“For industry to settle in a country, you first need electricity for electricity, you need some trained workers for trained workers, you need some schools for schools you need some money for money, you need some industry.”
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The new industries are brainy industries and so-called knowledge workers tend to like to be near other people who are the same. Think of the City of Hollywood. People cluster. This means you have winning regions, such as London and Cambridge, and losing regions. The people who want to be top lawyers in Sunderland are hoovered up by London.
Being funny, it turns out, is like being a bank. It's a confidence trick. As long as everyone believes in you, you are fine.
Black Friday is not another bad hair day in Wall Street. It's the term used by American retailers to describe the day after the Thanksgiving Holiday, seen as the semi-official start of Christmas shopping season.
But beginners to the World Economics Forum have to understand there is no single Davos experience, and there is no single Davos community either. There are numerous tribes who interact only at a minimal level.