経済思想史からみた金融派生商品の倫理(社会科学編)
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概要
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While financial innovation is said to serve a valuable function, such as enabling the pooling of risks, spreading of risks over time and across wider markets and increasing liquidity, the derivatives will be viewed primarily as destabilizers of both the products and financial sectors of the economy. Like the physiocrats, Aristotle(B.C.385〜322) focused on real economy, that is the product sector. In the Nicomachean Ethcs, he is concerned with the exploitive aspects of finance. Adam Smith( 1723〜1790), who was strongly affected by the doctrines of the physiocrats, attacked the alleged premise of mercantilism, that value and wealth arose in exchange. Services were deemed nonproductive, though often necessary for the function in the productive sector of the economy and the consequent accumulation of surplus. John Stuart Mill( 1806〜1873) was the utilitarian consequentialist. For him, the social effects of speculation were positive. In the area of Alfred Marshall(1842〜1924), relatively unsophisticated derivative instruments existed. He was cautious about intervention in the financial market and felt that the natural forces of competition would effect the best outcome. W. Stanley Jevons(l 835 〜 1882) was one of the key theoreticians associated with marginalist revolution. He supported many actions to gather and disseminate market information and claimed publicity. It is my conclusion that markets cannot function without some degree of trust. Derivatives, for example, frequently enable a user to get around a regulation or standard.
- 信州短期大学の論文
- 1998-12-25