The Great Tech Game Podcast: Geopolitics, Technology, Business and Global Affairs, with Anirudh Suri

Full Episode: https://youtu.be/CH-4yCU1BTs Join host Anirudh Suri and guest Sebastian Mallaby as they explore the historical evolution of capital and its profound impact on global finance. They discuss the pivotal role of the Industrial Revolution in shifting from small-scale operations to large companies, the influence of trade finance during the great trading era, and the emergence of powerful financial figures like JP Morgan. The conversation also highlights the significant contributions of contemporary financiers such as George Soros and Arthur Rock in shaping modern economics and technological innovation. 00:00 The Rise of Capital: A Historical Perspective 00:13 The Industrial Revolution: Catalyst for Capital Growth 01:31 The Role of Technology in Capital Expansion 02:52 Influential Figures in the History of Capital 03:20 Modern Examples of Capital Power **Books** Sebastian: **The Power Law: Venture Capital and the Making of the New Future** - https://amzn.eu/d/0N1LYKo **More Money than God** - https://amzn.eu/d/goWCmMg **The Man Who Knew: The Life & Times of Alan Greenspan -** https://amzn.eu/d/7U4ZzSe Anirudh: The Great Tech Game by Anirudh Suri : [amzn.eu/d/1Su38My](http://amzn.eu/d/1Su38My) Follow Anirudh here: X (formerly Twitter): https://x.com/anirudhsuri Youtube: https://www.youtube.com/@anirudh_suri Linkedin: https://www.linkedin.com/in/anirudhsuri/ Instagram: https://www.instagram.com/anirudh_suri Facebook: https://www.facebook.com/AnirudhSuri.in Website: [www.anirudhsuri.com](http://www.anirudhsuri.com/) Book and Podcast: [www.greattechgame.com](http://www.greattechgame.com/) #CapitalMatters #IndustrialRevolution #EconomicHistory #Finance #BigFinance #JP Morgan #TradeFinance #OceanicNavigation #GlobalTrade #MediciBankers #PowerOfCapital #TechnologyAndFinance #HedgeFunds #VentureCapital #GeorgeSoros #ArthurRock #SiliconValley #InnovationHub #EconomicShifts #HistoricalFinance

Tune in to The Great Tech Game Podcast as host Anirudh Suri and guest Sebastian Mallaby unravel the intricate dynamics of capital's rise to power in the modern world. From colorful characters in capitalism's history to parallels between historic adventure capitalism and today's venture capitalism, they explore it all. Dive into the tug of war between financiers and governments, analyze the evolution of hedge funds and venture capital, and ponder the globalization of the VC industry. Are we witnessing a shift from Wall Street to Silicon Valley? Will rising inequality lead to global conflict? Join the conversation on the future of AI, competition versus monopolies, and the geopolitical risks of a multipolar world. Don't miss out on this insightful exploration of the forces shaping our world today.---Sebastian Christopher Peter Mallaby, born in May 1964, is a prominent English journalist and author renowned for his expertise in international economics. Currently serving as the Paul A. Volcker senior fellow for international economics at the Council on Foreign Relations (CFR), Mallaby also contributes as a columnist to The Washington Post. With a diverse portfolio, he has previously held positions such as contributing editor at the Financial Times and columnist/editorial board member at The Washington Post.Mallaby's insightful analyses and commentaries have graced prestigious publications like The New York Times, The Wall Street Journal, and the Atlantic Monthly. Notably, his 2012 essay in Foreign Affairs tackled the intricate subject of China's currency future. Among his notable literary contributions are "The Man Who Knew" (2016), "More Money Than God" (2010), and "The World's Banker" (2004), solidifying his reputation as a leading authority in the field of economics and global finance.---**Chapters:**Introduction - 0:00How did capital become such a powerful force in the world? - 4:15Colourful characters in capitalism - 7:28Parallels between 16th century Adventure Capitalism and today’s Venture capitalism - 9:08Tug of War between Financiers and Governments - 11:56Regulation of Finance and Tech: Parallels and Distinctions - 16:23Rise of the Hedge Fund Industry - 18:55Rise of the VC Industry - 21:35Why VC firms and Hedge Funds haven't been subsumed by Large Banks? - 23:56Globalisation of the VC industry? Unipolar or Multipolar VC World? - 26:33Duopoly of Tech and Capital: The Two Most Powerful Forces in the World Today - 36:21IS Power Shifting From Wall St to Silicon Valley? - 38:36Inequality and Capitalism - The Battle between Capital and Labour - 39:35Will Rising Inequality Lead to another World War? Or Populism? - 46:09Will AI cause greater divergence between Nations? The second great Divergence? - 48: 52Microsoft Taking Over Apple, in AI? - 52:04Competition or Monopolies - How will the AI Industry Shape Up? - 53:26Which Countries are the Major Emerging Powers? - 55:40Bipolar world or Multipolar World? - 57:35Key Geopolitical Risks of a Multipolar World - 59:13Sebastian’s Recommendations - Books and Podcast Guests - 1:02:55**Books** Sebastian:**The Power Law: Venture Capital and the Making of the New Future** - https://amzn.eu/d/0N1LYKo**More Money than God** - https://amzn.eu/d/goWCmMg**The Man Who Knew: The Life & Times of Alan Greenspan -** https://amzn.eu/d/7U4ZzSe**The World's Banker: A Story of Failed States -** https://amzn.eu/d/0oXfFoxAnirudh:The Great Tech Game by Anirudh Suri : [amzn.eu/d/1Su38My](http://amzn.eu/d/1Su38My)Follow Anirudh here:X: @anirudhsuriYoutube: @anirudh_suriLinkedin: @anirudhsuri/Instagram: @anirudh_suriFacebook: @AnirudhSuri.inWebsite: http://www.anirudhsuri.com/Book and Podcast: http://www.greattechgame.com/)#CapitalDynamics, #VentureCapital, #FinanceEvolution, #GlobalizationTrends, #WallStreetvsSiliconValley, #InequalityDebate, #AIandFuture, #CompetitionVsMonopoly, #GeopoliticalRisks, #ShapingOurWorld

Joel discusses the importance of Information and communication technology and its role in economic prosperity. He explores how nations can foster a spirit of tech creativity and emphasizes that it's not merely a financial matter. Joel criticizes the limitations of intellectual property (IP) rights systems but recognizes the flow of knowledge across borders. Using China and India as examples, he explains how they've taken existing Western knowledge and improved on it. Joel argues that to be technologically creative and successful, a society must embrace nonconformity and pluralism, allowing for unconventional ideas to flourish. Using historical examples like the Soviet Union's technological stagnation and Israel's culture of 'thinking outside the box', Joel suggests that autocratic regimes may struggle in the long-term technological race due to the repression of free thinking. He concludes that fostering a culture of tolerating and experimenting with crazy ideas is crucial to technological advancement. Full Episode Link (Part 1): https://youtu.be/iV21apDujg8 (Part 2): https://youtu.be/j-EtfjGJbV0 00:00 The Importance of Tech Creativity in Economic Prosperity 00:40 The Role of Intellectual Property Rights in Tech Creativity 01:14 The Asian Tigers: A Case Study in Tech Creativity 02:26 The Importance of Nonconformity and Pluralism in Tech Creativity 03:02 The Failure of the Soviet Union in Technological Leadership 03:51 The Power of Crazy Ideas in Tech Innovation 04:17 The Potential Downfall of China's Technological Race 04:48 The Role of Free Speech in Tech Creativity 05:07 Israel: A Culture of Nonconformity and Tech Success 06:09 The Importance of Tolerance in Fostering Tech Creativity In this two-part episode of The Great Tech Game podcast, host Anirudh Suri is joined by Joel Mokyr to dig deep into why some societies get rich, creative and successful while others don't. Mokyr and Suri discuss examples of countries that have unshackled themselves from their past, such as 19th century Japan during the Meiji Restoration and the East Asian tigers. They also explore how India can reverse its brain drain and become a tech nation, and not remain just a talent nation. Mokyr highlights the high levels of inequality being driven by the tech economy today, and both draw parallels with pre-WWI Europe and its experience with vast inequality driven by industrial capitalism. Jumping to the modern era, they discuss whether AI represents a new revolution in knowledge, or whether it is just hype. About Joel Mokyr: Joel Mokyr is Professor of Economics and History at Northwestern University. Joel Mokyr conducts research on the economic history of Europe, and specializes in the period 1750-1914. His current research is focused on the understanding of the economic and intellectual roots of technological progress and the growth of useful knowledge in European societies, as well as the impact that industrialization and economic progress have had on economic welfare. #techgameboy #EconomicProsperity#TechCreativity#RnD#IntellectualProperty#PatentSystem#AsianTigers#KnowledgeTransfer#Innovation#SocietyCreativity#Pluralism#Nonconformity#AutocraticRegimes#SovietUnion#TechnologicalLeadership#ChinaTech #Tolerance#InnovativeCulture

The Clip dives into an in-depth conversation about the percentage of population that drives growth and development in a society, often termed as 'the intellectual lead.' The presence of these people across societies, the factors that may prevent them from contributing, and influences from education and political systems are key focus areas in the discussion. The role of culture, including its capacity for change and the significance of pluralism are also examined. Full Episode Link (Part 1): https://youtu.be/iV21apDujg8 (Part 2): https://youtu.be/j-EtfjGJbV0 00:00 Introduction: The Power of a Small Number 00:30 The Role of Education and Society in Nurturing Creativity 01:14 The Barriers to Unleashing Creative Potential 01:40 The Struggle for Intellectual Freedom in Different Societies 02:46 The Importance of Pluralism and Challenging Established Knowledge 03:32 The European Enlightenment and the Desanctification of Past Knowledge 04:53 The Difficulty of Overcoming Established Knowledge Systems 06:07 The Act of Rebellion in Knowledge Creation In this two-part episode of The Great Tech Game podcast, host Anirudh Suri is joined by Joel Mokyr to dig deep into why some societies get rich, creative and successful while others don't. Mokyr and Suri discuss examples of countries that have unshackled themselves from their past, such as 19th century Japan during the Meiji Restoration and the East Asian tigers. They also explore how India can reverse its brain drain and become a tech nation, and not remain just a talent nation. Mokyr highlights the high levels of inequality being driven by the tech economy today, and both draw parallels with pre-WWI Europe and its experience with vast inequality driven by industrial capitalism. Jumping to the modern era, they discuss whether AI represents a new revolution in knowledge, or whether it is just hype. About Joel Mokyr: Joel Mokyr is Professor of Economics and History at Northwestern University. Joel Mokyr conducts research on the economic history of Europe, and specializes in the period 1750-1914. His current research is focused on the understanding of the economic and intellectual roots of technological progress and the growth of useful knowledge in European societies, as well as the impact that industrialization and economic progress have had on economic welfare.

In this clip, Joel mentions why the Roman Empire and China didn't experience an industrial revolution, attributing lack of progress to diminishing returns from established trade routes and specialized industries. Joel also highlights gains made by Europe when it started to integrate into a single large market in 1967, he emphasizes the role of knowledge gains and technological advancements, stating that they are sectors that don't seem to succumb to the law of diminishing returns. Full Episode Link (Part 1): https://youtu.be/iV21apDujg8 (Part 2): https://youtu.be/j-EtfjGJbV0 00:00 Why No Industrial Revolution in China or Roman Empire? 00:18 The Diminishing Returns of Trade and Specialization 00:54 The Power of Knowledge and Innovation 01:40 The Limitless Potential of Collective Intelligence 02:07 The Role of Technological Change in Historical Prosperity 02:38 The Stagnation of the Roman Empire and China 03:24 The Accelerating Pace of Progress in Europe In this two-part episode of The Great Tech Game podcast, host Anirudh Suri is joined by Joel Mokyr to dig deep into why some societies get rich, creative and successful while others don't. Mokyr and Suri discuss examples of countries that have unshackled themselves from their past, such as 19th century Japan during the Meiji Restoration and the East Asian tigers. They also explore how India can reverse its brain drain and become a tech nation, and not remain just a talent nation. Mokyr highlights the high levels of inequality being driven by the tech economy today, and both draw parallels with pre-WWI Europe and its experience with vast inequality driven by industrial capitalism. Jumping to the modern era, they discuss whether AI represents a new revolution in knowledge, or whether it is just hype. About Joel Mokyr: Joel Mokyr is Professor of Economics and History at Northwestern University. Joel Mokyr conducts research on the economic history of Europe, and specializes in the period 1750-1914. His current research is focused on the understanding of the economic and intellectual roots of technological progress and the growth of useful knowledge in European societies, as well as the impact that industrialization and economic progress have had on economic welfare. #IndustrialRevolution #Trade#Specialization #EuropeIntegration #KnowledgeExpansion#ArtificialIntelligence #MaterialScience #MolecularBiology #TechnologicalBreakthroughs #Prosperity

Joel emphasizes the societal resistance to change, stating how individuals are shaped by their peers, teachers, and parents, who may deter them from questioning established norms. Joel elaborates that incentives can influence individuals to think creatively and devise innovative solutions. However, if society reacts negatively to such attempts, individuals might choose to stay quiet or move to places where their efforts are more appreciated. This dynamic contributes to the slow pace of cultural change. Full Episode Link (Part 1): https://youtu.be/iV21apDujg8 (Part 2): https://youtu.be/j-EtfjGJbV0 Chapters: 00:00 Introduction: The Question of Wealth 00:30 Adam Smith's Perspective on Wealth 01:39 The Significance of the Industrial Revolution 03:56 The Role of Technology in Economic Change 06:40 The Concept of Useful Knowledge 07:24 The Impact of Institutions and Resource Allocation 08:02 The Success of Emerging Economies 08:50 The Future of Global Economy: Knowledge and Trade In this two-part episode of The Great Tech Game podcast, host Anirudh Suri is joined by Joel Mokyr to dig deep into why some societies get rich, creative and successful while others don't. Mokyr and Suri discuss examples of countries that have unshackled themselves from their past, such as 19th century Japan during the Meiji Restoration and the East Asian tigers. They also explore how India can reverse its brain drain and become a tech nation, and not remain just a talent nation. Mokyr highlights the high levels of inequality being driven by the tech economy today, and both draw parallels with pre-WWI Europe and its experience with vast inequality driven by industrial capitalism. Jumping to the modern era, they discuss whether AI represents a new revolution in knowledge, or whether it is just hype. About Joel Mokyr: Joel Mokyr is Professor of Economics and History at Northwestern University. Joel Mokyr conducts research on the economic history of Europe, and specializes in the period 1750-1914. His current research is focused on the understanding of the economic and intellectual roots of technological progress and the growth of useful knowledge in European societies, as well as the impact that industrialization and economic progress have had on economic welfare.

Link to the Main Episode: https://youtu.be/riXxhdBmC1M In this discussion between Anirudh and George, the focus lies on the vital factors influencing technological adoption, including the investment of capital, nurturing of talent, and the necessity for sector and country-specific research to integrate innovations effectively. They spotlight the historic role of venture capital and infrastructure in disseminating transformative technologies like the internet. The conversation further explores the economic incentives driving the widespread adoption and cost reduction of technologies, aiming for universal access. Anirudh and George reflect on the potential consequences of a 'second great divergence', a phenomenon describing the growing economic disparities triggered by unequal technological progress, drawing parallels with the industrial revolution. They also examine India’s exemplary digital strides, which have democratized technology access, fostering economic uplift. 00:00 Exploring the Determinants of Technological Adoption 01:09 The Economic Impulse to Democratize Technology 02:46 Challenges and Hopes for Universal Access 03:52 Addressing the Second Great Divergence 05:01 Learning from India's Digital Transformation 06:02 The Geopolitical Landscape of AI Adoption 06:57 The Advantage of Early Adoption #AI #technology #geopolitics #business In this comprehensive episode of the Great Tech Game podcast, Anirudh Suri and guest, George Lee, delve into the convergence of technology, geopolitics, business, and innovation through the lens of the emerging generative AI revolution. They discuss the current landscape of global AI competition, highlighting the US's early lead, China's formidable presence, and the potential contributions of other nations, including India's open data approach. Follow Anirudh here: X (formerly Twitter): https://x.com/anirudhsuri Linkedin: https://www.linkedin.com/in/anirudhsuri/ Instagram: https://www.instagram.com/anirudh_suri Facebook: https://www.facebook.com/AnirudhSuri.in Website: [www.anirudhsuri.com](http://www.anirudhsuri.com/) Book and Podcast: [www.greattechgame.com](http://www.greattechgame.com/) Book Links: Anirudh Suri: The Great Tech Game by Anirudh Suri : https://amzn.eu/d/1Su38My George Lee Article: About George Lee: https://www.goldmansachs.com/about-us/people-and-leadership/leadership/management-committee/george-lee.html

Link to the Main Episode: https://youtu.be/riXxhdBmC1M In this conversation, Anirudh and George delve into the debate over open versus closed source AI development and its implications for global unity and conflict. At a recent global technology summit in Delhi, key figures from the Indian tech sphere, including Nandan Nelakani, discussed India's AI strategy, emphasizing the potential benefits of an open source model over the pursuit of large-scale proprietary AI models like those developed by OpenAI. The success of India's digital public infrastructure, like Aadhaar and the IndiaStack, is cited as influencing the country's approach towards a more open source AI strategy. Anirudh and George speculate on the future interplay of closed and open source models in AI development, suggesting a trend towards more open, cooperative models driven by the ethos of open source innovation. 00:00 Exploring the Open vs. Closed Source Debate in AI 00:37 Global Technology Summit Insights: India's AI Strategy 02:00 The Future of Large Language Models: Open Source vs. Closed Source 02:26 India's Tech Ethos and the Shift Towards Open Source AI 03:21 The Evolution of AI Models: From Closed to Open Source 04:43 The Interplay of Closed and Open Source in AI's Future #AI #technology #geopolitics #business In this comprehensive episode of the Great Tech Game podcast, Anirudh Suri and guest, George Lee, delve into the convergence of technology, geopolitics, business, and innovation through the lens of the emerging generative AI revolution. They discuss the current landscape of global AI competition, highlighting the US's early lead, China's formidable presence, and the potential contributions of other nations, including India's open data approach. Follow Anirudh here: X (formerly Twitter): https://x.com/anirudhsuri Linkedin: https://www.linkedin.com/in/anirudhsuri/ Instagram: https://www.instagram.com/anirudh_suri Facebook: https://www.facebook.com/AnirudhSuri.in Website: [www.anirudhsuri.com](http://www.anirudhsuri.com/) Book and Podcast: [www.greattechgame.com](http://www.greattechgame.com/) Book Links: Anirudh Suri: The Great Tech Game by Anirudh Suri : https://amzn.eu/d/1Su38My George Lee Article: About George Lee: https://www.goldmansachs.com/about-us/people-and-leadership/leadership/management-committee/george-lee.html

Link to the Main Episode: https://youtu.be/riXxhdBmC1M In this discussion, Anirudh and George delve into the role of artificial intelligence (AI) in enhancing economic growth worldwide. According to investment research from Goldman Sachs, AI could potentially increase productivity by 1.5 percent, leading to a $7 trillion growth in global GDP. They explore the potential impacts of AI on economic output and growth, focusing on which sectors, countries, and segments of the workforce might see the most benefits. Through a detailed analysis of 900 occupations in the U.S., extended to a global context, the research suggests that task automation will primarily affect developed markets and knowledge work, including administrative, software development, operational, medical, and educational sectors. The conversation emphasizes the concept of AI as augmenting rather than replacing jobs, capable of automating tasks within jobs rather than the jobs themselves. 00:00 Exploring AI's Potential to Drive Economic Growth 00:31 Deep Dive into AI's Impact on Productivity and Global GDP 01:08 Insights from Investment Research on AI and Economic Output 01:43 The Future of Work: How AI Will Transform Jobs and Industries 02:50 AI's Role in Augmenting Jobs Rather Than Replacing Them 03:24 Comparing AI's Economic Impact to Historical Industrial Revolutions #AI #technology #geopolitics #business In this comprehensive episode of the Great Tech Game podcast, Anirudh Suri and guest, George Lee, delve into the convergence of technology, geopolitics, business, and innovation through the lens of the emerging generative AI revolution. They discuss the current landscape of global AI competition, highlighting the US's early lead, China's formidable presence, and the potential contributions of other nations, including India's open data approach. Follow Anirudh here: X (formerly Twitter): https://x.com/anirudhsuri Linkedin: https://www.linkedin.com/in/anirudhsuri/ Instagram: https://www.instagram.com/anirudh_suri Facebook: https://www.facebook.com/AnirudhSuri.in Website: [www.anirudhsuri.com](http://www.anirudhsuri.com/) Book and Podcast: [www.greattechgame.com](http://www.greattechgame.com/) Book Links: Anirudh Suri: The Great Tech Game by Anirudh Suri : https://amzn.eu/d/1Su38My George Lee Article: About George Lee: https://www.goldmansachs.com/about-us/people-and-leadership/leadership/management-committee/george-lee.html

Link to the Main Episode: https://youtu.be/riXxhdBmC1M In this discussion, Anirudh and George explore the concept of geopolitical swing states and extend it to the realm of artificial intelligence (AI) competition. They highlight the transition from a unipolar to a multipolar world, leading to the emergence of countries like India, which exhibit flexibility in aligning with global powers such as the US, China, or the EU on a case-by-case basis. Further, the concept is applied to AI, with countries potentially becoming swing states in generative AI competition based on their regulatory approaches and interests. The conversation also covers the idea of 'innovation blocks,' suggesting that countries might form regional groupings to advance their interests in AI, driven by the high capital and energy demands of scaling AI algorithms. The potential for cooperation among like-minded nations in developing AI, including sharing significant capital costs, is discussed, pointing towards new alliances and partnerships in the AI domain. 00:00 Exploring the Concept of Swing States in AI Competition 00:52 The Evolution of Geopolitical Swing States 03:32 Applying the Swing State Concept to AI 04:30 Innovation Blocks and Regional Groupings 06:06 The Future of Cooperation in AI Development #AI #technology #geopolitics #business In this comprehensive episode of the Great Tech Game podcast, Anirudh Suri and guest, George Lee, delve into the convergence of technology, geopolitics, business, and innovation through the lens of the emerging generative AI revolution. They discuss the current landscape of global AI competition, highlighting the US's early lead, China's formidable presence, and the potential contributions of other nations, including India's open data approach. Follow Anirudh here: X (formerly Twitter): https://x.com/anirudhsuri Linkedin: https://www.linkedin.com/in/anirudhsuri/ Instagram: https://www.instagram.com/anirudh_suri Facebook: https://www.facebook.com/AnirudhSuri.in Website: [www.anirudhsuri.com](http://www.anirudhsuri.com/) Book and Podcast: [www.greattechgame.com](http://www.greattechgame.com/) Book Links: Anirudh Suri: The Great Tech Game by Anirudh Suri : https://amzn.eu/d/1Su38My George Lee Article: About George Lee: https://www.goldmansachs.com/about-us/people-and-leadership/leadership/management-committee/george-lee.html