按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！
四、 凯恩斯革命
五、 后期的生活
第七章 经济周期
一、经济周期的三种模式
第八章 资本主义、社会主义与民主
一、 马克思的分析
二、 资本主义能继续存在吗？
三、 社会主义与民主政治
四、 资本主义仍在运行
第九章 晚年的著述
一、 经济发展理论的修正
二、 经济学的范围与方法
三、 经济科学的演进
熊彼特的历史地位
金融英语速读 自动滚屏？
帮助你训练阅读速度的小工具，鼠标放这里了解更多。
www3。ftchinese/member/idea/speedread/speedread_capitalism。htm
自动滚屏的功能可以帮助你训练自己的阅读速度。在点击“自动滚屏”的按钮后，屏幕就开始向下滚动，这样可以迫使你改掉向回看的习惯，加快你的阅读速度。输入框里面的数字是每分钟阅读的词数（wpm），默认为140（朗读速度）。随着你的技能提升，你可以尝试更高的速度：250：美国大学生的最低速度350：美国大学生的最高速度1000：速读高手的阅读速度416250：世界纪录
Uncertainty bedevils the best system
商业训练营 》 金融英语速读 》经济学大师正解资本主义By Edmund Phelps 埃德蒙德…费尔普斯（Edmund Phelps）是2006年诺贝尔经济学奖得主。Published： April 14 2009
In countries operating a largely capitalist system； there does not appear to be a wide understanding among its actors and overseers of either its advantages or its hazards。 Ignorance of what it can contribute has in the past led some countries to throw out the system or clip its wings。 Ignorance of the hazards has made imprudence in markets and policy neglect all the more likely。 Regaining a well…functioning capitalism will require re…education and deep reform。Capitalism is not the “free market” or laisser faire – a system of zero government “plus the constable”。 Capitalist systems function less well without state protection of investors； lenders and panies against monopoly； deception and fraud。 These systems may lack the requisite political support and cause social stresses without subsidies to stimulate inclusion of the less advantaged in society’s formal business economy。 Last； a huge social insurance system； with resulting high taxes； low take…home pay and low wealth； may not hurt capitalism。In essence； capitalist systems are a mechanism by which economies may generate growth in knowledge – with much uncertainty in the process； owing to the inpleteness of knowledge。 Growth in knowledge leads to ine growth and job satisfaction； uncertainty makes the economy prone to sudden swings – all phenomena noted by Marx in 1848。 Understanding was slow to e； though。Well into the 20th century； scholars viewed economic advances as resulting from mercial innovations enabled by the discoveries of scientists – discoveries that e from outside the economy and out of the blue。 Why then did capitalist economies benefit more than others？ Joseph Schumpeter’s early theory proposed that a capitalist economy is quicker to seize sudden opportunities and thus has higher productivity； thanks to capitalist culture： the zeal of capable entrepreneurs and diligence of expert bankers。 But the idea of all…knowing bankers and unerring entrepreneurs is laughable。 Scholars now find that most growth in knowledge is not science…driven。 Schumpeterian economics – Adam Smith plus sociology – captures very little。Friedrich Hayek offered another view in the 1930s。 Any modern economy； capitalist or state…run； is a great soup of private “know…how” dispersed among the specialised participants。 No one； he said； not even a state agency； could amass all the knowledge that each participant “on the spot” inevitably acquires。 The state would have no idea where to invest。 Only capitalism solves this “knowledge problem”。Later； Hayek fleshed out a theory of how capitalism makes “discoveries” on its own。 He had no problem with the concept of an innovative idea； for he understood that； even among experts； knowledge is inplete about most things not yet tried。 So he felt free to suppose that； thanks to the specialised insights each acquires； a manager or employee may one day “imagine” （as Hayek’s hero； David Hume； would have put it） a mercial departure – one that could not be inferred or envisioned by people outside the individual’s line of work。 Then he portrays a well…functioning capitalist system as a broad…based； bottom…up organism that gives diverse new ideas opportunities to pete for development and； with luck； adoption in the marketplace。 That “discovery procedure” makes it far more innovative than the top…down systems of socialism or corporatism。 The latter are too bureaucratic to learn about ideas from below and unlikely to obtain approval from all the social partners of the ideas that do get through。Well…functioning capitalist economies； with their high propensity to innovate； could arise only when serviceable institutions were in place。 The freedoms borne by England’s Glorious Revolution of 1688 and the “mercial society” of the Scots were not enough。 There had to be financial institutions where there would be disinterested financiers； each trying to make the best investment； and – importantly – a plurality of views among them； so financiers funded a diversity of projects。 There also had to be limited liability for panies and a market enabling their takeover。 Such institutions had to wait for demand by wide numbers of business people wanting to build a new product or new market or new business model。 Rudimentary institutions began to emerge early in the 19th century； from pany law and stock exchanges to joint…stock banks and “merchant” banks lending to industry。Unprecedented rewards soon followed in Europe and America： new cities rising； unbroken productivity growth； steadily climbing wages and generally high employment。 Lifetime prospects improved for all or nearly all participants。 Less measurable but ultimately fundamental； growing numbers of people in capitalist economies had engaging careers and were energised by their challenges and explorations。 Capitalism was a godsend for them。From the outset； the biggest downside was that creative ventures caused uncertainty not only for the entrepreneurs themselves but also for everyone else in the global economy。 Swings in venture activity created a fluctuating economic environment。 Frank Knight； observing US capitalism in his 1921 book； said that a pany； in all of its decisions aside from the handful of routine ones； faces what is now called “Knightian uncertainty”。 In an innovative economy there are not enough precedents to be able to estimate the probability of this or that oute。 John Maynard Keynes in 1936 insisted on the “precariousness” of much of the “knowledge” used to value an investment – thus the “flimsiness” of investors’ beliefs。 （Yet now he is seen as “Smith plus psychological swings”。）No coherent moral justification was ever suggested for throwing out a system providing invaluable and irreplaceable novelty； problem…solving and exploration； thus personal growth。 On the contrary； humanist philosophy has continued since ancient times to hold up such experience as the “good life”。 Socialists and corporatists never offered an alternative good life。 They simply claimed that the system they advocated could out…do capitalism： wider prosperity； or more jobs； or greater job satisfaction。 Unfortunately； there is still no wide understanding among the public of the benefits that can fairly be credited to capitalism a