 We live in the most extraordinary period in human history. This is a period of immense progress and opportunity. And here in China, we see it, of course, with more doctorates now being produced every year than in the rest of the world put together. Extraordinary times, the best time to be alive and certainly the best time to be born poor because one's chances of escaping poverty and leading a long, healthy life are greater than ever in human history. And that's because of the advances. The advances in medicine, in technology, in food, and all the areas we live in. This progress, this pace of progress is unprecedented and it's allowed extraordinary things to happen in our lifetimes. We will all live much longer and healthier lives, 10, 15 years longer than our parents. And this is happening around the world. So it's a good time and it's a time where we always need to be optimistic because of the possibilities. Two-thirds of the world's population, and those depicted in yellow on this map, are now less than an hour away from a major city. And it's this coming together, this connectivity has led to the spreading of ideas, the leapfrogging of progress that comes out of the coming down of walls around the world. Not only the Berlin Wall, but walls all over. And of course, technologies have facilitated this. Fiber optics, containerization, as we see in this great port of Dalian, and many other technologies have created the platforms as well as the cures and other things that will make this progress happen. And it's a virtuous circle. Innovation is speeding up. But our progress is also the source of our risks. As we all get wealthier, and they're more of us, seven billion now, what's rational for individuals becomes less and less rational for the collective. If single individuals catch a fish, that's fine. If everyone does it, there are no more fish. And so it is with everything. This is the fish market in Tokyo earlier this year. And what we see here is the sale of a bluefin tuna for $1.8 million. This is the market's response to a scarcity of this resource in this case, the tuna. And this is happening in many, many different areas with rhinoceros horn, but with biodiversity in other systems as well. And it's not just individuals in the market that are a problem, governments also act individually. This is the Aral Sea. Six countries drew water, all doing the right thing to feed their people. And yet when they all did it, collectively, the outcome was a disaster. So we need to understand this because we have even bigger looming challenge. Seven billion people now producing more and more energy. And of course, the challenge of climate change is amongst the most difficult ones to solve. So how do we all go up the energy curve? Do the right thing for ourselves by getting heating and energy and yet not lead to globally disastrous outcome? Transport systems, heating systems, water systems, these are all things where we will peak resources over the next 10, 20 years. And so we bring together people in the Oxford Modern School to think about this. How can we make these transitions without collectively disastrous outcomes? We believe it's possible. But one of the things that needs fundamental change is the global governance system. The system is not fit for 21st century purpose. It grew out of the ashes of the Second World War. This is the meeting at Bretton Woods. And what we see in this is a system which is unable to cope with today's problems. All the big global negotiations on climate, on cyber, and in trade and other areas have fallen apart. And the problem is that populations are getting less and less willing to deal collectively. They see the problems as coming from over there, not from within their societies. So xenophobia, nationalism, protectionism are rising. We need to deal with the risks which are endemic in globalization if we to see to continue in a sustainable way. One is growing inequality. And this is because not everyone has enjoyed the benefits of increased connectivity. About a billion and a half people have been left out. And this is a major challenge going forward. So more inclusive globalization. But even more challenging is the problem of the super spreading of bads as well as good. When we connect, when we come together densely as we are now, not only good things like ideas travel, very bad things like viruses, like cyber attacks, travel too. And so how do we become more open and more connected individually rational and not have collective failure? These are the challenges we need to solve. And not least in a country like China where we have this extraordinary doubling of incomes every eight years or so now. So individual rationality is in tension with collective outcomes. What is the role of government? How do we change our own individual behaviors? Those are the questions we'll be asking in my little group after the session. Thank you.