Paul Tudor Jones II: Why we need to rethink capitalism

Prevoditelj: Stjepan Mateljan Recezent: Ivan Stamenković

This is a story about capitalism.

Ovo je priča o kapitalizmu.

It's a system I love

To je sustav koji volim

because of the successes and opportunities it's afforded me and millions of others.

radi uspjeha i mogućnosti koje je priuštio meni i milijunima drugih.

I started in my 20s trading commodities, cotton in particular, in the pits,

Počeo sam u svojim 20-tima trgujući robom, posebno pamukom, u rupama,

and if there was ever a free market free-for-all, this was it,

i ako je ikad bilo slobodnog tržišta otvorenog za sve, to je bilo to,

where men wearing ties but acting like gladiators

gdje su se ljudi sa kravatama ali i ponašanjem gladijatora

fought literally and physically for a profit.

borili doslovno i fizički za dobit.

Fortunately, I was good enough that by the time I was 30,

Srećom, bio sam dovoljno dobar da do vremena kad sam imao 30,

I was able to move into the upstairs world of money management,

bilo mi je moguće popeti se do svijeta upravljanja novcem,

where I spent the next three decades as a global macro trader.

gdje sam proveo slijedeća tri desetljeća kao globalni makro trgovac.

And over that time, I've seen a lot of crazy things in the markets,

I tijekom tog vremena, vidio sam puno ludih stvari na tržištima,

and I've traded a lot of crazy manias.

i trgovao sam kroz puno ludih manija.

And unfortunately,

I nažalost,

I'm sad to report that right now we might be in the grips

žao mi je što moram reći kako smo upravo sada u stisku

of one of the most disastrous, certainly of my career,

jedne od najrazornijih, sigurno tijekom moje karijere,

and one consistent takeaway is manias never end well.

a jedna od dosljednih poslijedica je kako manije nikad ne završe dobro.

Now, over the past 50 years,

Sad, tijekom zadnjih 50 godina,

we as a society have come to view our companies and corporations

mi smo kao društvo počeli gledati na naše kompanije i korporacije

in a very narrow, almost monomaniacal fashion

na vrlo uzak, gotovo bolesno usredotočen način

with regard to how we value them,

s obzirom na to kako ih vrednujemo,

and we have put so much emphasis on profits,

i stavili smo toliki naglasak na dobit,

on short-term quarterly earnings and share prices,

na kratkoročne kvartalne zarade i cijene dionica,

at the exclusion of all else.

do isključenja svega ostalog.

It's like we've ripped the humanity out of our companies.

Kao da smo otkinuli čovječnost iz naših kompanija.

Now, we don't do that -- conveniently reduce something

Sad, to ne činimo -- prikladno svesti nešto

to a set of numbers that you can play with like Lego toys --

na skup brojeva kojima se možete igrati poput lego kockica --

we don't do that in our individual life.

ne činimo to u našem osobnom životu.

We don't treat somebody or value them

Ne postupamo s nekim ili ih vrednujemo

based on their monthly income or their credit score,

temeljem njihovih mjesečnih primanja ili kreditne ocjene,

but we have this double standard

ali imamo to dvostruko mjerilo

when it comes to the way that we value our businesses,

kada dođemo do načina na koji vrednujemo naše poslove.

and you know what?

I znate što?

It's threatening the very underpinnings of our society.

To prijeti samim temeljima našeg društva.

And here's how you'll see.

A evo kako ćete to i vidjeti.

This chart is corporate profit margins going back 40 years

Ovaj dijagram su korporativne zarade unazad 40 godina

as a percentage of revenues,

kao postotak prihoda,

and you can see that we're at a 40-year high of 12.5 percent.

i možete vidjeti da smo na 40-godišnjem vrhu od 12,5 posto.

Now, hooray if you're a shareholder,

Sad, hura ako ste dioničar,

but if you're the other side of that, and you're the average American worker,

ali ako ste druga strana toga, i ako ste prosječan američki radnik,

then you can see it's not such a good thing.

onda možete vidjeti kako to nije tako dobra stvar.

["U.S. Share of Income Going to Labor vs. CEO-to-Worker Compensation Ratio"]

["U.S. udio prihoda koji ide radništvu vs. omjer kompenzacije uprave i radnika "]

Now, higher profit margins do not increase societal wealth.

Sad, više zarade ne povećavaju društveno bogatstvo.

What they actually do is they exacerbate income inequality,

Ono što zapravo čine je pogoršavaju nejednakost dohodaka,

and that's not a good thing.

a to nije dobra stvar.

But intuitively, that makes sense, right?

Ali intuitivno, to ima smisla, jel tako?

Because if the top 10 percent of American families

Jer ako gornjih 10% američkih obitelji

own 90 percent of the stocks,

posjeduje 90% dionica,

as they take a greater share of corporate profits,

dok oni uzimaju veći udio korporativne dobiti,

then there's less wealth left for the rest of society.

onda ostaje manje bogatstva za ostatak društva.

Again, income inequality is not a good thing.

Ponovo, nejednakost dohotka nije dobra stvar.

This next chart, made by The Equality Trust,

Slijedeći dijagram, napravljen od Equality Trusta,

shows 21 countries from Austria to Japan to New Zealand.

pokazuje 21 zemlju od Austrije preko Japana do Novog Zelanda.

On the horizontal axis is income inequality.

Na vodoravnoj osi je nejednakost dohotka.

The further to the right you go, the greater the income inequality.

Što idete dalje desno, veća nejednakost dohotka.

On the vertical axis are nine social and health metrics.

Na okomitoj osi je devet društvenih i zdravstvenih metrika

The more you go up that, the worse the problems are,

Što idete više, problemi su gori,

and those metrics include life expectancy, teenage pregnancy, literacy,

a te metrike uključuju očekivani životni vijek, maloljetničke trudnoće, pismenost,

social mobility, just to name a few.

društvenu pokretljivost, samo da navedemo nekoliko.

Now, those of you in the audience who are Americans may wonder,

Sad, oni od vas u publici koji su Amerikanci se mogu zapitati,

well, where does the United States rank?

dobro, kako stoje Sjedinjene države?

Where does it lie on that chart?

Gdje one leže na ovoj slici?

And guess what?

I pogodite što?

We're literally off the chart.

Doslovno smo izvan slike.

Yes, that's us,

Da, to smo mi,

with the greatest income inequality

sa najvećom nejednakosti dohotka

and the greatest social problems, according to those metrics.

i najvećim društvenim problemima, prema ovim metrikama.

Now, here's a macro forecast that's easy to make,

Sad, evo makro prognoze koju je lako napraviti,

and that's, that gap between the wealthiest and the poorest,

a to je, jaz između najbogatijih i najsiromašnijih,

it will get closed.

biti će zatvoren.

History always does it.

Povijest to uvijek čini.

It typically happens in one of three ways:

Tipično se dešava na jedan od tri načina:

either through revolution, higher taxes, or wars.

ili kroz preokret, više poreze, ili ratove.

None of those are on my bucket list.

Nijedno od toga nije na mom popisu želja.

(Laughter)

(Smijeh)

Now, there's another way to do it,

Sad, postoji drugi način kako to postići,

and that's by increasing justness in corporate behavior,

a to je povećavanjem pravednosti u korporativnom ponašanju,

but the way that we're operating right now,

ali obzirom na način na koji radimo sada,

that would require a tremendous change in behavior,

to bi zahtjevalo ogromnu promjenu ponašanja,

and like an addict trying to kick a habit,

i poput ovisnika koji pokušava odbaciti naviku,

the first step is to acknowledge that you have a problem.

Prvi je korak priznati kako imate problem.

And let me just say, this profits mania that we're on

A dajte samo da kažem, ta manija dobiti koju imamo

is so deeply entrenched

je tako duboko ukopana

that we don't even realize how we're harming society.

da čak niti ne shvaćamo kako štetimo društvu.

Here's a small but startling example of exactly how we're doing that:

Ovdje je maleni ali zapanjujući primjer točno kako to radimo:

this chart shows corporate giving

Ovaj dijagram pokazuje korporativna davanja

as a percentage of profits, not revenues, over the last 30 years.

kao postotak dobiti, ne prihoda, tijekom zadnjih 30 godina.

Juxtapose that to the earlier chart of corporate profit margins,

Postavite ga uz raniji dijagram korporativnih zarada,

and I ask you, does that feel right?

pa vas pitam, čini li se to ispravnim?

In all fairness, when I started writing this, I thought,

U svem poštenju, kad sam počeo pisati ovo, mislio sam,

"Oh wow, what does my company, what does Tudor do?"

"O vau, što moja kompanija, što Tudor čini?"

And I realized we give one percent of corporate profits

I shvatio sam kako dajemo jedan posto korporativne dobiti

to charity every year.

u dobrotvorne svrhe svake godine.

And I'm supposed to be a philanthropist.

A ja bih trebao biti čovjekoljubac.

When I realized that, I literally wanted to throw up.

Kad sam to shvatio, doslovno sam htio povratiti.

But the point is, this mania is so deeply entrenched

Ali stvar je, ova je manija toliko duboko ukopana

that well-intentioned people like myself don't even realize that we're part of it.

da dobronamjerni ljudi poput mene čak i ne shvaćaju da smo njenim dijelom.

Now, we're not going to change corporate behavior

Sad, nećemo promijeniti korporativno ponašanje

by simply increasing corporate philanthropy or charitable contributions.

jednostavnim povećanjem korporativnog čovjekoljublja ili dobrotvornih priloga.

And oh, by the way, we've since quadrupled that,

A da, usput, to smo učetverostručili od tada,

but -- (Applause) -- Please.

ali -- (aplauz) -- Molim vas.

But we can do it by driving more just behavior.

Ali možemo potičući pravednije ponašanje.

And one way to do it is actually trusting

A jedan je način kako to učiniti je zbilja vjerovati

the system that got us here in the first place,

sustavu koji nas je uopće doveo do ovdje,

and that's the free market system.

a to je sustav slobodnog tržišta.

About a year ago, some friends of mine and I

Prije oko godinu dana, neki moji prijatelji i ja

started a not-for-profit called Just Capital.

smo pokrenuli neprofitnu udrugu nazvanu Pravedan kapital.

Its mission is very simple:

Njeno je poslanje jako jednostavno:

to help companies and corporations

pomoći kompanijama i korporacijama

learn how to operate in a more just fashion by using the public's input

naučiti kako da djeluju na pravedniji način koristeći javno mnijenje

to define exactly what the criteria are for just corporate behavior.

kako bi točno definirali koji su kriteriji za pravedno korporativno ponašanje.

Now, right now, there's no widely accepted standard

Sad, upravo sada ne postoje široko prihvaćen standard

that a company or corporation can follow, and that's where Just Capital comes in,

koji korporacija ili kompanija može slijediti, i to je mjesto gdje ulazi Pravedan kapital,

because beginning this year and every year we'll be conducting a nationwide survey

jer počevši od ove godine ćemo svaku godinu vršiti nacionalno mjerenje

of a representative sample of 20,000 Americans

reprezentativnog uzorka od 20.000 Amerikanaca

to find out exactly what they think

kako bi otkrili što točno oni misle

are the criteria for justness in corporate behavior.

da su kriteriji za pravednost u korporativnom ponašanju.

Now, this is a model that's going to start in the United States

Sad, to je model koji će započeti u Sjedinjenim državama

but can be expanded anywhere around the globe,

ali može biti proširen bilo gdje na svijetu,

and maybe we'll find out

i možda ćemo otkriti

that the most important thing for the public

kako je najvažnija stvar za javnost

is that we create living wage jobs, or make healthy products,

da stvaramo poslove s plaćom dovoljnom za život, ili da izrađujemo zdrave proizvode,

or help, not harm, the environment.

ili pomažemo, ne štetimo, okolišu.

At Just Capital, we don't know, and it's not for us to decide.

U Pravednom kapitalu, ne znamo, a niti nije do nas da odlučimo.

We're but messengers,

Mi smo tek glasnici.

but we have 100 percent confidence and faith in the American public

Ali imamo 100% povjerenje i vjeru u američku javnost

to get it right.

da će to shvatiti ispravno.

So we'll release the findings this September for the first time,

Tako da ćemo nalaze objaviti ovaj rujan po prvi put,

and then next year, we'll poll again,

i potom slijedeće godine, anketirat ćemo ponovno,

and we'll take the additive step this time

a taj ćemo put napraviti i dodatni korak

of ranking the 1,000 largest U.S. companies

rangiranja 1.000 najvećih nacionalnih kompanija

from number one to number 1,000 and everything in between.

od broja jedan do broja 1.000 i sve između.

We're calling it the Just Index,

Nazivamo to kazalom pravednosti,

and remember, we're an independent not-for-profit with no bias,

i zapamtite, mi smo neovisna neprofitna udruga bez naginjanja,

and we will be giving the American public a voice.

a davat ćemo američkoj javnosti glas.

And maybe over time, we'll find out that as people come to know

I možda tijekom vremena, otkrijemo da kako ljudi počinju znati

which companies are the most just,

koje su kompanije najpravednije,

human and economic resources will be driven towards them,

ljudski i gospodarski resursi će biti usmjereni prema njima,

and they'll become the most prosperous

te će postati najuspješnije

and help our country be the most prosperous.

i pomoći našoj zemlji biti najuspješnija.

Now, capitalism has been responsible for every major innovation

Sad, kapitalizam je bio odgovoran za svaku značajnu inovaciju

that's made this world a more inspiring and wonderful place to live in.

koja je ovaj svijet učinila uzdižućim i prekrasnim mjestom za život.

Capitalism has to be based on justice.

Kapitalizam mora biti temeljen na pravdi.

It has to be, and now more than ever,

Mora biti, i to sada više nego ikad,

with economic divisions growing wider every day.

s ekonomskim podjelama koje rastu šire iz dana u dan.

It's estimated that 47 percent of American workers

Procjenjuje se kako 47 posto američkih radnika

can be displaced in the next 20 years.

može biti istisnuto u slijedećih 20 godina.

I'm not against progress.

Nisam protiv napretka.

I want the driverless car and the jet pack just like everyone else.

Želim auto bez vozača i jet pack baš kao i svatko drugi.

But I'm pleading for recognition that with increased wealth and profits

Ali molim za prepoznavanje kako sa povećanim bogatstvom i dobiti

has to come greater corporate social responsibility.

mora doći veća korporativna društvena odgovornost.

"If justice is removed," said Adam Smith, the father of capitalism,

"Ako je pravda odstranjena," rekao je Adam Smith, otac kapitalizma,

"the great, the immense fabric of human society must in a moment

"Veličanstveno, neizmjerno tkanje ljudskog društva mora se u trenutku

crumble into atoms."

raspasti od atoma."

Now, when I was young, and there was a problem,

Sad, kad sam bio mlad, i postojao bi problem,

my mama used to always sigh and shake her head and say,

moja bi mama uvijek uzdahnula i tresla glavom i govorila:

"Have mercy, have mercy."

"Imaj milosti, imaj milosti."

Now's not the time for us, for the rest of us to show them mercy.

Sad nije vrijeme za nas, za ostatak nas da im pokažemo milost.

The time is now for us to show them fairness,

Vrijeme je sad za nas da im pokažemo poštenje,

and we can do that, you and I,

a to možemo učiniti, vi i ja,

by starting where we work, in the businesses that we operate in.

počevši od svog radnog mjesta, od poslova u kojima djelujemo.

And when we put justness on par with profits,

A kad stavimo pravdu na istu razinu sa dobiti,

we'll get the most wonderful thing in all the world.

dobit ćemo najčudesniju stvar u cijelom svijetu,

We'll take back our humanity.

uzet ćemo nazad našu čovječnost.

Thank you.

Hvala vam.

(Applause)

(Aplauz)