ABOUT THE SPEAKER
Paul Tudor Jones II - Investor
Paul Jones is founder of Tudor Investment Corporation and an active philanthropist.

Why you should listen

Paul Tudor Jones II started to work on Wall Street in 1976. "If there was ever a free market free-for-all, this was it," he says. "Men wearing ties but acting like gladiators fought literally and physically for a profit." Jones emerged victorious, and as founder of Tudor Investment Corporation and other companies within the Tudor Group, he engages in trading in the fixed income, equity, currency and commodity markets. Headquartered in Greenwich, Connecticut, Tudor manages some $13.7 billion and employs almost 400 people.

Jones is an active philanthropist, including founding the Robin Hood Foundation and the Excellence Charter School, and he sits on the Boards of Just Capital, National Fish and Wildlife Foundation, Everglades Foundation, and Sonima Foundation. He is also a trustee of NYU's Langone Medical Center.

More profile about the speaker
Paul Tudor Jones II | Speaker | TED.com
TED2015

Paul Tudor Jones II: Why we need to rethink capitalism

Paul Tudor Jones: 我们为什么要反思资本主义

Filmed:
1,970,679 views

Paul Tudor Jones II 热爱资本主义。在过去几十年里,这个体系让他事业有成。然而,这个对冲基金经理和慈善家担心过分注重利润,如他所说,正在”威胁社会的根基“。在这个富有思想和激情的演讲中,他概述了他的以”公正“这个概念为中心的反攻计划。
- Investor
Paul Jones is founder of Tudor Investment Corporation and an active philanthropist. Full bio

Double-click the English transcript below to play the video.

00:13
This is a story故事 about capitalism资本主义.
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这是个关于资本主义的故事。
00:16
It's a system系统 I love
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我喜欢这个体系,
00:18
because of the successes成功 and opportunities机会
it's afforded提供 me and millions百万 of others其他.
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因为它提供给每个人成功和机遇。
00:23
I started开始 in my 20s trading贸易 commodities商品,
cotton in particular特定, in the pits,
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我在20多岁时开始在市场上做货物交易,
尤其是棉花,
00:30
and if there was ever a free自由 market市场
free-for-all免费为所有, this was it,
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如果曾经有一个对所有人都
免费的自由市场,那就是,
00:33
where men男人 wearing穿着 ties联系
but acting演戏 like gladiators角斗士
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在那里穿着得体的人为了利益,
00:37
fought战斗 literally按照字面
and physically物理 for a profit利润.
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像角斗士一样竭尽所能。
00:41
Fortunately幸好, I was good enough足够
that by the time I was 30,
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幸运的是,30岁的时候表现很好,
00:44
I was able能够 to move移动 into the upstairs楼上
world世界 of money management管理,
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我步入了资金管理的上层社会,
00:48
where I spent花费 the next下一个 three decades几十年
as a global全球 macro trader商人.
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我花了接下来的30年
做一名环球宏观交易商。
00:51
And over that time, I've seen看到
a lot of crazy things in the markets市场,
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在那段时间里,我看到了
市场里的许多疯狂的事情,
00:54
and I've traded交易 a lot of crazy manias狂热.
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我做了许多狂热的投机。
00:59
And unfortunately不幸,
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不幸的是,
01:01
I'm sad伤心 to report报告 that right now
we might威力 be in the grips交手
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我很难过地说
目前我可能正处于
01:04
of one of the most disastrous惨重,
certainly当然 of my career事业,
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我职业生涯最灾难性的
一个阶段的关键时刻,
01:08
and one consistent一贯 takeaway带走 is
manias狂热 never end结束 well.
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一个永恒的教训就是
投机狂热不会善终。
01:12
Now, over the past过去 50 years年份,
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在过去的50年里,
01:15
we as a society社会 have come to view视图
our companies公司 and corporations公司
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关于如何评价我们的公司和企业
01:21
in a very narrow狭窄, almost几乎
monomaniacal刚愎自用 fashion时尚
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我们这个社会以
非常狭隘,近乎偏执的方式
01:26
with regard看待 to how we value them,
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看待它们,
01:30
and we have put
so much emphasis重点 on profits利润,
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我们对利润,
01:33
on short-term短期 quarterly季刊
earnings收益 and share分享 prices价格,
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对短期季度盈利和股价强调太多了,
01:36
at the exclusion排除 of all else其他.
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无视其他一切。
01:39
It's like we've我们已经 ripped撕开 the humanity人性
out of our companies公司.
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仿佛我们的公司已经没有了人性。
01:44
Now, we don't do that --
conveniently便利地 reduce减少 something
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现在我们不这么做了--
适当地减少一些东西,
01:48
to a set of numbers数字 that you
can play with like Lego乐高玩具 toys玩具 --
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减少到你可以像玩乐高玩具一样参与--
01:51
we don't do that in our individual个人 life.
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正如我们在各自的生活中
并不是这么做的。
01:53
We don't treat对待 somebody or value them
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我们没有基于人们的
收入和信用积分,
01:57
based基于 on their monthly每月一次 income收入
or their credit信用 score得分了,
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来对待或评价他们,
02:01
but we have this double standard标准
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但是我们用这种双重标准,
02:03
when it comes to the way
that we value our businesses企业,
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来评价我们的公司,
02:05
and you know what?
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你知道吗?
02:07
It's threatening危险的 the very
underpinnings基础 of our society社会.
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它威胁到我们的社会基础。
02:10
And here's这里的 how you'll你会 see.
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这些就是你们看到的。
02:11
This chart图表 is corporate企业 profit利润 margins利润率
going back 40 years年份
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这个图表是40年来的企业利润率,
02:16
as a percentage百分比 of revenues收入,
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以收入的百分比形式,
02:18
and you can see that we're
at a 40-year-年 high of 12.5 percent百分.
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你可以看到我们处于
40年来得最高点,利润高达12.5%。
02:22
Now, hooray万岁 if you're a shareholder股东,
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如果你是股东,万岁!
02:26
but if you're the other side of that,
and you're the average平均 American美国 worker工人,
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但是如果你是另一边,
普通的美国工人,
02:30
then you can see it's not
such这样 a good thing.
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你会发现这并不是什么好事情。
02:33
["U.S. Share分享 of Income收入 Going to Labor劳动 vsVS.
CEO-to-WorkerCEO对工人 Compensation赔偿金 Ratio"]
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["美国工人劳动收入份额 vs.
CEO 对工人的补偿比例"]
02:37
Now, higher更高 profit利润 margins利润率
do not increase增加 societal社会的 wealth财富.
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更高的利润率没有提高社会财富。
02:40
What they actually其实 do is they
exacerbate加剧 income收入 inequality不等式,
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仅仅是加剧了收入的不平等,
02:45
and that's not a good thing.
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这不是个好事情。
02:48
But intuitively直观地, that makes品牌 sense, right?
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但是直觉上,这是有道理的,对吧?
02:50
Because if the top最佳 10 percent百分
of American美国 families家庭
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因为如果最富的10%的美国家庭
02:54
own拥有 90 percent百分 of the stocks个股,
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拥有90%的股份,
02:56
as they take a greater更大 share分享
of corporate企业 profits利润,
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他们拿走了公司利润的大部分,
02:59
then there's less wealth财富 left
for the rest休息 of society社会.
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然后很少的部分留给了社会其他人。
03:03
Again, income收入 inequality不等式
is not a good thing.
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再一次,收入的不平等不是个好事情。
03:06
This next下一个 chart图表,
made制作 by The Equality平等 Trust相信,
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这是下一个图表,由Equality Trust制作,
03:08
shows节目 21 countries国家 from Austria奥地利
to Japan日本 to New Zealand新西兰.
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展示了21个国家,
从澳大利亚到日本到新西兰。
03:13
On the horizontal axis
is income收入 inequality不等式.
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横轴代表收入不平等程度。
03:16
The further进一步 to the right you go,
the greater更大 the income收入 inequality不等式.
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越往右,收入越不平等。
03:20
On the vertical垂直 axis
are nine social社会 and health健康 metrics指标.
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竖轴代表9个社会和健康的度量。
03:23
The more you go up that,
the worse更差 the problems问题 are,
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越往上,问题越严重,
03:26
and those metrics指标 include包括 life expectancy期待,
teenage青少年 pregnancy怀孕, literacy读写能力,
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这些度量包括寿命,
未成年人怀孕,读写能力,
03:31
social社会 mobility流动性, just to name名称 a few少数.
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社会流动性,等等。
03:34
Now, those of you in the audience听众
who are Americans美国人 may可能 wonder奇迹,
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在座的美国人可能会想知道,
03:37
well, where does the United联合的 States状态 rank?
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美国排在什么位置?
03:39
Where does it lie谎言 on that chart图表?
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美国在图表里什么地方?
03:41
And guess猜测 what?
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知道吗?
03:43
We're literally按照字面 off the chart图表.
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我们实际上在图表之外。
03:45
Yes, that's us,
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对的,这就是我们,
03:47
with the greatest最大 income收入 inequality不等式
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拥有最大的收入不平等
03:49
and the greatest最大 social社会 problems问题,
according根据 to those metrics指标.
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以及根据这些度量标准显示,
拥有最严重的社会问题。
03:54
Now, here's这里的 a macro forecast预测
that's easy简单 to make,
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这是很容易做的一个宏观预测,
03:56
and that's, that gap间隙 between之间
the wealthiest富有 and the poorest最穷,
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这就是最富有与最贫穷之间的鸿沟,
04:00
it will get closed关闭.
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将被拉近。
04:02
History历史 always does it.
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历史总是这么做。
04:04
It typically一般 happens发生 in one of three ways方法:
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它以典型的3种方式之一发生:
04:06
either through通过 revolution革命,
higher更高 taxes, or wars战争.
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革命,更高的赋税或是战争。
04:12
None没有 of those are on my bucket list名单.
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没有一个在我的遗愿清单上。
04:14
(Laughter笑声)
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(笑声)
04:16
Now, there's another另一个 way to do it,
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有另一种方法实现它,
04:18
and that's by increasing增加 justness公正
in corporate企业 behavior行为,
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那就是通过提高企业行为的公正性,
04:22
but the way that we're
operating操作 right now,
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但是我们目前运作的方式,
04:24
that would require要求
a tremendous巨大 change更改 in behavior行为,
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需要在行为上做出巨大改变,
04:28
and like an addict瘾君子 trying to kick a habit习惯,
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就像成瘾之后尝试戒掉,
04:32
the first step is to acknowledge确认
that you have a problem问题.
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第一步就是承认你出了问题。
04:36
And let me just say,
this profits利润 mania狂躁 that we're on
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让我来说,我们追逐利润的狂热
04:40
is so deeply entrenched根深蒂固
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已经如此根深蒂固,
04:42
that we don't even realize实现
how we're harming汉宁波 society社会.
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我们甚至没有觉察到
我们如何损害着社会。
04:45
Here's这里的 a small but startling触目惊心 example
of exactly究竟 how we're doing that:
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这是一个关于我们所作所为的
小的却令人吃惊地例子:
04:49
this chart图表 shows节目 corporate企业 giving
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这个图表显示在过去30年里企业捐献
04:52
as a percentage百分比 of profits利润,
not revenues收入, over the last 30 years年份.
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的利润百分数,不是收入百分数。
04:57
Juxtapose并列 that to the earlier chart图表
of corporate企业 profit利润 margins利润率,
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将它与先前的企业
利润率图表并列,
05:03
and I ask you, does that feel right?
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我问你,这个对吗?
05:08
In all fairness公平, when I
started开始 writing写作 this, I thought,
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平心而论,当我开始
写这个,我想,
05:11
"Oh wow, what does my company公司,
what does Tudor都铎 do?"
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“”哇,我的公司做了什么,
Tudor做了什么?“
05:14
And I realized实现 we give one percent百分
of corporate企业 profits利润
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我发现我们每年只将企业利润的1%
05:19
to charity慈善机构 every一切 year.
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捐给慈善机构。
05:21
And I'm supposed应该 to be a philanthropist慈善家.
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我被称为慈善家。
05:25
When I realized实现 that, I literally按照字面
wanted to throw up.
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当我发现这个事实的时候,
我简直想吐。
05:31
But the point is, this mania狂躁
is so deeply entrenched根深蒂固
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但关键是,这种
狂热如此根深蒂固,
05:34
that well-intentioned用心良苦 people like myself
don't even realize实现 that we're part部分 of it.
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以致怀有像我一样好意的人们甚至
没有觉察我们是其中一部分。
05:39
Now, we're not going
to change更改 corporate企业 behavior行为
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仅仅通过提高企业慈善或慈善捐赠
05:42
by simply只是 increasing增加 corporate企业
philanthropy慈善事业 or charitable慈善 contributions捐款.
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不会改变企业行为。
05:47
And oh, by the way,
we've我们已经 since以来 quadrupled四倍 that,
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噢,顺便说一下,我们已经把
捐赠变成原来的4倍了,
05:50
but -- (Applause掌声) -- Please.
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但是--(掌声)-谢谢。
05:54
But we can do it by driving主动
more just behavior行为.
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但是我们能够通过运转
更公正的行为来完成。
05:58
And one way to do it is actually其实 trusting信任的
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其中一种方法实际就是相信
06:01
the system系统 that got us
here in the first place地点,
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这个最初带领我们走到现在的体系,
06:04
and that's the free自由 market市场 system系统.
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就是这个自由市场体系。
06:06
About a year ago,
some friends朋友 of mine and I
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大约一年前,我的我的一些朋友
06:08
started开始 a not-for-profit不以营利为目的
called Just Capital首都.
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成立了一个叫做 Just Capital的公益公司。
06:12
Its mission任务 is very simple简单:
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任务很简单:
06:13
to help companies公司 and corporations公司
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帮助公司和企业
06:15
learn学习 how to operate操作 in a more just
fashion时尚 by using运用 the public's公众的 input输入
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学习如何以一个更公正的
模式运作,通过使用公共参与
06:21
to define确定 exactly究竟 what the criteria标准 are
for just corporate企业 behavior行为.
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来准确定义公正企业行为的准则。
06:27
Now, right now, there's
no widely广泛 accepted公认 standard标准
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目前,没有广泛接受的
06:29
that a company公司 or corporation公司 can follow跟随,
and that's where Just Capital首都 comes in,
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公司或企业能够遵守的标准,
这就是为什么Just Capital 成立了,
06:34
because beginning开始 this year and every一切 year
we'll be conducting开展 a nationwide全国 survey调查
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因为从今年开始,
每年我们将做全国性的调查
06:39
of a representative代表 sample样品
of 20,000 Americans美国人
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选用具有代表性的2万美国人的样本,
06:43
to find out exactly究竟 what they think
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来发现他们认为的
06:46
are the criteria标准 for justness公正
in corporate企业 behavior行为.
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企业行为公正的准则。
06:50
Now, this is a model模型 that's going
to start开始 in the United联合的 States状态
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这是将在美国开始的模型,
06:53
but can be expanded扩大
anywhere随地 around the globe地球,
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但是可以扩展到全球任何地方,
06:56
and maybe we'll find out
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或许我们能找出
06:58
that the most important重要
thing for the public上市
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对公众最重要的事,
07:00
is that we create创建 living活的 wage工资 jobs工作,
or make healthy健康 products制品,
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也许就是我们创造足以谋生的
工作岗位或者生产健康的产品,
07:06
or help, not harm危害, the environment环境.
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或是保护而不是伤害环境。
07:09
At Just Capital首都, we don't know,
and it's not for us to decide决定.
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在 Just Capital,我们不知道,
也不是我们能决定的。
07:13
We're but messengers使者,
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我们仅仅是信使,
07:15
but we have 100 percent百分 confidence置信度
and faith信仰 in the American美国 public上市
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但是我们有100%的信心,
相信美国大众
07:19
to get it right.
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能做对。
07:21
So we'll release发布 the findings发现
this September九月 for the first time,
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所以我们将在9月份第一次发布这些发现,
07:25
and then next下一个 year, we'll poll轮询 again,
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然后明年,我们再做民意测验,
07:27
and we'll take the additive添加剂 step this time
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这次我们将更近一步,
07:30
of ranking排行 the 1,000
largest最大 U.S. companies公司
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排出美国最大的1000个公司,
07:33
from number one to number 1,000
and everything in between之间.
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从第1到1000,以及这之间的。
07:37
We're calling调用 it the Just Index指数,
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我们称之为公正指数,
07:40
and remember记得, we're an independent独立
not-for-profit不以营利为目的 with no bias偏压,
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记住我们是一个独立的
公益的没有偏见的公司,
07:45
and we will be giving
the American美国 public上市 a voice语音.
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我们将给美国大众发声。
07:50
And maybe over time, we'll find out
that as people come to know
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或许一段时间后,我们
会发现人们开始知道
07:55
which哪一个 companies公司 are the most just,
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2020
哪些公司最公正,
07:57
human人的 and economic经济 resources资源
will be driven驱动 towards them,
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人力和经济资源会奔它们而去,
08:01
and they'll他们会 become成为 the most prosperous繁荣
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它们会成为最繁荣的公司,
08:03
and help our country国家
be the most prosperous繁荣.
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并帮我们的国家成为最繁荣的国家。
08:07
Now, capitalism资本主义 has been responsible主管
for every一切 major重大的 innovation革新
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资本主义有责任担负起每一个大变革,
08:11
that's made制作 this world世界 a more inspiring鼓舞人心
and wonderful精彩 place地点 to live生活 in.
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使我们的世界成为更
激励人心和美好的居住地。
08:16
Capitalism资本主义 has to be based基于 on justice正义.
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资本主义必须以公正为根基。
08:19
It has to be, and now more than ever,
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必须这样,如今更甚从前,
08:21
with economic经济 divisions
growing生长 wider更宽的 every一切 day.
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随着经济部门的逐日壮大。
08:25
It's estimated预计 that 47 percent百分
of American美国 workers工人
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据估计,大约47%的美国工人
08:28
can be displaced流离失所 in the next下一个 20 years年份.
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在下一个20年里被取代。
08:31
I'm not against反对 progress进展.
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我不反对发展。
08:33
I want the driverless无人驾驶 car汽车 and the jet喷射 pack
just like everyone大家 else其他.
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我像其他人一样想要
无人驾驶的车和飞行器。
08:38
But I'm pleading恳求 for recognition承认
that with increased增加 wealth财富 and profits利润
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但是我恳求一个认知,
就是财富和利润的增长
08:44
has to come greater更大
corporate企业 social社会 responsibility责任.
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应该伴随更大的企业社会责任。
08:49
"If justice正义 is removed去除," said Adam亚当 Smith工匠,
the father父亲 of capitalism资本主义,
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”如果公正消失了,“
资本主义之父 Adam Smith 说,
08:55
"the great, the immense巨大 fabric
of human人的 society社会 must必须 in a moment时刻
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”巨大的人类社会组织一定瞬间
09:01
crumble崩溃 into atoms原子."
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崩溃成碎片“。
09:05
Now, when I was young年轻,
and there was a problem问题,
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3764
当我年轻的时候,有一个问题,
09:09
my mama妈妈 used to always
sigh and shake her head and say,
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我的母亲过去常常叹息
并且摇着她的头说,
09:13
"Have mercy怜悯, have mercy怜悯."
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”要有怜悯之心“
09:17
Now's现在是 not the time for us,
for the rest休息 of us to show显示 them mercy怜悯.
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4551
现在不是我们怜悯其他人的时候。
09:22
The time is now for us
to show显示 them fairness公平,
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而是我们向他们展示公正的时候,
09:25
and we can do that, you and I,
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我们能够做到,你和我,
09:27
by starting开始 where we work,
in the businesses企业 that we operate操作 in.
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从我们工作的公司开始。
09:33
And when we put justness公正
on par平价 with profits利润,
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当我们把公正看得和利润一样重要的时候,
09:36
we'll get the most wonderful精彩 thing
in all the world世界.
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我们就会得到世上最美好的东西。
09:40
We'll take back our humanity人性.
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我们会赎回我们的人性。
09:43
Thank you.
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谢谢
09:46
(Applause掌声)
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(掌声)
Translated by Min Wang
Reviewed by Zhiting Chen

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ABOUT THE SPEAKER
Paul Tudor Jones II - Investor
Paul Jones is founder of Tudor Investment Corporation and an active philanthropist.

Why you should listen

Paul Tudor Jones II started to work on Wall Street in 1976. "If there was ever a free market free-for-all, this was it," he says. "Men wearing ties but acting like gladiators fought literally and physically for a profit." Jones emerged victorious, and as founder of Tudor Investment Corporation and other companies within the Tudor Group, he engages in trading in the fixed income, equity, currency and commodity markets. Headquartered in Greenwich, Connecticut, Tudor manages some $13.7 billion and employs almost 400 people.

Jones is an active philanthropist, including founding the Robin Hood Foundation and the Excellence Charter School, and he sits on the Boards of Just Capital, National Fish and Wildlife Foundation, Everglades Foundation, and Sonima Foundation. He is also a trustee of NYU's Langone Medical Center.

More profile about the speaker
Paul Tudor Jones II | Speaker | TED.com