In this episode, Oliver talks to Stephen Crosswell, a partner at Baker and McKenzie in Hong Kong, the world’s strongest law firm brand. He is chair of the firm’s Asia-Pacific Antitrust & Competition Group and one of Hong Kong’s leading trial lawyers, admitted to practise in five countries. Stephen has seen first-hand how law shapes innovation, and he joins Oliver to explore what history, from Roman law to Adam Smith and the Industrial Revolution, can reveal about the forces driving change today. Their conversation centres on Stephen’s paper "The Common Law and Adam Smith’s Wealth of Nations", which asks whether the legal system we have makes a difference to whether our societies can innovate, prosper, and deliver material improvements to our quality of life. They consider why common law’s flexibility may provide a stronger foundation than sweeping regulation for addressing the challenges of artificial intelligence and digital platforms.