Financial crisis, moral self-discipline and the cultural tradition in transition

　　Braudel (Fernand Braudel) financial activities will be reduced to a maximum of capitalist forms of economic activity (with a tendency to go beyond the division of labor), attributed to Lenin, capitalism will be the final stage (oligarch monopoly) of the core. Analysis of the impact of the system by the Marxist economist, the eyes of the system, the financial relationship between the credit from the In short, the financial capitalist mode of production is closely associated with the. In this sense, the financial crisis of capitalist production relations is always on the Hong challenge. When the material interests of people disadvantaged by the financial crisis, people are on the effectiveness of the capitalist system into question. Not only that, it is also further カ the basic principles of market economy into question. In all of these questions above, people will eventually wonder: from the Western society's I propose to discuss in this essay, that is revealed by the financial crisis, economic activity and the relationship between moral basis, as well as traditional agriculture to modern industry

　　Financial course in the final analysis is a credit relationship, but Tobin (James Tobin, the Nobel laureate in economics) in the used by creditors as Weber (Max Weber) discussion of traditional, financial, in particular on the basis of modern information technology field such stock カ financial activities, can be understood as a kind of Here, I put the Consistent with the definition of Tobin, when we look at a receipt for it to become a only require the borrower on the far side of the trust. This relationship can, and often only by Ji in personal contact (blood, geography, industry, margin); in the process of public participation in the financial, personal IOU issued by the credibility of this, after the transfer of many creditors there is little in terms of significance. No one because they do not know the owner of a company refusing to buy generally optimistic about the firm's stock (although many people know it because the boss of companies to buy shares of the enterprise). Relies on the financial process, is no longer able to survive almost every moral tradition in society between people all have the must rely on This system is called capitalism, where Weber's / P< various other systems to be effective. In fact, when we (along with Weber) attach such importance to the capitalist system of non-human exist. I made from stock trading with a simple example to illustrate the above argument. Popular in the U.S. online stock trading business which explicitly provides for the so-called That is, when the direction of the stock transaction committee Ji orders issued by the Agent, if the instruction is Executive Committee, Ji-side instructions. The provisions of a price jump is to prevent the highly volatile stock カ field by short-term speculators during the point of collapse Scoop, because in theory, short selling can be an unlimited number of shares issued exceeded the total amount of the earth. When the stock price fell from a high, often lead to The provisions of a price jump makes short-selling the stock relative to the original holders of the stock is now sold in terms of behavior, at a disadvantage. For example, within a day when IBM stock fell from $ 105 to $ 100, if the middle does not stop, then hop a price rule, the short side is basically unprofitable, or even a loss (less if the stock fell to $ 100 was stopped and bounced back to $ 100, then in accordance with the skip a price rule may or certainly more good than harm society as a whole, but it requires the moral foundation of society is it? I still want to use specific examples to illustrate this requirement. The provisions of a price in the jump, the Commission Ji Fang fact that only two options: (1) issued to the agency side, In the directive, the Commission provided the contractual relationship Ji agent, the Agent must be including of course the In the directive, the Agent or not to sell, or limited only to parties in the appointment of Ji more than the price of the stock sold. Many on Wall Street and stock options (options), the price movements within a day can greatly exceed the rate of 1%, for example, the computer industry, one of three giant Dell, whose shares are often in a day about 10% of change . The most recent example is the January 11, 1998, in one minute chart display,belstaff outlet, Dell kept from nearly 85 U.S. dollars fell to $ 79, and then rose to 87 dollars. At the same time, Dell's option price to 85 dollars in January due to the power of sale, for example, is nothing to stay up from $ 2.5 to $ 6 and then fell to $ 2 a day rate of change within the almost 300%. familiar with the operating system of the Hong Kong stock reader will note that this is self-serving to do stock trading agents Dell still the case. If the directives issued by the Committee Ji who is purchase price of $ 3 line and then transferred to the Commission Ji Fang, profits 100%. If the committee is short Ji instructions were issued, then a price jump under the rules, agents can still higher and lower in the two-day a price on his short, those at lower levels and then short the stock on the Despite the detailed rules prohibit agents to do so, but because of monitoring costs are too high, in fact, appointed Ji instruction is difficult to know the price at which executed, unless the committee Ji one can see the trading day, experts I once heard in a Exchange of Hong Kong's friend said, almost everyone in Hong Kong trading institutions have a This may be exaggerated, but it should not be too far away from reality. On the other hand, in my many years of experience, the U.S. online traders, at least those well-known internet trading company, is unlikely to be So I am quite safe to issue a This example shows that a price jump rules or any financial system, its de facto effective implementation often depends on the rules of the moral self-discipline, in monitoring, especially where the high cost. This is also the North (Douglas North, Nobel laureate in economics) called other article I have described in a mature capital カ in the field, the major trading firms compete not only for customers who value their reputation, but also compete to provide customers with reliable and authoritative information consultation. The latter is more valuable than the former, but also more difficult to rely on second party (ie other parties involved in contract) or a third party (ie, not involved with the contractual interests of the arbitrator) to monitor. For technical reasons, to rely on means other than the moral self-discipline to monitor the behavior of the high cost of agents, many of the original parties to the cooperation projects are profitable, in the absence of moral consensus on the social environment no