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

保羅.都德.瓊斯: 為什麼我們需要省思資本主義

Filmed:
1,970,679 views

保羅.都德.瓊斯熱愛資本主義,那造就他在過去幾十年裡成績亮眼;儘管如此,這位避險基金經理人以及慈善家擔憂,只注重獲利會如他所言對社會的根基造成威脅。在這個非常有想法、熱衷的演講中,他列出了他所計畫好的反進掠重點,該要點著重在公義的觀念。
- 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資本主義.
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這是關於資本主義的過往,
00:16
It's a system系統 I love
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那是我鍾愛的制度,
00:18
because of the successes成功 and opportunities機會
it's afforded提供 me and millions百萬 of others其他.
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因為它帶給我
和成千上萬人成功與機運。
00:23
I started開始 in my 20s trading貿易 commodities商品,
cotton in particular特定, in the pits,
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我從二十出頭開始在交易廳內
做商品人工喊價交易,特別是棉花。
00:30
and if there was ever a free自由 market市場
free-for-all免費為所有, this was it,
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如果真的有對任何人
都不設限的自由市場,就是這個了。
00:33
where men男人 wearing穿著 ties聯繫
but acting演戲 like gladiators角鬥士
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那個地方男人都打著領帶,
但是舉止就像古羅馬的競技者一般,
00:37
fought戰鬥 literally按照字面
and physically物理 for a profit利潤.
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確確實實為了利潤而戰。
00:41
Fortunately幸好, I was good enough足夠
that by the time I was 30,
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很幸運地等我到了三十歲,
00:44
I was able能夠 to move移動 into the upstairs樓上
world世界 of money management管理,
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績效好到足以進入更高階的
資金管理領域,
00:48
where I spent花費 the next下一個 three decades幾十年
as a global全球 macro trader商人.
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我又花了接下來的三十年
當全球宏觀交易員,
00:51
And over that time, I've seen看到
a lot of crazy things in the markets市場,
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在那期間我見識過
許多市場上的瘋狂事情,
00:54
and I've traded交易 a lot of crazy manias狂熱.
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也交易過許多瘋狂的熱潮商品。
00:59
And unfortunately不幸,
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很不幸的,
01:01
I'm sad傷心 to report報告 that right now
we might威力 be in the grips交手
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我很遺憾的說
我們現在可能深陷於
01:04
of one of the most disastrous慘重,
certainly當然 of my career事業,
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很糟糕的困境,
在我的職涯裡的確如此,
01:08
and one consistent一貫 takeaway帶走 is
manias狂熱 never end結束 well.
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一個始終不變的重點就是
熱潮從來不會有好下場。
01:12
Now, over the past過去 50 years年份,
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在過去五十年裡,
01:15
we as a society社會 have come to view視圖
our companies公司 and corporations公司
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我們這個社會已經變成用
非常狹隘、幾乎是一頭熱的方式
01:21
in a very narrow狹窄, almost幾乎
monomaniacal剛愎自用 fashion時尚
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來檢視我們的公司和企業,
01:26
with regard看待 to how we value them,
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尤其在於我們如何價量時。
01:30
and we have put
so much emphasis重點 on profits利潤,
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而且我們太注重於利潤、
短期季盈餘和股價,
01:33
on short-term短期 quarterly季刊
earnings收益 and share分享 prices價格,
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01:36
at the exclusion排除 of all else其他.
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把其他一切排除在外了,
好像我們已經把人性從
公司身上拔除掉了;
01:39
It's like we've我們已經 ripped撕開 the humanity人性
out of our companies公司.
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01:44
Now, we don't do that --
conveniently便利地 reduce減少 something
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我們不會——
輕易地把某些東西縮減成你可以
像堆樂高一樣玩弄的數字,
01:48
to a set of numbers數字 that you
can play with like Lego樂高玩具 toys玩具 --
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01:51
we don't do that in our individual個人 life.
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我們不會在各自的生命裡這樣做!
01:53
We don't treat對待 somebody or value them
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我們不會依據月所得或是信用分數
01:57
based基於 on their monthly每月一次 income收入
or their credit信用 score得分了,
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來對待人或是價量他們,
02:01
but we have this double standard標準
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但是每當我們價量企業時
我們會有這個雙重標準,
02:03
when it comes to the way
that we value our businesses企業,
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02:05
and you know what?
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你知道嗎?
02:07
It's threatening危險的 the very
underpinnings基礎 of our society社會.
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這正在危害我們社會的根基呀!
02:10
And here's這裡的 how you'll你會 see.
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這裡你將會看到是如何危害,
02:11
This chart圖表 is corporate企業 profit利潤 margins利潤率
going back 40 years年份
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這張圖表是過去四十年
公司的淨利率
對上收入的百分點,
02:16
as a percentage百分比 of revenues收入,
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你可以看到我們現在
就在 40 年的高點—12.5 %。
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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02:22
Now, hooray萬歲 if you're a shareholder股東,
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今天如果你是股東就棒透了,
02:26
but if you're the other side of that,
and you're the average平均 American美國 worker工人,
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不過如果你不是股東,
而且是普通的美國職員,
02:30
then you can see it's not
such這樣 a good thing.
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這會兒你就可以看出那不是
一件如此美好的事情了;
02:33
["U.S. Share分享 of Income收入 Going to Labor勞動 vsVS.
CEO-to-WorkerCEO對工人 Compensation賠償金 Ratio"]
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[美國實際工資佔產出的比重
—執行長與員工薪酬比]
如今更高的淨利率並沒有
增加社會的財富,
02:37
Now, higher更高 profit利潤 margins利潤率
do not increase增加 societal社會的 wealth財富.
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02:40
What they actually其實 do is they
exacerbate加劇 income收入 inequality不等式,
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它們實際上加劇了所得不平均,
02:45
and that's not a good thing.
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而那不是一件好事。
02:48
But intuitively直觀地, that makes品牌 sense, right?
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不過直覺上很有道理對吧,
02:50
Because if the top最佳 10 percent百分
of American美國 families家庭
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因為假使財富最高的 10%
美國家庭握有 90% 的股票,
02:54
own擁有 90 percent百分 of the stocks個股,
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當他們拿走公司利潤的極大部分時,
02:56
as they take a greater更大 share分享
of corporate企業 profits利潤,
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02:59
then there's less wealth財富 left
for the rest休息 of society社會.
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就只剩下較少的財富
留給社會上的其他人,
03:03
Again, income收入 inequality不等式
is not a good thing.
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再說一次,所得不平均不是件好事,
03:06
This next下一個 chart圖表,
made製作 by The Equality平等 Trust相信,
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接下來這張圖表是由
「權益信託」所製作的,
03:08
shows節目 21 countries國家 from Austria奧地利
to Japan日本 to New Zealand新西蘭.
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顯現了包括澳洲、日本、
紐西蘭在內的 21 個國家;
03:13
On the horizontal axis
is income收入 inequality不等式.
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水平軸是所得不均,
03:16
The further進一步 to the right you go,
the greater更大 the income收入 inequality不等式.
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越往右邊去收入不均越嚴重;
03:20
On the vertical垂直 axis
are nine social社會 and health健康 metrics指標.
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在垂直軸是九種社會和
健康問題的度量指標,
03:23
The more you go up that,
the worse更差 the problems問題 are,
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你越往上走問題就越惡劣,
03:26
and those metrics指標 include包括 life expectancy期待,
teenage青少年 pregnancy懷孕, literacy讀寫能力,
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這些度量指標隨便拿幾個來講,
包括了平均壽命、未成年懷孕、
識字率、社會流動。
03:31
social社會 mobility流動性, just to name名稱 a few少數.
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03:34
Now, those of you in the audience聽眾
who are Americans美國人 may可能 wonder奇蹟,
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現在在座是美國人的你
也許在猜美國排在哪裡呢?
03:37
well, where does the United聯合的 States狀態 rank?
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03:39
Where does it lie謊言 on that chart圖表?
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它座落在這張圖表的哪個地方呢?
03:41
And guess猜測 what?
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你猜怎麼著,
03:43
We're literally按照字面 off the chart圖表.
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我們完全跑出這張圖表外面,
03:45
Yes, that's us,
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沒錯!那就是我們,
03:47
with the greatest最大 income收入 inequality不等式
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根據這些度量指標來說,
03:49
and the greatest最大 social社會 problems問題,
according根據 to those metrics指標.
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有著最嚴重的所得不均和社會問題!
03:54
Now, here's這裡的 a macro forecast預測
that's easy簡單 to make,
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現在這裡有個宏觀預測,
那很容易做出來,
03:56
and that's, that gap間隙 between之間
the wealthiest富有 and the poorest最窮,
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就是最富有和最貧窮者
之間的落差將會拉近,
04:00
it will get closed關閉.
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04:02
History歷史 always does it.
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歷史經常做到,
04:04
It typically一般 happens發生 in one of three ways方法:
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通常是用三種方式之一出現:
04:06
either through通過 revolution革命,
higher更高 taxes, or wars戰爭.
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透過革命、苛稅、或是戰爭,
它們沒有任何一個是在我的
遺願清單上頭啦!
04:12
None沒有 of those are on my bucket list名單.
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04:14
(Laughter笑聲)
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(笑聲)
04:16
Now, there's another另一個 way to do it,
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現在有另一個方法能做到,
04:18
and that's by increasing增加 justness公正
in corporate企業 behavior行為,
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那就是在企業行為中增加公義性!
04:22
but the way that we're
operating操作 right now,
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但是我們現在運作的方式,
04:24
that would require要求
a tremendous巨大 change更改 in behavior行為,
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需要在企業行為上
做出非常巨大的轉變,
04:28
and like an addict癮君子 trying to kick a habit習慣,
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就像是個入癮者力圖改掉習慣,
04:32
the first step is to acknowledge確認
that you have a problem問題.
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第一步就是清楚知道你有了問題。
04:36
And let me just say,
this profits利潤 mania狂躁 that we're on
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就讓我這麼說吧,我們正經歷的
利潤熱潮是如此根深蒂固,
04:40
is so deeply entrenched根深蒂固
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04:42
that we don't even realize實現
how we're harming漢寧波 society社會.
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我們甚至不曉得我們如何
傷害這個社會。
04:45
Here's這裡的 a small but startling觸目驚心 example
of exactly究竟 how we're doing that:
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我們到底是如何造成傷害,
這裡有個不大但是驚人的例子:
04:49
this chart圖表 shows節目 corporate企業 giving
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這張圖表顯示了
過去三十年企業捐款佔利潤的百分比,
不是收益的百分比喔,
04:52
as a percentage百分比 of profits利潤,
not revenues收入, over the last 30 years年份.
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把它與早先的企業
淨利率的圖表擺在一塊兒,
04:57
Juxtapose並列 that to the earlier chart圖表
of corporate企業 profit利潤 margins利潤率,
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05:03
and I ask you, does that feel right?
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我要問你,這是對的嗎?
05:08
In all fairness公平, when I
started開始 writing寫作 this, I thought,
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持平來講,
當我開始寫這些東西的時候,
我在想「哇!我的公司
「都德期貨基金」做了什麼呢?
05:11
"Oh wow, what does my company公司,
what does Tudor都鐸 do?"
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05:14
And I realized實現 we give one percent百分
of corporate企業 profits利潤
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我發現了我們每年給慈善機構
1% 的公司利潤,
05:19
to charity慈善機構 every一切 year.
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05:21
And I'm supposed應該 to be a philanthropist慈善家.
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而我應該是個慈善家呢!」
05:25
When I realized實現 that, I literally按照字面
wanted to throw up.
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在我知道後我真的很想吐。
05:31
But the point is, this mania狂躁
is so deeply entrenched根深蒂固
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但是這股熱潮是如此根深蒂固,
05:34
that well-intentioned用心良苦 people like myself
don't even realize實現 that we're part部分 of it.
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立意良善者—好比我,
甚至不知道我們也身在其中,
05:39
Now, we're not going
to change更改 corporate企業 behavior行為
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現在我們不打算僅是透過
05:42
by simply只是 increasing增加 corporate企業
philanthropy慈善事業 or charitable慈善 contributions捐款.
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增加慈善金或是慈善捐款
來改變企業行為,
05:47
And oh, by the way,
we've我們已經 since以來 quadrupled四倍 that,
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喔!順帶一提我們從那之後
已經增加了四倍的捐款,
05:50
but -- (Applause掌聲) -- Please.
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不過—(掌聲)—請容我說完!
05:54
But we can do it by driving主動
more just behavior行為.
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不過我們可以透過推動更多
公義的作為來改變它。
05:58
And one way to do it is actually其實 trusting信任的
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做到這件事的一個方法是信任
這個原先造成我們變成如此的體制,
06:01
the system系統 that got us
here in the first place地點,
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06:04
and that's the free自由 market市場 system系統.
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那就是自由市場體制。
06:06
About a year ago,
some friends朋友 of mine and I
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大約在一年前我的一些朋友和我
成立了非營利的「公義資本」,
06:08
started開始 a not-for-profit不以營利為目的
called Just Capital首都.
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06:12
Its mission任務 is very simple簡單:
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它的任務非常簡單—
06:13
to help companies公司 and corporations公司
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幫助公司和企業習得
以更公義的方式營運,
06:15
learn學習 how to operate操作 in a more just
fashion時尚 by using運用 the public's公眾的 input輸入
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透過使用大眾投入的意見
06:21
to define確定 exactly究竟 what the criteria標準 are
for just corporate企業 behavior行為.
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來明確界定何為
公義企業行為的準則;
06:27
Now, right now, there's
no widely廣泛 accepted公認 standard標準
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現在並沒有被廣泛認可的準則
讓公司或企業遵從,
06:29
that a company公司 or corporation公司 can follow跟隨,
and that's where Just Capital首都 comes in,
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那就是「公義資本」的切入點,
06:34
because beginning開始 this year and every一切 year
we'll be conducting開展 a nationwide全國 survey調查
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因為從今年開始,
每一年我們將會進行全國調查,
06:39
of a representative代表 sample樣品
of 20,000 Americans美國人
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以兩萬名美國人為代表樣本,
06:43
to find out exactly究竟 what they think
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來找出他們認為的公義和企業行為
標準到底是什麼,
06:46
are the criteria標準 for justness公正
in corporate企業 behavior行為.
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06:50
Now, this is a model模型 that's going
to start開始 in the United聯合的 States狀態
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這是一個範例,從美國開始,
06:53
but can be expanded擴大
anywhere隨地 around the globe地球,
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但是可以擴展到全球的任何地方,
06:56
and maybe we'll find out
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也許我們將會發現
對公眾來說最重要的東西,
06:58
that the most important重要
thing for the public上市
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07:00
is that we create創建 living活的 wage工資 jobs工作,
or make healthy健康 products製品,
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是創造能餬口的工作、
或是製造更健康的產品、
07:06
or help, not harm危害, the environment環境.
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或是救助而非破壞環境。
07:09
At Just Capital首都, we don't know,
and it's not for us to decide決定.
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在「公義資本」我們並不清楚
而且這不是我們來決定的,
07:13
We're but messengers使者,
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我們不過是使者罷了,
07:15
but we have 100 percent百分 confidence置信度
and faith信仰 in the American美國 public上市
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但是我們對美國大眾
能把它變成對的有著百分百的信心,
07:19
to get it right.
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所以今年九月我們
將會發表第一次的結果,
07:21
So we'll release發布 the findings發現
this September九月 for the first time,
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07:25
and then next下一個 year, we'll poll輪詢 again,
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然後明年我們將會再次做民調,
07:27
and we'll take the additive添加劑 step this time
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而且這次我們將會進一步
為美國一千大公司做排名,
07:30
of ranking排行 the 1,000
largest最大 U.S. companies公司
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07:33
from number one to number 1,000
and everything in between之間.
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從第一名到第一千名全都排出來。
07:37
We're calling調用 it the Just Index指數,
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我們將會稱之為「公義指標」,
07:40
and remember記得, we're an independent獨立
not-for-profit不以營利為目的 with no bias偏壓,
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而且請記住我們是獨立的、
非營利的、沒有偏頗的,
07:45
and we will be giving
the American美國 public上市 a voice語音.
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而且我們將會收到美國公眾的意見,
07:50
And maybe over time, we'll find out
that as people come to know
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也許長此以往我們將會發現
一旦公眾知道了那間公司最公義,
07:55
which哪一個 companies公司 are the most just,
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07:57
human人的 and economic經濟 resources資源
will be driven驅動 towards them,
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人力和經濟資源就會流向它們,
08:01
and they'll他們會 become成為 the most prosperous繁榮
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它們將會變成最成功的公司,
08:03
and help our country國家
be the most prosperous繁榮.
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以及幫助我們的國家
成為最興盛的國家。
08:07
Now, capitalism資本主義 has been responsible主管
for every一切 major重大的 innovation革新
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資本主義一直以來
擔負了每一個重大的創新,
08:11
that's made製作 this world世界 a more inspiring鼓舞人心
and wonderful精彩 place地點 to live生活 in.
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使世界變成更啟發人
和完善的居住地,
08:16
Capitalism資本主義 has to be based基於 on justice正義.
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資本主義得要基於公義,
一定得要,
08:19
It has to be, and now more than ever,
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尤其是經濟分歧越來越大,
這比以往更為需要。
08:21
with economic經濟 divisions
growing生長 wider更寬的 every一切 day.
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據估計 47 % 的美國職工在未來
二十年內可以被取代掉!
08:25
It's estimated預計 that 47 percent百分
of American美國 workers工人
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08:28
can be displaced流離失所 in the next下一個 20 years年份.
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08:31
I'm not against反對 progress進展.
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我不是反對進步,
08:33
I want the driverless無人駕駛 car汽車 and the jet噴射 pack
just like everyone大家 else其他.
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我跟大家一樣想要自動駕駛汽車
和個人的飛行裝備,
08:38
But I'm pleading懇求 for recognition承認
that with increased增加 wealth財富 and profits利潤
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但是我正在求取認可,
隨著增加的財富和獲利,
企業必須帶來更大的社會責任,
08:44
has to come greater更大
corporate企業 social社會 responsibility責任.
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08:49
"If justice正義 is removed去除," said Adam亞當 Smith工匠,
the father父親 of capitalism資本主義,
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「國富論」的作者亞當.史密斯
曾說過:「當公義被排除了,
08:55
"the great, the immense巨大 fabric
of human人的 society社會 must必須 in a moment時刻
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人類社會龐大、優質的構造
肯定一瞬間就分崩離析了」
09:01
crumble崩潰 into atoms原子."
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09:05
Now, when I was young年輕,
and there was a problem問題,
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當我小時候家裡發生困難時,
09:09
my mama媽媽 used to always
sigh and shake her head and say,
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我媽媽總是習慣嘆口氣、搖著頭說:
09:13
"Have mercy憐憫, have mercy憐憫."
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「主啊!求祢憐憫,主啊!」
09:17
Now's現在是 not the time for us,
for the rest休息 of us to show顯示 them mercy憐憫.
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現在不是我們對其他人
展現憐憫的時刻,
09:22
The time is now for us
to show顯示 them fairness公平,
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現在是我們展現給他們
公平的時刻,
09:25
and we can do that, you and I,
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我們可以做到的,
你和我從工作中、
從經營的生意中開始,
09:27
by starting開始 where we work,
in the businesses企業 that we operate操作 in.
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09:33
And when we put justness公正
on par平價 with profits利潤,
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當我們把公義和利益
擺放在相同的位置,
09:36
we'll get the most wonderful精彩 thing
in all the world世界.
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我們將會得到世界上
最美妙的事物,
09:40
We'll take back our humanity人性.
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我們會找回人性。
09:43
Thank you.
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謝謝你們!
09:46
(Applause掌聲)
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(掌聲)
Translated by Harry Chen
Reviewed by Regina Chu

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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