We're not free because other people are nice, maybe other people aren't nice that day. We're free because we expect the institutions of government to work impersonally. That we expect people in government to understand they don't work for the president or the prime minister, they work for the government. And the government is always there.

Democracy requires you to learn how to lose as well as how to exercise power when you win. And that requires restraint all around. One of the reasons it works is because when you win you don't do things that are so upsetting to the losers that they feel like they have less, they have more to gain by turning over the system.

It's very important to understand that 21st century authoritarian rule does not look like 20th century authoritarian rule. You're not going to have people in parade ground formations. You're not going to have a police state. You're not going to people with decorative armbands bullying people on the sidewalks. And the leaders won't stand at microphones for hours ranting at people. All of that is so 80 years ago.

The great power the president has is that he is the most prominent person in the biggest media event on the planet. He has the attention of the nation and the world. When he speaks, everybody listens.

We're not free because other people are nice, maybe other people aren't nice that day. We're free because we expect the institutions of government to work impersonally. That we expect people in government to understand they don't work for the president or the prime minister, they work for the government. And the government is always there.

So if I have two pieces of cake, do I have twice as good an experience as the first piece of cake? One of the things I've found in life is that the first piece of cake is the best.

One of the great drivers of the alienation that has made Donald Trump possible is that the growth in the American economy has been weak. In the decade from 2005 to 2015, there was not one year when the US hit three per cent growth. And to the extent there's been growth, virtually all of it has been collected by the top 10 per cent of the population. Obviously, if we knew how to make growth faster, we would. We don't. And it's very difficult to make growth more broadly shared. Because it's not just the US that has this problem.