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cover of episode How Governments Shape Markets

How Governments Shape Markets

2025/5/10
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Motley Fool Money

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Chris Hughes: 我认为,即使是坚定的自由市场支持者,最终也会意识到需要政府干预来规范市场。从墨西哥比索危机、石油战略储备到2008年的银行救助,都证明了这一点。政府干预并非总是负面的,它可以用于稳定市场,防止危机,并促进公共利益。 我研究市场干预的历史后发现,无论是共和党人还是自由主义者,都经常使用政府干预来实现政治目标。例如,美联储主席使用政策来维持市场秩序,战略石油储备的建立也是为了应对能源危机,稳定价格。 我认为,在医疗保健、制药、银行和金融,甚至科技等大型产业中,普遍共识是政府应该塑造这些市场,使其更好地运作。这并不意味着要取代盈利动机或私人活动,而是要利用市场机制为公共利益服务。 战略储备的传统定义是政府为防止紧急短缺和缓冲价格而进行的储备行为。这可以追溯到20世纪30年代大萧条时期,重建金融公司对农产品进行干预,以及美联储的公开市场操作。 政府对1970年代石油危机的应对,第一次危机处理得相对较好,政府采取措施稳定价格并防止短缺;第二次危机处理不力,导致价格飙涨和严重短缺。这说明了政府干预方式的重要性。 我认为,在应对住房危机方面,政府可以通过简化分区和地方法规、优先发展住房建设(包括推广模块化住房和建立住房建设基金)等方式来降低住房成本。 在与大型建筑商互动时,政府需要为建筑商提供价格结构上的确定性,简化监管体系,并确保通过可承受的利率来稳定需求,以促进更经济的住房建设。 关于新冠疫情期间的财政支出,我认为直接支付是必要的财政刺激,而对半导体和气候的投资是有效的市场干预。 我支持建立国家投资银行,而不是主权财富基金,因为前者更关注公共利益,而后者更关注盈利。如果我管理国家投资银行,我会优先关注住房和气候问题,并制定明确的目标和措施。 半导体公司将生产转移到美国的决定,是关税、芯片法案和地缘政治不稳定等多种因素共同作用的结果。

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Shownotes Transcript

Even in free markets, governments still make plays.

Chris Hughes is a co-founder of Facebook and an economist who specializes in the history of Fed policy. He is also the author of “MarketCrafters: The 100-Year Struggle to Shape the American Economy.” Hughes joined Ricky Mulvey to discuss:

  • Modern examples of American “market craft.”

  • How to fix the housing crisis.

  • What we did and didn’t get from $2 trillion in COVID aid.

Host: Ricky Mulvey

Guest: Chris Hughes

Producer: Mary Long

Engineer: Rick Engdahl

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