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1992 1 £  

ȥ 10 Ѯһ磬ڱֽϿ֥Ӹѧɵ ? ˹ٻ 1991 ŵѧϢ˵ " һˡ " 11 ³һЩѧéڼҾһССףۻᣬ " ˹õý " Ŀ¿˹ڵĺд " ǡۼһãףŵѧӦñˡ һЩй˾ۻᣬףһ˵ýйǵһΡ˵йѧŵѧѲDZ޹ص̬ˣҲӳ˿˹ڵ۶йѾ൱Ӱ졣

90 ס 91 dz˿˹ڵļ뱾ڿ˹񽱵ǰһ£ҹҪľѧ־оͬʱƪ " ˹ " ۡǣԺijһ죬żȻڱֽϿһſ˹ڵƬһ»緢ʱĽ˵ " ˲ƲȨҵӪɱӰ쾭 " Ժĸбν " ҵӪɱ Ȼָ׷ã   ǶӢ "transaction costs"  

Ҳ»ķңСǣǶ " ׷ " Ƕô֪ʶҹ˵൱ġʹھѧ磬Ҳ󡣾˵ɭ 1987 һ " ׷þѧ " ʱ   ˽ "transaction costs" " ˷ " Ȼ   ֪ " ׷ " ΪͲ֪˹Ϊʲô񽱡

Ҳһ̵ˡ   Ҹ̵С֪С̵ļǮȷ " ط " ĹӪ̵еļ۸ߣһ̸߳ 5 ëһ飬   ʱС̡ܸΪʲôʵϾͶʲô׷áСֻ߼·ҪĻ򷱻ҪﳵȥҲ˵ҪǮʱҲԸ

ã໨ 5 ëһǮԼʱ;ֵõġ£   ǾͿ˵С̣׷ҪһЩĵĴ̵꣬׷ҪһЩ׷þʵ֮Ľķá㲻ߵߣС̵꣩򲻵̵ġȥ̣ȡڽ׷úͼ۸ĸߵ͡ˣÿ˵ľ׷ҲǽоþʱҪǵһҪء

Ȼ׷òָʵֽҪߵ·̣ݣ磺Ѱ׶ͼ۸ķãּۻ۵ķãз׺ͽ׵ķõȵȡ˵׷֮򽻵ķá   ׵Ӣԭ transaction ָ֮ĽĴھ֮ͨ򽻵ʵֵġڷֹרҵ߶ȷִУһIJƷͷ񣬾Ҫͨͬ˴򽻵ףãΪһ˿רҵƤЬȴֻרҵƤЬǽװҲ˵׷еķáֻڲͬľƶ£ǵĽ׷ʽͬķѵԴҲͬ

磬ͬҪһͶʣгҪ֤ȯгڼƻҪõί׼֮ͬһķýϸߣ˵еЧʷŵ͡й " " һձ " ׷ " ѧҲûʲôѡһ£ԤҪ͸Ŵ򽻵   ʱ   ˵һ䣺 " ׷̫ "

ͳľѧDD¹ŵ侭ѧУûн׷õλá׷ڿռһϣ˲ɵģμӽ׵˶Ǿԡȫ֪ȫܵˣ " ֮ĽһļϣҴӲڡţѧеľʱյ磬¹ŵ侭ѧһ׷Ϊ硣׷Ϊļȷʵѧķչ˲ٱʹ¹ŵ侭ѧʽȡ˻Ի͵Ľչ   ͬʱҲΪ֮˴ۨDDȱٶʵĽ

ʵУгֻԽоûһƶʽг֮⣬ҵͼͥҲǽоûЧʽȻһ߳г¹ŵ侭ѧԵΪڴ£ķһǰᣬķȫге顣ʹгУ¹ŵ侭ѧҲôӦ֡޷ȷؽͲͬг

ʽサͽڻҵĽʽ˫ּۻ۵ʽ𣬵ȵȡ   ʮʱ˹նʮ꣬Ͷɻ󣺼ȻгнкЧʽ   Ϊʲôҵڣ

ҵнзֹˣΪʲôͨгʵĺǵ ? նһĹʮ˵ÿһǣгdzЧÿĹҲԶȻٵгнƷһĹˡΪʲôЩ˲أΪʲôҪϳһҵأ

¹ŵ侭ѧ޷͵ģΪҵгеСλұΪһ˹룬һƷһתƵһΪһνףҵתƺͨгתֻǽʽIJͬ׷󻯵˵ȡַʽȡַʽýϵ͡

˹֣геĽʵҪķѴɱġѰ׶ּۻۣԼලԼִУά򣬽׾ԼΥԼԳͷȵȣһΧڣҵڵĽҪ򵥵öࣺ֮Ĺ̶ֹԼѰҽ׶ķãԹ˵ָӴּۻۣ˺Ҫҵ֮ijںͬгжηضԼ鷳ǺȻҪѡҵʽҲ˵ҵĴڽԼ˽׷á

ȻҵģҵĹѶȻӣԹ˵ļලѣҵŻı׶˻ԽԽأҵڵĽ׷ûԵþѧ˵DZ߼ʽ׷ڵ   ҵڽ׷ã߼ʣг׷ã߼ʣʱҵģͲҲ;ҵı߽硣˹ؽҵڵԭ;ҵģءд˺ " ҵ " У 1937 귢ġѧ־ϡ

" ҵ " ڷԺ൱ʱδõѧĹעֱ 1960 ˹ڵһƪ " ɱ " Ժ   ˾ѧĺ䶯Dzֻعͷھ  " ҵ ļֵ   ˵ " ɱ " ijɹϵƽϵЧӦӴԺ׷˹ڵۼԽԽ࣬ھѧͷѧֱγµɨDDƶȾѧ;÷ѧƪľ˵ʲôأ

Ҫν˵߽ϵͻ⡣ٵӣһƬϣţߵţũĹ£ĵʹͳĹͬնǿķǼ򵥵ؽֹţ硣ţӵļֵʧļֵߣ   ǶԴĸֵá

裬ũͷţ֮Ľ׷Ϊ㣬ڷϷţӦ⳥⳥ũʧ֮䶼ͨԸʵԴáӦ⳥ţ߻ǻţȥ磬ֱӦ⳥ʧţӵļֵʱΪֹǵݼģ⳥ũԼԼţٳһλ磬õ൱һλֵIJţԻʹԼţʧţֵʱֹͣ硣

۵Ϊ " ˹ " " ˹ " йۡտ˹ԼĿ " ˹ " " ɱ " ҪۼֵΪ " 㽻׷ " ֻһ裬ʵУ׷ģ£ũͷţ֮ҲﲻЭ飬Ӷʵ˵Դˡ

˹ƪеҪָ׷Ϊ   ͬķɹ涨߸˵ͬƶȰţͬԴõĽҲ˵ƶȰŵIJֱͬӰ쵽ЧʡڽһʱȡƶȰȡʽĽ׷͡ۺʢٴѧŵ˹ڸΪ " ڽ׷öԣƶҪġ "

ǿƶȣ institutions ҪԣƶȾѧһֱ׷õĸ֣һѧĺ塣

ڴͳƶȾѧУƶȶٻһڱһ翵Ķڿ˹ƶѳ˾ѧķڱһоƷһЧãáǿڲͬĿɻIJƷ֮ѡڲͬĿɻ֮ѡһҲڲͬĿɻƶȰ֮ѡЧͬǽѡýϵ͵ƶȰš

ʷؿƶȵĽΪø͡ЧʵƶȲϵýϸߡЧʽϵ͵ƶȡƶȵıֽһǵʽı磬ڣλ׷õ½µгģ󣬻ٽķֹרҵķչ   Ҳ˵˴򽻵ķ½ˣȻ򽻵ķҲȵ½Ƹ

ɼ׷õĴھ֧ԴijDzȡƶʵ֮еĺͬƶȰ֮ı߽磬ǹͬɵƶȽṹԼʷҪDDƶȱʷɭ׷ñѧе " Ħ "   ҿ׼ȷıӦ " " 罻׷޴󣬾͸κ֮ĺͻᴦȫ״̬׷õ½൱ " " ӣȾͻӣƶȵĸӶȺЧʾͻߡ

ɼܽ׷òһʲô˲ĸķָı˾ѧ׷ʹ¹ŵ侭ѧƶȾѧʹǿǰߵij췽ȥʵֺߵĿꡣı£ѧһΪõʵ磬гխһʮѧԽԽþѧķоҵͥڽ̡ºƶȵģоʷƶȱͻУҲԷֶ " ˹ " ۡ

Ȼ˹û⡣ǡǡ෴˹ķǣۣ˼⡣йľ⣬˹û̸ֱʲôǺ״ӿ˹뵽 " һ󹤳 " ĴͳУ׷ùĸֱ׶˵Ҫԭ֮һ׷õĴͬǵҵѡ  " Сȫȫ ʽʱǵҪأ   ȵȡ   Ӫҵ֮Ļ " Ƥ " " Ƥ " ͶĿʱֵ " " ˾עʱӳԼǰ껹ڵΪ˼ǮĴϧż켸ҹĶӵ󣬶֤˽׷ǵŸΪҪĵλҲǽ͡ྭҪء

ȻҲΪʲôһЩйѧҪףؿ˹ڵýԭǸնںеĻģ " һ٣ǵ֮ģΪ㲻Ծѧ˹ףԼ˵ӶʹолΪý׷õĸʵ磬Ϊ㲻Ϻ̽󾭼ѧ´½ľ־еľѧ˵ǹͨģǽĻΪԼĹҸӼţֻҪǼЩѧӢΪ֮ġรҵйľѧҲлһ "

д 1992 1

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ʢ飬 1996 ѧ񡷣йѧʼĴճ

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