论文部分内容阅读
许多现代经济学著作认为,法系渊源决定着一国证券市场的实力和公司所有权结构,发达国家更是如此。然而,本文认为法系渊源并不是证券市场的基础。现代政治学为不同的所有权结构和发达国家证券市场发展状况的差异提供了另一种解释。20世纪残酷的事实——许多重要国家被完全摧毁,而其先前的许多制度也遭到破坏,很好地预示了战后现代证券市场的实力,并与发达国家在战后政治及政策上的差异有着密切关系。在20世纪,几乎每个核心的大陆法系国家都遭受到军事侵略和占领,这种整体动荡甚至摧毁了强大的制度,然而核心的普通法系国家并未在这种灾难中垮掉。世界上最发达的各个国家中占主导地位的利益和意识形态以及这些国家的基本经济任务在20世纪后半期各不相同,这使得一些发达国家乐于发展证券市场,而另一些发达国家则对其保持冷淡或敌对。这些政治经济学思想比法系渊源观念能更好地解释西方发达国家证券市场不同的实力。
Many modern economics treatises that the origins of legal systems determine the strength of a securities market in a country and the structure of corporate ownership, especially in developed countries. However, this article argues that the origin of legal system is not the foundation of the securities market. Modern politics offers another explanation for the differences between the ownership structure and the development of the securities market in developed countries. The brutal facts of the twentieth century - many important countries were completely destroyed and many of their earlier regimes also undermined, a good predictor of the strength of the post-war modern securities markets and the post-war politics and policy of developed countries The difference is closely related. In the twentieth century, almost every core civil law country was subjected to military aggression and occupation, which even destroyed a powerful system. However, the core ordinary common law countries did not collapse in such a disaster. The dominant interests and ideologies in each of the most developed countries in the world and the fundamental economic tasks of these countries varied in the second half of the twentieth century, leaving some developed countries happy to develop the stock market while others in other developed countries Keep cold or hostile. These political economy ideas can better explain the different strengths of the securities markets in developed western countries than the legal system origins.