Economic Inclusion and Financial Integrity—an Address to the Conference on Inclusive Capitalism
经济包容与金融稳健——在“包容性资本主义大会”上的讲话
Christine Lagarde, Managing Director, International Monetary Fund
国际货币基金组织总裁克里斯蒂娜·拉加德
London, May 27, 2014
伦敦，2014年5月27日
Good morning. What a great privilege to be here among such illustrious guests to discuss such an important topic.
上午好。很荣幸能够在这里与各位尊贵的来宾讨论这一重要的问题。
Let me thank Lady Lynn de Rothschild and the Inclusive Capitalism Initiative for convening today’s event. I would also like to recognize the great civic leaders here today—His Royal Highness, the Prince of Wales; President Clinton, and Fiona Woolf, Lord Mayor of the City of London.
我感谢林恩·罗斯柴尔德夫人和“包容性资本主义倡议”举办今天的活动。我还想向今天在座的伟大的公民领袖——查尔斯王子殿下、克林顿总统，以及伦敦市长菲奥娜·伍尔夫——致以敬意。
We are all here to discuss “inclusive capitalism”—which must be Lynn’s idea! But what does it mean? As I struggled with the answer to that, I turned to etymology and to histo
ry.
我们今天在这里讨论“包容性资本主义”——这肯定是林恩的主意!但这是什么意思呢? 为了回答这一问题，我求助于词源和历史。
Capitalism originates from the Latin “caput”, cattle heads, and refers to possessions. Capital is used in the 12th century and designates the use of funds. The term “capitalism” is only used for the first time in 1854 by an Englishman, the novelist William Thackeray—and he simply meant private ownership of money.
资本主义来自拉丁文“Caput”，即牲口的头，指拥有的财产。12 世纪使用“资本(Capital)”一词，指资金的使用。“资本主义(Capitalism)”一词在 1854 年才被英国小说家威廉·萨克雷第一次使用，仅指钱财的私人拥有。
The consecration of capitalism comes during the 19th century. With the industrial revolution came Karl Marx who focused on the appropriation of the means of production—and who predicted that capitalism, in its excesses, carried the seeds of its own destruction, the accumulation of capital in the hands of a few, mostly focused on the accumulation of profits, leading to major conflicts, and cyclical crises.
资本主义一词在 19世纪被神化。随着工业革命的推进，卡尔·马克思关注生产工具的占有，他预言，在经济过剩状态下，资本主义播下了自身毁灭的种子，造成了资本在少数人手中积累(主要是利润的累积)，从而导致重大冲突和周期性危机。
So is “inclusive capitalism” an oxymoron? Or is it the response to Marx’s dire prediction that will lead to capitalism’s survival and regeneration—to make it truly the engine for shared prosperity?
所以，“包容性资本主义”的提法是不是矛盾的?或者，作为对马克思可怕预言的应对之策，它是否能使资本主义生存下去并获得新生——使它真正成为人类共享繁荣的引擎?
If so, what would the attributes of inclusive capitalism be? Trust, opportunity, rewards for all within a market economy—allowing everyone’s talents to flourish. Certainly, that is the vision.
如果是这样，包容性资本主义应该具备哪些特征呢?在市场经济中，所有人都获得信任、机会和回报——使每个人的才能得到充分发挥。当然，这只是美好的愿景。
Most recently, however, capitalism has been characterized by “excess”—in risk-taking, leverage, opacity, complexity, and compensation. It led to massive destruction of value. It has also been associated with high unemployment, rising social tensions, and growing political disillusion – all of this happening in the wake of the Great Recession.
然而，近年来资本主义的特征是“过度”——体现在冒险、杠杆、不透明、复杂、薪酬等各个方面。这导致价值观遭到巨大破坏，同时，也导致了高失业、不断加剧的社会紧张局势以及人们对政治的日益失望——这些都是在“大衰退”之后发生的。
One of the main casualties has been trust—in leaders, in institutions, in the free-market system itself. The most recent poll conducted by the Edelman Trust Barometer, for example, showed that less than a fifth of those surveyed believed that governments or business leaders would tell the truth on an important issue.
受到最严重损害的一个方面是信任——对领导者的信任，对机构的信任，对自由市场体系本身的信任。例如，在爱德曼公司开展的一项最新调查中，不到五分之一的受访者相信政府或企业领导者在重要问题上会说实话。
This is a wakeup call. Trust is the lifeblood of the modern business economy. Yet, in a world that is more networked than ever, trust is harder to earn and easier to lose. Or as the Belgians say, “la confiance part à cheval et revient à pied” (“confidence leaves on a horse and comes back on foot”).
这向我们发出了警钟。信任是现代商业经济的命脉。但在比以往任何时候都更加网络化的世界中，更难赢得信任，更易失去信任。或者，正如比利时的一句格言：“在马上失去信心，但是得徒步找回信心。”
So the big question is: how can we restore and sustain trust?
所以，一个重要问题是：我们能够恢复和维持信任吗?
First and foremost, by making sure that growth is more inclusive and that the rules of the game lead to a level playing field—favoring the many, not just the few; prizing broad participation over narrow patronage.
首先是确保经济增长更具包容性，游戏规则保证公平的竞争环境——有利于很多人，而不是少数人;鼓励广泛的参与，而不是狭窄的惠顾。
By making capitalism more inclusive, we make capitalism more effective, and possibly more sustainable. But if inclusive capitalism is not an oxymoron, it is not intuitive either, and it is more of a constant quest than a definitive destination.
通过使资本主义更加包容，我们就能使资本主义更加有效，并且可能更可持续。但如果包容性资本主义不是一种矛盾的提法，它也同样不是一种凭直觉的。它是不断的探索和追求，而不是必然的结果。
I will talk about two dimensions of this quest—more inclusion in economic growth, and more integrity in the financial system.
我来谈谈这一探索追求过程中的两个方面——让经济增长更加包容，让金融体系更加稳健。
Inclusion in economic growth
经济增长的包容性
Let me begin with economic inclusion. One of the leading economic stories of our time is rising income inequality, and the dark shadow it casts across the global economy.
我首先来谈谈经济包容。当今时代的最重要的经济问题之一就是收入不平等的日益加剧及其对全球经济的不利影响。
The facts are familiar. Since 1980, the richest 1 percent increased their share of income in 24 out of 26 countries for which we have data.
事实是我们所熟悉的。1980年以来，在我们掌握数据的 26个国家中，有 24个国家，其最富有的1%的人的收入份额继续增大。
In the US, the share of income taken home by the top one percent more than doubled since the 1980s, returning to where it was on the eve of the Great Depression. In the UK, France, and Germany, the share of private capital in national income is now back to levels last seen almost a century ago.
在美国，最富有的1%的人的实得收入份额自上世纪 80年代以来上升了一倍多，回到了“大萧条”前夕的水平。在英国、法国和德国，私人资本在国民收入中所占份额现在也回到了近一个世纪前的水平。
The 85 richest people in the world, who could fit into a single London double-decker, control as much wealth as the poorest half of the global population– that is 3.5 billion people.
全球最富有的85个人，虽然只能塞满一辆伦敦双层巴士，但他们控制的财富却相当于全球穷困的一半人口(35亿人)的所有身家。
With facts like these, it is no wonder that rising inequality has risen to the top of the agenda—not only among groups normally focused on social justice, but also increasingly among politicians, central bankers, and business leaders.
因此，毫不奇怪，不平等加剧问题已成为首要议题——不仅是通常关注社会公平问题的各种团体关注这一问题，而且政治家、中央银行和商界领的也越来越重视这一问题。
Many would argue, however, that we should ultimately care about equality of opportunity, not equality of outcome. The problem is that opportunities are not equal. Money will always buy better-quality education and health care, for example. But due to current levels of inequality, too many people in too many countries have only the most basic access to these services, if at all. The evidence also shows that social mobility is more stunted in less equal societies.
然而，很多人会说，我们最终应关注机会的平等，而不是收入的平等。问题是，机会不是平等的。例如，金钱总是能买来更高质量的教育和医疗保健。但鉴于当前的不平等水平，在太多的国家，有太多的人即使能获得服务，也只能获得一些最基本的服务。有关证据还显示，在平等程度较低的社会里，社会阶层流动性受到较大阻碍。
Fundamentally, excessive inequality makes capitalism less inclusive. It hinders people from participating fully and developing their potential.
从根本上说，过度不平等降低了资本主义的包容性。它阻碍人们充分参与，阻碍他们实现自己的潜能。
Disparity also brings division. The principles of solidarity and reciprocity that bind societies together are more likely to erode in excessively unequal societies. History also teaches us that democracy begins to fray at the edges once political battles separate the haves against the have-nots.
差距也带来了分化。在极度不平等的社会中，将社会凝聚在一起的团结和互惠原则更有可能被侵蚀。历史告诉我们，一旦政治斗争将有产者与无产者对立起来，民主就开始受到损害。
A greater concentration of wealth could—if unchecked—even undermine the principles of meritocracy and democracy. It could undermine the principle of equal rights proclaimed in the 1948 Universal Declaration of Human Rights.
更大程度的财富集中——如果不加以控制——甚至会损害精英治理和民主制度的原则。它可能损害1948年《世界人权宣言》所宣称的平等权利。
Pope Francis recently put this in stark terms when he called increasing inequality “the root of social evil”.
教皇弗朗西斯最近用了一个旗帜鲜明的术语——他把不平等加剧称作“社会罪恶的根源”。
It is therefore not surprising that IMF research—which looked at 173 countries over the last 50 years—found that more unequal countries tend to have lower and less durable economic growth.
因此，毫不奇怪，我们最近的研究(通过观察173个国家过去50年的变化)发现，在不平等程度更高的社会，经济增长更慢、更不持续。
So much for the diagnosis—what can be done about it? We have done some recent work on this as well. We focused on the fiscal policy dimension—which is part of the IMF’s core business. We found that, in general, fiscal policies have a good record of reducing social disparities—for example, transfers and income taxes have been able to reduce inequality by about a third, on average, among the advanced economies.
这就是对问题的诊断——那么应该采取什么行动呢?我们最近在这方面也做了一些工作。我们侧重于财政政策方面——这是基金组织的核心工作之一。我们发现，一般而言，财政政策能够有效地缩小社会差距——例如，在先进经济体，转移和所得税平均而言能使不平等程度下降约三分之一。
But it is a complex issue and policy choices need to be made carefully. Fiscal discipline is often the first victim on the political battlefield, and we obviously want to choose measures that do the most good and the least harm.
但是，这是一个复杂的问题，需要谨慎地做出政策选择。财政纪律往往是政治斗争的第一受害者。我们显然希望采用益处最大、害处最小的措施。
Some potentially beneficial options can include making income tax systems more progressive without being excessive; making greater use of property taxes; expanding access to education and health; and relying more on active labor market programs and in-work social benefits.
一些可能更为有益的选择包括：在不过度的情况下，提高所得税的累进程度;更多采用财产税;扩大对教育和医疗的获得渠道;更多依赖积极的劳动力市场计划和在职社会福利。
But we must recognize that reducing inequality is not easy. Redistributive policies always produce winners and losers. Yet if we want capitalism to do its job—enabling as many people as possible to participate and benefit from the economy—then it needs to be more inclusive. That means addressing extreme income disparity.
但我们必须认识到，减轻不平等并不容易。再分配政策总是有利于一些人而不利于另一些人。然而，我们如果希望资本主义发挥应有的作用——使尽可能多的人参与到经济生活中来，从中受益——那么就需要提高其包容性。这意味着，要解决收入差距极度严重的问题。
Integrity in the financial system
金融体系的健全性
Let me now turn to the second dimension of inclusive capitalism that I have chosen to address—integrity in the financial system.
现在来谈一谈包容性资本主义的第二个方面——金融体系的稳健。
In this age of diminished trust, it is the financial sector that takes last place in opinion surveys. This might not be surprising in light of some of the behavior that triggered the global financial crisis. But it is nevertheless disturbing. As many have pointed out, the very word credit derives from the Latin word for trust.
在这个信任度下降的时代，金融部门在观点调查中的得分最低。考虑到触发了全球金融机构的一些行为，这也许并不令人奇怪。但这仍令人烦恼。正如许多人已经指出的，“信用”一词恰恰来自拉丁文的“信任”。
We are all familiar with the factors behind the crisis—a financial sector that nearly collapsedbecause of excess. A sector that, like Icarus, in its hubris flew too close to the sun, and then fell back to earth—taking the global economy down with it.
我们都了解危机背后的一些因素——金融部门由于发展过度，几乎坍塌。就像伊卡罗斯傲慢地飞向太阳，然后落回到地球——带着全球经济一起下落。
We can trace the problems to the evolution of the financial sector before the crisis. Financial actors were allowed to take excessive risks, leading to a situation whereby the profits on the upside went to the industry—and the losses on the downside were picked up by the public.
我们可以将问题追溯到危机之前金融部门的演变。我们让金融部门冒了太多风险，导致了这样一种状况——经济上行时期的利润被金融行业纳入腰包，而经济下滑时期的损失由公众来承担。
Some of the greatest problems, still outstanding today, lay with the so-called too-big-to-fail firms. In the decade prior to the crisis, the balance sheets of the world’s largest banks increased by two to four-fold. With rising size came rising risk—in the form of lower capital, less stable funding, greater complexity, and more trading.
最严重的一些问题来自所谓的“太大而不能倒”的问题，其至今尚未解决。在危机之前的十年里，世界最大银行的资产负债表扩张了两到四倍。在规模扩大的同时，风险也在上升——体现在资本减少、融资稳定性下降、复杂度上升、交易量增大。
This kind of capitalism was more extractive than inclusive. The size and complexity of the megabanks meant that, in some ways, they could hold policymakers to ransom. The implicit subsidy they derived from being too-big-too-fail came from their ability to borrow more cheaply than smaller banks—magnifying risk and undercutting competition.
这种资本主义在更大程度上是选择性的，而不是包容性的。大型银行的规模和复杂性意味着，政策制定者可能会被它们“绑架”。这些银行因“太大而不能倒”而获得隐性补贴，这是因为它们能够以比小银行更低的成本借款，而这会加剧风险、损害竞争。
Completing the financial reform agenda
完成金融部门议程
Thankfully, the crisis has prompted a major course correction—with the understanding that the true role of the financial sector is to serve, not to rule, the economy. Its real job is to benefit people, especially by financing investment and thus helping with the creation of jobs and growth.
幸好，危机促成了重大的方向调整——这是其于这样一种认识，即金融部门的职能是服务于实体经济，而不是支配实体经济。它的真正作用是为投资提供资金，从而促进创造就业和经济增长，以此造福于人民。
As Winston Churchill once remarked, “I would rather see finance less proud and industry more content”.
正如温斯顿·丘吉尔曾说过的，“我宁可看到金融位谦而产业位尊”。
The good news is that the international community has made progress on the reform agenda. This is especially true for banking regulation under the auspices of the Basel Committee, where we are moving forward with stronger capital and liquidity requirements. This should make the system safer, sounder, and more service oriented.
好消息是，国际社会在改革议程上已经取得一定进展。巴塞尔委员会领导下的银行监管改革尤其如此，资本和流动性要求正在增强。这会使金融体系更加安全、更加稳健、更加以服务为导向。
The bad news is that progress is still too slow, and the finish line is still too far off. Some of this arises from the sheer complexity of the task at hand. Yet, we must acknowledge that it also stems from fierce industry pushback, and from the fatigue that is bound to set in at this point in a long race.
坏消息是，进展仍然太慢，我们距离终点线还是太远。这在一定程度上是因为这项任务非常复杂。但我们必须承认这也是因为我们面临巨大的行业阻力，并且在漫长的过程中已经产生疲劳情绪。
A big gap is that the too-big-to-fail problem has not yet been solved. A recent study by IMF staff shows that these banks are still major sources of systemic risk. Their implicit subsidy is still going strongly—amounting to about $70 billion in the US, and up to $300 billion in the Euro Area.
一个重要缺口是，“太大而不能倒”问题尚未得到解决。基金组织工作人员最近开展的一项研究显示，这些银行仍是系统性风险的重要来源。它们的隐性补贴依然很高——在美国约为 700亿美元，在欧元区高达 3000亿美元。
So clearly, ending too-big-to-fail must be a priority. That means tougher regulation and tightersupervision.
所以，解决“太大而不能倒”问题显然是一个优先任务。这意味着需要实行更严格的监管。
Here, I believe that the new capital surcharges for systemic banks can work. We estimated that increasing the capital ratio on these banks by 2½ percent, beyond the Basel III standard, can reduce the systemic risk of a trillion dollar bank by a quarter. This is a big deal.
在这方面，我认为，新的针对系统性银行的资本附加要求能够发挥作用。我们估计，在巴塞尔 III标准的基础上，将对这些银行的资本比率要求进一步提高 2.5个百分点，能够使规模达到万亿美元的银行的系统性风险下降四分之一。这种改善相当显著。
Yet the problem will not go away without steps to reduce the potential for contagion. First on the agenda should be an agreement on cross-border resolution of megabanks—providing a framework to unwind them in an orderly way in case of failure. This is a gaping hole in the financial architecture right now, and it calls for countries to put the global good of financial stability ahead of their parochial concerns.
不过，如果不采取步骤降低发生波及效应的可能性，问题还是得不到解决。首先应就大型银行的跨境破产处置达成一致——提供一个框架，在这些银行经营失败时，能够有序地关闭它们。这个问题是目前金融架构中的一个重要漏洞，在这方面，各国应将全球金融稳定目标置于本国考虑因素之上。
And we should not give up just because it is hard. Let me quote John Fitzgerald Kennedy here, who famously said that “we choose to go to the moon not because it is easy, but because it is hard”.
我们不应仅仅因为难而放弃。我想引用约翰·肯尼迪说过的一句著名的话：“我们想登上月球，不是因为这很容易，而且因为这很难。”
We also need more vigor across the rest of the reform agenda—better rules for nonbanks, better monitoring of shadow banks, and better safety and transparency over derivatives, an area that is still today excessively obscure and complex. To reduce the scope for contagion, I would like to see much more progress on cross-border issues, for example, in the mutual recognition of rules for derivatives markets.
我们也需更有力地推进其他改革——改善针对非银行机构的规则，对影子银行进行更好的监控，提高衍生产品的安全性和透明度(这一领域目前仍然过于模糊和复杂)。同样，为了降低产生波及效应的可能性，跨境问题需要取得更多进展，例如，共同确定衍生产品市场的规则。
Again, this is complex, and we need to be mindful of the risks of fragmenting the global financial system and hampering the flow of credit to finance investment. But complexity is not an excuse for complacency and delay.
同样，这很复杂，我们需要考虑到分割全球金融体系以及阻碍投资信贷流动的风险。但不能因为这个问题复杂，就安于现状和拖延不前。
Changing behavior and culture
改变行为和文化
As well as regulation, we need stronger supervision. Rules are only as good as their implementation. This calls for greater resources, and independence, for the supervisors who perform such a vital public duty, day in and day out.
除了改革监管规定之外，我们还需要加强监督。规则只有被执行才有效。因此，对于执行这种重要公共职能的监督机构，必须增加其资源，提高其独立性。
Yet regulation and supervision by themselves are still not enough. Rules can certainly affect behavior—think of compensation practices, for example. But people who want to skirt the rules will always find creative ways of doing so.
但是，监管本身并不够。规则显然会影响行为——例如，想一想薪酬方面的做法。但想要逃避规则的人总是能找到新的办法。
So we also need to turn our attention to the culture of financial institutions, and to the individual behavior that lies beneath. Incentives must be aligned with expected behavior and be made transparent.
所以，我们需要把注意力转到金融机构的文化，以及根本的个人行为。激励机制必须与预期行为相协调，并且必须是透明的。
Here, the work of the FSB on Principles for Sound Compensation Practices, commissioned by the G20, is instrumental to realign incentives with actual performance. We must push on with implementation.
在这方面，二十国集团委托金融稳定委员会在“稳健薪酬做法原则”方面开展的工作是有益的，这一措施能够促进激励机制与实际业绩之间的重新协调。我们必须推进这项工作的落实。
Why is this so important? Because the behavior of the financial sector has not changed fundamentally in a number of dimensions since the crisis. While some changes in behavior are taking place, these are not deep or broad enough. The industry still prizes short-term profit over long-term prudence, today’s bonus over tomorrow’s relationship.
为什么这非常重要?这是因为在很多方面，金融部门的行为自危机以来没有发生根本变化。尽管行为有所变化，但这种变化不够深或不够广。金融行业依然更加重视短期利润，而不是长期审慎;更加重视今天的奖金，而不是明天的关系。
Some prominent firms have even been mired in scandals that violate the most basic ethical norms—LIBOR and foreign exchange rigging, money laundering, illegal foreclosure.
一些知名的公司甚至陷入违背最基本道德原则的丑闻——操纵 LIBOR和外汇，洗钱，非法取消赎回权。
To restore trust, we need a shift toward greater integrity and accountability. We need a stronger and systematic ethical dimension.
为了恢复信任，我们需要加强诚信和问责。我们需要更强、更系统的道德因素。
In grappling with this, it helps to go back to the ancient philosophers. They would have raised the most basic question—what is the social purpose of the financial sector? Or, as Aristotle would have asked: “what is its telos?”
在这方面，我们可以请教古代哲人。他们会提出最基本的问题——金融部门的社会目的是什么?或者，正如亚里士多德会问的：“它的最终目的是什么?”
He answered his own question: “Wealth is evidently not the good we are seeking; for it is merely useful and for the sake of something else”. Or as Oscar Wilde put it, “the true perfection of man lies, not in what man has, but in what man is”.
亚里士多德是这样回答自己提出的问题的：“财富显然不是我们所追求的，因为财富只是有用而已，只是为了达到别的目的。”或者，正如奥斯卡·王尔德所说的：“人的真正完善不在与他拥有什么，而在于他是怎样的人。”
From this perspective, we can identify the true purpose of finance. Its goal is to put resources to productive use, to transform maturity, thereby contributing to the good of economic stability and full employment—and ultimately, to the wellbeing of people. In other words—to enrich society.
从这一角度，我们可以确定金融的真正目的。其目标是将资源投入生产性用途，转换资金期限，从而促进经济稳定和充分就业，最终，使人们生活得更好。换句话说——增进社会繁荣。
In Aristotle’s framework, once we know the purpose, we can identify the virtues needed to fulfill it. It becomes a matter of every person doing the right thing.
在亚里士多德的框架中，一旦我们知道了目的，我们就能确定达到这一目的所需的美德。这就是，每个人要做正确的事。
When we think about finance, surely one of these core virtues is prudence—which is about stewardship, sustainability, and safeguarding the future. Prudence has long been a byword of banking, and yet has been sorely missing in action in recent times.
说到金融，显然，核心美德之一是审慎——管理、可持续、对未来的保障。长期以来，“审慎”一直是银行业的格言，而近些年却完全缺失了。
We know that regaining virtues like prudence will not happen overnight. Aristotle teaches us that virtue is molded from habit, from developing and nurturing good behavior over time. As with anything worth doing, practice makes perfect.
我们知道，重新找回审慎这样的美德不是一朝一夕的事。亚里士多德告诉我们，美德是从习惯、从长期培养良好行为而形成的。正如做所有事情一样，熟能生巧。
Getting back on the right path requires education and leadership that is sustained over many years. It requires alert watchdogs, including from civil society.
为了回到正确的道路，需要多年持续的教育和领导，需要警觉的监督，包括来自民间社会的监督。
Most importantly of all, it requires investors and financial leaders taking values as seriously as valuation, culture as seriously as capital.
最重要的是，投资者和金融领导者必须像重视价格一样重视价值，像重视资本一样重视文化。
As Mark Carney pointed out in an admirable speech in Canada last year, the financial sector needs to be grounded in strong connections to clients and to communities—to the people served by the financial industry.
正如马克·卡尼去年在加拿大发表的一篇出色讲话中所说的，金融部门需要扎根于与客户和社会的紧密联系——与金融业所服务的人民的紧密联系。
Ultimately, we need to ingrain a greater social consciousness—one that will seep into the financial world and forever change the way it does business.
最终，我们需要确立更牢固的社会意识——能够渗入金融世界、永远改变金融业运作方式的社会意识。
The good news is that we are seeing some positive signs. The Inclusive Capitalism Initiative is one such example—pursuing practical ways to make capitalism an engine of economic opportunity for all.
好消息是，我们已经看到一些积极的迹象。“包容资本主义倡议”就是其中一例——探索实用的方法，使资本主义为所有人创造经济机会。
We can draw some parallels here with our expanding environmental consciousness. Not so long ago, we had much higher levels of pollution, and littering was commonplace. Today, we are more educated about these issues, and more in the habit of respecting the planet.
我们可以用我们不断增强的环境意识作个类比。并不太久以前，我们的污染水平比现在高得多，乱丢垃圾的行为随处可见。今天，我们更了解这些问题，更注意保护我们的星球。
By comparison, the equivalent kind of awareness in the financial sector—the idea that private misbehavior can have a broader social cost—is only in its early stages. It is akin to the initial period of environmental consciousness, which focused on the banning of lead from petroleum products.
相比而言，对金融部门的同样意识——私人行为不当可能带来更广泛的社会代价——只是处在初期阶段。这类似于环境意识的初期阶段，那时的重点是禁止石油产品含铅。
Just as we have a long way to go to reduce our carbon footprint, we have an even longer way to go to reduce our “financial footprint”.
正如我们在减少“碳足迹”方面有很长一段路要走，我们在减少“金融足迹”方面更加任重道远。
Yet we must take those steps.
但我们必须迈出步子。
I realize that these are deeper questions than economists and policymakers are normally comfortable talking about. Yet I also believe the link is clear—ethical behavior is a major dimension of financial stability.
我意识到，比起经济学家和政策制定者通常愿意讨论的问题，这些问题更加深入。但我相信这种联系是清晰的——道德行为是金融稳定的一个主要方面。
Conclusion
结语
Let me conclude. The topic of inclusive capitalism is obviously a vast one. I could have talked about many different aspects: women’s exclusion, disregard for the environment, corporate social responsibility.
我来作个总结。包容性资本主义显然是一个巨大的论题。我可以讲很多不同方面：女性被排斥，对环境的漠视，公司的社会责任。
Yet I wanted to focus my remarks today on the behavior that continues to deplete the treasury of trust and could again destabilize the global economy.
但是，我想把今天讲话的重点放在那些继续损害信任、可能再次破坏全球经济稳定的行为。
This is why the work of your Initiative is so important. It needs to infuse the consciousness of all economic leaders, across all sectors and countries.
这就是为什么“包容资本主义倡议”的工作如此重要。它需激发所有部门和国家的所有经济领导者的意识。
At the end of the day, when the global economy is more inclusive, the gains are less elusive. The market is more effective, and a better future—for everyone—is more likely.
最终，当全球经济更加包容，我们就更能取得进展。市场更有效，每个人更有可能享受更美好的未来。
Thank you very much.
十分感谢。
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