微妙的“泡沫”

∷林巍 文／譯

原 文

[1] 在任何商品經(jīng)濟(jì)社會(huì)，都有虛的成分，即都會(huì)有經(jīng)濟(jì)泡沫（不等于“泡沫經(jīng)濟(jì)”），因?yàn)槟怯欣诨I集資本、促進(jìn)競(jìng)爭(zhēng)、活躍市場(chǎng)，但要限制在一定范圍和程度之內(nèi)，否則任其惡性一面發(fā)作，就會(huì)造成很大危害。

譯 文

[1]“Bubbles”seem to be part of any commodity economy, which may not necessarily be developed into a bubble economy. A certain amount of economic bubbling is inevitable and even necessary in terms of financing projects, promoting competition and prompting the market. However, it has to be limited to a certain extent if a society doesn’t wish to see its vicious side effects.

譯 注

就“泡沫”概念而言，似有如下英文詞語可以考慮，如：froth, lather, foam,bubble 等。具體來講，Beer froths when it is poured out （啤酒倒出來時(shí)會(huì)起泡沫），其中的 froth 是動(dòng)詞，即“產(chǎn)生泡沫”。該詞還可沿意用作名詞，如The play was nothing but froth （這出戲只不過是淺薄的表演）等。lather的意思比較具體，一般不用引申含義，如Many frugalistas swear this will allow it to harden and last longer, without affecting the lather.（許多節(jié)儉的人發(fā)誓說，這會(huì)使肥皂變硬且使用時(shí)間更長(zhǎng)，而不會(huì)影響產(chǎn)生泡沫）。而最含引申意義的是foam和bubble。 foam原意為液體的泡沫：Why do certain liquids tend to foam while others do not?（為什么特定的液體可以起泡而另一些就不行呢？）后逐漸泛指，如Real estate foam once occurs, will bring serious results to the society.（房地產(chǎn)泡沫一旦發(fā)生，將給社會(huì)帶來嚴(yán)重后果）

然而，與市場(chǎng)、經(jīng)濟(jì)最緊密的“泡沫”，在英文里還屬bubble。由于其約定俗成的形象含義，最具引申含義，如But then we were not being singled out,the entire country lives in a bubble of unreality, cut off from the outside world and watched by an army of informers.（但當(dāng)時(shí)我們沒有被挑明，整個(gè)國(guó)家生活在一個(gè)虛幻的泡沫中，切斷了與外界的聯(lián)系，時(shí)時(shí)受到一大群告密者的監(jiān)視）

原 文

[2] 簡(jiǎn)單而言 ，泡沫經(jīng)濟(jì)是虛擬經(jīng)濟(jì)偏離實(shí)體經(jīng)濟(jì)、虛擬資本超過現(xiàn)實(shí)資本的產(chǎn)物。所謂“現(xiàn)實(shí)資本”是指以生產(chǎn)要素或商品形式存在的實(shí)物形態(tài)的資本，而“虛擬資本”，是指以有價(jià)證券形式存在、并給持有者帶來收入的資本，如股票、債券、不動(dòng)產(chǎn)抵押?jiǎn)蔚取?/p>

[3] 虛擬資本的運(yùn)作，主要體現(xiàn)在金融領(lǐng)域，而只要有金融便有金融投機(jī)。如果金融投機(jī)交易過度膨脹，超越實(shí)體資本和實(shí)業(yè)部門的增長(zhǎng)，且愈演愈烈，便會(huì)形成社會(huì)經(jīng)濟(jì)的虛假繁榮，釀成泡沫經(jīng)濟(jì)。

譯 文

[2] Generally speaking, a bubble economy occurs where market trading prices deviate from the real market fundamentals, and fictitious capital exceeds actual value. The so-called “actual capital” is the essential factors of production or commodity used as capital in an investment, while “ fictitious capital” plays its role in the form of bonds capable of bringing pro fit to the owner,such as shares, securities, real estate mortgages and so on.

[3] Fictitious capital is mainly invested in the financial sector where speculation is rife. As the volume of financially speculative trades becomes overheated,exceeding that of actual capital and industrial growth with unbounded expansion, phony social and economic prosperity may appear, resulting in a bubble economy.

譯 注

在[2]中“虛擬經(jīng)濟(jì)”并未譯成virtual economy，而是對(duì)應(yīng) real market fundamentals，譯成了market trading prices，而“虛擬資本”則譯為fictitious capital（該詞亦為“虛偽資本”、“虛構(gòu)資本”、“虛擬本錢”等），類似的還有 fictitious transaction（買空賣空）， fictitious assets（虛擬資產(chǎn)）等，但“現(xiàn)實(shí)資本”并不一定永遠(yuǎn)譯成actual capital, 而此處根據(jù)具體上文所指，譯為actual value。

在[3]中，對(duì)“虛假繁榮”，可選擇的譯法有 false prosperity, illusory prosperity deceitful prosperity,borrowed prosperity, time-honored premise, the boom period, a sham 等，然而，本文中這些都沒有用，而是用了phony prosperity，因phony的原意不只有not genuine or real, counterfeit,且還有fraudulent，spurious之意（The New Oxford Dictionary of English; Merriam-Webster’s Unabridged Dictionary），如The truth is, gold is the best gauge of inflation,not the government’s phony CPI numbers（事實(shí)上，黃金是衡量通貨膨脹最好的工具，而不是政府虛假的CPI數(shù)字)；在美國(guó)當(dāng)代報(bào)刊上經(jīng)常出現(xiàn)類似這樣的標(biāo)題“Phony Prosperity Comes with Heavy Price”（虛假繁榮的沉痛代價(jià)），“America’s 30 Years Of Phony Prosperity”（美國(guó)30年的虛假繁榮）等；而此處其實(shí)是“社會(huì)經(jīng)濟(jì)的虛假繁榮”（phony social and economic prosperity）并與 bubble economy 相吻合。

原 文

[4] 任何泡沫經(jīng)濟(jì)最終都是要破掉的，不過是一個(gè)時(shí)間的問題。這在經(jīng)濟(jì)表面繁榮時(shí)期，似乎讓人難以置信。例如，日本和中國(guó)香港這樣土地稀缺的地方，地產(chǎn)一向被認(rèn)為是只升不降的，因而投資者蜂擁，房?jī)r(jià)被抬得奇高。到20世紀(jì)90年代初，日本的地產(chǎn)泡沫破滅了，非常之慘，至今還沒有回到原來的價(jià)位上，而且拖累其經(jīng)濟(jì)從此低靡了二十余年。香港的地產(chǎn)泡沫是90年代后半葉破滅的，也令許多人損失慘重，如今也仍未完全恢復(fù)元?dú)?。在這兩地的泡沫破滅過程中，本人當(dāng)時(shí)恰好都親臨其境。

[5] 這是任由資本（特別是虛擬資本）的市場(chǎng)運(yùn)作所致。市場(chǎng)固然有調(diào)動(dòng)積極性、整合資源、優(yōu)化組合的積極一面，但也有唯利是圖、畸形發(fā)展的盲目性甚至是破壞性的一面。市場(chǎng)是一把雙刃劍，而市場(chǎng)的功能也不是萬能的。若任由市場(chǎng)發(fā)展，結(jié)果只能是日益嚴(yán)重的兩極分化。所以，市場(chǎng)經(jīng)濟(jì)并非是要甩開政府。

譯 文

[4] The eventual bursting of any bubble economy is not a matter of if but when, which seems quite inconceivable when everyone is in a buoyant economic mood. It would be unthinkable for real estate to depreciate, for example,in such property-driven economies as Japan and China’s Hong Kong, where a flock of investors pump prices sky high. In the early 1990s, however, the real estate bubble popped miserably in Japan and it has not yet recovered in full even now. The same thing happened in China’s Hong Kong in the late 1990s, with a lasting effect on its current economy. As a witness, I happened to be in these two places when that occurred.

[5] Capital invested in the market, especially fictitious capital, is to blame for bubbles. The market mechanism surely stimulates production, synchronizes resources and optimizes investment, but should not forget its pro fit-driven nature, which can cause various irrational damages. The market is indeed a double-edged sword; it is multifunctional but not omnipotent. Allowing market to play its role to the fullest extent will only polarize a society; a market economy is hardly to be healthy in its anarchical stage.

譯 注

在[5]中，“這是任由資本（特別是虛擬資本）的市場(chǎng)運(yùn)作所致”，這里的“資本”不是一般意義上的，而是特指 capital invested in the market；“所致”，因是指造成泡沫而言，故帶有貶義，譯為 ...is to blame for...?！笆袌?chǎng)固然有調(diào)動(dòng)積極性……破壞性的一面”，此處的“市場(chǎng)”實(shí)際指的是“市場(chǎng)機(jī)制”或“市場(chǎng)功能”，故譯為market mechanism；“但也有……的一面”，為加強(qiáng)語氣，不妨增詞 but should not forget its... ；“唯利是圖、畸形發(fā)展的盲目性甚至是破壞性的一面”，詞語頗具板塊式密集，翻譯時(shí)可不必一一對(duì)應(yīng)，而不妨合理濃縮為 its pro fit-driven nature, which can cause various irrational damages；“市場(chǎng)的功能也不是萬能的”，為使語句通順、流暢，這里將“功能”同樣譯為形容詞：It is multifunctional but not omnipotent.

原 文

[6] 我在西方國(guó)家生活的十余年間，聽到最多的，是人們要求政府、組織做更多、更好的事。在我們這里，進(jìn)一步改革的內(nèi)容之一，是政府更多地放權(quán)，更少地介入市場(chǎng)，足見兩種經(jīng)濟(jì)處在不同的發(fā)展階段上。須知，在鬧革命之前，就是市場(chǎng)經(jīng)濟(jì)，不過那時(shí)的政府不行，于是換掉了。當(dāng)然，政府的作為也有著兩重性，既可以加速泡沫的形成，也可以防范、疏導(dǎo)或減緩泡沫的危害。

[7] 永遠(yuǎn)不可忘記的硬道理是，經(jīng)濟(jì)的發(fā)展歸根結(jié)底要靠實(shí)體而非炒賣；正如人們要喝的畢竟是啤酒，而不是泡沫。

譯 注

在[6]中，“須知，在鬧革命之前，就是市場(chǎng)經(jīng)濟(jì)，不過那時(shí)的政府不行，于是換掉了”，其中的“鬧革命”，顯然是指1949年以前的事，而歷史上又一度稱之為“舊社會(huì)”，故在譯文中有所體現(xiàn)——old society，而將“鬧革命”置于句末作狀語以“互文”——through a revolution；“政府不行”，不好直譯，而用了incompetent（無能），語氣似乎輕了些，但與government相搭配，其實(shí)在英文里的含義是很重的，如：A weak and incompetent government, not only unable to promote economic and social development and even it will be dif ficult to maintain their own rule.（一個(gè)孱弱無能的政府，不僅無力推動(dòng)經(jīng)濟(jì)、社會(huì)的發(fā)展，甚至連自身立足也難以維系）。同時(shí)，“政府的作為也有著兩重性”，并未譯作double sides 等，而考慮到其介入的多面性，故用了involvement...multifaceted，當(dāng)然結(jié)果主要還體現(xiàn)在兩個(gè)方面。

譯 文

[6] During my years living in western countries, I got the impression that their governments and organizations were pushed all the time to do more and better. One of our indepth reforms, on the other hand, is to further delegate powers to lower levels and involve the market less. Clearly, the two kinds of economies are in different phases of their development. We should realize that there was a market economy in the “old society” under an incompetent government which was thrown out through a revolution. Government involvement, however, is also multifaceted; it can in flate the bubble further or prevent, con fine or prolong its formation.

[7] The hard truth is any economic development after all relies on substantial economy not speculation, just as what people actually enjoy drinking is beer not bubbles.