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1、FinancialMarkets:Lecture24TranscriptProfessorRobertShiller:Thisis,asIsaid,mylastlectureforthiscourseandI'mentitlingthislecture,TheDemocratizationofFinance.Iwantedtosavethistotheendbecauseit'sreallyaboutlookingatthebroadpurposeofourfinancialmarketsandourfinancialinstitut
2、ions.Ultimately,there'sonlyonepurposetoallofthisandthat'shumanwelfare.It'speople.Thisshouldbeobvious,butlet'snotforgetthatcorporationsexistonlyforthebenefitofpeople.Normally,wesayfortheirowners,butwecouldalsoaddotherstakeholders.But,it'speople--individualpeople--thatmat
3、teronly,unlessyouwanttoaddanimals.Wehavenon-profitsthatareaimedatanimalwelfareaswell,sowe'llincludethem.I'vemadeitathemeofmyrecentbooksthatfinanceisapowerfultoolforimprovinghumanwelfareandinmylatesttwobooksIemphasizewhatIcallthedemocratizationoffinance.MaybeIshouldwrite
4、thisdownbecauseit'satermthatIliketouse--democratizationoffinance--oryoucouldsayforshort,financialdemocracy,butImeansomethingalittledifferent.Inthe1930s,peopletalkedaboutfinancialdemocracyastheshareholdersvotingforthedirectionofacorporation.Idon'tmeanit--bythat--bydemocr
5、atizationoffinanceImeanbringingittothepeople.There'sbeenalongtrendtowardsdemocratizationoffinancethatgoesbackcenturies;thatis,originallyfinancialtechniqueswereavalueonlytotheveryrichortheverysophisticated.In1780,thePresidentofHarvardCollegehadhispaycheck--IthinkitwasPre
6、sidentLamont--indexedtoinflation.[Correction:ItwasPresidentSamuelLangdon.]I'vebeentryingtofigureoutifanyoneelseintheworldhadeverhadaCPIindexedlaborcontractandI'venotbeenabletodiscoveranyotherexample.Thatwas1780.So,therewasonepersonintheworldwhohadaninflationindexemploym
7、entcontract.Funny,whowasit?ItwasthePresidentofHarvard,sonotarandomperson.Astimegoesby,wehavemoreandmorespreadoftheseconcepts.Imakeitasamissionintwoofmybooks,NewFinancialOrder,whichisonreserve,andmynewbook,whichI'llwritehere,SubprimeSolution,whichisnotonreservebecauseIha
8、ven'tfinishedityet,butitwillbeoutin--itwillbesometimethissummer.Itwillbeavailableinbookstores.Apparently,well-
