【正文】 s not just about a pany39。從 1991 年 1 月到 2020 年 5 月，這些公司的市價總值增長約 10%，而范圍更廣的東證股指（ Topix）同期卻下挫 30%。但現(xiàn)在社會變了，人們懂得了這些術(shù)語。s largest utility, admitted doctoring safety reports on its nuclear power plants. 在此背景下，社會責任投資的基金、指數(shù)和審核服務(wù)等在過去兩年中蓬勃興起。 Instead of avoiding sinful sectors, such as alcohol or tobacco, some Japanese SRI indices are using a best in breed approach, which allows them to invest in a limited range of panies in industries that they believe are relatively enlightened. 隨著近年來一系列丑聞的曝光，日本投資者開始更加關(guān)注公司治理的行為方式以及社會責任投資。 The inclusion of Asahi Breweries in the index in the first place highlights the difference between the socially responsible investing (SRI) ethos of Japanese investors pared with that of US and European counterparts. 日本晨星機構(gòu)的一位發(fā)言人承認：“按照美國或歐洲的社會責任投資標準，選擇朝日似乎有些奇怪。 In terms of societal contribution, Asahi Breweries, Japan39。這些公司依據(jù) 5 項標準被挑選和排名，包括責任感、雇傭行為以及更廣泛的社會貢獻等。 Much has changed since Baum wrote his tale. The Scarecrow39。s goal is to ward off deflation。同樣，如果觀察家們認為美聯(lián)儲現(xiàn)今已為預防通縮投入了過多的資金，那我們可能會發(fā)現(xiàn)流動資金從債券和不動產(chǎn)轉(zhuǎn)向股市，激發(fā)另一次 Y2K式牛市的出現(xiàn)。但美聯(lián)儲可能會保持適應(yīng)性調(diào)整姿態(tài)，直至確信通縮 威脅不復存在。 In the deflationary arena, traditional relationships and systems bee distorted. We can no longer rely on conventional policy responses to buoy economic growth. Hence interest rates have been reduced to their lowest levels in 50 years, the dollar has declined by 30 per cent against the euro and federal taxes have been cut by $350bn. Though such measures are not unusual per se, the bination, speed and degree to which they have been invoked recently marks them as dramatic and unforeseen. 其實匯率政策本身就能產(chǎn)生強大的力量。s school of thought by breaking with policy norms and deploying preemptive and forceful measures. The Fed maintains that it is easier to prevent deflation than cure it. If we consider International Moary Fund studies of Japan in the early 1990s, it is clear that the onset of deflation can be insidious and can lead to unsuitable policies that at the time appear appropriate. This is why, despite signs of recovery, the Fed has continuously cut interest rates. Although current policies may stoke inflation in the future, the Fed would rather face inflation than deflation down the track. 在通縮方面，傳統(tǒng)的經(jīng)濟關(guān)系和體制被扭曲了。國際貨幣基金組織 (IMF)對日本上世紀 90 年代初所做的研究清楚地表明，通縮一旦襲來，便可能隱藏著危險，并導致政府制訂出一系列當時看來是正確的、但其實是不恰當?shù)恼?。這回人們沒能再次 “偶然 ”發(fā)現(xiàn)更多的黃金，死板僵硬的政策終于導致了 20 世紀 30 年代的大蕭條。 Victory eluded Bryan in the 1897 election and the gold standard remained. Not long after, discoveries of gold in the Klondike and the Yukon led to an increase in gold reserves, which had the same effect on liquidity as moving to a silver standard the US economy eventually reflated. 19 世紀 90 年代決策者最大的失誤就在于盲目堅持金本位制。 In a National Democratic Convention debate on moary policy at the time, William Jennings Bryan, a littleknown Democrat, called for a move towards a silver standard. Silver would, he said, provide a more abundant reserve against which banks could produce money and ultimately reflate the economy. Drastic times called for dramatic rhetoric. Bryan39。s original story, Dorothy did not have ruby shoes but silver ones, representing the silver campaign. 當時，在一次民主黨全國大會上關(guān)于貨幣政策的辯論中，一位并不知名的民主黨黨員威廉 ?詹寧斯 ?布賴恩(William Jennings Bryan)要求發(fā)起一場推行銀本位制的運動。書中的桃樂茜 (Dorothy)象征美國， Oz 國象征黃金，鐵皮人 (Tin Man)象征工業(yè)，綠寶石城 (Emerald City)象征華盛頓。s US economy. 小說描寫的故事發(fā)生在 19 世紀 90 年代，當時美國正在經(jīng)歷令人痛苦的通貨緊縮。在這篇論文里，作者以寓言的手法將 19世紀晚期美國的經(jīng)濟描繪成弗蘭克 ?鮑姆 (Frank L. Baum)的暢銷小說《綠野仙蹤》。s goal is to ward off deflation。s manifesto earned him the Democratic presidential nomination that year as he electioneered: You shall not press down upon the brow of labour this crown of thorns, you shall not crucify mankind upon a cross of gold. Victory eluded Bryan in the 1897 election and the gold standard remained. Not long after, discoveries of gold in the Klondike and the Yukon led to an increase in gold reserves, which had the same effect on liquidity as moving to a silver standard the US economy eventually reflated. The big mistake of policymakers in the 1890s was slavish adherence to the gold standard. Bryan39。Rahilly Seldom can we draw upon fiction and witchcraft to direct us through economic history. But in 1964, Henry Littlefield, a school teacher, published a study entitled The Wizard of Oz: A Parable on Populism. In this essay he presented L. Frank Baum39。s seminal 1980 book. Yet Profs Kim and Maubne argue that excessive focus on petitive advantage leads panies to think too narrowly about their strategic options. The result is industries that converge on a single paradigm. The strikingly similar business models of the large airlines are one clear example of this convergent thinking. The danger is that panies bee blinded to opportunities for fundamental innovation in the way customers are served. And so the likes of JetBlue, which dared to think outside the paradigm, continue to suck value away from the big carriers. The advice of Profs Kim and Maubne? Fet your petitors for a moment. Ask, instead, questions such as: what factors can we eliminate that the industry has taken for granted? Henry Chesbrough, newly appointed to the faculty of the Haas School of Business at the University of California, Berkeley, considers how panies should pursue innovation when knowledge and talent are widely distributed among countries and petitors. His answer? Get connected. Replace the old model of industrial Ramp。s latest annual survey of the management tools used by panies suggests that mission and strategy are at the top of the management agenda for many. If correct, this shift of focus is good news for managers and employees alike. Retrenchment is no fun. Nor does excessive focus on cost and efficiency amount, in itself, to much of a strategy. Consider the handful of panies that did manage to keep growing through the