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经济学人中文网 The American economy

美国经济 

Comeback kid

东山再起 

America’s economy is once again reinventing itself  美国经济要再次脱胎换骨 Jul 14th 2012 | from the print edition

 ALMOST the only thing on which Barack Obama and Mitt Romney, his Republican

challenger, agree is that the economy is in a bad way. Unemployment is stuck above 8% andgrowth probably slipped below an annualised 2% in the first half of this year. Ahead lie thethreats of a euro break-up, a slowdown in China and the ―fiscal cliff‖, a withering year -endcombination of tax increases and spending cuts. Mr Obama and Mr Romney disagree onlyon what would make things worse: re-electing a left-wing president who has regulated todeath a private sector he neither likes nor understands; or swapping him for a rapaciousprivate-equity man bent on enriching the very people who caused the mess.

美国经济很糟糕，或许这是奥巴马和罗姆尼（美国共和党总统候选人）唯一能达成共识的地方

了。比如，徘徊在 8%之上的失业率居高不下，估计连今年上半年的经济也保不住 2%的年化

增长率。摆在美国面前的除了欧元区解体的威胁与中国经济增速放缓，还有国内的 ―财政之窘

【注 1】‖——年末增加税收与削减开支的共同作用将可能导致经济萎缩。而到底什么会让经济

变得更糟，这是唯一一个让他们吵得不可开交的话题：是让左倾总统奥巴马连任还是换上罗姆尼执掌？前者不喜欢也不理解私营部门并限制其发展，后者作为贪婪的私营部门的代表，致力

于为极少数导致此次危机的人谋福利。 

 America‘s economy is cer tainly in a tender state. But the pessimism of the presidentialslanging-match misses something vital. Led by its inventive private sector, the economy isremaking itself (see article). Old weaknesses are being remedied and new strengthsdiscovered, with an agility that has much to teach stagnant Europe and dirigiste Asia.

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经济学人中文网 眼下的美国经济的确十分脆弱，但弥漫在总统竞选口水战中的悲观情绪却让人们忽略了一些极

其重要的东西。在其极富创造力的私营部门带领下，整个美国经济都在经历脱胎换骨的过程

（另见文）。美国一边整改着经济系统薄弱之处，一边发掘新的经济增长点。这个过程十分灵

活，大有值得经济停滞的欧洲和统制经济的亚洲学习之处。  

Balance your imbalances

都是要还的 

 Amer ica‘s sluggishness stems above all from pre-crisis excesses and the misshapeneconomy they created. Until 2008 growth relied too heavily on consumer spending andhouse-buying, both of them financed by foreign savings channelled through anundercapitalised financial system. Household debt, already nearly 100% of income in 2000,reached 133% in 2007. Recoveries from debt-driven busts always take years, as householdsand banks repair their balance-sheets.

谈到美国经济停滞的原因，这完全是由危机前的无度透支和由之造成的畸形经济做下的孽。

2008年之前美国经济过度依赖消费和房地产市场，其资金均源于国外储蓄，而这些储蓄流经

的金融系统本身就资本不足。家庭负债在 2000年已接近收入的 100%，2007年则增至

133%。而面对债务破产，银行和家庭要平衡各自的资产负债表，这一过程往往要花费数年时间。 

Nonetheless, in the past three years that repair has proceeded fast. America‘s houses arenow among the world‘s most undervalued: 19% below fair value, according to our house-price index. And because the Treasury and other regulators, unlike their euro-zonecounterparts, chose to confront the rot in their financial system quickly, American banks havehad to write off debts and raise equity faster than their peers. (Citigroup alone has flushedthrough some $143 billion of loan losses; no euro-zone bank has set aside more than $30billion.) American capital ratios are among the world‘s highest. And consumers have cut back,too: debts are now 114% of income.

尽管如此，在过去的三年中，这一过程进展得并不慢。根据我们的房价指数，如今美国的房价低于实际价值 19%，位列全球房价格最被低估的国家之中。不同于欧洲，美国财政部和和其

他监管机构选择快速采取行动，直面金融系统的弊病。因此美国各银行勾销债务与提高资产净

值的步伐必须快于欧洲。（其中仅花旗一家银行就注销了 1430亿美元的坏账，而没有任何一

家欧元区银行注销过超过 300亿的坏账。）美国银行资本充足率高居世界前列。消费者也在削

减开支，如今家庭债务收入比已降至 114%。 

New strengths have also been found. One is a more dynamic export sector. The weakerdollar helps explain why the trade deficit has shrunk from 6% of GDP in 2006 to about 4%today. But other, more permanent, shifts—especially the growth of a consuming class inemerging markets—augur well. On the campaign trail, both parties attack China as acurrency-fiddling, rule-breaking supplier of cheap imports (see Lexington). But a richer China

has become the third-largest market for America‘s exports, up 53% since 2007. 

脱胎换骨过程中也发现了一些新的经济增长点，其中就包括更加强劲的出口部门。借助于美元

的疲软，贸易逆差从 2006年占 GDP比重的 6%降至今天的 4%。 其他变化带来的影响则更为

深远——尤其是新兴市场消费群体的壮大——这都是好兆头。在总统竞选说辞中，经常可以听

到两党指责中国操纵汇率，违反世贸规则出  口廉价商品（见 Lexington）。不过日益富裕的中

国已经成为美国第三大出口市场，美国对中国出口额自 2007年以来上升了 53%。 

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经济学人中文网  And American exporters are changing. Some of the products—Boeing jets, Microsoftsoftware and Hollywood films—are familiar. But there is a boom, too, in high-value services(architecture, engineering and finance) and a growing ―app economy‖, nurtured by Facebook,

 Apple and Google, which employs more than 300,000 people; its games, virtual merchandiseand so on sell effortlessly across borders. Constrained by weakness at home and in Europe,even small companies are seeking a toehold in emerging markets. American manufacturers

are recapturing some markets once lost to imports, and pioneering new processes such as3D printing.

并且美国的出口目录也正在发生变化，波音客机，微软软件和好莱坞电影等产品固然耳熟能

详，但高附加值服务（建筑、工程和金融）的出口额也在迅速增长，  ―应用程序经济‖亦是如

此，该―经济‖由脸谱、苹果公司和谷歌培育而成，从业人员超过 30万。他们开发出来的游戏

和虚拟商品等等在海外市场热销。受本国和欧洲市场颓势的影响，甚至一些小企业都想在新兴

市场上寻找落足点。美国的制造商正在夺回被进口产品侵占的市场，并引领 3D打印等新的制

造工艺。 

Meanwhile, what was once an Achilles heel is becoming a competitive advantage. Americahas paid dearly for its addiction to imported oil. Whenever West Texas Intermediate climbs

above $100 per barrel (as it did in 2008, last year and again this year), growth suffers. Buthigh prices have had an effect, restraining demand and stimulating supply. Net imports of oilthis year are on track to be the lowest since 1995, and America should eventually become anet exporter of gas.

同时，美国的传统弱势产业也转变为相对优势产业。对进口石油的依赖性让美国付出了很大代

价。只要西德克萨斯中质油每桶价格超过 100美元（2008年就是这种情况，去年和今年也一

样），美国的经济增长就会受到制约。不过较高的价格也在起积极作用，它可以减少需求并刺

激供给。今年美国的石油净进口量将降至 1995年以来的最低水平，假以时日，美国将成为天

然气的净出口国。 

Many countries have shale gas, but, as it did with the internet revolution, America leads in

exploiting it (see our special report this week). Federal money helped finance development ofthe ―fracking‖【注 2】 technology that makes shale gas accessible, just as it paid for the

internet‘s precursors. However its use was commercialised by a Texas wildcatter【注 3】called George Mitchell, the sort of risk-taker America has in abundance. In Europe shale gashas been locked in by green rules and limited property rights. In America shale has alreadylowered consumers‘ energy bills and, by displacing coal, carbon emissions. In future, it willgive a spur to the domestic manufacture of anything needing large amounts of energy.

很多国家都蕴藏有页岩气资源，不过同因特网革命一样，美国也带头开采页岩气（见本期特别

报道）。联邦政府为开采页岩气的―水力压裂‖技术提供资金支持，就 像当年资助开发因特网的

先驱一样。不过页岩气的商业化是通过德克萨斯州一个名叫 George Mitchell的―野猫‖钻井者

（美国不乏这样乐于冒险的人）实现的。而欧洲页岩气的开采却受相关环保法规和财产权的制

约。美国页岩气的使用降低了消费 者的能源支出，同时也取代了部分煤炭使用，减少了碳排放量。将来，这会刺激任何高能耗产品的制造。  

 Amer ica‘s work-out is not finished. Even when the results are more visible, it will leave manyproblems unsolved. Because the companies leading the process are so productive, they payhigh wages but do not employ many people. They may thus do little to reduce unemployment,while aggravating inequality. Yet this is still a more balanced and sustainable basis forgrowth than what America had before—and a far better platform for prosperity thanunreformed, elderly Europe.

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经济学人中文网 

美国人要做的远不止这些。尽管改革成果愈发明朗，但也会留下很多待解决的问题。比如在经

济复苏中发挥重要作用的公司效率极高，他们给的员工工资丰厚，但用  工少。这不但不会帮

助减少失业，还会拉大收入差距。与昔日之美国不同，今天美国经济发展的基础更加均衡、更

具可持续性。而且与缺乏改革、死气沉沉的欧洲相  比，美国经济发展的平台更加广阔。 

Of cliffs, and other perils财政之窘与其他险情 

What should the next president do to generate muscle in this new economy? First, do noharm. Not driving the economy over the fiscal cliff would be a start: instead, settle on acredible long-term deficit plan that includes both tax rises and cuts to entitlementprogrammes. There are other madnesses brewing. Some Democrats want to restrict exportsof natural gas to hold down the price for domestic consumers—a brilliant strategy todiscourage domestic investment and production. A braver Mr Obama would expediteapproval of gas exports. For his part, Mr Romney should back off his promise to brand Chinaa currency manipulator, an invitation to a trade war.

下一任总统应该怎样增强经济实力呢？首先，他不能帮倒忙，不能让美国的经济陷入财政危局。相反地，他应该选择一个可靠的长期债务计划，包括对福利项目增税  和减税。也有人提

出不少欠火候的建议，部分民主党议员想通过限制天然气出口来降低国内天然气价格——一个

会打消国内投资和扩大产量积极性的―好点子‖。为 了顺利当选，奥巴马需要更多魄力，加快实

现天然气出口的进程。至于罗姆尼，他应该放弃将中国视作货币操纵者的承诺，以免招致贸易

战。 

Second, the next president should fix America‘s ramshackle public services. Even the mostproductive start-ups cannot help an economy held back by dilapidated roads, the world‘smost expensive health system, underachieving union-dominated schools and a Byzantineimmigration system that deprives companies of the world‘s best talent. Focus on those things,Mr Obama and Mr Romney, and you will be surprised what America‘s private sector can do

for itself.

其次，下任总统应该改善行将瓦解的公共服务。公路破旧不堪，医疗费用世界排名第一，公立

学校教学质量不佳，还有拜占庭式的移民制度将世界上最优秀的人才当在国外，使之无法为美

国公司效力。受这些条件的制约，即便效率再高的新兴公司也不能在经济恢复中大显身手。奥

巴马总统、罗姆尼先生，请在公共服务上多花点心思吧，私营部门自会给你们带来惊喜。  

注释： 

【注 1】 ‖Fiscal cliff‖ is the popular shorthand term used to describe the conundrum that the U.S.government will face at the end of 2012. U.S. lawmakers have a choice: they can either letcurrent policy go into effect at the beginning of 2013 – which features a number of taxincreases and spending cuts that are expected to weigh heavily on growth and possibly drive

the economy back into a recession – or cancel some or all of the scheduled tax increasesand spending cuts, which would add to the deficit and increase the odds that the UnitedStates could face a crisis similar to that which is occurring in Europe.---取自网页 

【注 2】 

水力压裂法 

见文  http://search.discuz.qq.com/f/di ... p;searchsubmit=true 

【注 3】 

wildcatter <美口>

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经济学人中文网 1.（资源依据不足地区的）―野猫‖钻井者，普查者；盲目开采油井者 

来自《英汉词典（第二版）》 

http://www.ecocn.org/thread-71677-1-1.html 译者山东超峰 

Innovation in Russia

俄罗斯的科技创新 

Can Russia create a new Silicon Valley?

俄罗斯能缔造出一个新硅谷吗？ 

Sergey Brin is still in California

谷歌创始人谢尔盖·布林（Sergey Brin）仍居加州... 

Jul 14th 2012 | SKOLKOVO | from the print edition 

The last Sputnik moment was a while ago 前苏联人造卫星最后的光辉时刻已经过去一段时间 

了  

THE guards at the gate kept your correspondent waiting for half an hour. The taxi driver

didn‘t have the right papers, apparently. ―We know that Russia‘s bureaucracy is a big

problem. That‘s part of what we want to solve,‖ says the guide. Welcome to Skolkovo,

Russia‘s bid to build a new Silicon Valley. 

守在科技园大门前的门卫让采访的记者等了半个钟头。出租车师傅明显没有（进入科技园的）

这些出入证。―我们知道俄罗斯的官僚主义是个老大难。那是我们想解决的问题之一。 ‖导游说

道。欢迎来到斯科尔科沃——俄罗斯倾力打造的新硅谷。 

On the construction site, things move faster: dozens of workers are busy putting in walls and

heating ducts. If things go to plan, Skolkovo, near Moscow, will be one of the world‘s biggest

high-tech cities in a few years. At nearly 400 hectares, it is twice the size of London‘s

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经济学人中文网 Olympic Park. It will boast a research university with 1,800 students, 40 corporate research

and development (R&D) centres and a ―Technopark‖ housing up to 1,000 start-ups.

在建筑工地上（我们看到），是一片发展迅猛的景象：许多建筑工人正忙着摆砖上墙，安装取

暖管道。如果一切按计划发展，莫斯科附近的斯科尔科沃将在几年后成为世界最大的高科技城

市之一。斯科尔科沃面积近 400公顷，大小是伦敦奥林匹克公园的两倍。一个由 1800名学生组成的研究型大学、40个研发中心以及一个能容纳多达 1000个新创企业的科技园，将使它引

以为傲。 

More important, of course, will be what doesn‘t meet the eye. Skolkovo will be a s pecial

economic zone, a bit like Shenzhen in China. Companies based there will receive whacking

great tax breaks. They will also get special treatment when it comes to visas and imports.

当然，更重要的是那些表面上看不出来的东西。斯科尔科沃将发展为一个经济特区，和中国深

圳有点类似。当地的公司将会享受高额的税务优惠。在签证和进口方面，他们会享受特别待

遇。 

The aim is for Skolkovo to become the basis for a vast ecosystem that spans all of Russia

and brings together researchers, entrepreneurs and investors in five ―clusters‖: IT, of course,

but also biomedical, energy-efficiency, space and nuclear technologies, all of which have

deep roots in Russia. This new ecosystem, its champions hope, will help Russia modernise.

斯科尔科沃的发展目标是形成一个贯穿俄罗斯的巨型城市生态系统，汇聚五大集群的研究者、

企业家和投资者：毋庸置疑包括了 IT行业，也还包括了生物医学、能源效能、空间技术和核

技术，这些行业在俄罗斯根深蒂固，由来已久。这样的一个新型城市生态系统，带着其拥护者

的希望，将帮助俄罗斯实现现代化。 

In other countries, such ambitious government-led schemes have usually flopped.

Nonetheless, Skolkovo‘s backers remain optimistic. Dmitry Medvedev, then Russia‘s

president, gave the green light in 2010. Since then the government has earmarked $3 billion

over four years for the project, and will spend billions more indirectly, for instance via tax

breaks.

在其他国家里，诸如此类政府主导的野心勃勃的计划通常只是昙花一现。即便如此，斯科尔科

沃的支持者们仍怀乐观心态。2010年，时任俄罗斯总统的德米特里·梅德韦杰夫开绿灯批准了

这个项目。从那以后的四年中，俄罗斯当局政府为该项目专项拨款达 30亿美元，同时还将直

接通过诸如税额减免等方法来投入数百万美元。  

The planning of the construction is going well. Half a dozen architecture firms are designingand developing the city‘s districts. Nobody seriously doubts that Skolkovo will rise in one

form or another —although it will probably take longer than planned. Conor Lenihan, a former

Irish innovation minister who is in charge of Skolkovo‘s corporate partnerships, praises the

Russian government‘s decisiveness. ―In a typical European democracy,‖ he says, ―it would

have taken three to five years to get this far.‖ 

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经济学人中文网 斯科尔科沃的建设规划进展顺利，有条不紊。六家艺术设计公司正在设计开发该市的地理区

域。人们都充分相信，斯科尔科沃将以某种姿态在世界上崛起，尽管可能  要比预期的晚些。

前爱尔兰革新部部长 Conor Lenihan对俄罗斯当局的果断表示赞赏，Conor Lenihan先生目前

负责斯科尔科沃的企业合作关系。他提到，在一个典型欧洲民主国家里，发展到这一步至少要

三到五年时间。 

The university, too, is no longer just a PowerPoint presentation. For an undisclosed sum, the

Massachusetts Institute of Technology (MIT) has agreed to set up the Skolkovo Institute of

Science and Technology, or SkTech. In August the first 21 Russian students will start taking

courses (they will spend their first year studying abroad).

斯科尔科沃大学也将不仅仅是一所只出现在课堂幻灯片上展示的大学了。据不完全披露，麻省

理工学院已同意成立斯科尔科沃科技学院，或斯科尔科沃技术学院。首批的 21位俄罗斯学员

将于 8月开始学习课程（第一年他们将出国留学）。  

Skolkovo has already lured some big names. Attracted by the perks and anxious not to upset

the Russian government, their largest customer in the country, some 20 companies have

signed up, including Cisco, IBM and SAP. Each of them will open a sizeable R&D laboratory

and co-operate with SkTech.

斯科尔科沃其实已钓到了一些大鱼。受到政府对斯科尔科沃特别待遇的吸引，包括思科、

IBM、SAP等约 20家公司带着唯恐得罪他们在俄罗斯最大客户（俄罗斯政府）的焦虑，在斯

科尔科沃注册落户了。他们均与斯科尔科沃技术学院合作，开设了一个颇大的研发实验室。  

It will be much harder, however, to create the rest of the ecosystem. Silicon Valley has a

critical mass of entrepreneurs and venture capitalists and, more importantly, a culture of

turning whizzy ideas into profitable businesses. Such a culture takes decades to evolve. The

Skolkovo Foundation, which runs the project, wants to jump-start it with cash—some $1

billion over five years. ―We want to fill the institutional void and take some of the risk,‖

explains Alexander Lupachev, the organisation‘s chief investment officer. 

然而，要营造斯科尔科沃城市生态系统的余下部分将会非常困难。硅谷拥有大量的企业家和风

险投资家，更重要的在于一种文化，一种把技术创新的点子转为可赚钱  的生意的文化。这种

文化需要数十年的演变。运行该项目的斯科尔科沃基金会有意通过砸钱助跑——五年内投入约

10亿美元。―我们要填补体制上的空缺，冒些许 风险，‖斯科尔科沃基金会首席投资官

 Alexander Lupachev解释道。 

The aim is to build a long pipeline of start-ups to reside in Skolkovo. The SkolkovoFoundation will then provide them with some initial cash and hope that venture capitalists

invest in them. Firms first apply for ―resident status‖ and are reviewed by some of the

hundreds of experts who work with the Skolkovo Foundation. If the firms pass muster, they

are eligible for the city‘s tax and other preferences and can apply for grants, usually

$150,000. If they want more money, they have to find a matching investment from a venture

capitalist.

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经济学人中文网 该项目计划建立一个长长的新创企业―输送管道‖，使新创企业在当地安身立命。其后，斯科尔

科沃基金会将提供部分启动资金,并期盼风险投资家们加入。企业首先申请―入驻资格‖，然后由

斯科尔科沃基金会共事的数百位专家进行审核。一旦该企业符合要求，将有资格享受该市税务

及其他优惠，并且能申请补助金，通常为 15万美金。倘若他们需要更多资金，他们势必从一

名风险投资家那里寻找匹配的投资。 

So far, more than 500 firms have obtained resident status. Over 100 have received some

money from the Skolkovo Foundation, and about half of these have attracted regular venture

capital, mostly from Russian firms. Yet local capital is limited and foreign money is not

pouring in—Western investors deem Russia too risky. Even the foreign venture capitalists

who work with the Skolkovo Foundation do not invest directly in Russia, but funnel the cash

through offshore shell companies.

到目前为止，已有超过 500家企业获取当地入驻资格。100家以上的企业获得了斯科尔科沃基

金会提供的部分资金，他们 当中约半数吸引了常规风险投资，大部分来自俄罗斯本土。但

是，俄罗斯本土资本有限，外国资本没有倾巢涌入——西方投资者认为俄罗斯（此次）太冒

险。甚至， 和斯科尔科沃基金会合作的外国风险资本家们亦没有在俄罗斯直接投资，而是通

过离岸空壳公司注资。 

 A small version of the Technopark, with 25 firms, is already in place in part of the Skolkovo

School of Management, based near the new city. It is early days, but most of the offices are

empty. Many firms use them only occasionally and do the real work elsewhere. That may

prove a lasting problem: being a Skolkovo resident does not mean that a company has to

base its operations in the city, even after it is built.

承载着 25家企业的缩小版斯科尔科沃科技公园，已经落户在斯科尔科沃管理学院部分校区，

离斯科尔科沃市区很近。这是早些时候的事情了，但是该地区大部分的  办公室空空如也。许

多公司在办公室里面偶尔上上班，在其他地方办正事。这可能突出了一个老问题：做个斯科尔

科沃企业法人不意味着一个公司必须在其实现运  营，甚至在其完全建成之后。 

More fundamentally, the project doesn‘t exist in a vacuum. Russia is a tough place to work.

Great fortunes have been made by grabbing a share of the country‘s mineral wealth. But try

to think of a Russian who has grown rich by inventing something and you‘ll probably think of

someone like Sergey Brin of Google, who moved to America when he was six.

追本溯源，斯科尔科沃项目不会存活于一个真空环境里。在俄罗斯工作，着实不容易。（企业

主们）通过攫取俄罗斯煤矿资源的份额来获得巨大财富。但是，努力想象下俄罗斯某个靠创新

发明致富的人，你可能要想到谷歌公司的谢尔盖·布林（俄裔美国人），他六岁时候就移居到

美国了。 

Ready for the Skolkovo summit?

斯科尔科沃峰会，准备好了吗？ 

Graft may be a problem in Russia, says Mr Lupachev, but it mostly afflicts big, highly

regulated industries. It seldom involves start-ups, he claims. And the process of selecting

start-ups for Skolkovo and giving them grants is hard to rig, he says.

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经济学人中文网 Lupachev先生表示，俄罗斯的贪污是个问题，但是贪污的主要对象发生在大型严格管制的行

业。很少涉及到新创企业（，他这样指出）。同时，选择斯科尔科沃的新创企业，并给予他们

补贴是很难把握好的，他说道。 

Not everyone is reassured. Skolkovo is Mr Medvedev‘s baby. Will it thrive now that he has

been demoted to prime minister, or will it end up as just another office park? Vladimir Putin,the current president, seems supportive. His government recently decided to host the summit

of the G8 in 2014, when Russia holds the group‘s presidency, at Skolkovo. Victor Vekselberg,

the president of the Skolkovo Foundation, who made his billions as an oil oligarch, says:

―This is no longer Medvedev‘s or Putin‘s project, this is Russia‘s project.‖ He adds: ―If the

country really wants to change it needs something like Skolkovo.‖ Others retort that for

Skolkovo to work, Russia would have to change so much that it would no longer be

necessary.

并不是人人都对这个项目肯定的。斯科尔科沃项目是梅德韦杰夫的作品。既梅德韦杰夫降任为

俄罗斯总理后它会继续茁壮成长或者最终以作为另一个办公园夭折呢？  俄罗斯现任总统弗拉

基米尔·普京看起来是支持这个项目的。俄罗斯政府最近决定，当俄罗斯获得 G8轮值主席后，

将于 2014年在斯科尔科沃举行 G8峰会。斯 科尔科沃基金会现任主席 Victor Vekselberg说：

―这不再是梅德韦杰夫或者普京的项目，这是俄国的项目。 ‖他还称：―如果俄罗斯真想要有所改

变，则需要有像斯科尔科沃这样的项  目。‖其他人反驳表示，等到斯科尔科沃的运作，  俄罗斯

势必发生了巨大变化，斯科尔科沃项目已经变得不再重要了。  

http://www.ecocn.org/thread-71813-1-1.html 译者 John.Wayne

Quantitative easing 

量化宽松 

QE, or not QE? 要不要量化宽松 ？ 

An assessment of the most controversial weapon in the central banker’s armoury 

对央行决策者的军械库中最具争议的武器做出的一份评估 Jul 14th 2012 | WASHINGTON, DC | from the print edition

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经济学人中文网 

THE conventional arms have run out. Central banks in America and Britain have long sincepushed interest rates to close to zero. On July 5th the European Central Bank (ECB) joinedthem, slashing its rate on deposits to 0% and its main policy rate below 1%. A different sortof arsenal is now being deployed. Unconventional monetary policy covers everything fromnegative interest rates—now on offer in Denmark—to a change in inflation targets, but―quantitative easing‖ (QE), the creation of money to buy assets, has proved to be the mostpopular weapon of this crisis.

常规武器已经耗尽。美国和英国央行将利率维持在近零水平已经很长时间了。 7月 5日，欧洲

央行也加入到这一行列中来，将存款利率下调至 0%，同时将主要政策 利率下调至 1%以下。

一个不同种类的军械库中的各种武器正在部署当中。非常规货币政策有若干种，从负利率（如现在的丹麦）到通胀目标的调整。但是事实证  明，―量化宽松‖（即增印货币购买资产）是应对

此次危机中最常使用的武器。 

Its use is being stepped up. On July 5th the Bank of England (BoE) announced a £50 billion($78 billion) increase in the size of its asset-purchase programme, to £375 billion in total.Speculation is growing that the Federal Reserve may launch another round of QE, its third,perhaps as soon as next month. There is pressure on the ECB to follow suit. With QEincreasingly pivotal to monetary policy, how much bang for the buck③(or yen or euro) doesit deliver?

使用量化宽松的力度正在加强。7月 5日，英格兰银行宣布将其资产购买计划规模增加 500亿

英镑（约合 780亿美元），总规模至 3750亿英镑。对美联储可 能最快于下月推出新一轮量化

宽松（第三轮）的猜测也在增加。欧洲央行也面临着采取同样举措的压力。量化宽松在货币政

策中变得日益重要，那么它能产生多大的  效果呢？ 

First, some definitions. In normal times central banks move short-term interest rates via―open-market operations‖: by buying or selling securities, they supply or subtract reservesfrom the banking system. The quantity of reserves that banks hold is a secondaryconsideration; the real target is the interest rate. A lower rate, for example, encouragesspending and investment, boosting the economy.

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经济学人中文网 

首先，介绍一些定义。在正常时期，央行会通过 ―公开市场操作‖来调整短期利率：即通过购买

或出售证券，增加或缩减银行系统的准备金。调整银行持有的准备金的数量倒是次要的考虑，

这样做的真正目的是调整利率。例如，降低利率可以鼓励支出和投资，促进经济增长。  

In times of severe economic distress, however, rates may fall to zero. Cue QE. When the

Bank of Japan (BoJ) pioneered QE in 2001, its goal was to buy enough securities to create adesired quantity of reserves (hence, ―quantitative easing‖). Its actions, it hoped, would raiseasset prices and end deflation.

然而，在经济处于严重困境的时期，利率可能会降至零水平。这就意味着需要采取量化宽松

（来刺激经济了）。日本央行于 2001年率先推出量化宽松，其目的是 购买足够的证券，使准

备金的数量增至理想水平（因而叫做―量化宽松‖）。日本央行希望这些举措能够提高资产价

格，消除通货紧缩。 

QE has now come to refer to several flavours of asset-purchase programme. One version isoften called ―credit easing‖. The aim is to support the economy by boosting liquidity andreducing interest rates when credit channels are clogged. The Fed‘s purchases of mortgage-

backed securities, demand for which weakened sharply during the financial crisis, fall intothis category.

量化宽松现在是指几种不同种类的资产购买计划。其中一种通常叫做 ―信贷宽松‖。其目的是在

信贷渠道受阻时，通过增加流动性和降低利率来支撑经济发展。美联储购买的按揭证券（金融

危机期间需求量骤减）就属于这种。 

 Another type of asset purchase aims to boost the economy without creating new money. TheFed‘s ongoing ―Operation Twist‖ is an example: the Fed sells short-term debt and uses theproceeds to buy long-term debt. Giving investors cash for long-term debt should promptthem to invest more money in other assets.另一种资产购买是在不增印新的货币的情况下达到促进经济增长的目的。美联储正在进行的

―扭转操作‖就是一个例子：即卖出短期国债，同时用相应的收入买入长期国债。此举使长期国

债持有者有了更多的资金，这应该会促使他们将其投入到其它资产中去。  

QE proper is a third type. The most straightforward way this is meant to help the economy is

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经济学人中文网 through ―portfolio rebalancing‖. The investors who sell securities to the central bank thentake the proceeds and buy other assets, raising their prices. Lower bond yields encourageborrowing; higher equity prices raise consumption; both help investment and boost demand.To the extent that④investors add foreign assets, portfolio rebalancing also weakens thedomestic currency, fuelling exports.

严格意义上的量化宽松应该是第三种。通过―投资组合的再平衡‖达到救助经济的目的是最简单的方式。投资者将证券出售给央行，然后用相应的收入买入其它资  产，提高资产价格。降低

债券收益率能够鼓励借贷；提高股票价格能够增加消费；两种措施都能够助推投资，刺激需

求。就投资者增加国外资产来说，投资组合的再  平衡同样会使国内货币走软，提振出口。 

If a central bank is expected to hold on to the government debt it buys, then QE can alsosupport the economy by cutting government-borrowing costs and reducing the future burdenof taxation. It can work by changing expectations, too. A promise to keep short-term interestrates low for a long time may be more credible if it is accompanied by QE, since the centralbank is exposing itself through its holdings to the risk of a rise in interest rates.

如果央行有望长期持有其购买的政府债券，那么量化宽松同样可以通过降低政府借贷成本以及

降低未来税收负担来支撑经济发展。它还可以通过改变预期达到效果。  如果在承诺将短期利率长期维持在低位水平的同时伴随实施量化宽松，那么这一承诺可能会更可靠一些，因为央行

通过持有国债将自己置于利率上涨的风险之中。  

That‘s the theory, at any rate. Efforts to divine the actual results of these interventions arenecessarily messy. Unconventional monetary tools were only rarely used before the crisis,which means the sample size of case studies is small. And events stubbornly refuse topause in the immediate wake of new QE, making it hard for economists to isolate its impact.

无论如何，这是从理论上讲的。对这些介入措施的实际结果进行预测势必会很复杂。在此次危

机之前，非常规货币工具很少被使用，这意味着案例分析的样本规模很小。而且在紧接着推出

量化宽松之后，肯定还会有新的状况接踵而至，这使得经济学家们很难将量化宽松的影响孤立

出来。 

Enterprises of great pitch 伟大的事业 

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经济学人中文网 Still, empirical studies generally turn up positive results from central-bank asset purchases.They appear to move interest rates, for example. The BoJ‘s foray into QE in 2001 quickly cutshort-term rates to zero and is generally thought to have had a small but meaningfuldownward impact on medium- and long-run interest rates. Early reviews of crisis-era assetpurchases are likewise modestly positive. A recent survey of QE research findings by theFederal Reserve Bank of San Francisco indicated that $600 billion of asset purchases could

be expected to reduce long-term rates by 15-20 basis points, equivalent to a 75-basis-pointcut in the federal-funds rate.

然而，实证研究普遍表明，央行的资产购买会产生积极的结果。例如，它们似乎可以调整利

率。2001年，日本央行尝试推出量化宽松，这一举措很快使短期利率  降至零水平。而且外界

普遍认为，其对于降低中长期利率也有着虽小但富有意义的影响。对危机时代资产购买早期的

回顾也表明这一举措的结果还是比较积极的。旧  金山联邦储备银行最近出炉的一项关于量化

宽松研究结果的调查显示，6000亿美元的资产购买预计可以将长期基准利率降低 15到 20个

基点，相当于联邦基金 利率降低 75个百分点。 

Causation is harder to discern for equity prices. Some of the expected impact may be pricedin before QE is announced, as happened when Ben Bernanke, the Fed chairman, hinted at

QE2 in the summer of 2010. Yet QE programmes in Japan, Britain, and America appear tohave been associated with rising equity prices.

通过因果关系来识别股票价格的变化变得更加困难。一些预期的影响可能在量化宽松宣布之前

就已经反映在价格中了，正如美联储主席本•伯南克 2010年夏天暗示将推出第二轮量化宽松时

发生的那样。但是日本、英国和美国的量化宽松计划似乎都导致了股票价格的上涨。  

The trillion-dollar question⑤ is whether QE boosts the broader economy (see chart onprevious page). Early assessments answer with a cautious ―yes‖. Research published by theFederal Reserve Bank of San Francisco indicates that the Fed‘s asset purchases haveprobably taken 1.5 percentage points off America‘s unemployment rate. Real output by late2012 may be 3% higher than it would have been in the absence of QE1 and QE2, and

payroll employment could be as much as 3m workers higher than it would otherwise havebeen. Research by some BoE economists on the impact of its first £200 billion in QEpurchases suggests that it may have raised Britain‘s real GDP by as much as 2% andinflation by 1.5%, an impact equivalent to a three-percentage-point cut in the main interestrate. Although a different BoE study found a more modest impact, the data so far suggestthat QE helps the real economy.

一个很难回答的重大问题是量化宽松是否能够更全面地刺激经济。早期的评估给出了谨慎的肯

定回答。旧金山联邦储备银行公布的一份调查显示，美联储的资产购买  可能已经使美国失业

率下降了 1.5个百分点。到 2012年年底，实际产值可能会比没有推出前两轮量化宽松的情况

下高出 3%，就业人数也会相应高出 300万 之多。英格兰银行的一些经济学家关于其第一轮

2000亿英镑量化宽松购买计划的影响的研究表明，这一举措可能已经使英国的实际 GDP增长

了 2%之多，通胀 率也增长了 1.5%，这一影响相当于主导利率下调了 3个百分点。虽然英格兰银行一份不同的研究显示这一影响要更为温和一些，但是到目前为止的数据表明量化  宽松

的确有助于刺激实体经济。 

A sea of troubles 烦恼重重 

Yet in the minds of many critics, even such gains do not justify the risks, great and small, oflarge-scale asset purchases. Three dangers stand out. The first threat is to the function of

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经济学人中文网 some financial markets. The Bank for International Settlements (BIS) argued in its recentannual report that huge growth in bank reserves was driving overnight-lending rates to zero,causing the market for unsecured overnight lending to atrophy. Since the unsecuredovernight rate has been the principal policy lever for central banks, this development could,the BIS warns, make it hard for them to rein in inflation in the future.

但是，在很多批评人士看来，即使是这样的增长也不能说明大规模资产购买的风险（无论大小）是合理的。有三大风险非常明显。首先，它会对一些金融市场的运行构成威胁。国际清算

银行在最近发布的年报中认为银行准备金的大量增加正在驱使隔夜拆借利率逼近零水平，这导

致无担保隔夜拆借利率市场的萎缩。国际清算银行警告称，由于无担保隔夜拆借利率一直是各

国央行的主要政策杠杆，这一发展趋势使得各国央行将来控制通胀会变得困难。  

The risk can be mitigated, however. In late 2008 the Fed began paying interest on thereserves held by banks over and above the minimum required. Raising the rate of interestpaid on excess reserves can make new bank loans less attractive, thus tempering overallcredit creation. This tool represents a means to check inflation despite the breakdown inunsecured markets.

然而，这一风险可以降低。2008年年底，美联储开始向银行持有的超额准备金支付利息。增加超额准备金的利率可以降低银行新增贷款的吸引力，从而使总体的信贷供应趋于缓和。这一

工具是在尽管无担保市场出现萎缩的情况下抑制通胀的一种手段。  

 A second risk from QE is of distortions in the market for government debt. The borrowingcosts of some governments are extraordinarily low—an auction of ten-year Treasuries onJuly 11th produced record-low yields. A flight to safety is a contributing factor, but it seemsthat markets either anticipate decades of abysmal economic growth, or the risk premium forholding long-dated bonds is unsustainably low, thanks in part to central-bank purchases. Anyadjustment may be sudden and have unpredictable consequences.

量化宽松带来的第二个风险是政府债券市场的扭曲。一些政府的借贷成本非常低——7月 11

日拍卖的 10年期美国国债收益率为历次拍卖中最低。资本逃往安全投  资品种是一个促成因素，但是市场似乎不是预期经济增长乏力的状况将持续数十年，就是估计持有长期国债的风险

溢价不会稳定地维持在低位（之所以能维持在低位  部分原因是央行的购买举措）。这一风险

溢价可能会突然做出调整，而由此产生的后果无法预料。  

 A related concern is that QE is reducing market pressure on sovereigns that would otherwiseface higher interest rates and a corresponding need to deal responsibly with their publicfinances. This is not a concern to take lightly. A central bank can lose control over inflation ifthe market has lost confidence in the sovereign and the bank is forced into buyinggovernment debt. On the other hand, a central bank that neglected its duties to play fiscalwatchdog could risk its independence.

与此相关的一个担忧是，量化宽松正在减轻施加于各国政府身上的市场压力。如果没有量化宽

松，各国政府将面对利率升高的状况，相应地，各国政府需要负责任地  处理它们的公共财

政。（现在有了量化宽松，政府处理公共财政的压力就减轻了。）这一担忧不容小视。因为如

果市场对政府丧失信心，央行被迫买入政府债券，那  么央行可能会无法控制通胀。另一方

面，如果央行没有履行作为财政监管者的职责，那么其独立性将会面临风险。  

Clearly, there are risks to unconventional policy (abroad as well as at home, where emergingmarkets have long complained that expansionary rich-world policy has caused waves ofcapital inflows). But the critical judgment is whether uncertain risks of uncertain magnitude

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经济学人中文网 outweigh the benefits of doing more. Cumulative output gaps across the rich world now runinto the trillions of dollars. Tens of millions of people are unemployed, and many have beenso for several years. The bar to not doing QE should be high.

很明显，非常规政策存在风险（国外也和国内一样存在风险，新兴市场长期抱怨发达国家的扩

张性政策，认为这一政策导致资本蜂拥涌进新兴市场）。但是关键的判断是这些不确定的风险

（它们波及的范围也不确定）是否会超过推出更多量化宽松带来的利益。放眼发达世界，累计产出缺口如今已达数万亿美元。眼下，数千万人处于失业状态，很多人已经失业好几年了。反

对量化宽松的呼声应该会很高。 

The gains from asset purchases would seem to be clearest and largest in the euro area. Although the ECB is prohibited by law from providing direct fiscal aid to membergovernments, it may buy debt in the market to ensure the proper conduct of monetary policy.It has on occasion bought the debt of troubled peripheral sovereigns.

资产购买带来的利益似乎在欧元区最为明显也最为庞大。虽然法律禁止欧洲央行对成员国政府

直接提供财政救助，但是其可以在市场上买入国债以确保对货币政策的适度调控。欧洲央行已

经几次买入了受困外围国家的国债。 

 An ECB programme of QE would probably aim to spread purchases across all membergovernments, but could nonetheless benefit troubled governments. If QE successfullyreduced government-borrowing costs, the pressure for ever-stricter austerity measureswould ease marginally. Portfolio rebalancing could bring down private borrowing costs.Purchases of foreign assets might weaken the euro, helping exports. And the possibility of aswifter end to the recession could encourage euro-zone countries to push ahead withstructural and institutional reforms.

欧洲央行量化宽松计划的目的也许是购买所有成员国政府的国债，但是受益的可能只是受困政

府。如果量化宽松成功降低了政府的借贷成本，那么空前严苛的紧缩措  施将会有所放松。投

资组合的再平衡可能会降低私人借贷成本。购买国外资产可能会使欧元走软，刺激出口。而且

加快结束经济衰退的局面可以鼓励欧元区国家推动  结构和机构改革。 

For economies that have already used QE, the problem is one of diminishing returns. TheFed‘s first round of asset purchases between late 2008 and 2010 reduced corporate-borrowing rates by nearly a percentage point; its QE2 programme of $600 billion in Treasurypurchases, rolled out in late 2010, succeeded in bringing down corporate rates by 13 basispoints. In Britain, banks still face high borrowing costs and remain nervous about lendingmore to small and medium-sized enterprises: a new credit-easing programme about to beintroduced by the BoE and the Treasury is long overdue.

对于已经推出量化宽松的经济体来说，收益递减是个问题。美联储在 2008年年底和 2010年

之 间推出第一轮资产购买，使公司借贷成本下降约 1个百分点。第二轮 6000亿美元的量化宽

松计划（用于购买国债）于 2010年年底推出，成功使公司借贷成本 下降 13个基点。在英国，银行仍然面临着高借贷成本，不敢向中小型企业发放更多的贷款：英格兰银行和英国财政

部迟迟没有推出一项新的信贷宽松计划。  

For additional QE to prove effective in both Britain and America, central banks must changetheir approach to inflation. Temporary, higher-than-normal inflation can facilitate wage andprice adjustments and help erode the real value of household debts. Most importantly, whennominal interest rates can go no lower, a higher inflation rate corresponds directly to a lower,and more stimulating, real interest rate.

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对于英国和美国而言，为了新一轮的量化宽松能够发挥效应，两国央行必须改变应对通胀的方

法。暂时高于正常水平的通胀有助于工资和价格调整，以及缩减家庭债  务的实际价值。更为

重要的是，当名义利率降无可降的时候，稍高一些的通胀率直接相当于降低了实际利率，而实

际利率降低将能产生更大的刺激作用。 

The pale cast of thought 犹豫不前 

Both the BoE and the Fed target an inflation rate of 2%. Even a modestly effective newround of QE should quickly lift inflation expectations back to target. But if markets thinkabove-target inflation will prompt a reversal of the policy, then new QE will have very littleimpact.

英格兰银行和美联储都将通胀目标设定为 2%。新一轮的通胀哪怕有一点点的效果也足以使通

胀预期回升至 2%。但是如果市场认为高于目标的通胀会导致政策适得其反，那么新一轮量化

宽松的效果将微乎其微。 

The Japanese experience of QE illustrates the problem. In 2006, with inflation barely abovezero, the BoJ brought QE to an end, rapidly reducing the monetary base and then raising itsbenchmark interest rate. Real interest rates never wandered far into negative territory.

 Although the BoE in particular has been prepared to tolerate inflation above its formal target,neither it nor the Fed has moved away from a goal of 2% inflation.

日本量化宽松的经验就说明了这个问题。2006年，通胀刚刚超过零水平的时候，日本央行就

结束了量化宽松，迅速减少了货币基础，随后又上调了基准利率。实  际利率再没大幅偏离到

负值区域。虽然英格兰银行尤其能够容忍通胀高于正式宣布的目标，但是它和美联储都没有上

调 2%的通胀目标。 

One answer may be a temporarily higher inflation target. Charles Evans, the president of the

Federal Reserve Bank of Chicago, has proposed a plan in which the Fed would announce itsintention to accommodate inflation of up to 3% a year as long as the unemployment rateremained above 7%. The plan would allow the Fed to gin up a bit more inflation now withoutcommitting it to a permanent rise in the target rate, something the inflation-averse centralbank is loth to consider.

或许一个解决办法是暂时调高通胀目标。芝加哥联邦储蓄银行主席查尔斯 •埃文斯提出了一个

计划，在该计划中，他指出只要失业率仍然高于 7%，美联储就应该宣 布将年通胀率上调至

3%。该计划允许美联储眼下将通胀目标设定的高一些，而非长期将通胀率保持在高位。但是

这一想法是对通胀有抵触情绪的央行所不愿意考虑  的。 

Relaxing inflation targets is hard for central bankers with intellectual roots in the

stagflationary 1970s. In Mr Bernanke‘s view, central bankers‘ victory over the runawayinflation of that decade is a momentous achievement. But that stability is now beingpurchased at a very dear price.

放松通胀目标对于央行决策者来说之所以很难，其思想根源在于 20世纪 70年代的滞涨。在

伯南克看来，央行决策者在那十年间战胜高通胀是一个重大的成就。但是那样的稳定现在却在

以十分昂贵的代价来换取。 

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经济学人中文网 注释： 

①这篇文章从题目到小标题都极具特色，想必大家对《哈姆雷特》中的经典台词都耳熟能详：To be, or not to be, that is the question.题目明显是模仿了这句。所有三个小标题也是原

封不动地出自这段台词，大家可以把这句话贴到百度上查一下整段台词。  

②量化宽松：―quantitative easing‖ (QE)，主要是指中央银行在实行零利率或近似零利率政策

后，通过购买国债等中长期债券，增加基础货币供给，向市场注入大量流动性资金的干预方

式，以鼓励 开支和借贷，也被简化地形容为间接增印钞票。量化指的是扩大一定数量的货币

发行，宽松即减少银行的资金压力。当银行和金融机构的有价证券被央行收购时，新  发行的

钱币便被成功地投入到私有银行体系。量化宽松政策所涉及的政府债券，不仅金额庞大，而且

周期也较长。一般来说，只有在利率等常规工具不再有效的情况  下，货币当局才会采取这种

极端做法。 

说起来，量化宽松的货币政策，最早在上个世纪 60年代被美联储所采用，当时美联储购买长

期国债抛售短期国债，以降低长期利率而提升短期利率，从而影响收益率曲线。不过，这个政

策成为世界上一项著名的反通缩、反危机、反衰退的政策，却是从日本开始的。  

③bang for the buck：美国俚语，意思是花最少钱得到最大的效果，也就是合算，划算的意

思。 

④To the extent that：在这里的意思是―就……来说‖ 

⑤The trillion-dollar question：柯林斯关于 dollar 有这样一条解释―a/the sixty-four thousand

dollar `question important question that is very difficult to answer 很难回答的重大问题: Will

we all survive until the year 2000? That's the sixty-four thousand dollar question. 我们大家是

否都能活到公元 2000年?这个问题很难回答.‖这里的 trillion很显然是夸张了，更显示出问题

的困难和重大。 

http://www.ecocn.org/thread-71697-1-1.html 译者唯伟道来 

Marine technology

船舶技术 

A voyage of discovery

探索未知之旅 

New technology can make ships more versatile, more efficient and cleaner, too

新技术使轮船更万能 更高效 也更环保 Jul 14th 2012 | ALESUND | from the print edition

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IN THE days when Norsemen pillaged their way around the monasteries and villages ofEurope, Norwegian shipwrights were at the forefront of naval architecture. They still are.Norway is an important centre of marine innovation and several foreign companies haveoperations there, too. One such is the marine division of Rolls-Royce, a British firm, which iscollaborating with Farstad, a shipping company based in Alesund, and STX OSV, ashipbuilder. The result of their efforts is Far Solitaire (pictured above), the first of a new classof vessels which bristle with novel technology that promises to make shipping safer, cleanerand cheaper.

早在北欧人大肆掠夺欧洲的修道院和村庄时  ，挪威的造船工人就已在造船技术方面跻身前

列。现在他们仍然处于世界领先水平。挪威是重要的船舶创新中心，一些外国公司也在这里设

有分公司。其中一家便是劳斯莱斯公司在这里设立的海运部，这家英国公司与总部设在阿雷松德的 Farstad航运公司以及 STX OSV造船公司都拥有合作关系，而他们三强通力合作的成果

便是远航明珠舰（见上图）。它是一批新式轮船中第一艘运用大量创新技术的船，这些技术使

得船运更安全、更环保/清洁、更低廉。 

Far Solitaire has been designed as a platform-supply ship for the North Sea‘s oil and gasindustry. This means she is not a large vessel. She is 91 metres long (one-third of the lengthof a typical container ship), has a deadweight of 5,700 tonnes and cost about $70m. Butsome of the innovations she uses should be applicable to vessels of all sizes.

远航明珠舰是为了发展北海石油和天然气开采业而设计的一艘平台供给轮船，这意味着它的体

型并不大。它长 91米（为典型的集装箱货运船的三分之一），载重量为 5700公吨，总造价

约 7000万美元。（'Far Sotitair'号的任务是为北海石油及天然气平台运送补给物资，算不上是大船，总长 91公尺，为一般货柜船的 1/3,最大载重量为 5700吨，总造价约为 7000万美元。

----shadowing的简练译法）但是设计该船时所运用的一些创新技术却适用于任何大小的船

只。 

 At the moment she is being fitted out by STX OSV at its Langsten shipyard on Tomrefjord. InOctober she will be delivered to Farstad, who will use her to supply rigs in the region‘snotoriously heavy seas. Crucially, she has to be able to hold her position while transferring

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经济学人中文网 thrusters already used on some vessels: propellers on pods that can be rotated to push theship in different directions, making a rudder unnecessary. But the Rolls-Royce Azipull hasthe propeller at the front of the pod rather than the back. That means the propeller operatesin a smoother flow of water, which improves efficiency and assists steering. This design hasbeen made possible using computational fluid dynamics to perfect the shapes of the bladesand pods.

其中最重要的一对是安装在船尾的 Azipull螺旋桨，它们与一些轮船已经在使用的方位推进器

有点相似：分离舱上可旋转的螺旋桨能够推动船驶向不同的方向，这样就不必再使用船舵。

（主要推进器是位于船尾的一对 Azipull螺旋桨，它们与部分轮船使用的全方位推进器相似：

亦即螺旋浆安裝於可以旋转的分离舱后方，不需船舵就能将船只推往不同的方向。 ----

shadowing的简练译法）但是劳斯莱斯公司将 Azipull螺旋桨装在了分离舱的前端而非尾部，

这意味着螺旋桨能在更平稳的水流中工作，从而提高效率，方便轮船的行驶。设计师通过计算

流体力学完善舵叶与分离舱的形状，使得这种设计成为可能。  

Further control is provided by two bow thrusters. These are propellers mounted in transversetunnels in the hull, to help position the craft and hold her stable while alongside a rig. Andthere is also an azimuth thruster that can be swung down from the forward part of the hull if

an extra push is required.

其他操控设备还有船首侧推装置，它是安装在船体横向通道中的两个推进器，用来帮助轮船进

行定位并在船上装载钻探时保持船体平稳。另外在需要额外推力时还有方位推进器可从船体前

方摆下。 

 All of these propulsion systems are handled by moving one of the joysticks next to thecaptain‘s chair in a bridge with a 360° view that looks more suitable for the starshipEnterprise than what is, after all, a souped-up freighter. The consequences of moving the

 joystick can, fortunately, be practised on shore without risk to ship or platform, courtesy of anew 360° bridge simulator in Rolls-Royce‘s marine-training centre in Alesund. The captaincan also call on the assistance of an electronic positioning system that uses a combination of

data from satellites, gyrocompasses, and wind and motion sensors to operate the thrustersautomatically.

船长只要移动驾驶室座椅边的操纵杆就能控制这些推进装置，这个拥有 360°全方位视角的驾

驶室看起来更适合进取号星舰，而不仅仅是普通的货船，因为后者只不过是加了马力的船舶而

已。幸好移动操控杆的效果能在阿雷松德船舶训练中心进行试验，劳斯莱斯公司在这里建有一

个 360°全方位视角的模拟驾驶室，有了岸上的训练就能避免给轮船和钻井平台带来危险。另

外，船长还能从电子定位系统中获取帮助，该系统能结合卫星、回转罗盘、风能和运动传感器

三者的数据自动操控推进器。 

Solid freight is carried on a deck that has an area of 1,020 square metres. Liquids,meanwhile, are stored below deck in tanks, each of which is fitted with its own pumping

system, in order to avoid the risk of mixing substances best kept separate.

固体货物会被安置在一个面积达 1020平方米的甲板上，而液体货物则会被存储在甲板下的液

货舱中，每种液体对应相应的抽运系统以避免不宜混合放置的液体搅拌在一起。  

Borge Nakken, who is in charge of technology and development at Farstad, expects FarSolitaire to use about 40% less fuel than a conventional vessel of the same size that iscarrying out similar tasks. This is a remarkable saving, and although she is a small, specialistvessel, many of her features, particularly the new bow and the more efficient system of

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经济学人中文网 propellers, could help reduce fuel consumption and emission levels in larger ships as well.

Borge Nakken是 Farstad公司技术与发展部门的负责人，他预期，在执行相似任务时，远航

明珠舰的耗油量将比同样大小的传统型轮船少 40%，其耗油量的减少是十分显著的。尽管远

航明珠舰是一艘专用型小轮船，但它的许多性能特别是新的船头以及更加高效的推进器都可以

同样利用在大型船只上以减少耗油量与排放量。  

Stricter regulations on ships‘ emissions are on their way—including, in particular, newcontrols for vessels in the North Sea and the Baltic, and off the coast of North America. Thatmeans shipowners who wish to ply these waters will have to stop using bunker fuel (thecheap stuff left over once petrol, diesel and aviation fuel have been distilled from crude oil) topower their vessels because burning it produces too much sulphur dioxide, nitrogen oxidesand soot. That gives extra impetus for technology of the sort being tested in Far Solitaire.

 And this time no villages will have to be pillaged to pay for it.

有关部门正在制定更加严格的轮船排放标准，特别是针对北海、波罗的海和北美沿海的船只。

这意味着船主想要在这些水域航行就必须停止使用船用燃料油（这种燃油是在汽油、柴油和航

空燃油从原油中蒸馏出来后留下来的便宜货）因为它们在燃烧过程中会释放过多的二氧化硫、

氮氧化合物和煤烟。这给远航明珠舰上所试用的那种新技术的发展带来了额外的推动力。而这次，没有村庄会因此再遭受掠夺了。 

注释： 

①球鼻首船：http://baike.baidu.com/view/582644.htm  

②船体各部位名称及特点：http://blog.renren.com/share/304757307/8407499401  

http://www.ecocn.org/thread-71556-1-1.html 译者左耳听爱 

Harry Belafonte’s autobiography 

哈利•贝拉方特自传 

Twentieth-century lion 

上世纪的名流 

Jul 14th 2012 | from the print edition

2012年 7月 14日|印刷版 

My Song: A Memoir of Art, Race and Defiance. By Harry Belafonte. Knopf; 469 pages;

$30.50. Canongate; £14.99. Buy from Amazon.com, Amazon.co.uk

《我的歌：追忆艺术，种族与反抗》哈利•贝拉方特著。诺夫出版社；469页；30.5美元。坎

农格特出版社；14.99英镑。可于 Amazon.com, Amazon.co.uk购买 

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IT ALL began with a set of Venetian blinds. In 1946 a couple in a Manhattan apartment

building asked their janitor, a biracial Jamaican New Yorker newly returned from naval

service in the second world war, to install a set in their flat. The task completed, they gave

him two theatre tickets as payment. The janitor, having no money for the dinner that a proper

date would have included, went on his own to see ―Home is the Hunter‖⑵, a play about

black servicemen returning to America after the war. He was enraptured.

这一切要从一套百叶窗帘说起。故事发生在 1946年的曼哈顿，有对夫妇想在家里安装一套百

叶窗帘，于是便叫来一位公寓清洁工，作为报酬，事后给了他两张戏  票。想来，邀人看戏起码得请吃个饭，可无奈囊中羞涩，这清洁工就自个儿去美国黑人剧院看了场《家是猎人》。这

出戏讲述了一位美国黑人士兵战后返乡的事，看  着看着这哥们就陶醉了。 

The tenants, Clarice Taylor ⑶ and Maxwell Glanville⑷, performed in the play, which was put

on by the American Negro Theatre (ANT)⑸. The janitor was, of course, Harry Belafonte.

剧中表演者正是那对夫妇，克莱斯•泰勒与麦斯威尔•格兰维尔；而那清洁工呢，自然就是哈利•

贝拉方特；说来，那时二战刚刚终了，结束海军服役后，这个有着牙买加血统的美籍混血回到

纽约，在一幢公寓里做起了清洁工。 

In short order Mr Belafonte also found his way into the ANT, where he not only acted but

made ―my first friend in life‖, another poor, hustling West Indian named Sidney Poitier ⑹. The

two of them hatched get-rich-quick schemes—Mr Poitier wanted to market an extract of

Caribbean conch as an aphrodisiac—and they shared theatre tickets: they could only afford

a single ticket between them, so one would attend before the interval and one after, then

each would fill the other in. Mr Poitier got his break first: he took Mr Belafonte‘s place in a

play that the latter, still employed as a janitor, missed because he had to collect his tenants‘

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经济学人中文网 rubbish. It took Mr Belafonte several more years of struggling, and he gained fame not as an

actor, for which he had trained, but as a singer, for which he had not, filling time during the

interval at Lester Young‘s⑻concerts, where his first backup band included Max Roach ⑼and

Charlie Parker ⑽.

不久后，贝拉方特也找到了通往美国黑人剧院的门路。在那儿，他不仅演戏，还结实了 ―生命中第一个朋友‖西德尼•波蒂埃。和贝拉方特一样，这个来自西印度群岛的小伙儿生活拮据，为

了生计四处奔波。私下里⑺， 二人策划了快速致富的计划：加勒比贝壳的提取物可拿来当春

药使，波蒂埃就想带着货去市场卖；此外，哥俩还共用一张戏票。由于只付得起一张票钱，两

人就以幕 间休息为准，你来半场，我来半场，互换位置。波蒂埃首先打开局面，并在一出戏

中挤掉了贝拉方特的戏份。而贝拉方特仍旧干着清洁，因为他还得打扫房客的垃  圾，遗憾得

错过了机会。又是几年过去了，经过奋斗，贝拉方特终于获得成功。这一次，他没有拾起老本

去演戏，而选择从未训练过的职业，做起了歌手：李斯特杨的音乐会上，幕间休息时常见他一

展歌喉，那时，在他最初伴奏乐队里还有着像麦克斯 •罗奇，查理•帕克这样的人物。 

Looming over both this book and its subject‘s life are two ghosts: Millie, his formidable,perpetually dissatisfied mother; and Paul Robeson, whose combination of entertainment and

political activism⑾ forged a path that Mr Belafonte would follow. But whereas Robeson‘s

activism ran headlong into early cold-war paranoia, blacklists and McCarthyism⑿, Mr

Belafonte was luckier: his career rose more or less in tandem with the American civil-rights

movement.

不论是本书还是贝拉方特的一生中，总有两朵阴霾不肯散去：一个是他的母亲米勒。这女人让

人敬畏，而且永不知满足。另一个则是保罗•罗贝孙，他将娱乐与政治 激进主义糅合，铺下前

路，好让贝拉方特遵循。然而，正是他的激进行为，让其猛然栽入早期冷战妄想与麦卡锡主义

中，并在各种黑名单上记录在案，与之相比，贝  拉方特幸运多了：其职业生涯的崛起，多多

少少与美国民权运动相连。 

Martin Luther King junior sought him out in 1956, just a few months after rising to fame

during the Montgomery bus boycott⒀. King was then 26, and a preacher at the Dexter

 Avenue Baptist Church in Montgomery, while Mr Belafonte was 28 and newly crowned

―America‘s Negro matinée idol‖. Mr Belafonte was sceptical of both religion and non-violence

(―I wasn‘t nonviolent by nature,‖ he explains, ―or if I was, growing up on Harlem‘s streets⒁

had knocked it out of me‖), but was won over by King‘s humility. There is an especially

touching scene from nine years later in which, following a celebrity-studded civil-rights fund-

raiser in Paris, King, then a Nobel peace-prize winner, serves food to the assembled stars as

―an exercise in humility, an act of abject gratitude to all these stars for coming out for him.‖ Ina book that is riddled with many of the usual faults of celebrity autobiography—name-

dropping, score-settling, preening and a rather ungallant treatment of his first wife and some

of his children—Mr Belafonte‘s portrayal of King stands out for its unfussy warmth and

unhagiographical affection.

1956年，蒙哥马利市爆发巴士抵制运动，一名来自德克斯特大街浸信会教堂的牧师声名鹊

起。他，就是马丁•路德•金。几个月后，时年 26岁的金找到贝拉方 特，那时，后者 28岁，

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经济学人中文网 新得美誉―通吃美国妇女的小黑哥‖。贝拉方特不信教，也不信非暴力，（用他自己说是 ―我生来

刚烈，就算不使用暴力，在哈林区混大，  也叫人砸有了。‖）却因金的谦逊而折服。九年后的

一幕最是感人心脾：那是在巴黎举行的一场民权筹款会，到场的尽是知名人士，金，这位诺贝

尔和平奖桂冠竟为 在场的群星盛放实物， 以此向为他而来的群星们行以―谦恭之举‖，表达心

中―无尽感激‖。贝拉方特的这本书中，明星自传常有的缺点满眼皆是：不是提一笔名人来拔高

自己身价，就是 报复之辞，要么自我吹捧几句，再不就是描写原配与孩子时，不甚殷切。所

以，在对金的刻画，更凸显出他那份知性的温情与平实的情怀。  

 After the 1960s, ―My Song‖⒂goes downhill quickly, but that is hardly a surprise: maintaining

fame is never as interesting as achieving it. The book is also too long. Mr Belafonte‘s

ramblings about business deals that went sour and his agonising over the extraordinary

privileges his children enjoyed grow tedious. And then there is his political judgment.

Standing with Martin Luther King junior to fight injustice and oppression is quite different from

standing with practised political oppressors such as Hugo Chávez and Fidel Castro⒃. Still,

Mr Belafonte does have a remarkable song to sing. Given its breadth⒄, and the welcome

disappearance⒅ of the segregated world in which it began, such a song will not be sungagain.

上世纪 60年代后，贝拉方特―唱‖不动了，事业迅速下滑。但这并不奇怪：追逐名誉时，人们

总是乐此不疲，但要永葆不衰，可就难咯。这本同名自传也够冗长  的:不是漫谈生意不顺，就

讲孩子享受优待，当爹的很是焦虑的事，读着读着也觉得无聊。书中还叙述了其个人的政治判

断：他既和老练得政治压迫者（比如雨果•查韦 斯，菲德尔•卡斯特罗⒇）有过交情，也曾与马

丁•路德•金并肩，同歧视，压迫做过斗争。两者意义却大不相同。不过，贝拉方特还真有一首

别致的歌要唱，但一来这歌受众不广，二来它出炉于种族隔离的时代，如今，人们早已敞开胸

怀，愈合这个世界，如此看来⒆，此曲恐为绝唱哩！  

注释： 

（1）lion有名流，名士之讲，固此翻译,比如: a literary lion（2）这里的 Home Is the Hunter并不是指那本 Star Trek系列小说。网上平行文本已无从考

据，这里只做直译处理。 

（3）女演员。出演过克林特•伊斯特伍德拍的《追魂迷雾》 

（4）男演员。出演过西德尼•吕美特（也导过《热天午后》）拍摄的《送冰的人来了》（尤金

•奥尼尔编的剧本） 

（5）建于哈利区的黑人剧院。1940年 7月 5日竣工，1949年倒闭，共推出 19部话剧。 

（6）男演员。1958年影片《逃狱惊魂》赢得了首个奥斯卡最佳男演员提名，5年后凭借《原

野百合花 》摘得影帝桂冠，成为首位获此殊荣的黑人演员。此外还是一位积极的民权运动人

士，他在《猜猜谁来吃晚餐》《吾爱吾师》中的角色是他冲破黑人与白人之间社会  障碍的界

标。他的才华、良知、正直、内在的可爱让他获得与白人明星相齐的地位。  

（7）hatch (vt.) :to make a plan, especially a secret plan.前后文若字字对照翻译略显生硬，

就把 hatch拆开来译。 

（8）生于密西西比州。1933年参加 Benny Morton乐团，1936年以后主要担任Count Basie

乐团的次中音萨克斯风手,留下许多抒情而轻松调调的著名演奏曲。他和 Coleman Hawking和

Ben Webster ，被称为 Bop以前的三大次中音萨克斯风手.

（9）Bebop音乐风格的开拓者，美国黑人民权运动的领袖之一。1980年，他入选了爵士名人

堂，1988年成为了历史上第一个被授予麦克阿瑟奖的爵士乐音乐，1995年又入选了格莱美名

人堂。 

（10）爵士乐历史上最伟大的中音萨克管演奏家，比勃普流派的创造人之一  

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经济学人中文网 （11）激进主义是 1960年及 1970年间美国著名的思维模式，在流行、政治、音乐品味、教

育及社会价值上，皆摈弃安定的中产及保守态度。主要特色包括，激进的政治理念、性解放、

煽动性时尚风格及药物使用。较狭隘的說，此运动亦催化 1960年代的民权及环境运动精神。 

（12） 麦卡锡主义是 1950—1954年间肇因于美国参议员麦卡锡的美国国内反共、反民主的

典型代表，它恶意诽谤、肆意迫害共产党和民主进步人士直至有不同意见  的人。从 1950年初

麦卡锡主义开始泛滥，到1954

年底彻底破产的前后五年里，它的影响波及美国政治、外交和

社会生活的方方面面。麦卡锡主义作为一个专  有名词，也成为政治迫害的同义词。 

（13）蒙哥马利巴士抵制运动(Montgomery Bus Boycott)是美国民权运动历史上的一座里程

碑。开始自 1955年年底，持续了一年左右的蒙哥马利巴士抵制运动展现了非裔美国人以及支

持民权运动的其 他美国人的反抗种族隔离与社会不平等的决心与毅力。蒙哥马利巴士抵制运

动最终促使 1956年美国最高法院作出裁决，裁定蒙哥马利市的公交种族隔离法违宪。  

（14）哈莱姆区（Harlem，又译―哈林‖）是美国纽约市曼哈顿的一个社区，曾经长期是 20世

纪美国黑人文化与商业中心，也是犯罪与贫困的主要中心，目前正在经历一场社会和经济复

兴。 

（15）因为自传名为―My Song‖，这里一语双关，原意为贝拉方特。 

（16）在小布什任职期间，贝拉方特没少骂过他，称之为 ―全球最大恐怖分子‖。对委内瑞拉总

统乌戈•查维斯则高度称赞，并表示许多美国人支持查维斯领导的社会主义改革。  

（17）breath原意为 wide extent (eg of knowledge); range，这里指他的歌不怎么流行了，60

年代后期都是 Bob•Dylan和 The Beetles的天下，这个―美国小黑‖自然没了饭碗。 

（18）这里用了矛盾修辞法（oxymoron） 

（19）无意义，表承接上下文。 

（20）贝拉方特的政治态度详见此贴， 猛击 Harry Belafonte provides an historical insightinto the civil rights movement‘s decay http://www.ecocn.org/thread-71514-1-1.html 译者林忆纾