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
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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。
Paul Tudor Jones II - Investor
Paul Jones is founder of Tudor Investment Corporation and an active philanthropist. Full bio
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 about capitalism.
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这是个关于资本主义的故事。
00:16
It's a system I love
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我喜欢这个体系，
00:18
because of the successes and opportunities
it's afforded me and millions of others.
it's afforded me and millions of others.
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因为它提供给每个人成功和机遇。
00:23
I started in my 20s trading commodities,
cotton in particular, in the pits,
cotton in particular, 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，
尤其是棉花，
00:30
and if there was ever a free market
free-for-all, this was it,
free-for-all, 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，
免费的自由市场，那就是，
00:33
where men wearing ties
but acting like gladiators
but acting like gladiators
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在那里穿着得体的人为了利益，
00:37
fought literally
and physically for a profit.
and physically for a profit.
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像角斗士一样竭尽所能。
00:41
Fortunately, I was good enough
that by the time I was 30,
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 to move into the upstairs
world of money management,
world of money management,
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我步入了资金管理的上层社会，
00:48
where I spent the next three decades
as a global macro trader.
as a global macro trader.
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我花了接下来的30年
做一名环球宏观交易商。
做一名环球宏观交易商。
00:51
And over that time, I've seen
a lot of crazy things in the markets,
a lot of crazy things in the markets,
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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，
市场里的许多疯狂的事情，
00:54
and I've traded a lot of crazy manias.
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我做了许多狂热的投机。
00:59
And unfortunately,
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不幸的是，
01:01
I'm sad to report that right now
we might be in the grips
we might be in the grips
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我很难过地说
目前我可能正处于
目前我可能正处于
01:04
of one of the most disastrous,
certainly of my career,
certainly of my career,
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我职业生涯最灾难性的
一个阶段的关键时刻，
一个阶段的关键时刻，
01:08
and one consistent takeaway is
manias never end well.
manias never end well.
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一个永恒的教训就是
投机狂热不会善终。
投机狂热不会善终。
01:12
Now, over the past 50 years,
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在过去的50年里，
01:15
we as a society have come to view
our companies and corporations
our companies and corporations
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关于如何评价我们的公司和企业
01:21
in a very narrow, almost
monomaniacal fashion
monomaniacal fashion
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我们这个社会以
非常狭隘，近乎偏执的方式
非常狭隘，近乎偏执的方式
01:26
with regard to how we value them,
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看待它们，
01:30
and we have put
so much emphasis on profits,
so much emphasis on profits,
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我们对利润，
01:33
on short-term quarterly
earnings and share prices,
earnings and share prices,
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对短期季度盈利和股价强调太多了，
01:36
at the exclusion of all else.
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无视其他一切。
01:39
It's like we've ripped the humanity
out of our companies.
out of our companies.
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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 reduce something
conveniently reduce something
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现在我们不这么做了--
适当地减少一些东西，
适当地减少一些东西，
01:48
to a set of numbers that you
can play with like Lego toys --
can play with like Lego toys --
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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 life.
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正如我们在各自的生活中
并不是这么做的。
并不是这么做的。
01:53
We don't treat somebody or value them
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我们没有基于人们的
收入和信用积分，
收入和信用积分，
01:57
based on their monthly income
or their credit score,
or their credit score,
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来对待或评价他们，
02:01
but we have this double standard
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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,
that we value our businesses,
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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 the very
underpinnings of our society.
underpinnings of our society.
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它威胁到我们的社会基础。
02:10
And here's how you'll see.
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这些就是你们看到的。
02:11
This chart is corporate profit margins
going back 40 years
going back 40 years
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这个图表是40年来的企业利润率，
02:16
as a percentage of revenues,
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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 high of 12.5 percent.
at a 40-year high of 12.5 percent.
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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%。
40年来得最高点，利润高达12.5%。
02:22
Now, hooray if you're a shareholder,
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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 American worker,
and you're the average American worker,
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但是如果你是另一边，
普通的美国工人，
普通的美国工人，
02:30
then you can see it's not
such a good thing.
such 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 of Income Going to Labor vs.
CEO-to-Worker Compensation Ratio"]
CEO-to-Worker Compensation 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"]
CEO 对工人的补偿比例"]
02:37
Now, higher profit margins
do not increase societal wealth.
do not increase societal wealth.
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更高的利润率没有提高社会财富。
02:40
What they actually do is they
exacerbate income inequality,
exacerbate income inequality,
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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, that makes 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 10 percent
of American families
of American families
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因为如果最富的10%的美国家庭
02:54
own 90 percent of the stocks,
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拥有90%的股份，
02:56
as they take a greater share
of corporate profits,
of corporate profits,
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他们拿走了公司利润的大部分，
02:59
then there's less wealth left
for the rest of society.
for the rest of society.
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然后很少的部分留给了社会其他人。
03:03
Again, income inequality
is not a good thing.
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 chart,
made by The Equality Trust,
made by The Equality Trust,
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这是下一个图表，由Equality Trust制作，
03:08
shows 21 countries from Austria
to Japan to New Zealand.
to Japan to New Zealand.
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展示了21个国家，
从澳大利亚到日本到新西兰。
从澳大利亚到日本到新西兰。
03:13
On the horizontal axis
is income inequality.
is income inequality.
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横轴代表收入不平等程度。
03:16
The further to the right you go,
the greater the income inequality.
the greater the income inequality.
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越往右，收入越不平等。
03:20
On the vertical axis
are nine social and health metrics.
are nine social and health metrics.
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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 the problems are,
the worse the problems are,
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越往上，问题越严重，
03:26
and those metrics include life expectancy,
teenage pregnancy, literacy,
teenage pregnancy, literacy,
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这些度量包括寿命，
未成年人怀孕，读写能力，
未成年人怀孕，读写能力，
03:31
social mobility, just to name a few.
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社会流动性，等等。
03:34
Now, those of you in the audience
who are Americans may wonder,
who are Americans may wonder,
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在座的美国人可能会想知道，
03:37
well, where does the United States rank?
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美国排在什么位置？
03:39
Where does it lie on that chart?
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美国在图表里什么地方？
03:41
And guess what?
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知道吗？
03:43
We're literally off the chart.
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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 income inequality
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拥有最大的收入不平等
03:49
and the greatest social problems,
according to those metrics.
according to those metrics.
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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。
拥有最严重的社会问题。
03:54
Now, here's a macro forecast
that's easy to make,
that's easy 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 between
the wealthiest and the poorest,
the wealthiest and the poorest,
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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.
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将被拉近。
04:02
History always does it.
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历史总是这么做。
04:04
It typically happens in one of three ways:
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它以典型的3种方式之一发生：
04:06
either through revolution,
higher taxes, or wars.
higher taxes, or wars.
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革命，更高的赋税或是战争。
04:12
None of those are on my bucket list.
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没有一个在我的遗愿清单上。
04:14
(Laughter)
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（笑声）
04:16
Now, there's another way to do it,
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有另一种方法实现它，
04:18
and that's by increasing justness
in corporate behavior,
in corporate behavior,
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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 right now,
operating right now,
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但是我们目前运作的方式，
04:24
that would require
a tremendous change in behavior,
a tremendous change in behavior,
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需要在行为上做出巨大改变，
04:28
and like an addict trying to kick a habit,
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就像成瘾之后尝试戒掉，
04:32
the first step is to acknowledge
that you have a problem.
that you have a problem.
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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 mania that we're on
this profits mania 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
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已经如此根深蒂固，
04:42
that we don't even realize
how we're harming society.
how we're harming society.
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我们甚至没有觉察到
我们如何损害着社会。
我们如何损害着社会。
04:45
Here's a small but startling example
of exactly how we're doing that:
of exactly 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：
小的却令人吃惊地例子：
04:49
this chart shows corporate 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 of profits,
not revenues, over the last 30 years.
not revenues, over the last 30 years.
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的利润百分数，不是收入百分数。
04:57
Juxtapose that to the earlier chart
of corporate profit margins,
of corporate profit margins,
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将它与先前的企业
利润率图表并列，
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, when I
started writing this, I thought,
started writing this, I thought,
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平心而论，当我开始
写这个，我想，
写这个，我想，
05:11
"Oh wow, what does my company,
what does Tudor do?"
what does Tudor do?"
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“”哇，我的公司做了什么，
Tudor做了什么？“
Tudor做了什么？“
05:14
And I realized we give one percent
of corporate profits
of corporate profits
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我发现我们每年只将企业利润的1%
05:19
to charity every year.
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捐给慈善机构。
05:21
And I'm supposed to be a philanthropist.
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我被称为慈善家。
05:25
When I realized that, I literally
wanted to throw up.
wanted to throw up.
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当我发现这个事实的时候，
我简直想吐。
我简直想吐。
05:31
But the point is, this mania
is so deeply entrenched
is so deeply entrenched
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但关键是，这种
狂热如此根深蒂固，
狂热如此根深蒂固，
05:34
that well-intentioned people like myself
don't even realize that we're part of it.
don't even realize that we're part 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。
没有觉察我们是其中一部分。
05:39
Now, we're not going
to change corporate behavior
to change corporate behavior
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仅仅通过提高企业慈善或慈善捐赠
05:42
by simply increasing corporate
philanthropy or charitable contributions.
philanthropy or charitable contributions.
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不会改变企业行为。
05:47
And oh, by the way,
we've since quadrupled that,
we've since quadrupled 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，
捐赠变成原来的4倍了，
05:50
but -- (Applause) -- Please.
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但是--（掌声）-谢谢。
05:54
But we can do it by driving
more just behavior.
more just behavior.
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但是我们能够通过运转
更公正的行为来完成。
更公正的行为来完成。
05:58
And one way to do it is actually trusting
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其中一种方法实际就是相信
06:01
the system that got us
here in the first place,
here in the first place,
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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 market system.
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就是这个自由市场体系。
06:06
About a year ago,
some friends of mine and I
some friends of mine and I
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大约一年前，我的我的一些朋友
06:08
started a not-for-profit
called Just Capital.
called Just Capital.
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成立了一个叫做 Just Capital的公益公司。
06:12
Its mission is very simple:
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任务很简单：
06:13
to help companies and corporations
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帮助公司和企业
06:15
learn how to operate in a more just
fashion by using the public's input
fashion by using the public's input
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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
模式运作，通过使用公共参与
06:21
to define exactly what the criteria are
for just corporate behavior.
for just corporate behavior.
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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 accepted standard
no widely accepted standard
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目前，没有广泛接受的
06:29
that a company or corporation can follow,
and that's where Just Capital comes in,
and that's where Just Capital 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，
这就是为什么Just Capital 成立了，
06:34
because beginning this year and every year
we'll be conducting a nationwide survey
we'll be conducting a nationwide survey
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因为从今年开始，
每年我们将做全国性的调查
每年我们将做全国性的调查
06:39
of a representative sample
of 20,000 Americans
of 20,000 Americans
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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 what they think
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来发现他们认为的
06:46
are the criteria for justness
in corporate behavior.
in corporate behavior.
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企业行为公正的准则。
06:50
Now, this is a model that's going
to start in the United States
to start in the United States
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这是将在美国开始的模型，
06:53
but can be expanded
anywhere around the globe,
anywhere around the globe,
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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
thing for the public
thing for the public
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对公众最重要的事，
07:00
is that we create living wage jobs,
or make healthy products,
or make healthy products,
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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，
工作岗位或者生产健康的产品，
07:06
or help, not harm, the environment.
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或是保护而不是伤害环境。
07:09
At Just Capital, we don't know,
and it's not for us to decide.
and it's not for us to decide.
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在 Just Capital，我们不知道，
也不是我们能决定的。
也不是我们能决定的。
07:13
We're but messengers,
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我们仅仅是信使，
07:15
but we have 100 percent confidence
and faith in the American public
and faith in the American public
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但是我们有100%的信心，
相信美国大众
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 the findings
this September for the first time,
this September 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 year, we'll poll 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 step this time
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这次我们将更近一步，
07:30
of ranking the 1,000
largest U.S. companies
largest U.S. companies
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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.
and everything in between.
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从第1到1000，以及这之间的。
07:37
We're calling it the Just Index,
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我们称之为公正指数，
07:40
and remember, we're an independent
not-for-profit with no bias,
not-for-profit with no bias,
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记住我们是一个独立的
公益的没有偏见的公司，
公益的没有偏见的公司，
07:45
and we will be giving
the American public a voice.
the American public a voice.
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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
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
会发现人们开始知道
07:55
which companies are the most just,
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哪些公司最公正，
07:57
human and economic resources
will be driven towards them,
will be driven towards them,
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人力和经济资源会奔它们而去，
08:01
and they'll become the most prosperous
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它们会成为最繁荣的公司，
08:03
and help our country
be the most prosperous.
be the most prosperous.
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并帮我们的国家成为最繁荣的国家。
08:07
Now, capitalism has been responsible
for every major innovation
for every major innovation
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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 this world a more inspiring
and wonderful place to live in.
and wonderful place to live 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。
激励人心和美好的居住地。
08:16
Capitalism has to be based on justice.
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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 divisions
growing wider every day.
growing wider every day.
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随着经济部门的逐日壮大。
08:25
It's estimated that 47 percent
of American workers
of American workers
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据估计，大约47%的美国工人
08:28
can be displaced in the next 20 years.
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在下一个20年里被取代。
08:31
I'm not against progress.
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我不反对发展。
08:33
I want the driverless car and the jet pack
just like everyone else.
just like everyone else.
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我像其他人一样想要
无人驾驶的车和飞行器。
无人驾驶的车和飞行器。
08:38
But I'm pleading for recognition
that with increased wealth and profits
that with increased wealth and profits
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但是我恳求一个认知，
就是财富和利润的增长
就是财富和利润的增长
08:44
has to come greater
corporate social responsibility.
corporate social responsibility.
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应该伴随更大的企业社会责任。
08:49
"If justice is removed," said Adam Smith,
the father of capitalism,
the father of capitalism,
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”如果公正消失了，“
资本主义之父 Adam Smith 说，
资本主义之父 Adam Smith 说，
08:55
"the great, the immense fabric
of human society must in a moment
of human society must in a moment
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”巨大的人类社会组织一定瞬间
09:01
crumble into atoms."
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崩溃成碎片“。
09:05
Now, when I was young,
and there was a problem,
and there was a problem,
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当我年轻的时候，有一个问题，
09:09
my mama used to always
sigh and shake her head and say,
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，
并且摇着她的头说，
09:13
"Have mercy, have mercy."
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”要有怜悯之心“
09:17
Now's not the time for us,
for the rest of us to show them mercy.
for the rest of us to show them mercy.
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现在不是我们怜悯其他人的时候。
09:22
The time is now for us
to show them fairness,
to show them fairness,
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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 where we work,
in the businesses that we operate in.
in the businesses that we operate in.
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从我们工作的公司开始。
09:33
And when we put justness
on par with profits,
on par with profits,
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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 thing
in all the world.
in all the world.
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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.
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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)
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（掌声）
ABOUT THE SPEAKER
Paul Tudor Jones II - InvestorPaul 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.
Paul Tudor Jones II | Speaker | TED.com