财富精英励志演讲 第134期:未来的路(9)（在线收听） |
The globalization of financial markets that took place since the 1980s was a market fundamentalist project spearheaded by the United States and the United Kingdom. Allowing financial capital to move around freely in the world made it difficult to tax it or to regulate it. This put financial capital in a privileged position. Governments had to pay more attention to the requirements of international capital than to the aspirations of their own people because financial capital could move around more freely. So as a market fundamentalist project, globalization was highly successful; individual countries found it difficult to resist it. But the global financial system that emerged was fundamentally unstable because it was built on the false premise that financial markets can be safely left to their own devices. That is why it broke down and that is why it cannot be put together again. 20世纪80年代以来形成的金融市场全球化是一次由美国和英国发起的市场原教旨主义运动。这次运动允许金融资本在世界范围内自由流动，就造成难以对其征税或实施监管，使金融资本处于一种优势地位。因为金融资本可以自由流动，各国政府必须更加重视国际资本的要求，而不是本国人民的愿望。因此，作为—种市场原教旨主义运动，全球化是非常成功的，各个国家均难以抵制其影响。而由此产生的全球金融体系是不稳固的，因为它是在一个错误的前提下建立起来的，即金融市场可以依靠自身的调节机制来正常运行。这就解释了它为什么失灵和不能再拼凑在一起的原因。
Global markets need global regulations, but the regulations that are currently in force are rooted in the principle of national sovereignty. There are some international agreements, most notably by Basel Accords on minimum capital requirements, and there is also good cooperation among market regulators. But the source of the authority is always the sovereign state. This means that it is not enough to restart a mechanism that has stalled; we need to create a regulatory mechanism that has never existed.
全球市场需要全球规则，但目前实施的规则植根于国家主权的原则之中。的确存在一些国际协定，最明显的例子是规定了最低资本要求的《巴塞尔协议》，并且在市场监管部门之间也有良好的合作。但是，权力总是属于主权国家。这就意味着仅仅重启已经停止运作的机制还是不够的，我们需要建立一个全新的调节机制。 |
| 原文地址：http://www.tingroom.com/lesson/cflzyj/278552.html |