Gerstner says global GDP now doubles every 20 years versus every 100 years in the 1800s but prosperity is unequal.
“The period of time between 1800 and 1900, it was doubling every 100 years. Global GDP is now doubling every 20 years. But the prosperity is not distributed equally, right?”
Gerstner notes global GDP had almost zero increase from year zero to 1800 before growth began with Adam Smith.
“Up until the year 1800, the year '0 to 1800, there was almost zero increase, right, in human prosperity, almost zero GDP. Adam Smith, Wealth of Nations, 1780.”
Gerstner quotes Buffett saying free and fair trade has been the most powerful engine for prosperity for fifty years.
“Just this weekend, he said, free and fair trade, right, has been the most powerful engine for prosperity on a global basis and this country for the last fifty years.”