So in the past 30 years, we've seen all these emerging markets lowering their tariffs, getting rid of regulation, and privatizing formerly state-run businesses. And they often do that to appease the International Monetary Fund, which offers low-interest loans to developing world economies with the motto, Many Strings Attached. Now, whether these decreased regulations have been a net positive for these developing world economies is a subject of much debate, and we will wade into it, but not until next week. First, we need to understand more about the nature of this trade. So you'll remember from the Industrial Revolution episode that industrial Western powers produced most of the manufactured goods, which were then sold in international markets, but you'll also remember that domestic consumption was extremely important. I mean, almost all early Model Ts were built by Americans and bought by Americans. But since the 1960s, and especially today, former non-industrialized parts of the world have been manufacturing consumer goods for domestic markets, yes, but primarily for foreign ones.