1、欧洲模式挑战美国模式(网摘)（The European model (model group) to challenge the United States）The European model (model group) to challenge the United StatesThere are two modes of capitalism. The United States system, also known as the “Anglo Saxon model“, is the United States and Britain to carry out the system t
2、o free market economic system of capitalism, emphasizing the freedom of enterprise, respected business target profit oriented. The European countries, such as Germany and France, carry out the social market economy system. They pay close attention to the social problems in the economic development,
3、and establish a wide social security system, which is also called the “the Rhine model“. The contradiction between the two models of capitalism has been the object of academic research; on their merits, they each one sticks to his argument. Because of the differences between France and Germany and t
4、he United States on the issue of Iraq, the contradictions among capitalism have been paid more attention. Coincidentally, after the 1991 Gulf War, Mr. Michel Albert of ethical and Political Sciences published in France “capitalism against capitalism“ is a book that is contradiction between Europe an
5、d the United states. He believed that the European integration will produce a new European economic model, and assert that the United States of Europe will be better than the United states. In the preface of the 1999 Chinese translation of the book, Mr. Albert put forward that big Europe has created
6、 a social market economy, and China has created a socialist market economy. They have certain similarities, and inevitably become one of the major magic weapons of the twenty-first Century. He discussed the different capitalist models and globalization issues with the deputy director of the Institut
7、e of world development, Chinas State Council Development Research Center, and Ding Yifan.Americas ills lie in sacrificing the future, while Europe sees investment in the futureDing Yifan: after the fall of the Berlin wall, you said in “capitalism against capitalism“ in one book, the failure of a pla
8、nned economy does not mean that the triumph of capitalism, because the two modes of capitalist competition is far from over. By your analysis, the the Rhine model (that is, the European model) seems to be more reasonable in every way. In the long run, it is more attractive than the Anglo Saxon model
9、 (the Anglo American model). However, from the last century since the late 90s, the public opinion in the industrialized countries play in the the Rhine model Requiem, which not only because of the higher rate of economic growth, but also because of the rapid development of the “new economy“ as the
10、basis. At the same time, people take the more developed American venture capital mechanism to explain the rise of new technologies and new enterprises. European enterprises and banks have close relationship with the traditional, the development of large enterprises is beneficial, but does not favor
11、the emergence of new technologies, because large enterprises tend to gradual reform, just constantly improvement in technology and management, to engage in innovation thoroughly. As a result, the scale of new technology enterprises has not begun at all. European capital markets and new technology en
12、terprises are lagging behind the United States in financing, and new technology enterprises are slower than the United states. Do you think this explains the two different capitalist models in the US and Europe? Which is better?Albert: indeed, in “capitalism against capitalism“ in the book, I tried
13、to prove the superiority of the the Rhine model economic and social advantages, but I do not predict the mode of the Rhine will be able to overcome the Anglo Saxon model. However, the advantages of the Anglo Saxon model, especially the strengths of American firms, were quickly shown in 1990s, faster
14、 than I thought, and broader. This is mainly because of a sudden new technological revolution that originated in the United states. With the rapid growth of venture capital, small new technology enterprises are developing very fast. In 1990s, in the new technological revolution, the the Rhine model
15、lagged behind. As you said, in Europe, the capital market is less developed than the United States, and the venture capital market is small and small new technology enterprises are more difficult to raise funds. Therefore, the new technological revolution is making slow progress. Other factors, howe
16、ver, should not be overlooked, such as the cost of unification in Germany is much greater than people initially thought; the low interest rates in the EU have led to higher rates of real interest rates,As a result, the European economy grew slowly for most of 1990s. In the contest between the two mo
17、dels of the United States and Europe, it is dangerous if the most controversial, inefficient, and most brutal American model is dominant. I still think that the European model is promising, because the social security system in Europe is conducive to maintaining social stability, which is the most i
18、mportant factor in promoting the healthy development of the economy.Ding Yifan: in the past, in order to overcome the economic recession, the government actively implemented macroeconomic policies based on monetary policy and fiscal policy to regulate economic growth. From 90s second half of the las
19、t century, great changes have taken place in economic policy in developed countries, macroeconomic policy in the microeconomic policy, emphasize the management of enterprises, that this policy is the decisive factor to promote economic growth. The Anglo Saxon model is the creed of the supremacy of t
20、he interests of shareholders; corporate goal is to earn more profit, thus increasing dividends to shareholders, and drives stock prices, so that enterprise management is the logical. So, can this be seen as the victory of the Anglo Saxon model against the Rhine? Corporate finance is increasingly tur
21、ning to capital markets rather than banks. The capital market concerns the short-term profits of enterprises. If American companies gain high profits in the years when the financial bubble has inflated, it is not because they operate more reasonably, but because they make a lot of money from financi
22、al activities. In the stock market rising conditions, mergers and acquisitions between enterprises so that stock prices rose rapidly. Ordinarily, these have a great relationship with the loose macroeconomic policies. For example, interest rates are low. As a result, I think it is impossible to expla
23、in the soaring capital markets in 90s, especially in the second half of the 90s, only by becoming better at enterprise management.Albert: yes. I emphasize that corporate governance, rather than macroeconomic policy, leads to the Anglo Saxon model of the Rhine. At the same time, capitalism is not a m
24、odel. Some of the basic values of the the Rhine model are universal. It combines economic efficiency, social assistance and team spirit. Now that the euro has been successful, the future will depend largely on whether Europe can build a genuine political union. The success or failure of the two mode
25、l depends on who can combine the more generous social security system with a better economic system. The disadvantage of the American model is that we can sacrifice the future completely for the present immediate interest, while the European model pays attention to the investment in the future, and
26、the social security system is actually an investment in the future. Moreover, I am not quite sure that your macroeconomic policies have led to an increase in corporate profits. In 90s, the deficit in each country declined, and in the second administration of Clinton, the United States wiped out the
27、budget deficit. I am in a speech at College France had specifically talked about this point: in 1990s, the interest rate is very high, and you pointed out that during this period the most industrialized countries interest rates have declined, but this is only the nominal interest rate decline. This
28、is because the rate of inflation in developed countries has fallen sharply.Why hasnt Europe become the locomotive of the world economy instead of the United States?Ding Yifan: after the new economic bubble burst, the economic growth of the United States is too slow. Many wonder why the European econ
29、omy has not taken the place of the US economy as the locomotive of the world economy There are many explanations for this. Some think there is a conspiracy, others think there is a problem with the economic structure of europe. Conspiracy theorists believe that in the late 90s of the last century, A
30、mericans had realized that the financial bubble was about to burst, but they still insisted on a new economic miracle to attract large amounts of foreign capital to the United states. German machinery manufacturing technology is first-class in the world, but they are at the beginning of the informat
31、ion technology is not too hot, until the Americans convinced them that the German economy stagnated because there is no development of the new economy, if they dont catch the last bus, do not buy the new technology in the United states,Will always fall behind. As a result, German banks and financial
32、 institutions invested heavily in the United States, but the stock market bubble in the United States did not die long before, and the Germans paid a heavy price and fell into the “new economic trap“. The German economy is the highlight of the European economy. As the German economy slipped, the who
33、le European economy suffered. Americans treated the Japanese in this way. The difference is that the Japanese fell into the trap of the real estate bubble, while Europeans fell into the trap of technology bubbles. The Japanese have not been out of the woods for more than 10 years. Will the Germans a
34、nd Europeans follow the footsteps of the Japanese?Albert: you mentioned the conspiracy theory is a very delicate point of view. Do you remember, Lenin said, “conspiracy theory should always be the last hypothesis to be excavated, because it is the least likely.“.“ I think this statement applies to y
35、ou, even though your analysis is very attractive. Indeed, the US monetary authorities have contributed to the maintenance of the financial bubble. That is the characteristic of the American model. Many European banks, financial institutions and industrial enterprises have invested heavily in the Uni
36、ted states. The bubble, however, made stock prices artificially higher in Europe, much more as a result of the Europeans copying of the US model, rather than the American plot to let Europeans take the consequences of the financial bubble. This shows that blind study of the American model is to suff
37、er.Ding Yifan: again, the weakness of Europes economic structure is just another version of the economic rigidity of europe. The labour market is too rigid and the welfare state spends too much, all of which make labour costs too high and affect its competitiveness. But it also guarantees some degre
38、e of social justice in Europe and reduces social costs. However, fairness and efficiency seem to be a permanent contradiction. Efficiency seems to be a priority when stocks or capital plays a decisive role, especially in the United States, where wage differentials between knowledge workers and unski
39、lled workers are widening. European energy efficiency model USA? If it was washed away by the social model of how to do? Without learning from America, how can Europe overcome its weaknesses in its economic structure?Baer: the major weakness of the economic structure of Europe lies in its population
40、 structure, namely, the increasing proportion of the elderly, which is in sharp contrast to the growing population of the United states. I am more optimistic about efficiency and equity than you are. Economic benefits are not doomed to be accompanied by social injustice. It is wrong to think that th
41、ere will be new contradictions between economic development and social justice in the future. Between justice and efficiency, there is always coordination and coordination. This is the case with the the Rhine model. I admit that most of the countries of continental Europes labor market is too stiff,
42、 but the stiffness is no longer the inevitable by-product of social welfare, because of the social welfare policy does not necessarily undermine economic development, and it is not necessarily harm the international competitiveness. The economic superiority of the the Rhine model comes from unparall
43、eled industrial and commercial aggression. They pay special attention to production, emphasize the initiative of workers, and promote enterprises to apply new technologies to production. Let us look at the Nordic countries (Finland, Sweden and other countries) for example, the most developed countri
44、es of the social welfare, financial pressure is also the largest, but their international competitiveness is very strong, especially in the field of new information and communication technology etc NOKIA is an example of this problem.Is there a turning point in globalization?Ding Yifan: after the U.
45、S. economy entered a “recession“ growth, the entire developed countries have entered a period of economic recession. There has been a contradiction between European Union countries in coordinating fiscal policy, and some euro zone countries have increased their fiscal spending to stimulate economic
46、growth. They do not seem to want to go through some of the euro zone rules. Developed countries that have spared no effort to preach economic and financial liberalisation may return to old protectionism. Many developing countries have already felt, for example, that the protection of agricultural pr
47、oducts has increased,Investigations into anti-dumping cases are increasing, and so on. The trade conflicts between the United States and the European Union are particularly striking. All of these phenomena let us ask the question: has globalization reached a turning point? Will it be destroyed?Alber
48、t: for the implementation of the euro, euro zone countries must implement two financial standards, a total debt accounted for the proportion of GDP per year shall not exceed 60%, two except in special circumstances the annual budget deficit to 3% of gdp. I dont think EU countries are breaking the ru
49、les of the euro area. In the 12 euro zone members, only 3 countries broke through the two standards, Portugal is trying to reduce the fiscal deficit, the main fault of Germany and France in the economic growth period still had a deficit. In countries with rapidly aging populations, the budget deficit must be eliminated, or the life of the elderly will be a problem. Im not as worried about destroying international economic cooperation as you are. I also think that globalization has reached some kind of turning point, but not its collapse, but the peoples understanding of it tends to
