 Good evening. I'm very pleased to see the considerable number of you with the stamina to be with us for today's program to its conclusion I Invite my colleague professor Claire McRosty to Introduce Barron Stigrall Some considerable number of months before the United States entered World War two John Maynard Keynes was in our country Concerned about the economic dimensions of assistance for Britain At an evening meeting with some American Keynesian economists He urged that the United States should set up step up its preparations for war and Terminate its efforts to end the Great Depression When some of the American Keynesians protested that he was that what he was urging was not Keynesian Keynes is reported to have responded in that case. I am no longer a Keynesian The debate about who is a Keynesian and What economic policies are Keynesian? Will not be resolved here nor in the near future Nor can the legacy of Keynes be adequately appraised at this conference By examination of theory and the experience most familiar to us It is fitting and right That the Swedish experience be scrutinized at this conference entitled Nobel and In this place which claims Swedish heritage Barron Stigrall is uniquely qualified for this assignment He is a practicing economist in the service of his country He has had long experience in the Ministry of Foreign Affairs in transport and in export He is the chairman vice chairman or member of the boards of Swedish and international companies and organizations You know of this college's commitment to the examination of the legacy of Nobel and of science Stig Rommel the president of the Nobel foundation Joins us in the investigation of the legacy of Keynes in the science and art of economics applied in Sweden Please welcome Stig Rommel to tell us about the Swedish model Keynesian policies put into practice Thank you so much for That very nice introduction and for your kind reception. I was a little scared when I listened to the music The title of the music was the end of the world or end of time and I can assure you that that's not the Swedish model Before during dinner I and my colleagues were had the privilege of Meeting Some 17 years old voice and girls and We were asked to give advice What they should do now when they were 17 and With all these 17 years old people present here some of them gray-haired I'm sorry that you would not all were there to listen because there was a lot of fine advice given by Those wise men present I was not asked of course, but if I had been asked I would my advice to Then would be keep good company and I would With that refer to a story that was told by our president the president of Gustavus Adolphus young Kendall he referred to a story about the price winner in physics in 1983 of Fowler Who had Had been unlucky We had an accident with his knee and it was a very nice story. I shouldn't steal your story You should tell it the story yourself, but I I found a strain that you forgot to tell what happened then Because Fowler told me that That follow up perhaps he spared you Because what happened then was after the young 17 years old Fowler had Had got had this accident He he got too many bottles of beer And he was carried home by two of his friends and Those two and he told this story the day before he got the Nobel Prize In seeing us by the king and he told us then that the two other fellows who carried him home also got the Nobel Prize and one of one of them was Was That famous physicist Glenn Seaboy so there you see keep good company I think That John Maynard Keynes is good company and I I hope that all those who have been here today Followed for many hours All these lectures about him will not leave St. Peter with the impression that John Maynard Keynes was A brilliant just a brilliant economist with a general theory He was much so much more He was for young people I think especially it's they should learn more about him The tremendous moral courage John Maynard showed John Maynard Keynes showed when he as a member of the British Delegation to the peace conference in Versailles He decided to break with the British government because he Thought that he found out that the political game played in Versailles by Lord George President Wilson and Clemenceau was deadly game that would harm The word and harm humanity and he had them the moral courage to to leave a government and Publish that famous book the economic consequences of the peace I Think the moral courage he showed is a stirring example for all the young people to not to be too impressed by authorities so Don't give a damn what presidents and premiers think stand up for what you believe is important I think this is something The young people should remember when they listen to what has been told here about Keynes They should also learn more about him The his broad interest he was interested. He was Tremendously interested in art ballet had played a very important role in the in the British The the Bloomsbury group Fascinating man putting his economic theories aside. He also worked Very very successfully on the British stock market to make him himself a Fortune Fascinating man a good company. I hope that you will decide after having attended this conference to learn more about him I will Start my lecture here By quoting Keynes In the following way the ideas of economists and political philosophers Both when they are right and when they are wrong Are more powerful that is commonly understood Indeed the world is ruled by little else Practical men Who believe themselves to be quite exempt from any intellectual influences are usually the slaves of some defunct? Economist for more than 50 years Sweden has been governed by practical men Who have been slaves of that defunct economist John Mayard Keynes? They have however been fully aware of the intellectual influence and they have indeed been very proud of it I venture to say That there are few countries in the world where Keynes and his economic theories Have influenced the shaping of economic policies as much as in Sweden That does not mean that Keynes would have approved of us all the time. I Think he would have been quite content how things were handled in the 30s and Quite proud of his disciples in the 50s and the 60s. I Beloves by believes strongly however That he could he would have criticized our government severely for following Keynesian policies too long Long after the prerequisites had ceased to exist. In fact, I believe That lord Keynes would have stopped being Keynesian long before the Swedish government did In my lecture, I will review Swedish economic policies from 32 up to now And I will do so by describing Our policies during six different periods that is first between 32 and 1940 the end of the depression and beginning of the war boom second period 1940 to 48 the war years years of national otter key that is natural self-sufficiency Temptations of a planned economy And then the third period 48 to 68 the welfare state based on a healthy market economy came into being and Then the fourth period 68 to 76 the Indian summer of socialism and the temptations of a planned economy The fifth period 76 to 82 and non socialist government pursues social democratic policies and then finally From 1982 up to now a socialist government a social democratic government pursues non socialist policies And the rebirth of the market economy The first period the end of the depression year and the beginning of the war boom The depression did not hit Sweden as hard as other countries in particular United States even if unemployment increased considerably and The Kruger crash that was the match King Eva Kruger's bankruptcy after his suicide in 1932 Which was a Catastrophe it looked upon it was looked upon at a catastrophe at that time It made also the stock on stock exchange impotent for many years But with Sweden as a country was out of depression as early as in 1936 The social democratic government we came into power in 32 With Mr. Pierre Albin Hansen as premier was clearly inspired by the ideas of young men main arcades They put into practice His ideas about the wisdom of an expansionist policy in times of depression They invested in public works and in a way their predecessors had not dare to do The public sector in Sweden was at that time Very small and there was ample room for expansion Certainly these Keynesian policies had positive effects on the economy But much more important was the devaluation of the crown which took place in 1932 That devaluation Gave a strong shot in the arm to Swedish export industry for the rest of the 30s the undervalued crown Made Swedish exports very competitive on world markets with healthy effects on the economy as a whole Unlike the United States where higher unemployment still lingered well into 38 39 Sweden enjoyed a boom of its own industrial investment increased Unemployment dropped and the cornerstones of the new welfare state were laid The legendary American journalist Marcus Childs Told sweden's success story of the 30s in his book sweden the middle way The story of a country following its own Keynesian path Between the extremes of old-fashioned capitalism and totalitarian socialism This book was a bestseller in america of the new deal Let me add That sweden of the middle way Was a country dominated by private enterprise and with only a small public sector The second period of 40 to 48 the war years Isolated sweden from its trading partners And circled by nazi occupied countries sweden was forced to adopt the rules of a war economy strict retching Of food clothes and fuel and with industry and trade under strong And determined governmental control The national coalition government that ruled sweden during the war years was dominated by the social democrats And its leader pair are bin hansom In the election of 1940 they gained more than 50 percent of the votes Votes of confidence not only in the economic policies of the pre-war pre-war years, but also of The the prime minister as a leader of the country in wartime But it clearly was a vote of confidence in the policies the Keynesian policies of the 30s The wartime government succeeded not only in keeping the country free of war and german occupation But it was also successful in keeping down inflation and unemployment And making industry and agriculture produce the goods that were needed to keep the country going In 1945 the coalition government fell apart and the social democrats continued alone The undisputed success of the planned economy of the war years And the prestige socialist as in ideology Had gained because of the successful soviet resistance to the nazis Encouraged the new government The new the one party government of social Social democrats to adopt a much more radical leftist path than they had followed in the 30s In 1944 The party had adopted a platform The so-called the post war program In that program economic planning was a keyword and there was a blueprint In 27 points of a planned economy with strict regulation of industry and commerce And governmental control of all foreign trade The program also promised an egalitarian society achieving equality and social justice through increased taxes The program was inspired not only by the ideological fervor of the minister of finance But also inspired by fear of a new economic depression Like the one that had followed the end of world war one Professor gunna myrdal The economist who lived in the u.s. During the war was one of the leading Proponents of that pessimistic school of thought myrdal's book a warning against after-war optimism Became a bestseller in sweden and had a strong impact on the social democratic government thinking Myrdal was appointed minister of commerce in 45 And the new policy adopted was inspired by myrdal rather than by canes In the following three years 46 to 48 the new socialist program became the focus of an intense political debate sweden stood at crossroads The new leader of the liberal party professor bertel olien A true caneson became leader of the opposition And his hard-hitting criticism of the socialist policies of the post war program Which was very much these criticisms were very much respected because of olien's position as a leading economist Came to play a very important role In putting to an end the idea of a socialist experiment in sweden It should be added That the short-term economic policy of the government Also turned to a failure An appreciation of the swedish crown Had a disastrous effect on exports and wartime Rationing had to be reintroduced In the general election of 48 the social democratic party experienced heavy losses and could only retain a majority in parliament With a very narrow margin Myrdal left sweden and became head of the european economic commission in geneva The american economy had shown its vitality Flexibility and strength As and no post war post war depression came about Instead there was a powerful investment boom And international trade came to life in a way myrdal had not expected The swedish export industry throw A dominant factor In this development was of course The marshal plan which received which revived wartime war ravaged europe The marshal plan was bold and inspiring Exactly the kind of medicine that john canes had prescribed in his famous book Which i just mentioned the economic consequences of the peace published in 1919 Let me add In my view If canes advice had been followed then No one would ever have heard of Ardolf hitler Thus 48 1948 became a watershed in swedish economic policies The new prime minister targi allander Abandoned the party platform or 44 orthodox socialist was out Instead the social democratic government went back to a canesian policy With strong roots in a marketing in the market economy It is fair to say that professor bertha olin Bertil olin assumed a very important role in this development He never became prime minister But he had a strong influence on swedish economic policies during this period as a strong leader of the opposition It's interesting to note How greatly swedish policies after the war were thus influenced by two economists of international renown muhdal and olin Both received the economic price in arnaval for nobel muhdal in 74 and olin in 77 In particular olin was strongly influenced by canes Then Came the change In 1948 and we had those years 1948 to 1968 these were the 20 years I would say the golden age of the swedish model based on canesian policies The economy was stimulated in times of recession and restrained in times of boom Industry expanded as as so did g and p unemployment inflation figures were very low And using the market mechanism Uh labor was transferred from farming in industries with poor competitive advantages like textile and shoes to expanding industries like automobile and shipbuilding Especially impressive to the outside world was the cordial relationship and fruitful cooperation between the unions and the employers organizations the two leaders of the lo and South the central organizations as we call them in sweden Made a widely published speaking tool here in the united states The love duets of the two bosses As it was called That love duet between the bosses Was fascinating for americans used to a completely different relationship between labor and capital Even if no particular effort was made to increase public ownership of industry More than 95 percent Was in private hands and still are The public sector increased steadily because of the setting up of new social welfare programs and the growth of bureaucracies connected to such programs What we did in sweden that time was not to nationalize production But to socialize consumption The swedish welfare state building stood there imposing and impressive Caring for its citizens from the cradle to the grave But there was a price to be paid To be paid later and it has to be paid now But no one thought about them Once more sweden the middle way came into the international limelight Utopia seemed to be emerging in far away idyllic sweden The ideal came abruptly to an end in 1968 The waves of that ideological hurricane That of the cultural revolution Came rolling in from baying in paris Berkeley and Berlin into our placid swedish lake The once peaceful streets of Stockholm became The stage of huge demonstration Of a kind not seen there since the turbulent years of the beginning of the century The demonstrators marched against the war in vietnam, but the real target Was oppressive and exploiting capitalism The political climate changed suddenly and dramatically The social democratic party found itself accused for being bourgeois and Capitalistic and having betrayed its socialistic ideas At that time olaf palmer became prime minister And put politics to get turned to the left As the party congress of 68 in 1968 That fatal year The spirit of the radical party program of 1944 Was revived and socialism planned economy and equality became once again keywords of the labor movement The party congress adopted a new industrial policy Which aimed at increasing public ownership of industry naturalizing production And opened the door for an active government role in industry A ministry of industry was created and the new minister Indicated as a goal a public ownership of industry up to 25 percent as a beginning Industry In still in private hands should be closely watched That indian summer of socialism in sweden only lasted for a few years The new industrial policy turned out to be great failure The symbol of this era was the gigantic multi-billion steel mill project in lulio In the far north of sweden Steelwork 80 It never came about The project was put to an end by the non-socialist government, which came into power in 76 Only a vast and empty artificial peninsular Created for that mill outside lulio Still reminds us what was meant to be the crowning glory of a socialist industrial policy But let me go back a few years to the beginning of the palmer government The new prime minister stressed That sweden should continue as a mixed economy But the mixture Would change that is the socialist part would increase Instead increase of taxes made possible a continued growth of the public sector Which came close to 60 percent of g&p Education and health care Were made public monopolies and as always monopolies mean poor efficiency Reforms of the school system aiming at opening the doors for higher education For for everybody led to a lowering of tuition standards Instead of helping the young of working class origin these reformed reforms became counterproductive A change of the tax system made it attractive for women to take jobs outside the realm of children in kitchen A daycare system for children was established with the ideological aim of liberating women from that Traditional role of mothers and housewives But also of increasing equality by shielding children from the influence of their family background The costs of these programs financially and otherwise Became tremendous Also in the field of economic policy was a palmer government The palmer government wished to make a great leap forward In 74 it was decided to expand the economy to counteract a general downturn of the economy Of the economy of the ocd countries of the first oil shock of 73 The swedish government decided to stimulate industry by offering special tax breaks for increased stocks They made industry keep up production and at same time unemployment The idea was as simple as ingenious When the countries in the ocd once more enjoyed an upturn of the economy Swedish industry should profit by selling from its stocks In the first year this was a marvel Sweden had really a golden year in 74 while the rest of the ocd was sunk in gloom But the bridging of the war of the gap policy Which meant cancean policies carried to an extreme Became a great failure The big swedish industrial stocks Especially in paper and pulp kept export prices down And 75 and 76 put sweden way back in the gmp league at a much lower pace than the rest of ocd And it's interesting to remember these days in 74 when this bridging of the gap policy was hailed All over europe as exceedingly farsighted policy the economic council of ocd hailed it And i remember i was invited with some other representatives of industry to a meeting with the the minister of finance when he exposed to us this grand design About having industry building up stocks or waiting for for better times And i was sitting together with the head of the electro luxe company A very hard headed fellow from industry his name is Bertén He said to me he whispered to me They are fools they believe one can store cut flowers Sometimes governments have a tendency not listening to practical man The palmer government reached the election year of 76 in a position very much like Like that of the alanda government in 48 The socialist experiment had failed And the mistakes in the economic policy were obvious While alanda was saved with a narrow margin in 48 Palma lost this election with a big margin The defeat was made bigger by the anti nuclear mood of the swedish people Social democrats having invested heavily in nuclear power Then came something that really we thought never would happen After 44 years of social democratic government suddenly the first non-socialist government In sweden took over it was a sensation That government however inherited an economy much weakened by the bridging of the gap policy Furthermore the increase of the public sector had become self-generating The new government tried desperately to reduce the speed but they failed And the percentage of the gmp covered by the public sector went up to 70 percent They never got a chance to turn the wheel And that is why we say that we had a non-socialist government to carry on social democratic policies The most costly failures came in industrial policy True they stopped the steel mill for 80 project But they continued and even increased the social democratic governments policy or bailing out bankrupt companies in order to safeguard employment You know employment is sacred in sweden The new government naturalized steel mills and shipyards on a scale never seen before The costs were met through heavy loans abroad and the swedish natural debt skyrocket The new government was a coalition of the three non-socialist parties and they could not agree On taxes and on nuclear policy during their six years In power they were reelected in the 79 The non-socialist parties formed no less than four different governments In six years not bad None of these four governments managed to change a policy that had so obviously failed The kinship tradition of using the public sector as a lever to secure full employment was strongly ingrained If a government in sweden accepts Unemployment higher than three percent Then they reckon they will lose the next election kinship followers could not abandon the road. He had once pointed out To them in quite different circumstances in the 30s 50s and 60s They followed that road into a quagmire Not until 81 82 The last year of the no socialist socialist government. There was some sign of a change Inflation was kept down Tax reforms were initiated and efforts were made to cut down the public sector, but it was too late The social democrats won the election of 82 And url of palma came back into power And now we came into a period which Still is on a very interesting period because now we got a socialist government pursuing non-socialist policies And we were seen the rebirth of the market economy The election campaign had been savage and bitter And palma had attacked the government from the left accusing them of thatcherism And of starving the economy by their new Anti-inflation policy More elbow room and less belt tightening became his slogan Repeated every day at meetings all over sweden during that summer of summer autumn of 1982 Promises were made of increased pensions and more money to young families But there were also a few lines at the end of his speeches Saying that it would take some time to clean up the mess And there was a hint for those who listened carefully of some austerity to come The social democrats had made a thorough analysis of the state of the swedish economy And found that a dramatic change of policy had to be made They had to come they had come to the conclusion That the focus of attention had to be turned from the public sector To the private one Profits in industry had gone down dramatically at the end of the 70s And investments were low As the Over-extended public sector could not be increased further The tax burden having reached a record level of more than 50 percent In the tables which have been circulated You see the figures are not as high as that but they do not include social Security, so the figure is more than 50 percent the tax level of gmp With such a tax burden there was really no other alternative than to stimulate the private sector Nevertheless, nevertheless, that was a brave and orthodox unorthodox choice for socialists The new government started with a bang Devaluating the swedish crown by 16 percent They first planned to increase to make it by With 20 percent but at the last minute they had to give in for pressure from the other Nordic countries but by this One bold stroke swedish industry suddenly became highly competitive and profitable The stock market which had feared the return of palmer Went wild with joy and industries found it easy to raise investment capital on the market The new minister of industry declared that there should be no more subsidizing of industry And those companies which could not stand competition had to be weeded out Of course, that was an obvious consequence of the decision to devaluate devaluate the crown But the new signals from the ministry of industry dramatized A complete change of attitude Now after more than four years It is evident that the new economic policy has been successful Investments in industry have soared and so has employment The stock market has shown a vitality and zest that has been somewhat embarrassing to the government Increased taxes on stock market operations have had few negative effects so far The turnover of the stock on stock exchange in one day is now The same as during a whole year at the end of the 70s That is Rather remarkable change the value of stocks has increased by 300 billion swedish crowns That is 43 billion dollars True the social democratic government has had good luck The fall of all prices and of the dollar has given sweden billions in windfall profits But when they are accused of just having good luck They say that it's better to have a govern with good luck than to have one with bad luck That is an argument which is difficult to counter This is in sharp contrast To what happened To the non-socialists during their six years of government With a repeated Knockout blows of a bi-opec But sheer luck Is certainly not the only explanation The new minister of finance cellulo felt and the head of the central bank Bank danis have used the new options for bold and successful policies They have done what their predecessor did not dare to do Changed course The government has also tried hard to check inflation which is now on its way down about four to five percent But much higher than in our competitors in germany and harland and switzerland They have also succeeded in cutting down the deficits considerably Even if there are still is a long way to go to the healthy balance of the 50s and the 60s The liberal strongly market-oriented policy of the social democratic government has some has Has some similarity to the policies in the 30s When a successful devaluation of the crown also became the springboard of success But there is a big difference the public sector Had then a growth potential which was used to stimulate the economy Today that possibility does not exist Of course, it's self-evident that the new unorthodox policy has put strains on the socialist party social democratic party The true believers in socialism Wonder why they have voted for a government which carries out the policy which should Be that of their opponents The unions which form the backbone of the social democratic Movement have forced the part to introduce so-called wage earners funds Through which they want to share profits And obtain an influence on industry through ownership of shares They are also getting interested in the stock market In order to calm the party theoreticians The government has also increased taxes on the rich As i just said the new economic policy put in the market in the center of the carnawak system has been very successful but And and may i add There is a remarkable New optimist in the country But there are still However, two fundamental problems left Which the government has not yet dared to attack and which are very difficult to attack for a social democratic government first of all Our impossible tax system and secondly The overextended and inefficient public sector These two problems are of course interconnected The swedish tax system is in a mess Swedes are more heavily taxed people are the most heavily taxed people in the world And it's more and more acknowledged also by people in the social democratic party That a tax reform is absolutely necessary A few years ago gunna myrdal Characterized our tax system as corrupting the swedish people Making it a nation of small cheaters and tax evaders It's more and more understood that that our taxes are working against the government's effort to get the country moving again The one's progressive character of the tax system has become counterproductive In the sense that it is hitting low income groups harder than the more effluent As a matter of fact our enormously complicated tax system is loophole filled Somewhat like a swiss cheese and those who can afford to hire Skillful tax lawyers are having a good time. I have one The other day the minister of finance made a sensation By praising what he called the reagan tax reform A heresy Which severely shocked the socialist grassroots of the party for whom president reagan is a symbol of dark reactionism but It's impossible to cut taxes and to reform the system without Attacking the gigantic problem over the over extended and inefficient public sector absorbing now about 70 percent And within of the gmp and with an insatiable First for tax money Sweden has increasingly become a country not with a mixed economy, but with a dual economy On one side We have a private sector lean and competitive brimming with vitality Um and plans for expansion On the other there is a public sector bureaucratic in an inefficient Which cannot deliver the services its customers require As to new tax money as no new as no new tax money is flowing into the system The public sector has to cut on Has to cut down on services You know When the public sector has to cut down something it always cut down on services not on on bureaucrats That's this uh a rule Schools cannot hire the teachers they need A new device and a new device has has to had to be introduced classes without teachers That sounds nice Where are the teenagers? Uh, but to my mind This is a symbol of the failure of the whole system There is another serious effect the brain drain The best people avoid a career In the public sector and move instead To the private one The unions in the public sector are using striking as a weapon to increase salaries But the government is firmly fighting back Because raising salaries to in in the public sector means that taxes also have to be raised And today I believe I don't know if our council general is here today Is he here? No, yes, there you are did did the strike erupt? Not yet When I left Stockholm On saturday it was said that there would be a strike on on tuesday and that one would not be allowed To fly into sweden. So I might stay here as a refugee Gustavus Adolfos The government is fighting back as I said and of course The conflict between the government and the unions puts severe strains on the party This is a very serious development The uh the situation in the public sector Because the public But the services which should be produced by the public sector such as education Health and old age care Which are really what the consumers want They cannot be provided In this way The dual economy in my view corrupts the consumption pattern of the citizens As they cannot buy an eye operation for themselves Or a first class teacher for their children They buy gadgets or travel to the canary islands In this way In a strange way The public sector Has a way of of Corrupting The the consumers And making them just Aiming at buying things Exactly as the way that socialists always accuse the capitalistic system for not giving the people what they really want More and more people have come to understand That we have put to put an end to the dual economy By introducing competition and private alternatives As well as new standards of efficiency And quality also to the world of tax-fed public monopoly There is more and more talk about introducing private schools Hospitals and other social institutions in the sphere now completely dominated by government and municipalities the head of the unions Stig Malm Created headlines the other day by suggesting that the public sector should be open to private initiatives It is not only in baying things have changed dramatically The big question is however Can the social democrats forget their ideology to the extent that is required To make real reforms possible of the public sector of the taxes of the tax system The non-socialist parties claim that only they can do it In the next general election in 1988 the swedish people will decide who will do it Whatever happens In my view the dual economy must disappear To quote Lincoln no country can live half slave half free What would Keynes say about sweden if he was with us here today? I think he would give the present government high marks for what they have done Stimulating and vitalizing the weak parts of the economy In the 30s it was the public sector And in the 80s the private one He would also be pleased by seeing our low inflation figures And at the same time unemployment figures of only 2.5 to 3 percent I'm also sure he would enjoy the pleasure of operating on the Stockholm stock exchange Keynes made a fortune in the city of London in the 20s. He could have doubled or traveled it in Stockholm in the 80s But he would have been surprised I'm sure To see the tremendous comeback of the market As a basis of economic policy If you if you uh Years ago I met that famous American Multi-billionaire Arman Hammer You know One of he's the owner of occidental oil and he owns a lot of other things too And uh since many many years back he has also been a link between the Soviet Union and and the United States And I met him in Stockholm a few years ago And had a long talk with him. He's exceedingly interesting man And uh I I I must say that there is an interesting book to read and that is his self biography Uh the title of that book is very fitting for that man larger than life And he told me that uh in 1924 He had uh he was in Moscow and he got an urgent message that he should immediately come up to the Kremlin to see Lenin And he found Lenin very ill And um they talked and just before he left Lenin he took Arman Hammer's hand and and brought him close to him and then whispered in hammer's ear You know almond Socialism doesn't work This is at least what arman hammer told me I don't know if anyone was present When canes died but uh Perhaps arman hammer was there too Uh, but I think Canes would have could have said My policies work And they will work at least up to the fifties and the sixties At least in sweden And we are very proud still to be canesian in my country. Thank you We've taken a quick poll of the powers that be and decided that as late as the evening is We will conclude the program for this day Reconvening at 10 a.m. For The lecture by professor james toben Which will be preceded by the conferral of the honorary degree ceremony We hope today's activities and festivities and we look forward to seeing you tomorrow. Good evening