长期风险与金融新秩序

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1、FundamentalLong-TermRisksAndtheNewFinancialOrder天马行空官方博客：http://t.qq.com/tmxk_docin；QQ:1318241189；QQ群：175569632FinancialModernizationFundamentalroleoffinancialinstitutionsManagerisksMaintainincentivesEffectivefinancialinstitutionsarefoundinallsuccessfuleconomiesInstitutionsmust

2、continuallybeadaptedtotakeaccountofchangingnatureofrisks,newtechnology天马行空官方博客：http://t.qq.com/tmxk_docin；QQ:1318241189；QQ群：175569632China’sSpectacularModernizationSince1990EstablishedstockmarketIssuedsharestopublicEstablishedfuturesmarketsCreatedInsuranceindustryPersonalcredit

3、/MortgageSpeculationHumanimpulsetowardsgambling,mustbedirectedtowardsconstructiveendsCapitalismisasetofrulesthatredirectsthehumangamblingurgeinconstructivedirectionsCapitalismisvulnerabletomarket-generatedinstabilitiesChina’sUncertaintiesWillthespectaculareconomicgrowthcontinue

4、?Aslowwageadvantagegraduallydisappears,willbehardertosustaingrowthPossibledisruptionsofsmooth-functioningeconomicsystemcanslowgrowth.Growthof3%ayearvs.9%ayear:meansChinaoverallcatchesuptoadvancedcountriesin90yearsinsteadof30yearsEconomicInequalityEconomicincentivesmustallowfors

5、omechanceofsuccess—andoffailureSomeinequalityisnecessaryWorldwidetrendtowardsgreaterinequalityisseeninChinaaswellChina’sGinicoefficienthasrisenfrom0.33in1980to0.46in2000,notjustduetofarmers’incomesImportantReasonsforGrowingChineseInequalityTransitiontomarketeconomyinChinaisnotm

6、akingeveryonesuccessfulatonceNewinformationtechnologyappearstotendtoconcentratewealth(inChinaandelsewhere)AssemblylineworkersTranslatorsChessplayersWinner-Take-AllEffectofInformationTechnologyInformationtechnologyallowssearchtofindthebestproduct,andreplicationofthebestproductPh

7、onographsandsingersTelevisionandactorsandathletesRapidaccelerationofinformationtechnologymaycreatethesameeffectinmanymoreoccupations天马行空官方博客：http://t.qq.com/tmxk_docin；QQ:1318241189；QQ群：175569632NorbertWieneronComputers,1948ComputersreplacefundamentalhumanabilitiesComputermaybe

8、“moredangerousthantheatombomb”inthatitcandestroyjobsan