And americans have to keep trying fiing ways to trying to deal with that problem. Meanwhile, if we then look into the seventies in terms of like domestic economies and democratic politics, i think we can see several different things i would bring out. The first ofthe is that as the world financially liberalizes again, or at least as the the richer parts of the world financially liberalize again, this creates a set of new constraints on democratic politics. And not only constraints, because its e for governments to borrow much more money in international capital markets than they had previously done, but a whole set of policies that theyd used to try both to grow their economies and to stabilize their democracies during the post war era just worked less well in a more internationalized world economy. And that starts to have increasing effects over time, including, i would ultimately say, ultimately on what kind of taxes can be successfully levied, and on and on whom. And then the tionary problems of the 19 seventies, as we know, lead to a quite significant monetary effort to deal with inflation that, in its fall out, brings significantly higher levels of employment across most western economies. And various bits of anti trade union legislation that's passed in various western countries makes it, well, it just weakens the bargaining position of organized labor very considerably. And as that's happening at the same time, as we're beginning to see the start of chinese integration into the world economy and the possibilities that has in terms of out sourcing manufacturing production from western economies to china, something that's not particularly going to come into having lots of obvious consequences, i think, until the two thousands. But we've got another force at work that is actually diminishing labor's political influence in both national economy and in the democratic politics oft the democratic politics of that country. Now, the lesson that's taken out of that inflation and experience of the seventies is, as o what we need ar independent central banks we need independent central banks then that will have inflation targets that theyve no very determined and ern to stick to. I think, though, that that's a kind of misreading of what happened in the seventies, in the that it's not obvious that the lesson you should take out of the seventies is, well, we had inflationary problems because we had democratic, foolish democratic politicians who took too many inflationary risks, and therefore we must take monitary authority away from them and give it, give it to central banks. I think that that misses the role, going back t what we talked about earlier, the role that oil prices, coming down from about 19 81 onwards, but certainly very much so from the middle of the decade, played in ending the inflate problems of the 19 70 so in some sense, like organized labor got the blame for what happened in the 19 70 where inflations concerned. And i don't think that organized labor was the cause of the inflationry problems. It was a response to the inflation. The demand centraun response to the inflationry problems. But the inflation regenerated on the oil side, ok,

so so many things to pull from this one.