,We're then ready to fight\Nfor a bigger one.
Dialogue: 0,0:00:38.07,0:00:41.21,Default,,0000,0000,0000,,This creates tensions\Nand serious conflicts.
Dialogue: 0,0:00:41.58,0:00:43.52,Default,,0000,0000,0000,,Growth matters a lot.
Dialogue: 0,0:00:45.35,0:00:47.64,Default,,0000,0000,0000,,If we look at the history of growth,
Dialogue: 0,0:00:47.66,0:00:50.17,Default,,0000,0000,0000,,times of big growth\Nhave always been fueled
Dialogue: 0,0:00:50.20,0:00:52.22,Default,,0000,0000,0000,,by big manufacturing revolutions.
Dialogue: 0,0:00:52.82,0:00:55.72,Default,,0000,0000,0000,,It happened three times,\Nevery 50-60 years.
Dialogue: 0,0:00:56.42,0:01:00.44,Default,,0000,0000,0000,,The steam engine\Nin the middle of the 19th century,
Dialogue: 0,0:01:00.47,0:01:04.23,Default,,0000,0000,0000,,the mass-production model\Nin the beginning of the 20th century --
Dialogue: 0,0:01:04.25,0:01:05.57,Default,,0000,0000,0000,,thanks, Mr. Ford.
Dialogue: 0,0:01:06.38,0:01:09.37,Default,,0000,0000,0000,,And the first automation\Nwave in the 1970s.
Dialogue: 0,0:01:10.16,0:01:12.35,Default,,0000,0000,0000,,Why did these manufacturing revolutions
Dialogue: 0,0:01:12.38,0:01:14.60,Default,,0000,0000,0000,,create huge growth in our economies?
Dialogue: 0,0:01:15.68,0:01:18.79,Default,,0000,0000,0000,,Because they have injected\Nhuge productivity improvement.
Dialogue: 0,0:01:19.59,0:01:20.74,Default,,0000,0000,0000,,It's rather simple:
Dialogue: 0,0:01:21.08,0:01:24.32,Default,,0000,0000,0000,,in order to grow,\Nyou need to be producing more,
Dialogue: 0,0:01:24.34,0:01:26.31,Default,,0000,0000,0000,,putting more into our economy.
Dialogue: 0,0:01:27.24,0:01:32.85,Default,,0000,0000,0000,,This means either more labor\Nor more capital or more productivity.
Dialogue: 0,0:01:32.88,0:01:35.89,Default,,0000,0000,0000,,Each time, productivity\Nhas been the growth lever.
Dialogue: 0,0:01:37.74,0:01:40.49,Default,,0000,0000,0000,,I'm here today to tell you
Dialogue: 0,0:01:40.51,0:01:44.22,Default,,0000,0000,0000,,that we are on the verge\Nof another huge change,
Dialogue: 0,0:01:44.24,0:01:47.71,Default,,0000,0000,0000,,and that this change, surprisingly enough,
Dialogue: 0,0:01:47.73,0:01:50.40,Default,,0000,0000,0000,,is going to come\Nfrom manufacturing, again.
Dialogue: 0,0:01:51.39,0:01:54.50,Default,,0000,0000,0000,,It will get us out of our growth slump
Dialogue: 0,0:01:54.53,0:01:58.37,Default,,0000,0000,0000,,and it will change radically\Nthe way globalization has been shaped
Dialogue: 0,0:01:58.39,0:01:59.64,Default,,0000,0000,0000,,over the last decade.
Dialogue: 0,0:01:59.94,0:02:05.21,Default,,0000,0000,0000,,I'm here to tell you about the amazing\Nfourth manufacturing revolution
Dialogue: 0,0:02:05.23,0:02:06.64,Default,,0000,0000,0000,,that is currently underway.
Dialogue: 0,0:02:07.21,0:02:09.67,Default,,0000,0000,0000,,It's not as if we've done nothing\Nwith manufacturing
Dialogue: 0,0:02:09.70,0:02:10.99,Default,,0000,0000,0000,,since the last revolution.
Dialogue: 0,0:02:11.01,0:02:13.43,Default,,0000,0000,0000,,Actually, we've made\Nsome pretty lame attempts
Dialogue: 0,0:02:13.45,0:02:15.05,Default,,0000,0000,0000,,to try to revitalize it.
Dialogue: 0,0:02:15.08,0:02:18.05,Default,,0000,0000,0000,,But none of them\Nhave been the big overhaul
Dialogue: 0,0:02:18.08,0:02:19.96,Default,,0000,0000,0000,,we really need to get us growing again.
Dialogue: 0,0:02:20.38,0:02:24.98,Default,,0000,0000,0000,,For example, we've tried\Nto relocate our factories offshore
Dialogue: 0,0:02:25.00,0:02:28.02,Default,,0000,0000,0000,,in order to reduce cost\Nand take advantage of cheap labor.
Dialogue: 0,0:02:29.05,0:02:32.63,Default,,0000,0000,0000,,Not only did this not\Ninspire productivity,
Dialogue: 0,0:02:32.66,0:02:35.13,Default,,0000,0000,0000,,but it only saved money\Nfor a short period of time,
Dialogue: 0,0:02:35.15,0:02:37.69,Default,,0000,0000,0000,,because cheap labor\Ndidn't stay cheap for long.
Dialogue: 0,0:02:38.46,0:02:42.38,Default,,0000,0000,0000,,Then, we've tried to make\Nour factories larger
Dialogue: 0,0:02:42.40,0:02:44.29,Default,,0000,0000,0000,,and we specialized them by product.
Dialogue: 0,0:02:45.32,0:02:48.63,Default,,0000,0000,0000,,The idea was that we can\Nmake a lot of one product
Dialogue: 0,0:02:48.66,0:02:51.04,Default,,0000,0000,0000,,and stockpile it to be sold with demand.
Dialogue: 0,0:02:52.02,0:02:54.60,Default,,0000,0000,0000,,This did help productivity for a while.
Dialogue: 0,0:02:54.62,0:02:58.55,Default,,0000,0000,0000,,But it introduced a lot of rigidities\Nin our supply chain.
Dialogue: 0,0:02:59.43,0:03:00.83,Default,,0000,0000,0000,,Let's take fashion retail.
Dialogue: 0,0:03:01.23,0:03:03.35,Default,,0000,0000,0000,,Traditional clothing companies
Dialogue: 0,0:03:03.37,0:03:08.02,Default,,0000,0000,0000,,have built offshore,\Nglobal, rigid supply chains.
Dialogue: 0,0:03:08.79,0:03:11.54,Default,,0000,0000,0000,,When fast-fashion competitors like Zara
Dialogue: 0,0:03:11.56,0:03:14.07,Default,,0000,0000,0000,,started replenishing their stocks faster
Dialogue: 0,0:03:14.10,0:03:17.78,Default,,0000,0000,0000,,from two collections a year\Nto one collection a month,
Dialogue: 0,0:03:17.80,0:03:20.34,Default,,0000,0000,0000,,none of them have been able\Nto keep up with the pace.
Dialogue: 0,0:03:20.37,0:03:23.08,Default,,0000,0000,0000,,Most of them are\Nin great difficulties today.
Dialogue: 0,0:03:24.01,0:03:27.21,Default,,0000,0000,0000,,Yet, with all of their shortcomings,
Dialogue: 0,0:03:27.24,0:03:29.18,Default,,0000,0000,0000,,those are the factories we know today.
Dialogue: 0,0:03:29.54,0:03:31.16,Default,,0000,0000,0000,,When you open the doors,
Dialogue: 0,0:03:31.18,0:03:34.09,Default,,0000,0000,0000,,they look the same\Nas they did 50 years ago.
Dialogue: 0,0:03:34.40,0:03:39.44,Default,,0000,0000,0000,,We've just changed the location,\Nthe size, the way they operate.
Dialogue: 0,0:03:40.27,0:03:42.62,Default,,0000,0000,0000,,Can you name anything else\Nthat looks the same
Dialogue: 0,0:03:42.64,0:03:44.20,Default,,0000,0000,0000,,as it did 50 years ago?
Dialogue: 0,0:03:44.22,0:03:45.38,Default,,0000,0000,0000,,It's crazy.
Dialogue: 0,0:03:45.84,0:03:48.87,Default,,0000,0000,0000,,We've made all the tweaks\Nto the model that we could,
Dialogue: 0,0:03:48.89,0:03:51.89,Default,,0000,0000,0000,,and now we hit its limits.
Dialogue: 0,0:03:53.03,0:03:57.87,Default,,0000,0000,0000,,After all of our attempts to fix\Nthe manufacturing model failed,
Dialogue: 0,0:03:57.89,0:04:00.70,Default,,0000,0000,0000,,we thought growth could come\Nfrom elsewhere.
Dialogue: 0,0:04:00.72,0:04:02.76,Default,,0000,0000,0000,,We turned to the tech sector --
Dialogue: 0,0:04:02.79,0:04:05.15,Default,,0000,0000,0000,,there's been quite a lot\Nof innovations there.
Dialogue: 0,0:04:05.18,0:04:06.97,Default,,0000,0000,0000,,Just to name one: the Internet.
Dialogue: 0,0:04:07.91,0:04:09.71,Default,,0000,0000,0000,,We hoped it could produce growth.
Dialogue: 0,0:04:09.74,0:04:12.23,Default,,0000,0000,0000,,And indeed, it changed our lives.
Dialogue: 0,0:04:12.25,0:04:16.70,Default,,0000,0000,0000,,It made big waves in the media,\Nthe service, the entertainment spaces.
Dialogue: 0,0:04:17.08,0:04:19.16,Default,,0000,0000,0000,,But it hasn't done much for productivity.
Dialogue: 0,0:04:20.01,0:04:24.31,Default,,0000,0000,0000,,Actually, what's surprising\Nis that productivity is on the decline
Dialogue: 0,0:04:24.33,0:04:26.86,Default,,0000,0000,0000,,despite all of those innovation efforts.
Dialogue: 0,0:04:27.52,0:04:31.28,Default,,0000,0000,0000,,Imagine that -- sitting at work,\Nscrolling through Facebook,
Dialogue: 0,0:04:31.30,0:04:35.11,Default,,0000,0000,0000,,watching videos on YouTube\Nhas made us less productive.
Dialogue: 0,0:04:35.13,0:04:36.28,Default,,0000,0000,0000,,Weird.
Dialogue: 0,0:04:36.31,0:04:37.89,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:04:37.92,0:04:39.70,Default,,0000,0000,0000,,This is why we are not growing.
Dialogue: 0,0:04:40.58,0:04:43.86,Default,,0000,0000,0000,,We failed at reinventing\Nthe manufacturing space,
Dialogue: 0,0:04:43.88,0:04:47.83,Default,,0000,0000,0000,,and large technological innovations\Nhave played away from it.
Dialogue: 0,0:04:49.18,0:04:51.46,Default,,0000,0000,0000,,But what if we could combine those forces?
Dialogue: 0,0:04:51.93,0:04:56.80,Default,,0000,0000,0000,,What if the existing manufacturing\Nand large technological innovation
Dialogue: 0,0:04:56.82,0:05:01.38,Default,,0000,0000,0000,,came together to create\Nthe next big manufacturing reinvention.
Dialogue: 0,0:05:01.41,0:05:02.66,Default,,0000,0000,0000,,Bingo!
Dialogue: 0,0:05:02.69,0:05:05.17,Default,,0000,0000,0000,,This is the fourth\Nmanufacturing revolution,
Dialogue: 0,0:05:05.20,0:05:06.86,Default,,0000,0000,0000,,and it's happening right now.
Dialogue: 0,0:05:07.36,0:05:10.62,Default,,0000,0000,0000,,Major technologies are entering\Nthe manufacturing space,
Dialogue: 0,0:05:10.64,0:05:11.80,Default,,0000,0000,0000,,big time.
Dialogue: 0,0:05:12.32,0:05:15.41,Default,,0000,0000,0000,,They will boost industrial productivity\Nby more than a third.
Dialogue: 0,0:05:16.22,0:05:19.94,Default,,0000,0000,0000,,This is massive, and it will do\Na lot in creating growth.
Dialogue: 0,0:05:21.29,0:05:23.09,Default,,0000,0000,0000,,Let me tell you about some of them.
Dialogue: 0,0:05:24.09,0:05:26.99,Default,,0000,0000,0000,,Have you already met advanced\Nmanufacturing robots?
Dialogue: 0,0:05:27.58,0:05:29.68,Default,,0000,0000,0000,,They are the size of humans,
Dialogue: 0,0:05:29.70,0:05:31.72,Default,,0000,0000,0000,,they actually collaborate with them,
Dialogue: 0,0:05:31.75,0:05:33.33,Default,,0000,0000,0000,,and they can be programmed
Dialogue: 0,0:05:33.35,0:05:36.26,Default,,0000,0000,0000,,in order to perform\Ncomplex, non-repetitive tasks.
Dialogue: 0,0:05:37.63,0:05:42.57,Default,,0000,0000,0000,,Today in our factories, only\N8 percent of the tasks are automated.
Dialogue: 0,0:05:42.59,0:05:45.86,Default,,0000,0000,0000,,The less complex,\Nthe more repetitive ones.
Dialogue: 0,0:05:46.55,0:05:49.43,Default,,0000,0000,0000,,It will be 25 percent in 10 years.
Dialogue: 0,0:05:49.45,0:05:52.26,Default,,0000,0000,0000,,It means that by 2025,
Dialogue: 0,0:05:52.29,0:05:54.85,Default,,0000,0000,0000,,advanced robots will complement workers
Dialogue: 0,0:05:54.88,0:05:57.72,Default,,0000,0000,0000,,to be, together,\N20 percent more productive,
Dialogue: 0,0:05:57.74,0:05:59.74,Default,,0000,0000,0000,,to manufacture 20 percent more outputs,
Dialogue: 0,0:05:59.77,0:06:01.89,Default,,0000,0000,0000,,to achieve 20 percent additional growth.
Dialogue: 0,0:06:03.12,0:06:06.04,Default,,0000,0000,0000,,This isn't some fancy, futuristic idea.
Dialogue: 0,0:06:06.42,0:06:09.00,Default,,0000,0000,0000,,These robots are working for us right now.
Dialogue: 0,0:06:09.99,0:06:15.54,Default,,0000,0000,0000,,Last year in the US, they helped\NAmazon prepare and ship all the products
Dialogue: 0,0:06:15.56,0:06:17.66,Default,,0000,0000,0000,,required for Cyber Monday,
Dialogue: 0,0:06:17.68,0:06:19.70,Default,,0000,0000,0000,,the annual peak of online retail.
Dialogue: 0,0:06:20.40,0:06:22.02,Default,,0000,0000,0000,,Last year in the US,
Dialogue: 0,0:06:22.05,0:06:27.95,Default,,0000,0000,0000,,it was the biggest online shopping day\Nof the year and of history.
Dialogue: 0,0:06:28.63,0:06:32.25,Default,,0000,0000,0000,,Consumers spent 3 billion dollars\Non electronics that day.
Dialogue: 0,0:06:32.28,0:06:34.79,Default,,0000,0000,0000,,That's real economic growth.
Dialogue: 0,0:06:35.50,0:06:39.55,Default,,0000,0000,0000,,Then there's additive\Nmanufacturing, 3D printing.
Dialogue: 0,0:06:39.57,0:06:43.58,Default,,0000,0000,0000,,3D printing has already improved\Nplastic manufacturing
Dialogue: 0,0:06:43.61,0:06:46.59,Default,,0000,0000,0000,,and it's now making its way through metal.
Dialogue: 0,0:06:46.61,0:06:48.20,Default,,0000,0000,0000,,Those are not small industries.
Dialogue: 0,0:06:48.88,0:06:51.89,Default,,0000,0000,0000,,Plastic and metals represent 25 percent
Dialogue: 0,0:06:51.92,0:06:53.92,Default,,0000,0000,0000,,of global manufacturing production.
Dialogue: 0,0:06:54.72,0:06:56.27,Default,,0000,0000,0000,,Let's take a real example.
Dialogue: 0,0:06:57.00,0:06:59.94,Default,,0000,0000,0000,,In the aerospace industry,
Dialogue: 0,0:06:59.97,0:07:04.46,Default,,0000,0000,0000,,fuel nozzles are some of the most\Ncomplex parts to manufacture,
Dialogue: 0,0:07:04.48,0:07:05.78,Default,,0000,0000,0000,,for one reason:
Dialogue: 0,0:07:05.81,0:07:08.100,Default,,0000,0000,0000,,they are made up of 20 different parts
Dialogue: 0,0:07:09.02,0:07:11.83,Default,,0000,0000,0000,,that need to be separately produced
Dialogue: 0,0:07:11.85,0:07:14.48,Default,,0000,0000,0000,,and then painstakingly assembled.
Dialogue: 0,0:07:15.30,0:07:18.43,Default,,0000,0000,0000,,Aerospace companies\Nare now using 3D printing,
Dialogue: 0,0:07:18.45,0:07:21.52,Default,,0000,0000,0000,,which allows them to turn\Nthose 20 different parts
Dialogue: 0,0:07:21.54,0:07:22.85,Default,,0000,0000,0000,,into just one.
Dialogue: 0,0:07:23.37,0:07:24.52,Default,,0000,0000,0000,,The results?
Dialogue: 0,0:07:24.91,0:07:27.24,Default,,0000,0000,0000,,40 percent more productivity,
Dialogue: 0,0:07:27.27,0:07:30.54,Default,,0000,0000,0000,,40 percent more output produced,\N40 percent more growth
Dialogue: 0,0:07:30.56,0:07:32.10,Default,,0000,0000,0000,,for this specific industry.
Dialogue: 0,0:07:33.28,0:07:39.43,Default,,0000,0000,0000,,But actually, the most exciting part\Nof this new manufacturing revolution
Dialogue: 0,0:07:39.46,0:07:41.86,Default,,0000,0000,0000,,goes much beyond productivity.
Dialogue: 0,0:07:42.69,0:07:46.26,Default,,0000,0000,0000,,It's about producing better,\Nsmarter products.
Dialogue: 0,0:07:46.29,0:07:48.70,Default,,0000,0000,0000,,It's about scale customization.
Dialogue: 0,0:07:49.10,0:07:53.83,Default,,0000,0000,0000,,Imagine a world where you can buy\Nthe exact products you want
Dialogue: 0,0:07:53.86,0:07:56.07,Default,,0000,0000,0000,,with the functionalities you need,
Dialogue: 0,0:07:56.09,0:07:58.04,Default,,0000,0000,0000,,with the design you want,
Dialogue: 0,0:07:58.06,0:07:59.65,Default,,0000,0000,0000,,with the same cost and lead time
Dialogue: 0,0:07:59.67,0:08:01.56,Default,,0000,0000,0000,,as a product that's been mass produced,
Dialogue: 0,0:08:01.58,0:08:04.45,Default,,0000,0000,0000,,like your car, or your clothes\Nor your cell phone.
Dialogue: 0,0:08:05.11,0:08:07.79,Default,,0000,0000,0000,,The new manufacturing revolution\Nmakes it possible.
Dialogue: 0,0:08:08.58,0:08:11.40,Default,,0000,0000,0000,,Advanced robots can be programmed
Dialogue: 0,0:08:11.42,0:08:14.54,Default,,0000,0000,0000,,in order to perform\Nany product configuration
Dialogue: 0,0:08:14.56,0:08:17.21,Default,,0000,0000,0000,,without any setup time or ramp up.
Dialogue: 0,0:08:17.79,0:08:23.65,Default,,0000,0000,0000,,3D printers instantaneously produce\Nany customized design.
Dialogue: 0,0:08:23.68,0:08:29.34,Default,,0000,0000,0000,,We are now able to produce\Na batch of one product, your product,
Dialogue: 0,0:08:29.37,0:08:32.60,Default,,0000,0000,0000,,at the same cost and lead time\Nas a batch of many.
Dialogue: 0,0:08:33.63,0:08:37.44,Default,,0000,0000,0000,,Those are only a few examples\Nof the manufacturing revolution at play.
Dialogue: 0,0:08:38.47,0:08:42.56,Default,,0000,0000,0000,,Not only will manufacturing\Nbecome more productive,
Dialogue: 0,0:08:42.58,0:08:45.51,Default,,0000,0000,0000,,it will also become more flexible,
Dialogue: 0,0:08:45.54,0:08:50.07,Default,,0000,0000,0000,,and those were exactly the elements\Nof growth that we are missing.
Dialogue: 0,0:08:51.11,0:08:54.72,Default,,0000,0000,0000,,But actually, there are even\Nsome bigger implications
Dialogue: 0,0:08:54.75,0:08:59.75,Default,,0000,0000,0000,,for all of us when manufacturing\Nwill find its way back into the limelight.
Dialogue: 0,0:09:00.44,0:09:03.92,Default,,0000,0000,0000,,It will create a huge macroeconomic shift.
Dialogue: 0,0:09:04.68,0:09:09.12,Default,,0000,0000,0000,,First, our factories will be relocated\Ninto our home markets.
Dialogue: 0,0:09:09.88,0:09:12.12,Default,,0000,0000,0000,,In the world of scale customization,
Dialogue: 0,0:09:12.14,0:09:14.74,Default,,0000,0000,0000,,consumer proximity is the new norm.
Dialogue: 0,0:09:15.72,0:09:19.89,Default,,0000,0000,0000,,Then, our factories\Nwill be smaller, agile.
Dialogue: 0,0:09:19.92,0:09:23.03,Default,,0000,0000,0000,,Scale does not matter anymore,\Nflexibility does.
Dialogue: 0,0:09:23.80,0:09:27.40,Default,,0000,0000,0000,,They will be operating on a multi-product,\Nmade-to-order basis.
Dialogue: 0,0:09:27.86,0:09:30.07,Default,,0000,0000,0000,,The change will be drastic.
Dialogue: 0,0:09:30.59,0:09:34.10,Default,,0000,0000,0000,,Globalization will enter a new era.
Dialogue: 0,0:09:35.14,0:09:38.06,Default,,0000,0000,0000,,The East-to-West trade flows
Dialogue: 0,0:09:38.08,0:09:40.76,Default,,0000,0000,0000,,will be replaced by regional trade flows.
Dialogue: 0,0:09:40.79,0:09:43.09,Default,,0000,0000,0000,,East for East, West for West.
Dialogue: 0,0:09:43.69,0:09:44.93,Default,,0000,0000,0000,,When you think about that,
Dialogue: 0,0:09:45.88,0:09:48.29,Default,,0000,0000,0000,,the old model was pretty much insane.
Dialogue: 0,0:09:49.06,0:09:52.82,Default,,0000,0000,0000,,Piling up stocks, making products\Ntravel the whole world
Dialogue: 0,0:09:52.84,0:09:54.72,Default,,0000,0000,0000,,before they reach their end consumers.
Dialogue: 0,0:09:54.74,0:09:58.98,Default,,0000,0000,0000,,The new model, producing\Njust next to the consumer market,
Dialogue: 0,0:09:59.01,0:10:03.45,Default,,0000,0000,0000,,will be much cleaner,\Nmuch better for our environment.
Dialogue: 0,0:10:04.68,0:10:08.46,Default,,0000,0000,0000,,In mature economies,\Nmanufacturing will be back home,
Dialogue: 0,0:10:08.49,0:10:10.56,Default,,0000,0000,0000,,creating more employment,
Dialogue: 0,0:10:10.59,0:10:12.95,Default,,0000,0000,0000,,more productivity and more growth.
Dialogue: 0,0:10:13.93,0:10:15.42,Default,,0000,0000,0000,,Good news, isn't it?
Dialogue: 0,0:10:16.54,0:10:18.35,Default,,0000,0000,0000,,But here's the thing with growth --
Dialogue: 0,0:10:18.37,0:10:20.02,Default,,0000,0000,0000,,it does not come automatically.
Dialogue: 0,0:10:20.33,0:10:22.46,Default,,0000,0000,0000,,Mature economies will have to seize it.
Dialogue: 0,0:10:23.20,0:10:26.10,Default,,0000,0000,0000,,We'll have to massively\Nre-train our workforce.
Dialogue: 0,0:10:26.55,0:10:29.21,Default,,0000,0000,0000,,In most countries,\Nlike in my country, France,
Dialogue: 0,0:10:29.23,0:10:32.33,Default,,0000,0000,0000,,we've told our children\Nthat manufacturing had no future.
Dialogue: 0,0:10:32.36,0:10:34.33,Default,,0000,0000,0000,,That it was something happening far away.
Dialogue: 0,0:10:34.36,0:10:36.16,Default,,0000,0000,0000,,We need to reverse that
Dialogue: 0,0:10:36.18,0:10:38.58,Default,,0000,0000,0000,,and teach manufacturing again\Nat university.
Dialogue: 0,0:10:39.20,0:10:42.69,Default,,0000,0000,0000,,Only the countries\Nthat will boldly transform
Dialogue: 0,0:10:42.71,0:10:44.73,Default,,0000,0000,0000,,will be able to seize this growth.
Dialogue: 0,0:10:46.64,0:10:49.51,Default,,0000,0000,0000,,It's also a chance\Nfor developing economies.
Dialogue: 0,0:10:50.46,0:10:54.09,Default,,0000,0000,0000,,Of course China\Nand other emerging economies
Dialogue: 0,0:10:54.12,0:10:56.22,Default,,0000,0000,0000,,won't be the factory of the world anymore.
Dialogue: 0,0:10:57.54,0:11:02.16,Default,,0000,0000,0000,,Actually, it was not a sustainable\Nmodel in the long term,
Dialogue: 0,0:11:02.19,0:11:04.58,Default,,0000,0000,0000,,as those countries are becoming richer.
Dialogue: 0,0:11:05.78,0:11:10.80,Default,,0000,0000,0000,,Last year, it was already\Nas expensive to produce in Brazil
Dialogue: 0,0:11:10.83,0:11:12.17,Default,,0000,0000,0000,,as to produce in France.
Dialogue: 0,0:11:14.18,0:11:19.94,Default,,0000,0000,0000,,By 2018, manufacturing costs in China\Nwill be on par with the US.
Dialogue: 0,0:11:21.35,0:11:23.60,Default,,0000,0000,0000,,The new manufacturing revolution
Dialogue: 0,0:11:23.62,0:11:28.40,Default,,0000,0000,0000,,will accelerate the transition\Nof those emerging economies
Dialogue: 0,0:11:28.43,0:11:31.65,Default,,0000,0000,0000,,towards a model driven\Nby domestic consumption.
Dialogue: 0,0:11:31.68,0:11:32.85,Default,,0000,0000,0000,,And this is good,
Dialogue: 0,0:11:32.88,0:11:35.23,Default,,0000,0000,0000,,because this is where growth\Nwill be created.
Dialogue: 0,0:11:35.92,0:11:37.52,Default,,0000,0000,0000,,In the next five years,
Dialogue: 0,0:11:37.54,0:11:42.85,Default,,0000,0000,0000,,the next billion consumers in China\Nwill inject more growth in our economies
Dialogue: 0,0:11:42.87,0:11:45.28,Default,,0000,0000,0000,,than the top five\NEuropean markets together.
Dialogue: 0,0:11:47.94,0:11:52.23,Default,,0000,0000,0000,,This fourth manufacturing revolution\Nis a chance for all of us.
Dialogue: 0,0:11:53.05,0:11:55.00,Default,,0000,0000,0000,,If we play it right,
Dialogue: 0,0:11:55.02,0:11:58.41,Default,,0000,0000,0000,,we'll see sustainable growth\Nin all of our economies.
Dialogue: 0,0:11:58.97,0:12:02.63,Default,,0000,0000,0000,,This means more wealth\Ndistributed to all of us
Dialogue: 0,0:12:02.66,0:12:05.16,Default,,0000,0000,0000,,and a better future for our children.
Dialogue: 0,0:12:05.19,0:12:06.34,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:12:06.37,0:12:13.73,Default,,0000,0000,0000,,(Applause)