World Vol.2(Troubled waters – the South China Sea)

Julian Lorkin’s interview with Shanghai-born Vic Edwards, a visiting fellow in the school of banking and finance at UNSW Business School and a part-time professorial visiting fellow at China Youth University of Political Studies in Beijing.

Troubled waters: Vic Edwards on the dispute in the South China Sea (w Video; August 17, 2016) | @JLorkin @UNSWbusiness
豪ニューサウスウェールズ大学や中国青年政治学院に籍を置く、上海生まれ中国系有識者のインタビュービデオ(上記link)抜粋・下線・抄訳です。

BusinessThink (@JLorkin): The Permanent Court of Arbitration’s ruling at The Hague in July has been rather coolly received, at least in China. It deals with thorny issues [of historic rights and the source of maritime entitlements] in the South China Sea, through which much of the world’s trade passes.
The question is, should Australia be worried and should China be concerned, particularly as the Chinese economy starts to cool? Let’s start with what China is calling the nine-dash line. What is the historical basis for their claims?
Vic Edwards: … So the US switched their allegiances to Japan and managed to persuade Japan to come on the side of the US, even though they were deadly enemies before that. And that was on the basis that they would save the life of the emperor, Hirohito, who was a godlike character in Japan. So by offering that as an olive branch, so to speak, Japan came onside with the US and with Great Britain in 1952.
(… 殺し合う敵だったのにアメリカが日本を同盟国に引き入れることができたのは、日本で神格化されていた天皇ヒロヒトをアメリカが救ったからだ。…)
​Over quite a long period there hasn’t been a great deal of difficulty and I think the position that China took was when you had the Permanent Court of Arbitration say that it wanted to arbitrate on the matter, China saw clearly that the international law of the sea, which they had interpreted as accepting their position of having the South China Sea, was therefore up for arbitration and dispute. Consequently, they decided not to submit themselves to the jurisdiction of the UN and the Permanent Court of Arbitration.
(中国は本件で長期間大きな困難がなく、中国は国際海洋法条約が南シナ海を有するという中国の立場を受け入れると明快に分かったので、仲裁裁判へと進んだ。…)
Now, that might have been their weak point because the court would have said that they were in fact subject to the jurisdiction of The Hague, whereas they had decided to withdraw from it because they felt that their position had been misrepresented. It’s not that they’re without support. They do have about half a dozen to a dozen countries that would give them some support on the matter.
(… 中国の立場が反映されていないと感じているので取り下げようと決めたのに、ハーグの常設仲裁裁判所が本件の中国は裁判管轄権下にあると言いそうだった点が中国の弱点だったかもしれない。中国を支持する国は5、6から12くらいある。)
And they are asking Australia to be very careful about drawing any conclusions or trying to make a judgment about what China should do. So we have already had one or two statements from Australia that China should comply with international law and they have responded by saying Australia ought to be careful because while we do have an international agreement for trade, that can very easily be dismantled.
(中国はオーストラリアに、中国がどうすべきかに係る結論やなにがしかの判断をする際に、非常に注意深くあることを求めている。既にオーストラリアは中国が国際法を遵守するべきである旨の1、2の声明を出しており、これを受けて中国はオーストラリアに、非常に容易に廃棄され得る豪中貿易合意があるので、オーストラリアは注意深くあらねばならないと応えている。)

BusinessThink: It sounds as if Australia could be in a position of trying to calm down the situation. Indeed, Australia could actually just pour a little bit of oil on those very troubled waters?
Edwards: … So I think that that’s a very positive thing between Australia and China, but by the same token Australia also has a very strong allegiance to the US. So consequently, I think one of the problems that Australia has is that it may be doing the beckoning of the US.

I think one of the problems that Australia has is that it may be doing the beckoning of the US.

The US, you might notice, has not actually come out strongly and criticised China on this matter, not directly. There are a few minor officials that have done so but you haven’t found Barack Obama coming out. And I think one of the reasons is that America itself does not comply with the international law of the sea and in fact it has not submitted itself to the jurisdiction of the UN here so it would be quite hypocritical if they were to criticise China in that position.
(お気付きかもしれないが、アメリカは実際本件について強く出たり中国を批判したりしていない。… アメリカ自体が国際海洋法条約を批准していないことがその理由の一つであると思う。アメリカは海洋について国連の裁判管轄権下にない。だから、アメリカが中国を批判すると、かなり偽善的となろう。)

BusinessThink: It’s a dangerous game to be playing, particularly as so much of the world’s trade goes through those areas. And we’ve seen, since the judgment, that a lot of people are quite concerned about what the possible outcomes could be. What would be the implications if, say, world trade was disrupted?
Edwards: … They’re saying that they’re not going to stop trade, they’re not going to stop fishing, they’re not going to stop peaceful planes from flying over the South China Sea. That will be continued just as it has been since 1948.

BusinessThink: Also in the area we’ve got Japan which has previously been – let’s call them neutral for the sake of a better word – for many, many years since World War II. But now, of course, we’ve got the rise of a much more dominant Japan. Could that throw a spanner in the works?
Edwards: Well, that would be something that could be an undesirable eventuality. Japan has been peaceful because part of the 1952 agreement with the US and the UK was that Japan would not under any circumstances have any armaments, would not have an army, navy or air force. Now, Prime Minister Shinzo Abe has recently suggested that Japan needs to go back to a more defensive footing. Part of his excuse is China’s perceived aggression – and he may have some argument there.
(… 日本が平和的であったのは、1952年の米英との合意により、日本は非武装で陸軍海軍空軍いずれも持たないこととされたからだ。安倍晋三首相は、最近、日本はもっと国防に力を入れる軸足に立ち戻らねばならないと示唆している。その言い訳の一つは、認識されている中国の武力侵略である。…)
However, he has just recently got a majority in the Upper House – I think he’s even got his two-thirds majority – so he can in fact form an army, navy and air force. And he has said that he would like to form at least the army and perhaps the navy before 2018, which is the end of his term. So we won’t know what will happen then, but I would hope that nothing would happen in terms of having armaments, having any sort of warfare, having any sort of skirmishes. I don’t think that would be helpful to anyone and I really think it would be a lose/lose situation all round.
(しかし、彼はつい最近参議院で過半数を得てしまった。三分の二の賛成も得ると思う。そうすると、陸軍海軍空軍を創ってしまう。そして、彼曰く、自分の任期が終わる2018年より前に、少なくとも陸軍は創りたい、多分海軍もということである。武装や交戦、小競り合いはあって欲しくない。誰にとっても得でないルーズ=ルーズ状態だからだ。)

BusinessThink: All this controversy is happening just as the Chinese economy is slowing. What’s happening there?
Edwards: Well, I think we’ve had the global financial crisis; that’s one of the main factors that’s occurring. And also China is trying to transition from being an export-oriented economy to a consumption economy. Those two factors were always felt to slow down China and China had planned on transitioning from about 11.5% growth rate to about 7.5 % growth rate. But currently it’s running at around about 6.7%, so it’s a little bit under what it has planned for.
I think we should see it in perspective. That 6.7% is about twice as much as any other economy in the world and of course China is the big growth factor in the world.
(世界金融危機と、中国の貿易(外需)依存型経済から消費(内需)依存型経済への移行が、中国の経済成長を鈍化させている。目標成長率を11.5%から7.5%に下げているが、今の成長率はそれに少し足りない6.7%となっている。)

Without China, the whole world would probably slump into another recession.

So what China feels should be done is that countries such as the US and the EU should try to pick up their demand for things. And as recently as two weeks ago, the G20 countries agreed that they would try to improve demand. But they didn’t have any specific targets to meet so I’m not sure whether they will do very much.
(… G20は具体的な達成目標を示さなかったので、成果があったかどうか分からない。)
The US also is at present concerned about its trade with China, about the outsourcing of jobs to China, and particularly with Donald Trump [saying] he would like to not have any outsourcing and he would like to have local employment, etc, in the US. So the outlook is not great. China is still saying that it will meet its 6.5% to 7% target and it is endeavouring to do so, but I think that they will have a little bit of difficulty, but they will still be well above the world’s norm of around about 3.5%.
(… ドナルド・トランプは中国に雇用をアウトソーシングさせず、アメリカ国内のローカルな雇用を生むようにしたがっている。そうすると、中国経済の見通しは良くない。中国は引き続き6.5%から7%という目標を達成すべく努力するが、少々難しく、それでも世界平均を充分上回る3.5%程度の成長に落ち着くと見ている。)
So Australia can still see that it will do well. In fact, in such things as coal, minerals, iron ore and agricultural produce, demand from China has picked up. But of course the prices are lower, so we don’t get quite the same bang that we used to.

“The Creation and Destruction of Value” 価値の創造と破壊 Vol.10

(All the below links are in English.)

Vol.10 金融革命の度合と限界(第4章-3)

 2005年の破産法改正によりCDSやモーゲージレポなどの証券は通常の破産手続無しに畳めるようになったことも、劇的な借り入れブームを誘発した。また、銀行に支配される簿外取引の増加、及び、債務弁済義務が無いかのような曖昧な形の親銀行の借り入れ慣行も、借り入れ増加を助長した。しかし、最も明白な元凶は、2001年の景気停滞に対処するための連銀の急激な利下げと、金融引き締め開始への乗り気薄であったことであった。
 銀行規制は国内市場では比較的機能するが、国境を跨ぐ複雑な取引に対しては相当難しくなる。“too big to fail”となる大規模かつ複雑な構造の銀行が誕生しないように規制をかける必要があった。また、過度の成長と技術革新から生じた危機への対処法は逆説的に更なる技術の発展にある、と銀行の問題についても言える。技術革新により少ない雇用で多くの市場参加者が生じ、生産性が上がりマクロ経済の脆弱性は下がる。
 ただ、金融戦略については技術革新が頼りになるとも言い切れない。例えば、投資銀行は最先端も含めて金融に詳しいので、M&Aのアドバイスをしつつ、証券を発行したり自分にとって良い取引をしていたりもし、これらは債権者などの利益に繋がるとは限らない。最近の心理学の経済学への応用に見られるように、多くの人間の決定は非合理的である。例えば、英国では長く電車の運転には乗員が二人必要だとされていたのでワンマン電車が安全であると公衆を説得するのに時間がかかったが、今は無人運転の電車すらあるくらいである。多分、技術革新は、人間の間違いによる大混乱を回避する上では良いのだろうが。

参考
2005 Bankruptcy Act impacted repos and housing bubble | Mary Fricker, RepoWatch
Banks’ Off-Balance-Sheet Risks Come Under Basel Scrutiny | Jim Brunsden @business
Bank Size and Systemic Risk (PDF) | Luc Laeven, Lev Ratnovski, and Hui Tong @IMFNews
We will put people first, not bankers | Gordon Brown @guardian
Why the French said “non”: Creditor-debtor politics and the German financial crises of 1930 and 1931 (PDF) | Simon Banholzer & Tobias Straumann
Preventing Transboundary Crises: The Management and Regulation of Setbacks (PDF) | Emery Roe @CalStateEastBay
Changes may hurt as much as crisis | Harold James @FinancialNews

ツイッター paper.li Vol.6

All the below links are in English.

弊社ツイッターアカウントの一つ @WSjp_insight のRTによる paper.li 掲載記事5件を貼っておきます。

@RBAInfo Bulletin June Quarter 2016 | @WSjp_insight

A new trade commission has warned the UK to treat China with “kid gloves”, and focus on attempts to secure deals with countries with “similar values” | @MkSands @CityAM

Spain’s Northern Coast by Private Rail | @ffdunlop @NatGeo

LifeSciences grant: 2016 Laureates #iGEM | @FranceScience

Franz Ferdinand, Whose Assassination Sparked a World War | @DSlotnik @nytimesworld

U.S.-Japan Summit Meetings 日米首脳会談 Vol.3(Obama’s visit to Hiroshima Vol.3)

Here is just a part of Tweets related to the visit, war, peace, politics, science, et al (through noon on August 9 (JST)). [All the below are in English.]

Praying for peace in Nagasaki | @nhk_world_news

Nagasaki, 1945: “The world did not need your experiment” | @jricole

Hiroshima wrongly overshadows Nagasaki says @StimsonCenter’s Michael Krepon | @ReThinkDefense

Remembering Hiroshima and Nagasaki with George Shultz and Henry Kissinger, via @NTI_WMD | @ReThinkDefense

Inspired by Nagasaki’s steadfast commitment to the pursuit of peace. | @CarolineKennedy

The great science behind the terrifying history of the atomic bomb – great piece by @nevertoocurious | @kemal_atlay

“Fat Man” was dropped on Nagasaki on Aug 9, 1945, causing Japan to surrender | @newsflicks

This alone highlights need for diplomacy and non-proliferation: What Nagasaki looked like before and after the bomb | @JohnDAxelrod

#HiroshimaDay may have been yesterday, but the effects of a nuclear bomb are long-lasting | @ReThinkDefense

71 years ago today, this was the headline for @nytimes. | @ReThinkDefense

Must-watch: Hiroshima survivor Setsuko Thurlow talks about her life at @ArmsControlNow | @ReThinkDefense

Japan calls for a nuclear weapons free world & for all world leaders to visit | @ReThinkDefense

Obama’s Hiroshima trip stirs debate on Truman’s fateful choice | @ThePartykaGroup

Apology Diplomacy at Hiroshima: my 2010 article in @TheAtlantic | @profLind

On anniversary of Hiroshima bombing, re-up of my piece about memory and reconciliation in US-Japan relations | @profLind

6 August 1945 the Hiroshima explosion recorded at 8.15 a.m. on the remains of a wrist watch found in the ruins | @UN_Photo

Read Harry Truman’s statement on Hiroshima on August 6, 1945 | @Miller_Center

Hiroshima: President Obama and Harry Truman. | @IWF

Obama’s visit to Hiroshima, contextualized via the Truman Library: President Barack Obama is the first sitting U.S.… | @POLSMiami

Truman’s note to Stalin about dropping atomic bomb on Hiroshima #HiroshimaVisit | @Danovate

The Christian answer to all this meaningless suffering is more suffering, willingness to suffer for one’s enemy… | @CosmosTheInLost

Why 71 years after Hiroshima every baby born in 2016 contains nuclear radiation | @3tags_org

The decision to destroy Hiroshima and Nagasaki was a political not a military decision. | @NatCounterPunch

7 stories from Hiroshima and Nagasaki on the 71st anniversary of the nuclear strike | @TIME

On this day in 1945, the US dropped the Atomic Bomb on Hiroshima. See the aftermath | @LIFE

Today in history: The United States drops the “Little Boy” atomic bomb on Hiroshima, killing 70,000 instantly. | @ForeignAffairs

N Korea’s ballistic missile launch lands in Japan’s EEZ, escalating regional tensions | @nukes_of_hazard

@KingstonAReif: Reducing our commitment to#Japanwould ultimately increase threat by nuclear weapons to the US” | @ArmsControlNow

Hiroshima and Nagasaki push for @POTUS to support nuclear arms control efforts in powerful new letter. | @nukes_of_hazard

Still time to advance @POTUS vision of a safer world. “A Nuclear Legacy Within Reach” | @DarylGKimball

U.S.-Japan Summit Meetings 日米首脳会談 Vol.2(Obama’s visit to Hiroshima Vol.2)

Here is just a part of Twitter articles related to the visit (through early August 6 (JST)). [All the below are in English.]

On Aug. 6, 1945, an A-bomb devastated Hiroshima, where Obama paid his respects this year. | @The_Japan_News

Today on The Bridge @MarcM_Tweets looks at Pres Obama’s Hiroshima comments and wonders if the Asia Pivot has begun. | @Strategy_Bridge

As Obama touches down in Hiroshima, @FitzpatrickIISS reflects on the impact of his visit | @IISS_org

Japan remembers Hiroshima, urges world to follow Obama and visit | @ReutersWorld

Obama’s Hiroshima rhetoric obscures a growing role for nuclear weapons, write Stephan Frühling and @oneil_ak | @LowyInstitute

“Obama’s Hiroshima rhetoric obscures growing role for nuclear weapons” – Stephan Fruehling #ANU_SDSC | @ANUBellSchool

Obama’s Prague vision, Hiroshima visit undermined by Republicans & Putin – @MilesPomper @MarkThompson_DC in @TIME | @CNS_Updates

Only nuclear weapons can turn a small confrontation into a catastrophe like the one Obama commemorated in Hiroshima | @ProSyn

Obama in Hiroshima: A Mandate for Looking Back #twitterstorians | @The_OAH

Nukes Will Be Obama’s Legacy @johnfeffer | @myfairobserver

Obama called for a moral revolution at Hiroshima. Will he lead it? | @americamag

At Hiroshima, President Obama spoke eloquently against nuclear weapons. But do his policies send the same message? | @BosPublicRadio

Dan Sneider in @nippon_en: “The best judgment of the impact of Obama’s Hiroshima visit may be what follows…” | @StanfordSAPARC

In Hiroshima President Obama Can Help Save History leadership | @Real_Leaders

Obama, Truman and Hiroshima #culture | @COZMOPOLIS

Hibakusha group says Obama Hiroshima speech ‘avoided responsibility’ via the Japan Times | @TheAtomicAge

Overwhelming majority in Japan & esp Hiroshima think of President Obama’s visit as an implicit apology | @LSEUSAblog

Japan atomic bomb survivors criticise Obama’s Hiroshima speech | @France24_en

Obama’s Ironic Visit to Hiroshima | @opednews

How President Obama’s recent visit to Hiroshima makes the world more dangerous | @theTrumpet_com

At Hiroshima, Obama Asks Fundamental Questions About Science And War | @mrjimmc

Take a look at the context behind President Obama’s trip to Hiroshima | @amsecproject

Pres. Obama calls for a “moral revolution” w/ regard to nuclear weapons. Read his full Hiroshima speech here | @nextgenshapers

Photo of Obama, origami cranes on display at A-bomb museum in Hiroshima | @DaiwaFoundation

Hiroshima Peace Memorial Museum places Pres Obama’s origami cranes on display @japantimes | @Stimson_EAsia

ICYMI: President Obama’s visit to Hiroshima last month. Here’s the full length of his speech (video)…. | @NYPeaceFilmFest

Preliminary Reflections on Political Forgiveness — a compelling new policy brief from @wendyrsherman @BelferCenter | @HarvardAsh

“The Creation and Destruction of Value” 価値の創造と破壊 Vol.4

(All the below links are in English.)

Vol.4 第2章-2  

 他方、1931年のdisasterでは、容易な解決策は無かったが、ハイパーインフレーション(参考:In today’s debt crisis, Germany is the US of 1931 | @flindner23)などを引き起こした愚策の後の銀行のバランスシートの悪化が原因であると明白であった。メガバンクが崩壊した欧州が、小規模地域銀行が主体の米国での不安を煽って、崩壊に導いたと言える。
 一つの解決策としては、1944年のブレトンウッズ会議(参考:Establishment of the Bretton Woods System | @AtlantaFed)での中心的議題であった、逆行しているカネの流れの封じ込めがあったが、民主主義の時代には難しかった。
 もう一つは、1930年代にゴットフリート・ハバーラー(Gottfried Haberler (by @mises))など何人かから指摘された、固定為替制は通貨危機に対して脆弱であるので、為替変動制に移行することであったが、金融制度の未発展国の国民は自国では自国通貨を長期的に調達することができず、常に為替変動リスクに晒されるというものである。尤も、21世紀初頭には、1929回避のための通貨政策と共に、1931回避のための金融機関なども整備されてきた。

U.S.-Japan Summit Meetings 日米首脳会談 Vol.1(Obama’s visit to Hiroshima Vol.1)

Here is just a part of articles concerning the visit (through May 27). [All the below are in English.]

Obama’s Hiroshima visit strengthens his call for nuclear disarmament | Sharon Squassoni

Text of President Obama’s speech in Hiroshima, Japan

Obama Makes Historic Visit To Hiroshima Memorial Peace Park [with Full Remarks (17:21)] | ELISE HU & CAMILA DOMONOSKE

Obama should not apologise for Hiroshima. He should heed its lessons | Simon Jenkins

Hiroshima | JOHN HERSEY

[Editorial] The Guardian view on Obama in Hiroshima: facing a nuclear past, not fixing a post-nuclear future

More and more Americans question the Hiroshima bombing. But would they do it again? Maybe. | Adam Taylor

Obama at Hiroshima: What to watch for | Kevin Liptak

Bombing Hiroshima changed the world, but it didn’t end WWII | Oliver Stone and Peter Kuznick

NOT JUST WAR: HOW HIROSHIMA BECAME A WAR CRIME | JONATHAN HUNT

Hiroshima: Was the atomic bomb necessary? [Video] Mehdi Hasan asks if the US needed to drop the atomic bombs.

Nuclear-Free Aspirations of Obama, Abe Conflict with Reality

Why Obama Is Wrong to Focus on Hiroshima | Bruce Klingner

Obama should go to Hiroshima — but not for the reason he gave | Michael Auslin

President Obama Is Visiting Hiroshima. Why Not Pearl Harbor?: On the 75th anniversary of Pearl Harbor, what lessons does the U.S. need to relearn? | Victor Davis Hanson

5 Things That Should Happen When Obama Visits Hiroshima:The president’s decision was the right one and can make Japan-U.S. ties even stronger. | Scott W. Harold

FPI Bulletin: The Enduring Value of the U.S.-Japanese Alliance | David Adesnik

WHAT THE POPE SAW AT HIROSHIMA | Robin Wright

The Last Days of Imperial Japan | CFR

For Japan, a G7 to Remember | Sheila A. Smith

“The Creation and Destruction of Value” 価値の創造と破壊 Vol.3

(All the below links are in English.)

Vol.3 1929年と1931年(第2章ー1)

 1929年と1931年は対照的であった。
 1929年の崩壊は、公開市場操作(参考:Open Market Operations (OMOs))による流動性の増加(参考:Market Liquidity)と伝統的な通貨政策(参考:The Federal Reserve’s Unconventional Policies)という二つの非常にもっともな解決策があったが、原因は未だ解明されていない。正確には、原因の合理的な説明として二つ可能性のあるものがあるが、必ずしも満足なものではない。

 その一つは、投資家が米国経済停滞の予兆を見て、1907年10月の崩壊などを想起し、それに対応して投資を控え、世界大恐慌に陥ることとなったというもの。しかし、例えば、崩壊初期の1930年における消費の落ち込み30億ドルのうち13億ドルしか崩壊パニックによっては説明が付かない。
 もう一つは、個人や会社がカネを借りる際の担保がパニックにより減り、世界大恐慌の特徴とされる(証券投資などに回すために銀行から預金が大量に引き出される)金融仲介機能の崩壊(参考:Credit Availability and the Collapse of the Banking Sector in the 1930s)を引き起こしたというもの。しかし、ロバート・シラー教授(参考:Yale@RobertJShillerProjectSyndicate)も言うように、歴史的比較からの崩壊の想起無くしては語れない。欧州やアジアにパニックが広がらなかったのが驚きではあるにしても。

“The Creation and Destruction of Value” 価値の創造と破壊 Vol.2

Vol.2
 globalization グローバリゼーションとそれによる反動・崩壊の傾向は、以下のとおりです。
 1.世界についてのユビキタスな理解の仕方であるグローバリゼーションを分析手法として固定的に捉えていた人達は、そのvolatilityとinstabilityを理解するのに失敗した。
 2.グローバリゼーションは、モノ・人・資本の国際的移動のみならずideasの転移やテクノロジーの転回にも関連するので、人々の嗜好にまで影響しそれを再構築する。
 3.結果、value(価値、価値観)に係る継続的な確信の無さを、一時的にも長期的にも齎す。経済的現象を遥かに超えるものである。
 4.グローバリゼーションは非常に突然に価値の変更を伴う周期的な金融大惨事に対して脆弱であるため、大惨事の間に人々の価値の再評価が起きてしまう。
 5.そこで、人々は、世界が複雑に相互に関連している模様を見始める。
 6.価値の再評価には、deflation デフレーションinflation インフレーション、そしてその両者が同時に起きる統合失調的状態のような通貨の(monetary)根本的な不安定さも含まれる。
 7.この不安定さは、gold standard 金本位制であれ管理通貨制であれ、通貨の管理のための専門的力量につき疑問を想起させる。
 8.そこで、今日、人々は、1920年代30年代のGreat Depression 世界大恐慌を回想することとなる。
 9.政治と経済はほどけない形で本来的に繋がっており、政治がグローバリゼーションの危機への対処のための市場メカニズムへの代案を提供する。
 10.崩壊が起きると、再構築は極めて難しい。価値の再生には時間がかかる。
 これらの指摘の上で、当世のグローバリゼーション(第1章)、戦間期(1919-1939年)の崩壊(第2章)、から第6章まで、著者の洞察などが書かれています。次回以降、代表的な部分を挙げます。

“The Creation and Destruction of Value” 価値の創造と破壊 Vol.1

【国際政治経済を読み解く書籍の紹介】
“The Creation and Destruction of Value – The Globalization Cycle”(ハーバード大学出版会、2009年)ハロルド・ジェームズ著

Vol.1
 原油価格激落など経済見通しの只ならぬ不透明さが目に付く時代に、今の人々は生きています。一市民が普通に生活しているだけでも、経済についての基本的な理解の必要性を痛切に感じると言えます。
 即ち、一方で、二度の世界大戦、東西冷戦、断続的な地域紛争などを経て、科学技術は相当に、人々の意識も一定程度発達して、先の見通しが立ち易くなった面はあります。他方、大震災や原発事故、伝染病、欧州移民などの従来からの問題、 また、気候変動や水不足、テロリズムなど新たな問題も生じ、経済への影響が時々刻々出ています。結局、経済に完全な見通しや客観的な正解は無く、あくまで一定程度の見通しや理解が必要とされると考えて良いのです。
 今の経済に係る理解を深める上で避けて通れないのが、2008年リーマンショックなどを含む世界金融危機(2007年-)でありましょう。ジェームズ・プリンストン大学教授(専門:経済史)の本書は、1929年・1931年の世界大恐慌を解説した上で世界金融危機や価値・価値観の不透明さを記し、2016年になっても賞味期限が切れた感じがありません。それゆえ、抜粋してなるべく日本語に直して、今後、二十回以上に分けて本ウェブサイトに掲載することといたします。