Continental savers (储蓄者) tend to prefer gold, cash or short-term assets.
They invest only 10% of their savings in institutions like pension funds or
insurance companies. But in Britain 50% of savings goes to them, and they, in
turn, invest directly in equity (证券) market. A far lower proportion of
savings is put in the banks in the form of liquid assets than on the Continent.
Continent governments intervene directly or through the banks to collect
saving together and transform them into medium or long-term loans for
investment. The equity market is largely by-passed. On the Continent economic
planning tends to be far more centralized (把……集中起来) than in Britain. In
Britain it is possible to influence decisions affecting the country’s economy
from within the City. It attracts a skilled and highly qualified work force. In
France, on the other hand, an intelligent young man who wants a career in
finance would probably find the civil service more attractive.
In Britain the market or more accurately, money tends to be regarded
as an end in itself. On the Continent it is regarded as a means to an end;
investment in the economy. To British eyes continental systems with the
possible exception of the Dutch seem bureaucratic (官僚主义的), slow and
inefficient. But there is one outstanding fact the City should not overlook.
Britain’s growth rates and levels investment over the last ten years have been
much lower than on the Continent. There are many reasons of this, but the City
must take part of the blame. If it is accepted that the basic function of a
financial market is to supply industry and commerce with finance in order to |
