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