We've had a naive and sentimental conception that this is some kind of free market globally, when in fact these are all public-private frameworks advancing their companies globally. We leave our companies at the altar while favouring foreign companies to come here, take them over and capture all the value.
We need a proper assessment of spillovers for where we support and where we buy—the nature of foreign investment. I'm not against it, but you have to manage it for spillovers, just as every country does, and no one more than the U.S., the EU and Australia. We then have to be creating institutional infrastructure of standard setting with our companies, which we do not do, intellectual property for our companies, which we do not do, and sovereign compute with data strategies for our ecosystems, which we do not do.
There has been an inattention to how 92% of the world works, and then we wonder why we don't do better. It's a self-inflicted wound way of thinking that's made us a prisoner.
My one recommendation is to create capacity for how these things work, and understand that there are institutions, technocracies and cross-cutting ways that you can begin to capture. This is not about money. This could be reoriented in less than a year if we actually attuned to how the game is played globally.