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Giai Phap Keynes

Giai Phap Keynes

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The Keynes Solution - a Vietnamese version
The Keynes Solution - a Vietnamese version

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G!I,A II PHA P

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!~on ulDlg luon uon

51! ~h~nh VilJvng kin h Ie toon ca u

THE KBmES SO:LUTI:ON

Th' ae P'·ft,t;h, to Global E-l~;n,o, nu ~J~ n-.~Qperit-:'fP'

, 1 '. ' I~ • - • u . __ ',' __ ~ ~1iJ.!~:.Ii '. .~ ,r·cu.l~ .. ' .. " '_ 'J

Idbrary of Congress Ctd.~;dogrung.irJ; .. 'Publica.tioD. 'Data Davldson, Paul, :1,[930 .~.

The Keynes selutten l by Paw, Da ridsop ..

p' .. em.

Ineludes Mb~iogr,a,pb~cal mfeNlleE'i' and, index", 1iS'· - BN' 9" 7'0 0" f!iiiilJiill'ii a 11 0I2n 'iIl'

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GIAIPHAP

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(HUONG 1

SU( ,anll huOng elh,,' tud'ng tin ,chinhl sida S,

'CMUONG 2:

N1h'Dng, tv tutmg 'V,a chilh sich '1 gil' ral ,cute: kllu 1111 :hoang

kinh ,te dSI 'lin cua, 'lhE ~Y' 21 JJ;,

iCHIlONG :I

"tv,e" tuong lai Ci'Ia Ii tra:

'J 1\1" tuOng c6' d~in wf :bt tIlfng 'Ill' ,biln e::hllil nghfa Ii

ICHIJIUNG ,4

MO,t :xu (h'l Hiu cOng ~, ImOl xu Diu nh,p (tiIUNGS

S, th~ we :nq qu6c gil va [11,m pblat

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Sa,g P~~UI( .. 611 lira cai each CIilUUN:G '7

ei i ,c6ch 'UlILnrng m, i 4 u6( tf

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'. ~1~IUU,I'III, 8

Ci:il ellCra 111'n te' ,qul'c, If

CJHUUNG 9

HU01]'g wf xl bfl kln'h te' vlnl 'm inh llIi hi n keynes rft: tIT ha I, 1ll,

CJHuaNG II

Jlo,1II n Maylarnll Keynes Iii al?

PHUIIJVC,

T,i 51,0' Illlr fuUng cu. [Keynes l,bUB. hl,G gla dUf(' 'I liang d" a ,die:: truani!N dai hOI(: ~

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N·h.a xuAt· b,an Palgrave, Hoa Ky'., vi cO dA gnip dO: tali.

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te, ..... I I I P I U cac mroc tree", " ap tr e gJ.m nat nau nnan

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ting vot di dian too., l(UD phat r,at cao, GLii poop (;hbng

11 - - -'t..k- bl ,_1i..g,_ li::l1: 1- ,,;, h . -'" h ... ·' 'K' 11 ~

lam p,JU.dJ~: I· .:~ IDJ!dJil ,:.l,M ta t __ eo t.n.tOn~: ,P . -. aI, , ..... eyn,@s IUC

1(10' da kh,o:ng' hi,@'u qUla~, 'Nrguqc 1\1i, n,Q con dan, 1d[1@ln m.di kY ul~, phat dlnh t1:6n.n~" tuc lei glal do~, co 'tyI;e th,at nghiep v.a, gl,a eel IdO,ng th.d:i. cilng 'tan,g~ C,lUnh sach lC'h,ti'Rg lam phat bi gOI :bl'&~ki,@u Keynes" tbit bat, cij,ng vm tim tfan, tha,t vQ,ng' ella nguoi d,an d6i voi ['o,IOe chl@'n tranh ,eua M':y' 't'ii 'VU!t 'Ham di dan tal tinh trang 'W'O; hQe:t" 'ma·"j,"t m·Am· tin vao ~'b,~'_''b sa .. ··ch CU'/"Ol chinh --'h-':!i' Thai ~ ~cl "<~'--c_:cc, ~~"'\_~_ ' _ _:~'''\_,. cmnn .;j' '.:' '. - a ,JUII, I:, p Ui! U.1:l1

eto :p:h8n Id6'1 chmh phd, q,uy mo km 'trd' n@n p[ho bi~'~ mid: ra co :boi. cho ,nhan,g RiguCJi Ung hit) tu tuO,n,g loat b6 ehinh phu quy mo llan~

'Vi t'hl~, 'ro nhilng' na'm, 19'70, cac nha kinh te hoc '\l,B ,_ 't-,;,,.:i;i.. 'h'" h dlnh binh , ach A'~' -hA -- ... ' ~,-~, -,......

lUIa, . 03( u.1,·1 - (~, I, l' - sa,c - 'ua C lion VUll va gan .L.lLUU

quen bin nt to.dng' vi 'trj,e't ly klnh 'tIe cua Keynes,!, VOi su ,w d,i:u (=u,3], MUto:n Friedman 'va, cac ,doing nghiep cua One; 0' :D'!~ hQ(7 Chicago, hoc thuy'et thi tnrCmg: nrdo 1,,[ ro'm' ,., 'p,-- 'hfr.(l~ 1I ... i:_' ..... 1 'tA 'lh"Q" jFil ·C·· -a"~'ro '_ ..... :),;, h each ~'~r-'r chinh sach

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con,g {h,m ky dl) d:~'u d'UQc' b,QC' tU' tu:dng~ ldnh te (:6 di,~n,

'r' ~[n Oil! 'ta".. t'" ~ nh -- 1i~"n' 01' .... ~ n, lam · A'g thu ~ ,A[a~ 11 "'';n 0' tn ~ ijI"

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kinh t ~ v il. Are' m . -l~li t1L..~i- 'It.. ',: 11i ~g- 111 ~ (1-)' chai;, m d 'lIj'_" 'iI-'h~ 'k')

, 1,.11.1.11 -e' ..,y, 'U . I ~'. JlqJ.U:1 'V "I.I'I:,il]l,:,- ,~.'~ ..... ... .. _' -~ .. : '.' i1u., 'l_'l:rll, ,--,_ ,,'

chmh I)hll quv ,mo 1m1 bAng: ct\,lch cat ,gbim thu,~' ;(U,Ong

m'l~p 'to'~I" t :I-.,';e..#u sa '0'-' cho r:IL..~-'1I... p.'hu1 kh .. ·o .... n g' con ,tl'~An "'1'e..!. e 4~

u"":.~I'u'. - _ '., .• '\.. v !li,.Jl,WlIlll . ". I. 0 ." .' I I. ~ ....... ,Ii,,I, , '\; U. ',' ,U]1,

cho -''b'I'''f~'O ch 1i'rlnIIO"', tr-;iID·b· '"'IS'nol(iJ' n'II.,{'· 'D' '1',-.:tg[ V'~ ("i"),,~ g' '-l~'~'l·

'. . lUJiUU,1f3. ~ 'M'''''&&,ti' , . ,,Ii I , ,'Q e ~,iL,U , .. ,Uu., .... '"",t;,,} ,-iIO'I, ,

p,ho'ng thj, t:nrang kho:i, ,m,Q'D.. quy Idlnh qua'n, I'y, can tbi,ep ma chinh ,p,h,d, Chinh sach Kinh, te xi biO:i :merl cda Prankhn :R.oo.se'velt da d;,.t ra, N'6 p,bin, anh mong ,mulOn ICUCil, cae chinh trl gla ve ID!Qt chinh p,b:u., quy m,o nho v,a 'thi tnrtmg' nr do kb6~ng bi can thil@'p"!1 trong SOl hQI [co, Ti6.rig th,olng M'y Ronald, Reagan 'Va, thu 'tuang Anh Margaret

Th-i- ti- h --. 1a.![,C .. er ~,

K· h ... ,,'~', hi'''' , nh 1- - - - "'" -V1~' e"'" ell·' ru"" p' ho ng ,t'-hij" truong'''' - - .' ,

" " ,',.,'.. ,'I", '," . I'.' .', . .'. " .' ,. "'1'" ' ,', " ' . . ',' .. , , , . r I" I I I

, on,D' ,all ung I. Q. m::::.' I .. me ' ... ' I. ',' ',' "., , : .• ',' ,'" "" "

, _' _" '0 ._- . -.'." ,_ ' ' .. ' 1 , -, • 1:.. I ~., •• " ~ - .... _ ~. ~ ". ,"

'[ai chinh kh,ot mot ,sit can tmep'~ cua chinh 'phd, 'baing

I 1 '~'_"

Alan IG:r,een;sp,ant chil tich CQc DU tnlli,e:'n hang M'V m

I"', , 1- '9" . 'S'· '7' d' ,;l",: '2"· 0:' 016,', T'~" '. : I ' " , "'(\'t 11" ~hM -k:"','" , ,-'~"II ~ I ": '~I--"~'~ -.-,

nam . ,~_en,,~ I rong sno I l VI "I_Y ong n,am

Iquy.en 0' CU,( 'DII tn1 Li"en bang", ca xi, hOi, va, eac chfnh trt gi.a A1e);.'U ton 'th~' 0"" DO nh-'II'i1!!I ,t"hsl o~'-ng-- 'II ... 'Lo"'ng- ' .. ' bao 0;110"- c~;i

" I~I' U}I I I' . 'U! I '~~I' ,(~, II)( _: ',"" _' " ,K1I, "\' : ,Qr' I~~ :;i:i!WI

'Nh:t1ng' 'Dim r'h,i'ng d'6~ khi die:u, trAin tntic' cac 'Oy ban

~ .. 'Q ~ 'h' ~ ," ,- -m,~1 ,.' '10,0( ,~, 'n '~"l~I quanh " CO" d'-·I'eli.'n· mire kh O~I 'bj'"'e"'-u-

" , .. ". I 1 .. I" '.'....... " . -' ," , '"' ' .. ' .. -: '1 ' I

wac.:_uoc ,QlJ., V"ll II ,0 I,. ,.'" I , ',' .',C; ~ , .' ,,",' I' ',' '.,

Greenspan da. g),a! rhich r,a,ng' he, th6n_g tid, chinh tmh

... ,,~ l,,;L. '.., bi 11",,;1',,-" ...i' I ch .t, '.' " ,lL.. £ . '-' .... , 1...1'.-: ,;-;' 'II ::-"1 ..... 1:- 'ki nh

'VI'!I xnong .. ' 1 xtern soat c __ ac cnan se, nem ,[,1, 51.1 tnm

'V\f'C1n\g'i Va kht ,f,ing ng6'i tren ('htlfC g;hl~ chil ttch Ban

" '" d ~' C", "D·· ....... ~ I~' ~ b ). ktnh 1';( M' - em , "

gtam noc .. • ... ''U,C ,··It tr ILl ]llen~ang'll nen .• ";'1, " \ .. e '- V C\O ve

nhu'luo'n co ty'le lam :phat th!§,p va tang' tNan,g' ktnh t'~ cao ~ 'mac du, sau nay' ch'(]Jng ta moo nhin ra r,ang' til'ng tntimg kmh t@ Via fUI thinh vttcmg: Inc do phin l6n 18 M,O: bong bong dot.com (bong b6ng cac !co'ng tY' tren mang) cua thip n'ie'n 191910:1 tit~PI theo la bong bong nha

':Ii. '.",-;-- _'\...'C-"-i-·' .. :"'1. ,~A:~ "h"'~' t·') ";,' ~'"'''i d'-'''':·I.:··" nhi~"

IOJ [fang l.u.l,frng Dam ruau, ti,e '. y ,21 ~ Gld .... ay, rat ~,' . ~,U

"chuyen gia" dang d'C; 'l.ot, cho G'reensp'an 'Iii di gay ra

cu~- kh U~1fta 'ho~'na Jl...~Il'n '~::il'~ '1-..0' cho r'~'ng' ngu . yan -'iL..a~"n--·

QC I .', '.1 ,Il,le .. ·.IQ ao l!ll1~ r I ~,~~,,I!I. :~,~, I ~ I_I ..' .~Jl,il, HJU, '.' ,

cua 00' " I "~'g:.' "bon g':.' bong" d'I"O~' la'~ chinh ~ sac h ttiile~'n IrA I, 'v·'a'~ lIS''''';1

' ' , . " ,u!t,i1._, ,c ,U',. . 'I ,:_ :_'" .', .. ' c,' . , '.' . I, . ,'I ", , !L,Il" I ~ I. , lL" Jj,

:SlLlJa:t tha:p rna Cue: 'DU 'tnlli,en bang di theo aUitli d,mJi

[' hm.~,~ G.,-·'rlt.l:~n snan.

l l .. . '1!; ~ll.181-" .. ~~.

Nhtmg .. · 'khi. G're:enS,n,an d'~O' (hUe D'ng.··: to ra thuY'.'~t

., , '" . • I. 1-"'.' IU, U,l~~ . _ .. ~ _-. 1_ _ _ _ _ .' _ _ ,

, .. ,,Ii. ,~.. - ,- ~, . ''; 0, l. i ':)1, . hi., , '- ~-- -, 'l,!' A'.t- _

:pb,Qc: den muc: cho du 'ngUdil ngoi (j N,.'.a Ira .. ng ia (J,tt'ng

vien, dang: 'CQ'n,g hl,oa hay d'a'ng Dan, C~h.U, '[hi chmh phil d:6 van li"ng 'hQ t1l1 ntOng' cila Greenspan '\I'e: hteu qua

'I. Chinhl sach ti~'n 'ri, (Ie:a:sly miCme,y p,t]llicy') nhalm Ulng rmrc dll' bri Vliot: qua dll' In} biit buO!c clua calC n,g!ln hang, mhO' tl'6 cac ng!an h,ang se: til 'tFJO ra theA trOliil: n}~n Ikinh '~a hem. Co '~h~' thllC' Ihi~'n c hi'nh sach ti'n r'i~ b§rng: each mual chU'rne khJoc)11!'I c hinlh phu mil IfalC, ngaln h1ang dalng: na m ,gil} ~ ,gialm tY' Ill$ dV trl(}

b~iI< -b- ~ ... ~ ,,' h"'l It- ........ kh ~- ~ND'~

\1:11~ '1I1Ioe noac g~am~i1 ~:el el'li~e~ _: -.au ,J, _I,~I.

;r:"i 1i .. ~ I t J....~ "1i'"lIr~rin' .. a t"'il'f d o' ....h··· 'Ii "f.'if'!< , .... a la'" trong r 'b,?r; i nhat b iI' &'1 11

lli..u,a, .. ,114, !!I..II.'YUI.1 'lj ~ .. " ' l" ."~IIi",, ~,"" __ . !),. ""'" '.'.' "" 'Pelt. Ii'" ·0,. ,~'U.

Th" . "'" ,A~"a- ',. .~,:,o;. .. ba .. ~.. Q,,·1Ii\·6· TJ·, ·h·~'· c '[ ·'·"lll

[I, ,Olll uJlt¢l) tl:en _1:aDg, nam 1"~:t1_, Tong t~_ong B1Ji

Clinton dA, 'tuyen 'bo ·'kY nguyen [cna, ehmh p:hu quy m,o '1,;"" ,ArS; ·k:cB.'~' t h·"·u~· iifi"~

" ',VII U.a ' "'~IIL ' :_ \.1 113

nTh" y. _''t..i\l,'etl;.... 1I"!iI'IIIQ(A lI,,"'L.ung~ , ... , 'hoang'lI; " .. , n~ty IbA'.JIi 'ra· nghi"' I ,·am tr '01" ng."

," . I"UUr 1 I" [LIbI. ' •. :" .!l!iU] " .' ,.: , .. ,' ... ", '. ," .am, cUa, " .. I ;. '. ,I~' I,. . '" .•• ,.,'

J • I': " - - - J ~ _ ~ _ --.' .J ~ - ~. I . - . . _;._;_

h" ~t nhi·};. .~". nh ---. " "'~ t' ,<!,., .. thc#l h~" hih1'no

an ra.: . .__._::_'_ eu. SO vm n :.'I1l1g' ,g), .. O~. CO ' .' .lietIU'u.~!.I;g: ',~I_~],;~',",,,

t ,~[-:t, '.~'a.~. ~nh"-'i~'CI' n,ml'f~[ 'tro""n'llJ' "'~ 1lri~c" cac t o~ ~'h··u""\;'! ch ·0· vav

Dl,[" C '. , I [,!!i.U."'S &~,w'U,1 . ..' .~ UY'&".!I,"'r . ." ... ... '11;.. . I[II!.. !L,.., [ ~,: 'I

'I",:IL..'; 11.... f,;,,_1... d·' :Q"" n" g" ''; 7ii 11 nli ich C·- u"i:li,~ _~,_'L [11' 3 Tb~IO- ''l~a .qc 'U" 'u~-n·" 1M

N.I.U, l.kUUa, ."~. L~Y~ bi~ '"_ .u ,1IW1Jl 0"- .. Y. :y~'_. '/' : "'1,",

r , ~. - ~ "'.1.°-" .. - ·("C1·i~:·- b-"'e t"·" tr o'n'g d· ·O'~' -0·'''' ·1[""0 .... '-"")·· de:"u· d· lang

I·'"'· . .,' '.' . ... I" I'· I" ~.. ['. ..'. . '.. .. - .,' I· .,. '., I I· ~ '1 : .

eua [,i,e CO .ong" ,C I. 1",1): ,. C .. I , , ":.

. . " ,.. ~_:1J..., ' . ,;( ...:I~- A'~"· hr ~,. li"I[iiiThi "li""... .... '". , ," • ' .... iL.. ... , .

rOll vao YJJJx tr[mg SOC U@1j nen , .• .oat ngm, ,JlIUDg Vat. lJLl,P

_.~ ~ A"" ... ," h'"" "'L.. ~ A~,_,'I,.;,.;' "'... "', I'~ ~ ,.

:W.:D lin, u1ay ~ mor .~ Ie tnong UpJlll~· ,gla. va ,quan _ y lUI ro

'll!rk d? I),' A- .At ... "., '~tA.· ho nh "". ki'·.A: h "'." .....

L"io,na: ,t) 'uEl ra umt. :no_L\et "'OP r .. I iblg .< en t., trc SU1U,

S,g,c·: nIl[ ,~t, ,j'!"I Ia ,j'I! ac nh .. ~ t[o- ~T'ii hoc v· ~ IF'a~ ~ T"·h,uy·g,n, mi ·3· ta""'~

. g. ,~~. Q._ ~.~ __ ~o. - ... g. 1.,.," .a..!lJl . '" .. ',~ '~J ',:g ~ ... _.I~ 'l-rl ',' ~" ~JLIL l~rI&!. i. . ,-.~

ehmh vm s11.[ ~[ mIUp"', ella tien bn ian trong linh "'TIl· .... ClO,1'INl!

.:.. _ ---' c' '._ . ";. u. Y ,l1::li"'_ '. .. . 1 , '," . . I.y . . I ." .... ".. ... 't' y:\", .' ..... ~,

ngh"'~' mav tin h -:-.... t- 'ii'"'Ii'lll11An' ",-, 1[- h' 0 ... · 'n"j]' 'G"; ;'1· N' -' ob 'AI I['~ ... : ..... ,'1... tA]

_ I~, .: / t.~J __ ,J va ,,I), Yl~'--' ' I I__!, ,~~~, ',;I:.("L- '_ >_'1,;_ IUI_,U _ !l_ ,_~

dlng d1.Ioc trao cho DgIIllti, tim ra mOl hlnh dirih, ,gi~t I'tten 'd1i'tnMnjg nt do], VO'D)I: C)U sa d:~ t'm .trUOng, [tm. chinh]

--h""~ ,"_''L nh "', ,, __ -",t;' __ M" C hinh ----'~-- 11-# __ 't" --- L.;:~-- A'-'·

Pl. ar Sl'rUJJ, p, rat tnen, ",',',.0 JLIiJ .",', quan. Jly [1]1 ro men nai

nay (I'a thong' tr.i hang chuc nam. Nhun,l tom bit; ieong

~ ," - A, II' '-,.... -, ;n/!i!ilj

trmh tn, tue 0,0 [di,1 s,v:p do '.

vh-" b c' ,-!, - th s 'h- -'. ;;0;; - - U": I b - - - Q-- - -! - h - Q~. - h ~'t - - ~ - c

JD." um C' ac '11,,: an " VIeD "Y' ran 'uo,,:_:~ 1. c ar van,

Greenspan tlnra nh8:n, nhihlg SlJ:' :ki,@n, 'Kay r a tren tbt trtl'Q',ng: tal chfnh d,a b'u,QC ong p:hai. xem xet 1,,1 quan Cli~m till trlidng t:ai chtnh kh,o:ng: C'in nha nU,(tc q_uan, Iv ola mlnh, Ong' 'Did: ~~T6i tb§.y :r,an,g thi~u :sot ola miD bI'M. t:,oi bU!'t' chinh ,I,a lJ' c,a',u true heat ,d,Q'ng ca ban CUt,a,

li' A. If ~ ~! -.ri':- ,t. - . :-- ~~ :-~; ., ., 'i -

DIO" CCllU, true nay quyet dlnh each thu(' the g;ll,(ll heat

Ai\ng''- :no'''' C' "b-- : .... ,'11". 10, liy" do tal ,(!I'~O'- :t'O""'l!.' b ';1 c-oA,'r; -T-o~';' v' ~n" cb 'lI\!]j,

IUly ':~"'I!I! ~' •. " . .: ,.UBI . ,Q JL~:' .1_. '."_," .~l~~ I.JU '.-,1 .~::_" :_:,~ !dI .. ·")~illli!ll1 .. ~, "'~ ~. / 'y,u.

bi~u h,e'[' tot sao :n6 (CUQiC khung :hoa'ng) l~d, xay ra v.a,

--~ --., -- - - M _'lb1iTh,;, -- -'," ·t~ '. b '. at A ... eo nbc"", - ''; rh n!lt ro rang VU.I, .Il.UIIUJI..I;g gi <01. Ih:' 'V'.::, nguyen nnan va tmr

, II" ,;;;, ,. ... ,-., ,i - , - - ,"'? • ,-, , ,A '~ '.. ,

trang CUll no, tOI se p,h,al thav aOl quan du~m cua minh",

Muc dich chinh ieua CU,IO:n, sach na,y- ,la, dung nbling'

t-u'''' '--'O"i'~ dlrl' -. 0'" '-.il' . .?! g;" ' . thich ('11 h ,'. h-'(!' itll-l;li "1"~';';'- ," .' ngu non gran ue .' tal !LIU,C I.·_ .,.1 .. ai 'e 'LU ~U:lu,ng va

'tr,i~l ly' ch:u, dao trong kinh t~, h,QC' 'v~ each thUe' van bam "na hie thlong tu baD chu ng;b]'a~ va 1(2) hai h,e tu ~g 'ao ail dUa ra each ghai, thich J1cha,c: nhau nhu the nao v~ C8.'C vin ,d'e: kinh tie naY' stnh qua thai gtan .. , :N'goid ra chu n-,(J ·O~"l'· ~,11i trinh ba tj' 'C--..i"C ~~ ~.;;; tt-'~r·~l·e,.c·l·ij, I1r~;'...,.l.... t-~ kh '~r

. ,". ".' ._ "It; ll. !ilI~ . ,.1 ,. 1 •.•• 'J . 'Ui, ~,U IOU .,-,IL., I!!t.JlIlll Il.II6 ,,- .q""

h d~ ,"'., ''lii" h-" 'h- ' 'b ... ' ~ d)" ,~

n nau nang sau cac ;1181 ,11 · ap C', - 0 n i l,lDlg van c e cua

he''!!- th o~ng-' tu ban chil nghia H"'e"" nr 'fllttln"'···g t-hu"" nh 'a:At co~:

C I -I -', ····1 ' ,,' , . . .:. " - i, , - - - . - - : '.' ...', - ",

'-:- ,c, ,,'_ _',', ,,_,-,_, '_",', " ,-, _<",, ,'_' I!' .' ,',,' ',_ 1,-,- :,",_ :"" _, I, "",' --: ",'

nhieu ten IlQi, vi d,\.1l klnh 'tf hQ'C Ca' ldi~'n hay ldnh t@ hoc '[an c6' dil~nt thuy!~t 'fbi tn1Ctn,g hi,eu, Iqua va 't'huy'@t kinh '~e chinh th6ng~ :He tu tttdng tba :bai Ii Iy tbuy~t pb.an, tich thanh khoan 'Va 'ti.~n, te do John Maynard Keynes xa.y dung nen,

_w·~"· sto C"c'h' 'h;"ll h~' , ." '~., nv'iI,.,.... ,. i d' .",,;, h- .') .. , .. )"

"IDs,on ~,'- urC'._,~l~IY'llg ,n,OI:., - N,~,Ong al.),OI ,_ 01 ,nen,

daD ,c:hu phat hoan ha.o~ luc nao cl1ng dung., Thuc te~

,~ • .. " "i=. ), d.... h ", 'L'::_'iL.. 1'" ... L:t_,1,;.

ng;UW ta tdng' nOI, rang DeD ~ an C -0 cnmn ia mo IWB.

chi- '''''"''l'' 'L, P' Ih-u~' do: 0'-' _'LA'I[- :-n-Ie!.:'u" I 'rj .... L,An-·c.g~' k-g ,~A'" "i'~I· Ica~' cac m _. 0'"

- ... J[UI ,',' , '.' ,'., llll.kl", ,I,c '. KJlu " ••. ',';;;; U,,;;;,:u, tal, '. ' " '11;,., .!!k I".

hlnh khac nmg du(1C' tb,d nghiem trong lich sll~ ~ 'Vim SUY' nghl wong nr, trollg suot ClJlOC 1l8'i Khung 'hoang th$,p nilen 1 913 0, K,e:YDe s eta, xiv dung ,m,ot khung 1'9 t.huy,~'t: pha.-n tich vO'i muc ti.@ll hi CUll van he [hong kinh - t a, rn~ I()'~n-: g~' '[-'h~-y··- 'oro' ~ r-",~nD la,'" l!"·a·~t' ~-";1,,.o~":-n·I'g hoan hao -

, _~I .I. & H_' .~: I, "'~l: •.... "Uh&);,~. _,~, "n AJ.I .. _ .... ,',' .U·" MU

chung ta g:Q,j, :h,@ th,Ong 0:6 13. c'h,u ng:hEa tu 'ban~ M'i(' du

-h 'i h-.... tU b ~ kh "" z hos t, 1 - nlnm , P' - - .. t··

cnu :ng" aa '~ __ I nan xnong noan nao, nrumg I\.,eynes nn

ra.-ng: ,no chinh Ia hie th,ong 'tot nhat rna con ngllIdi, tUng

,"", dC' ." .... d-,J '" d-utk: .... h'-;;" kinh - ~" ~ ... ' lnh T

'.!'''~'y':'' 11l"t'M:J' 'n"aiin' [' I £'Ii l""O" '. I' " .. ' 'X''llI ,. n'} .' I . 'II~ "V'o:Jil" '1llJ1" .' UV

~ :,~~,~, ~~,'II;,; ~_ C,,,,. '!!;." ::- I_, '_- __ ~ "v"," -' " ",~ ,'~J.,.,.. ..~, 1

nhten, (l,ng cung nban tbiy' chil nghla tu 'ban [c'o hat Imi.~m thu'y@t lion, Ido, Ii (1.') n,o kh,Ong: thl~ tao ra diy' d':u, vie(:' lam liu, Idw cho t~.t ca, :nh',Ung: al :mUtOn, lam, viec va (2,) ne p,:han chia thu nhap va sU giau co :m,Qt: each niy tben, v,a, khO:ng: co:ng bi'ng~ l(iey.nes eho ra.ng: c'h:t\n.g nao con clnra khac phue dliGC' ,n.hling kru~m lmuy~t :nay 'thi h~ thOng tu 'ban, chu ngma, s,e con h,f:t sut 'bit tsn"

"" .. t'h~' ,~ .... .4'.,~ ". d' 1).., ... "" 'k· ... _lJ... til.

va 'VI, I, I: e no se ul vao gUII.' can oung no ,JJ.uJ! . e, sau

Ido thua,ng' dian I'm, t'ham boa sup c16~

Ph' ~-O',j!"'-h- r .~. - 117, .:, .... 'Ie"" "'~'i '" '. :~n OOA'D .' ~. h 'i " an 1rJiC cu a ,~eyne s . y ,g11,8_, ngu yec_ ee, ",.__I____8:c_._ cua '" ~ac_

kblem khuyet na'y' 1& gi, va, chung :se, g'ay bat an, cho nen kmh .. '" _'h 'th-..( .. A, h ~ hinh ':-h'" d" ~ , 1\111 . !L'e lI,.lU:U' . 'e nato., ung C .J) rang c~ ··L_ P',)U," ongvai

tro cOlt y~u, trong vi,e,c' it 'ooat ,cling: ,l,a giam thi,eu~ nen, 11"""I"'O~'ng"C" nO!"I'" 'I~ p" h- &i ''-X'--;'o·'" a b"o~ hoan t oan ca r. 'h't.. .. S'-m-{ kb"'lui'Ue;":,t

1\J,Jl. " '.' ""' -0 ,_:, "I, "JL,' _"_", '-'_. . l '11[.._, IA.", , .'; 11.1, ~. ',,~, lU.u~ ," " I' 'i'! . ,

r,'ll; 11. .. :\..·o~:;' 'h,e .... ' .... 'h,o..;::,n·O' 1;~:" ••• :L.. t'et.. t~~' ~';'n' i!""-hu" nghla N) 'Au IC'"I~ d 111110" ~U ~,JJ."~'4I, _:...: .. ~- UlJ.·· ---,'0 NlJl.l, .~ ':_- _ILl l!Ju __ ~ ... !._._:, ;I rtJlJ.Q~1 . ~I_ ~IU. '_. ~~

n'h"'~a c'1.."_1.. iit'!a'" ch ph u'" hon mu''''p' phi '0',(1" hi rtn 'V~IA';:y' "_''''lii_~' I':"; ung 1:,--,JrwUJl ~~~:" [~~~~, .. ~-. ~ ~_~YJvl ib~··J: :.~~ -',_ ~~!y~ v ,g. UQ"':' ,~,~~gll

tb,e chu dOng: ella khu 'vtJt.C tu nhan Keynes n,61 rang

,"' +;h"fj fio .... '.. '~ ki h .. ,j( t ' b ~ ,., d),' ct ~ .....

co rne !LaO ra mot nen un ,.' te '-,U u an co c a.y _ U viec

l.am trong dat han, Ict,6[:n,g thai v.an tin dung ,diu(tc nhitng

·~111 th',s, cua h "e6-, 't'h-': o'~ng' ;:-, klnh doanh '1'" I" 'fF"b'le"OI"II, .A'~I_~ 'h''iI~~ thi

!!.AI,Y ~. \;,. ~ " '~,r~--'--'<' '~, .N "", ' ,"',' ,I." !t, ", ,U 'U.JlIIJL ,u,,'U\.L&fj; Jl.q

'---,I~-, , Th"" ',1i:'"'''''C ",; ,-\-.,''''"-, ,'I thl,'J., ";>',' bao ~,/~,. "

truong. I ieo Aeynes'll nmmg W, ne nay ._2UJ g.om~

'j;,.,.~ ,SUI phi 'tal) trung hoa va vat trIO !cua tinh tu'lQt~,. Va 'bon h,~t la, tho ngbia, ca. ohan.. N'@u, loQi bo dm1c khu.y,et

At-~jft"il -'-~, kh 1- AlnliO' 11:i:11:m dl1J'na +-1L..I':;:'~" no'~ 'sa la'" 'L..;i~n p'I..,~1I'1 b 'a~'o' ''I1S 'U1~,;u,& V g, : I u ... ~ Jl.~iU. 'C I~a'~ uu.r r I~' ,-,' ~ _ 1W!.II,~!..c_ ,I >UUr' 1- - _I~ Y'iiF

ur do ca nhan t,Ot :nhit, theo nabla 18 :tht, so sanh vM '1,\.,.,-~t" ~,'iI h,$ tb-I~lo~,n~l.ia' n _- ~,o- kh j 'a~ c ,.''r'~ f"'~d nehta ,.>6, nhan IAe),:u .. '

ua . I 'L,IU., ~ I _ ~ til. ( _... ~J~J ~Ill _ _ A_q;JLU _. ~g ,1~Ul~l. U

dem lai quy@n lQa, chon IOn. hon :nhieu cho mro,i nauil., :No' cUng la, co:n:g cu tot Dbat d:~ bao ve tinh CIa, dang cia w6c song II vi 'rum da dang :nay hh1h, thanh 1dD, lquyen Iva ChQ'D c,a nhin dl110C mO' :rOI1l' - VB, D,eU, chUng ta ttanh,

A." tinh A' d z thi dc , .... 'I-'~ , .iJ' - "-hI. lI'~" - nh " '" - , - :ma t tt u :' uil ' :gIg t~ u , ~.o se -,8, ton t. at 1m ", .. ,.a.t trong

tat ca nhitng mat ma"t mit xi b'Qi tbu8n nh8t va toan 'ttl

... "'I<. A d ~ '" b'I)" ')" h,(

gay ra, VI. sU ua !--,U1_g gIu:p .,'ao ton truven tnong, trong

,1,6 bao gOm Dhung lua chon an tom nhat va t:banh cftng;

nh-aAt"--~a t'h'e~ h'e"'" tnW~'c ne""o' c'h'u1 D'ghi':"'"a ca nh a .... n dem la]·

. "~' ""'U" ", ' 'I" 'II 'I '_ 'I I I' ,"I I' , ,,' 'I 'I" I ' ",' ," I

I. ""'" '\." "', ,1."", .1", .', 1;"""',, ' ' "",, ,'_",' ,,' ': ",-', "',."",' ,.I, ,'"

,,',' '~I I)t\" .....:L"" th ~ ,', '·:.ii 'l\..,,;;.... , tl \,," "U:~, ',' :nIA, ... , d- ",,- '''I'''' ~ 'h ~ iitr mau sac LU,O· I Ie gJ:UJ! Jl,J!I,en, ' .'fW, Sy" Ud, _.:~ rna, U,)l, 1;,'~:v~

'h'ft'ma" ?[' "" ... d' :"" ','" -I .~ '-V" ',:" Db,' -~ 1."':'I •.• ;\" n,m~i'~f-- ~1I-" ,,~.- ''''iL,~' --,

"'Y.I,'VI;·~ cua Doc/ern JU~. :a U' Ji;.lllU ,II;!I9uent u,uyen ILUOng

cUng' nhn ni ntCbg lU(fng~ n61a I)hucmg til@n, manh Mat ai le6 d:w:c tttdng :lSii tcS't dep hon'",

N~u chinh phd bile:n fiii [ail thea d~ xu,it chfnh sach cua Keynes v.a, n~u, chung ta tranh dUt1c: nhifng nlnmg CUOIC 'cbi@:n l[(J,n v,a v,a cham ,eJl1a cac n~:n vin minh,

- .l -" - - -.;; i' d I"'~ de; .;( 1L..,~'

do,ng thm kii,em SO;1't ,~J~Q'(~ muc tan.g •.. M. so, tm Keynes

tin :rang con C,h,8',U c',hUng ta, se dUQt tlnra h:u.dng: mOt the gi!ali khong co Ido:! :ngb,e,o'i

'T'.' ,,' "'ng:' 2"" 5' , .. C~'. '. ~" 'i 'T'-h'~'L'~'~' - th iil~i 'hg,~ nh 'a~·n '~,~,:-'L.,::_,b

" :ro., . ~, . ,. ~ nant ~au, "e C.IlU,en '. ,'Yo" )ul, P ,iL.l, Jl,UJLI CJl.U.UJ

,'fl,.., '!'I'.i' ," , ,J; , ,iii - 'itl,"iI b ,'iii:,. t1- ,il - h '~A".... ,', 't-'h .-.- A,' ~,.

P,IJ1,(l cac quoc gia 'iu nan ,!- eu C 'I ,U uong, ii.: eo uuoi

:~ J. M. Ke"ynles~ ,ty IMuyet :Mng qua:t lid ',,~c lamf Iii ,$lJ.at 'va' Hin lie '~London:

MacmmaJiti, m !936]1~, trang 38.0.

nhrling chtnh S,B1Ch, mat phat 't\! tu tudng cua Keyne:s v@' each th'U;'c: Yin hanh cua nen, kinh 't,e tu ban ,(btl, nghia. N'ha dd tOIC d:!Q tang, truons kmh te t:mh tren dau nguOi, u (h,e gi'Oil tlt ban dl d3,Jt d:U'Qc mite cao chira tUng

riO" trong 'q:= U' I..:) l,,'LU~~ ,C':"ltllog-' nhu tinh 'd--'an 'hi-'- ·'~in.' tat I'C~'C n l,1t~ ....

........ _. It", V_··_·' ", . J!Ui, .U.!l. _, U_._: .. _" 1._." }U, :: _ ~~.I",.,~. , .. !~ 'II • IY,_,' __ . -"'UI,-

:phllong Ta',), 'b,at ,eti',U ~,t !dm;c muc ti,eu van minh ma

'-R"", s nma du ,Ai";,""" -M-it4.t-, 'h- ).11 ,.,.,,.,;, l-h- I'~! '-k"~' fhi:.... "J:,.;;.I~:'~ .

, '. ,e:yn.es. ',' ULUg , ,'* u.O an.., v' ,P , an, '!.u, e,; ",y ""u CIUe,n,

"'~,, -1l..,-=:._l.., I,~" 'If'h"k; -k-" , thlnh ".ti''''·rn·;U~F -:L.,~)t"-"i' '",- ll. ... Inh +-.8) 'I'~', - ,nay C,U.!Ll,UJ! :li8 !I.,', ',V,L,y ,.ui.p.ul ¥ Uv.!l~, IUla . c ua, N, .. , ,,",e I",oan,

cau rna nhi kmh te: hoc Irma A.d,elima~n, ,gO;i la, u1-rhal hoang kim cuua phat tr.i,~n. ktnh t,e~~u ,m'Qt th,d1, ky ting

t -~ - ~' ,A'~_1,I" bna ttlll~' ~'t~ A .,0:0, ~ " nh-""_ - I"';"

nrong on nmn crura '"IUJi,Jlg' leo nen -e IV ca nmmg mroc

ph.', . a"~ t t'II'Ji an', .... 'iIi.l"a:"" ;...oi1a1no- 'p' 'lh6t' tr~ Ig'n!nl

I , ". 1,.11. ,l,;.~ ',' l" . - lJi,:. lib< .~ .iQ,.,. ~,~ _ '.

Thm h,oing kim ,eila, ktnh t'e nr 'ban chu nghis, di. Jim, muc siong ,nguot dJiD la cac quO!e gia theo du.61 thj "truDng' tlt do ting' len Vld] 'Ulc Ido vo song, den, nnre ,nam 11 971 j ,ngUOi ta ghi. .l~i rang ngay ca Rtcha .. rd. N'DlO:Ot Vi bSng 'thong: d,ing: IClijng: hoa ;cUng tuy\en bO,: "'G.i.a' !ttl)" t4 t: ca cilllng: ta dlf:U la t,in d:o cua Kevnes" i!

Trong (~i,(~ (huon)g 'ti@P' theo, chung ta sle thao luin

',8 ,~ , 't· 0) ,.,' .' ~rI. b ~~. . . 'I?" !!'!! ,~' .' ,t, . "'00' 'I; 'to -, ('" "t .. ~ U kinh '. .. t/;: 1:0.1'"

v~ n,en,Bng CV' _,:c,an cua con_g,]"I--,_-,-" ,flUe , __ , -', 'I.e ,J(~,QC

c6 di~n - m,ij hmh ma Greenspan tin tlto,ng" di nmg ~~r. ca~' F' 'Db' a'~ '1"';00· 1-. 't8 hOT" coiJ! AU:n cac ta e» CJ·l1·'Ii!:3 doat t'Jri~li

iUUY.~ :'<, ,I~ _.~. I a ,1\.1 ,I~ I·:·,.'~I I: "::.' U~~' , ~'U·.' ',1:1 c ~ U IU[U~ [&au..

Nobel nlnr Milton. Friedman, Robert Lucas, My,ron Scholes va Ro'bert :Merto:n pbB 'bU!n rlQng, rai" Chung ta

~ . . .

s,'e ly' gi,ai xem 'to' 'tttUng :na.y' d,a .Khi,e·n cac q'uo!C' ,gi.a lip

:L{l'1. nhllng sat 18m daD 't0i, cuoc :D~ Kbung huang nhu tb,~ nao, ChUng fa cUng' .se· nghil@n. ,eUu 8111 khac biet ,giua khun '0 'p' h,s'n' tieh IF'u\'li'a,' Vla'yn'. ,~~ v····,Ni p~lhIBI'n- nh a~n:-I tich it<iik,:a-u

,Nlc _1.1,'0 .~" 'Ui_:._. -I,~_~, 'II... .~J.'~, ,1\.,1Ij...,.:: .. ~~ . UJL ',". U: .. y' . '. ".' ... ' I. IU~·~.

!Quat tb~ truOng ttt' do cila tnnmg ,pha.i. Chic ago b],!n

1 I." Adelmanl• Th8it: tri~n kinh te da,i h'~nr~, Nghjfen coo sij 5,89', CalH'omia ,itgriculruraJ IExperiment Statim}, BelMerey, 'T1mnang ,3/1991~, ~ra;~g: 2.

·

d hi h'" . d'·'.;t--·· ~ '" hinh . i,;; '" - ~

ang cr I pr lOll quan I. uem cna cac c ~! u I, trJ gla va [Calc

n'bdi, hoach t11n'h chmh sach nhu Alan Greenspan, Clnmg ta s[e giai. thich t~J sao phan tich [ala, Keynes lijti

da~n' d- I.,. . ... t ' h nhm ~ - - hoa n' [- '0' an .. 11""l..;·· ), t tr 'Ii; .- - 't_

", ,,',Ien mlO'1 cae:1 'J_~I·· .. ;."_"'~'.' 1,',:[,'''' .. r(uac V@V,al.Jo,cua

chinh phil trong vi@:c' 6, dinh h.e th.t~ng nr ban chu '. -"'-:"hi-"a thee d' .,;_l" 'h't~, . 'f""';; h-lI~g- nh .. r; ,d, 'o"~ 'trt;.·-\.., A, ''Iri.'' , fig . .1.', ..... 0 .'. ,....,Ul UU~,Jlg I.Q lJl !..lV.lJL, '.' I ,U . I. ',' ,jI1!UJ!1 IU,I!o;;Ii.IY'(,

slt' sup df~ do thung hoa'cg' tid chinh gay ra,

- . -

C-·· . """, :','"".'. '," .. ,' . '~'I' .~! kht ~' ",. ,,~ oh ). . 'h-"'JI- 111' "',. "). kinh .. '

..... ,ung tOl mong rang '. uQC p __ an t ,ao JlU,ijlD ve, IU [ .

- So ''11.., .J di-·· it , i, '11.....:·;·_'1,..· ~ h 'Ii V fi . .. 'i d'

['e IIQ. C co ' - en 'so 'vm NJU.Jt [It! .~. Q'.·C eua MYJl' ··,@'S·n,mr1Tt!i,'::QC

,- 1 I. _. .", • l l ," . '. r._ _'__ ._,._ . L; '- . '.~ l • '. 1" 6 wU',~, _ " _

... ,iI th-.,'}' - A ~ h - ~ ~ ... 'h- rirI]" h" h ... ,:;

se ICOI'e cnon [ultoc cac nep can !V.,I y~ Il~~JW-[Qp oe

h",;l1 ,.... h~'~ ... k 'h- 11 h '3i k'" h ~ teu nguyen nnan gd:y ra C:U.QC ,;" iung noang _'-:-In,: tie

hl ~ . . -' ):., '. _.t ). . b .. ~: - A ~ . . I - ,,.

]e'n '[',(Jl va ']phuang thuoc can tmer ne [CUU chita no.

Chung 'toi by vong se thuyet phuc dltQt dlQc' ,gm r3.ng --~.- k· ,':"t hen 'n" h['';~ '.' ~ '.'. J' ohn --. ~.f, '." d·'· 'K· r ··,·· '..., . t.r.ii h ..... , n,e:U@1 • Y,l' 'l.U; U.Il'uu..g ella ~ o. ,I. ,!I!¥laynar._ ,.:_eyn[e.s VUJI., ,e

th .A. kmh s: (. b'!i!' 'b" h .... · "hi'"' b" .- 'h- Ii" ..

t . lOng: I Jllu,J, te, . tu oan c u ng- ~ l,a) t· 1 C'. "'Wlg ta se t! . oat

kh ' ~ ,. nh h 'I' ',._ h :#' ~ .... kh";:t" h ':;I . - ,.. ] ...

o~ a - ,:-·ltt1n'OJ' tan 'p'a rna cUQ·' C I~ :'t..D,a : oana - Co e

' •• J • - • e :. - - - . - - - _' . .. ,_ . . el (.. b!l!·,·' ,

n'~u Greenspan dlQlt: cu6n, sach nay va hiEu dw!c' t'hong

d';ISp' irA" :A,,,- - S6 n·b:S.n b- ·I'·e'~ t d'll'llrl .Ail e, - '1 ~ -- (r''ily~n

'~,;.,.. I ~,ro'nig u.o, lung >'.' e rr I. ~, ~', .• , "" • ··'[U,V'C wBU ,. a n~, ....... :,:·~ ,:

Db'.., d~- ·tM, -1. s·U A'~'" ... t inh tn .~ ru-- - e.... . ·o..ti Ai.: ~

: an nan ~""!I, 5",<,IP no cua cong nn t tr 1- .,_. lei' men

ma mmh run' ... ···I,U 't-in 't'1~"rn:'. va ,ding' se thay IAO"~l' quan di.:~;'.e·~'m

, 1 Dl ~~,~ ~Y',~~, . ..1 ',. U. 1 • _Q __ . .._._

ella mmh,

Nh- - it ,--"'--- --~, -h;-h-- t -Ih d--',a' __ ii!'Ii;, __ ----- ._._._.,;8.. _

" ." - , ' -' "-I" . - J 1-' '. ",' .' i- 1-

_ _ _ ILmg IllI luang: VO c, 111 S,at I ~ a gOIV Iro CUQC

khung hODlng kinh Ie ddu film (Uo, the kj 21

li~ Ai. kb'O'D a nhd 'nh~'" t'I; gi 'Xa'y" ra trona q' . mil khu s.,e I ;'pi

.. - . '.-, ~ 'Ib . _ .. !.- " ..• lu..JIa.&1 _,,:' l _"_, "I - ." .... ~', _" .', .' ,' ..... '¥,_;'

I 0'"1Ii'~; .: 't..:'~'fi:... I 'I:~ kh-'I~ "'*1" ~,ij;j

J.q(:Ii Cl~n.il qua ,I __ u uO ~

"', George Sant.yana

'MA,IC D'O' NG,AY Ta th@ ky 19 va ,d'iu th,I@: 'k.f ,20 da co, lthU'Dg hoa'Dg kmh u! va thitt ng'hj'ep, lrih',Dng cbo d:e:Jl 'tnto'c khi xav ra :D,Qi K'h:u,ng hoing tit nam li9"2'9~ cac Dba Idn_h te 'hoc v,a, chmh tn ,Sia va'n, ttn 'r,ang bung 'n6 -vi sup d:,6 ch'i hi Wl'llng c'hu, ky' ki'D,h doanh ttl 'rihi,e,'R '["M'ng thmmg:~ T'ri~,t ly c:lla cae Dba, klnh '['~ hoc til MUng hien tm:fnI tu nhien ,dO, se, 'nt phuc 'hot D'o d'li, tI'liOc :khi xa,y ra :D,~i, 'K-hung 'h.oa'llg, phan,l,on cac nha kmh tr-A ho c "d-'A,,'I 'd'lll''I IA,n.af'n- 1I"'~':-n-"'g-" m 'Q-'~A'rit !Ii:!':-lll"ly:~ ,t-'h'-"O-~Il~ I ... ;;,~''t ,~a S' Je"",

~I~ .. ..... . . 'LUl ,"1 Uu I,. l~!U.I~ -.. ," - ... -.-.1, UY!I, (J .J,.: ." -."_·_,-u= DJl I,U ,!I, IL"'-- ," ," l

qua di Mia co che giB, hnh hoat 'rren thj. tfUOng nr do eanh tranh ..

Khi :su,y thoat 'van ti.~:p tuc dlen ra, p,han Ian cac 'Jiha kmh tl~ hoc thi ky 19 va diu thi~ 'ky' :2.0 cho ra'Ql:l' :ngu,Y1en nhin, 'lA, 'hi'en 't11QDg' 'U.en luung 'V,a gia r;itng Dbac do cac ICO'D,g try' d:Qc: qU',yi!n '[j6 dinh ,gila", con 'c.ong' ,d,oa'n Iao d:'c}'ng till e6 dln_h til~n, Im:mg, v,a,/hoa,c do c'hinh sach ella nha

ttm:#' a- ,.,. thi .... .. thi trtKIDg"'· 1- ... -h '=h.( ti h 1-" h

n'-' "a'I;i"'!'!:!iI'n' "]PP V:',:'!:li,ii!"\ '1""1 ,-,' ,.,'., 'am-······· ·~'nc'IIIJii'-ln'·-'·' In "I'

'_ -e "-'R" -~, I GU, ,_' _ <' ",' ,', ¥ ' "lib , .. , '"

hoat ciia gia. ea v.el. ti,!n, 'l,uang ,= vi'n d:~: n,el',Y' si£ k'hong

rl,'~, ·""'1' '1" 1"9' 2"t'tIi .,~:, ·_l .... · ... A,~· tu .. " s: 'M' . , ..... ' , '. hd 1'1.

LIen .Dam .' -_., :~, CiI.C .lUi/a. uau '1..' «';::8 I,'. an Ii. I , . .I!~:"

t' ~," -A'A, '-!<', . ,~.' ' .. ' nb :~. ..}..A,",._,J.., than .' 'h"'~ ,.,,? -":', -.~,~

!.rong u,u co cong __ .. an co xaW]'11 lam C, l c.a nguul

danh, gUllY ~.. .... nbtblg nguO] (,hUa b 80 ,g,1,o: dau nr, chi,

l\... • ,( it. '"~ h ~. '~ ........ A 'Ii,.;. ~ '& " .~ .0 ....

met rat It .. oac lIuiung uliet 11, ve cong ty rna hQ dang'

.;,t~.. ·t"1I' ' , d"~' , "', ~~' ,h' 'I'~'-'- th , .. ~" ch b,,", . h ~'~". '~.

nau .,.u. __ @u .mua Cu p l!~U , ,eOCiU::. .1.0 cur:ng, ..

Thutln'O' nhllnQ n'i!1Wt n:a'Y'~ tin tul1ng=-.··· vao liJi khuY':,en m~

l I '-'.b . - I 6 [ ~" . I I 11 J. _~: • __ ', .', ....• · •. 1 •..• :._ ~.:._ ':._, . ...:...__: __ -_[.:: ••. :.:._:........._ ltL-lL.

nh ~ - ~. -~"'." h'-"" -"" h .... ~ h .~:b "". 'I" ...

, "._. I·····r .... : .. - -f'I<" '1"1.""-' .~.":. ··.-_··I~, ·······1'·<:1·:·.1. I: "':-,-:-':-"1

, a .m.VI gulil.__O@lC ngan nsng cua Q rang nen am. ,gl,

d- .~'," I" -., nh . ,'" . --'. = ~ ~nh···' t"__ .' ,It,,_ , pro" ., d ~ - '.' ~ .. "

1-; ... . .. I" . I'" . ..... ". I..·' ..... .'. .. '.' .

e co Ql 1,1. uan, Tuy men, tal ca nt .. III ,I an My co

:1 lw y rani: 'Wi ,a,ing ldulng thu~;t: neo- IPhd bi~I1II'~rlcfillg fi1~im1g nim i.in Idiy,~ '!Thay ··d~ -- .... ~~

VI . :JJflg "WI Illy ~

2' Vii m~,t nio d~, thi nhung: Im'~a <lau ,tU' dl~nl,~J,cml'b'y '~ai cihi'nh thOiI Im'lm 1929 na,y OUf]g: gj~o'ng nh;l\I' calc ,(t~y phOng tt!atn~'II!i~i ro (mang til1h Q,iu co (liI,edee: fund]1 '~1ITlim nalY kJifil ICalC qu; nay' sti d~lng 'ij ~~~ Id'an Ib'y r:a~t cao tr1en eae H1;~ '[ru(mg: tsi cMnh Ikh~lp th~ gh~i.

t:J.,A A'A"U' 'irrAI nen 0"]1" au ro~ W V,;;;;, 'U~.I !!I. i U ;, ,'\,;;, i, I, ,r;;. I~,.. cu "j

Chi v.ai. nga:y tro:O'(;' :khl, 'rhj, tnnmg clnmg kho an SU.p IdB vao ngay 24, th,ang 10 nam 192'9t mOt trong ,nbung

_1!-.. '" kinh ·t" h" 9" h':;~' "'1 - ~ __ L:$.·I· t'h.Ari k'~ At _;i' 11!i- • L

:UJ,JJ3 lY r ' ., ",l: , •. I,OC cO' Wl'en xua. .. sac .!lUW, " . tv.:",y u,O ,JJ)8 glao

su Irving 'Fisher ella tru(mg: :D',~i hoc Yale, da nail vol met nhom thinh gia, [,ang tbi tntdng; cb,1ilng khoan di dat

~ b"" bmh .,J< " .. d-" ~' J...: .' h' .... ' ' ....

tm trang t~~ai ·.I __ u On cao, va til '~ 0' :no em ICO t ae tang

len ma thot 'rbl@; ,rot sau dO:i dOlt nhien nOI tut xu6:ng Il1ay~, l)eD thang 6 nam 1932:~ chl .sa DIO'W Jones gilam 8'9!", so 'ilOi. ,Dim, 19129. N'gUoo ta ,nid, rang giao 8,111 Fisher, vi, cti.u tu vao nhl1,ng gi (l'ng tin 'twng nen Ida. mat

kh , 8'" Ano( 1 0···· ., ~ e. 'U"S"'D' ' ~,-~' .-~,'~ 1L .. 'L., i/!,~ - I ~ ',",-

knoang '~ uen .. "'" tneu ,c'I:-,: - mot so tien L,l.ong;lo vao

- - - -, - .,. .

. ,.. .. 1912' '''9' 11 ... ' ..... ~; thi tF_~· . hlmlfr 11 ... , ..... , ,~ ,.' I' .. d··....- C'" I'"'"

nam ,:_:_ " ..... /~:- .... ,1,;.,J,lLI! ~ .• :.,U u:u':.i,g C'c:I~..i.!.o, I\..uoan 8U,P ._ 0", ' •. UOi(~

E)~i. 'KI1Ung hoang 6:.8., nan d:.@n ntrot :My~

Tit nam 1'92:9 de:n, nam 193'3., ne,n, kinh te My' chi :xuo'ng: d.ole 'mil thoi~ DUCl.ng nhu (::'3 he thrOn.g kinh te dang VUCitg vao 'mot tbthn hoa khon_g the' thoat ra a'ltQf(,. ry'Ie: that ngbiep' 't.a,ng ttl 3,2% nam 19,.29 len khoang 25% vao nam 1'93.:3~, Thang 3, nam :1933'1 :khi, Franktn "D: -R' l~ ," .... . -h.... nh ... h "" .. ,.:! -h J. 'M...." hi

I tooseve t tuven I ,t, ·-'a 'I', iam C" "1··1i";~.r'i ton "g"Jl -I '0" ng . y" .,' I

,_:,~ ~ v_ .;, _' "_, '" l'U'l _' ',_ . _,,," ,'., . ~. .: _'·C', ,U,1iI.,. _ ': .) c' _"',: ' ..' _,.' ",

cu bOn, ,c60,g nhan I~ c6 mot ,ngum. th't nghiep, Mtrc

, ,J: ... '!iI,.., ,.~ .• , 'M' ,,.. d -. -b~ . - .;J' ,- .'t. '-hi-,i.,~,· .- . - .~ .

sene CUB' n g"iI"':nfii '. Y' 0'" '''.lin U tong" san p' am trona m iUilp

1iOJ'::,b: "-' " . "",11" " I' I -' UIJlJL,b """c..' I .. " ..:1.,' '0 .II".U.J'-.

l ~..?: ~'l', ·s':~nh ·~"h··Yuna .~, ""'frl ·th··~ ",,~y r~ni~' ,irltNrkO' ,nhfin!Ci n~m ~lili ,.~ k'- '21 1i1""~.!.ii" vel, Oil"!,;!! . al_ J ~" C _ . ,-l'I; IL(i!I II;;,1!iJ . ,e IIJ I!~,J 1.1 <Lt!!, !J.I, !i,!I,1,5 ,_I" U "II ,;01, _I ~lg'!oi!II!Jl! I~!;:i: ,y -':t ""(ill",,,

Iq~, pooJng tra~Jh n1'~ ro mang: irnh' ,t1~u CD' n bi nhi n~ q)uan iY - phung thilrc ,fMiu tIt bi' h~:im mal chI neoo~ ,gislu moo dUfC them ,gja '~' UUJ'oog c6 t:Y I~ d'on b§y' doii wi cac 'm~i s;.an tail eh l~h ian t6i 1 9' '~ren 1 lhioi~c cao hen. M~t: trolilg nhOng ijr dOl dan d'~n ,gna tren th! u.uemg '~;~ chinh SIJP d'd, vao I~~m 2)008· thu6ng dUifC nh~k: lti~n Ii c~ nhi~:u guy p,hOnlg tralntnl roli ro Ikh51n,g tf'81 dlJQC Ik~o.aln nQ' ma, hQ tlii 'vay ,ai mas C,at, 'ta~1 sa n trorns, dalrnJh Imn~t Id'iu til,. KJho, Ikhin c:iJ.al calc quy' Iph)ong trBlnhl Irui~ ro nary r~'t g.irJng nhOng gi m1a cac nhi d'~ u 'U mhol te c:huyth. mU81 ,c6 Iphi~ru 'tileo ca ch baa chOng: g~ Pi pl'nai ho i Inam ] '929 khi gia t' phieu b\S~ d'au ro;j. tv dQ

(G,:O:P') thuc t~ binh quan tren diu :nguOi,. da: giam dl ,52'% trong I,iai dean 19219-19:33j C6 Dims 18 V,8J'o nam 1933", thu ,nh,p cua met gia dinh trung bmh a My' chi,

, '" ,- b ~ ,-, '1I~g, - - , .. Afj; "",o"C ;t'! ~ 'iI... - ki "',- d'lI~n- ,-, ~ 0 ,-, ,",,'---

con nang mra so VU!.l, sa nen :U,IQ ',' em .:'Iu.'yC V8,',',' Dam

IQ':'2"'iIf'Nj G""A." ' rl 't-lI.j1 l!..~1 '1M'" ,"'''' , ,'iii A:"" 't': ',' ,,Ii,

_:·~-~'~!i::.lac me I,Y I!J.Wl ,~.y co ve na ran vo,

Rit ,nh'l~;u, chuyen gia kinh t~ thin, ,d:6 'V'an can cit vao

"t" l'h- '" Il.t 1t .. ·,:,_,L 't~ , ~ A,~:~ d"~ Db-"" );t,:,_:I .. , ;~, ,- ri, 11.8 ,t'h-~"fity tnuyet JI!UJL_,' ,JLI J__1 __ ,e co Iw'e.n ae ~~,-CUl ~Jl.U rang I~i Jl~,- at

:ngbi,@p cao a My li8, do t.i,en luong' va/hoac gila, ca ,cUng ,nha,('; va khung hoang se bu6c :ngltm lao d::t)ng va cac doanh ,ngbU!p phai chap! nba'n muc gis, thApi' Do ali!1

khung -, ,- hn"'--,crr' kh Ji, - g' t--h-J k ". ;...;- d l:/;i N··'~ - klnh ,:t~ '!i:'Zi,'!'!!' ,£!I~

, 1.. I. , u,an:e , I .. un " . - .. e .,(;;:0 .. 1 ,'CUll , en I. •. .,e; .oe i3iUU.il

t111f1! ,ip"~':;-I ~;~·i n e~-- chinh '-p,-.h-~ khong can t, hl",8\-p· 'Cj'~O'I' h oat

y ,",us!. g;ul, . U ,UJL ._C, ,0 Nl . .1 "'"-.. ,.,1", . V ai, ., y

dOing' eua h~ thdng tlQ trltcmg t~' do canh tranh v,a, C'o:ng nhan cilng nhu cac doanh nghi,ep ch,i,p nb4n mire hnmg v,a, gia 'th,§,p' d:~ san :xuit,

MOit' vi. du tuye't 'vl{j:i v@ phu10ng thuO,!c cd di,l~n, nav Ictuo;c k@ 1al, trong he. i ky cd a Herbert Hoover t,ang th,ong MY' nrthang ,3 nam 19,29 ,d,e:n thang 3 nam

1 g'-"·3~··· ·3':"1 Hoov er '",,'l~C~ ca n 'gciFl'!li 11·a·~ mlll• n "',g'- li~~·l· :a'n·· il"":~n !'C, hu

[', - ~ -. '. _- ~ U,U'li./I.. ,." .. '", ",.IY'I. ,.Ii .. " .... -y 'l. . \ )U,U1., u···· ~IU ... ~. ", 0 •

dao vi long di n,t) IlJlc ghip d:a Dgl1'[J,i d,m c.ha,u Au, khl chau bJc D,ily hi T'h,e, c:ttle,n thu nbAt tan pha .. Ro rang Hoover lit 1\d@'u nguoli sf! c6 g',a,ng 'lam gl,am, nhe tinh

, -,~' - -~' '''-" - ' ... 'k'h'" h'll,· d lk:· ,~

trang tung quan cua con :ngudl : nong ,P .• at ., .. ,001 cua

ho, Trong h,oi. kYt Tong' thong Hoover luu 'Y' ring m,Oi khi aog mU,IO',n lam di~'u gi !do tich cUe: d@' chim dllt con Khu.n,g hoang va tao vie,e ,lam, thl b'Q tlud,ng tal chinh 'ella. o.nl Ia Andrew M,ellon 1u.'6n, luon phin d,'Oi, chmh ,ph,u, hanh d'QI:ne vi l,i.D. nao cling dua ra mQll,Cri khuyen nba nhau .. gO,ng Mellon. chico mOt cang thtrc, Thanh Iy lao d"Q,n\g, thanh It c6 PlhJj"~U,, thanh ,lV' nong dan, thanh I'y 'b,s t d:Q,ng- san. T,he ,Ea Sie 10,1 bd o:'ltQc

nh··, th ~ h - ,. 11. ... )....;, .". 'h'" h',.( , ., - -~-'.'" , lIng '['I ,:U' 'I',U: hong ra ,L,~Ol ne t iong., MQ 1. r(gU(Jl se

111 ~ .. 'VI'· e'" c chi' '!'" m' - hi ban -" if"o"": dao 1.i1l'"'' c ho - " l

.Ilam·' ',,':11,;'" .".' ',' C 'I ·····:·1 SOD"a 1("1 ':1',:' I. ' 'I'D'"

, . ..;-.:.____' .1.. , . '_", " '1 ""I '. _. ',"!' . -, ", _ t. ," . ..:., --"b _ _ '.':: I .. ". .. I .. " •. !II

Con la An"~_ th :5'p ml·'an 1920 Ii t-:hOli ky' co, 'to y~: 1-,;s, • h a:t

...... , ,.,- ~~I . -\',,' ['J.: ~ .- .-' •••. ,",', _'- .. ··[1 ':.:_' ,", .:~ \1] ...

,ngru,ep C8'o1 hlu, nhu narn nao (Ung 'vu:qt qua 10"," Do

d ,~ '11.,,:1.., A ," '" d ,", nht ,... "~ ... 1l...'<i.' .~ ..... :bl'~ ktnh t il.

0' lU,J!.O ng: " I ;.' CO g~'] I :fIrrno' 'n° (J'~rr I l'I'e,n I\ .. ul cac JUlia M' '. ',ill,

!II t - ". " , ... " -: ,,'_,' . '::__ .. --Y&>iIb I' 'b"~'\..' 1_:;: • •• • ",,' ,. __:_::......:___, :..~

h - It '-'~·h''''- l", ~ ... , - 'k~.;i '1\ A"': - - M I"~ nh'- llin'ltir" 1m ~ I " .,"~ QC ,FU.]!U C",i ',If ~ .. ,IUl,Ong' P.I!IW, ,jl;tiY m,Ul. a' ,I 1 .• ~..!.,5, ,n6~'~'" 0 ngp

'. ~- ,-' - ).....,.. h ~ ,. fi'~'~ -. ,;! ~, • i, ,. A

nhieu hen ve tmh trang t ·a.t n,5-aJU,ep keo Id.W, kmh men

khil My .rat vito I)@i Khdng' b,oang nhtlng nam 1930~

iT" .' Anh ., 111'" . J:,..;,,~ :L,~: ... '.- 'h"a .' i'!! l' 9'''') 0

' . ,~'.. ~. --II tY ~e tnat ngJl.llleip Icao trong tJ(~PI ru'en ' .,~:. I

... "'" h ,,"' A'.d1' ~. ,., •• :Ii. .. , ~ ii..,.~:-.1i.... "roh kl ..... ,j.. "'·A,_'iL. 11 'ii

oa t ,I uc nay mot ,Jl.'U.Il8 ktnh 'lie - QC c.,~et X1Ja:t ngurJ1 Ann Iii

John :M.aynard ,Keynes tim, each ,gtai. tbieh tal sao :mlot

~ £' .

nen kinh til, 'iI-!!;,", b';;'fi"!ii If'"h····u·! -Il-nh''ia nhu Anih 1~i ·p·hid C'~iU d"111Iiji'1if'f

._. ' . .- I _._'. ~~ ",~, '~-u ~·.·[CU~ "'- 11,.'_ I: ·IEflJU., ' .. , . , .. ," ,_'. __ , . .-I~ I ~.~,~ __ .' II! -. I." l~l.lllJ1

~ 'I ,... h A: . hi' 6 ,- .~, ro· ... -, ~ _, d ,", ,. A .,

ty ,~,e' t, ",a,t ngr ',ep cao d,t!'D nhu v.i.y.~, Ma'c au K,eyn'es, uUQ'C

,. "i. .~'~,-,. 'Ii,.",;"_ 'L.. -- - .A.-- db" 1 .... ~;,_'i... .. i; ,- - - . ..,;) ".,~'.. - -''<

,d,ao t30 die tra mann mot ' . a. Alliin te' b,QC co dilleD!1 va,

h... b,t.... ''< a. '" d , .... , " ~; n .!, h

t am C',[,J!.I on cr' con g' 'Iang:' ..• :::IY·' mon na v a ri:!:Ii I :' ,"'iIliC

.~. ~ . .- I 1 .' '1.li1~' . I . .:__' .. '. - ~.:....:.: . _ . ..,., ,~__:_ -v ... _.___: ,:..__:-.: -'-I ., .. ~ 1 l~"

Cambridge tntCtc Th',~ ,chi~n tllU: nha,t, nh:ttng (;),C Sl1: kH~n ktnh t@ x8:Y ,ra, sau cu6c c:W,e'n dl ,khi~n on,g: nght nga Iy thu,y-:-'e,t eg' di&. nona' nhu 'M'i)' Anh d:i r-p,hm ginb chm

r ~- ----. b1" lll', .,' I· _-~ --'-.--"

mot d:Qt ictai suy thow v,m. ty Ie tM:t nghi,e:p' hal con so

trong sul~'t tMp men 1920; tnl Dim, 1924, khi tY Ie thit

'. ;: ht ~e, '. '1- ,iI'_., 't,:,_,\!.., kh t ,,'!ii'.. g:, ·4,1Qi' Tlurc irA -:- .'~';- ... b·, ' I'ot!o 'I'C' K:" .·c, . . .. :.:_-

fig .. ·e,p UOC _UJWJ! c.:,c__oang ., . '70.. , ,! '';:\&'" u;; nay U.QC, ,;eyn,eg,

phm suy n,ghi lai ve' ttl 'nrlmg: ola l.Y' thu.yet co' 'm~n va

t . ,I.. t 111 '" 7. a no cho r-'~ -- Of - - 011 11 e""'''' nh-'" iIl""lII ~ ''!:l, th '~;'.' nO'hi' c· ip met ,.Ily CU,·· . IY.'" I rang nguyen nnan cua t .. ~IL ~~tJ-S:::/

Ii (!ong"; nhan ttl ch,Oi ch§n nhan m'Ue lUt1na thap···' Trong

. . .. "-. ',. ': ._ .:....___ .:_. _._ .' '.' 1" .'. .~~ ~=&l· _ r . '., I I. I' '~" ~ _ • ". , I.' " . ":'.' __ .'_.'.

!!-,.' l'~ ... 'vA.... .... du A - .. ...., kh

mllm tam nam, ,a,eYll,es na XaI,Y' •.. ,ung ulr.Q'C mot knung

- ~ h ,I., kh~' .,.'1... ,....- h'~ h 1 ~ .'iL, ;I.,. ~? At,~ i1 d-' - .' ~ _'Ik ly t 'uye:tl·.··.:·ac may rne cno ,.y o.luy,et C'O 'wen~,_ll~t: tnnn

b"'" rtrc ., ,.;;t, ' .. "''''h '. ,.{t· 'k <]I,. ..'_',- 19'C; ·3~'t::.' - ':II ". 0'"'·' (F L"'i',

a.y. ong cuon sac, xua uan nam, ,":0 cu,anC'1 .. )1

. h ,.; .,:l:.. ,.01. I, ,. ,. "'f" ;- ,). ,c --~ ,.'1'. I' '., ,- - - 1'."-""" - - ,""t' }'~" •. )", .. 'f" ,.(i;

t . ,U,:yet tOl1g Iqua~, \Ie v,~~c ,IQ,m" .Ql s,ua \ a flen ,[,~~

. ~

De'D Dim, 11936'!1 Keyn,@s h,oan, thanh Iy' th'uye't eua

] lLJ iILJ - -~, ,', .. ,. .a;.. . ,u~ ,n . ,It"'" !Ii' J. '" " a ~1 .r:Ii4' J ~N ..

~ .n. Ihloover, ,HOI Ify eua' Herbert J~n.torer: u~" n,IIJng ;l,()ang~ ,j[ :J,i[,,~ .. ::r''',~, 1. lew

yo~: Macmil.larn. 19521" trang, 257,.

'I' '1""'00-1 trr .'-. A~:, ....... ·.c ... ' hi \'iI , "" .AI'"', l~ .:, ., I).'" .. 11...:_11... te. "-'" ,·c.,

mI. .. I) ".rlOn,:1I IUO 001 C _ " .fa y8J,U ,~a, s·w _ am CIWlli _ro.ng

:be thong klnh te' ttl' blan, cl'inh :huOng thi trUOllg sit dung

t-c.!-- cting , ..... L'IIiJ .-l." . '[h-lI'II'i' hj'.'-;'- .htnh s ich al A'.l' t'" ,.{ .... L ·~i ~ h.::D ,CD I ...•.. I.Dlu can, _. I,#C ··,en (IU. ." sa.le:, gl U~ :fWllJ! sall.

la•1'm··· .fItIO·~ d"'O'~"na' t"h'~ 'V"~ln t :Sm, dun 0" 'd''1iirlrl'(('! Db-"I 'Ii~Oi uti A~g'm":C'

.. I ,U,,~.·..· " B _ ItU' II, _ a..I.IL I ¥.Ii,,tJ, I. Y e',' . ,'u"y'!i;., . 1"U-IlL,8; . Ulh;;;,' ,

~, 'h'" h.L '1loo'li_'ib. s: 'Ii... ,., ~ h"" · h

cua . 'e t:, ong ,LUn~J., t,e nr ban .. Kevnes tin rang p ~ an, tic I

, ... _ _... _ e, . - £ '-,~ '. - ,J;' . ,e • - . ..( ,J' - a .;1 - j. •

cua ong se thav th'e ly thuyet kinh te 'co l(Jll,e:n, chmh

th .(,. - "h .'. "~ '. thl .... .-.' ...... '.' ."-,', d ... _ .. ' ,. '1<. ",,!;, ..,t',,- ..... , .... ~

rr eng eno rang t . ~, tntdng nt .,,0 ttl g,[,(u qu.yet lullqc ,mQI

.iC: A).·' :. . . A,~ .oJ' . "" A~..J', , . ''", " A"" . ·h,·:it . .. 'li""'Db' '., - . . .'J_..

van ne, Quan mem 'co men nav uta. c . iem .. 1. ' tIl tuang

.. oj; . • '" -nh' "!; kmh .. :l. h ']i. Anh .' ~. ~ 'M' . ~ ,- ~ -~. . ~'- h ~ ,.

eoa cae .•. ,a kn .. L :', te, ,:'.QIC a " ., .. ,1 va ,., .... y' [rong S,U01l:: .. ~ eU

'. he ~ -k oJ. . ,",- kh[- '. "K ..( '. 'b j .~' h- ~ -:lI' .. ,

.. ! .,","': ! _- i ",'1,-1 .:.'1 " 1":"",-.,: :.,: ·',i.< ... - I' ; .. -. . ',' ..... "'.. .-_" .- "-,"'. ," '.-: I

tne _y tnroc . _ ,', evnes xuat nan tac p am cua O,Dg~

V'ao ,dipi Ram mot 1935,. Keynes COl gili, thu cho klch

t;-,;;'c'" g ~'?' George Bernard Sha ", 'W·: .. ·'· Tro 'n" g', th 'U:···' o"""1I"'II'g·' 'Ifll;a.t·_,.;

l.u.-, :. Jl;~ ._ ~,V, . [' . ~ D'l..... ·"la.oUu·_·, ..:..:'" .,.' Ii ... "._> J. ," . e ... 1._. ._ ,Jb.ll. ,", Y.IJ.~ ,ill

Tuy nihile~ de' hi,ell d~1t(1C tam trang 'mil ,ella tfli,; :ngm Ilh.tU biter r,Bng tlot tin 'nKmg' mlnh [dang vi,~t mot cu,5n :sach sE:

d- em 111 al mo'''' t· "...1111 A.~ roa_'" ch . 'm" ~ng' :I~ trong 'h ~ duv klnh tA

!,~,' " • 1J!~ : "I' I .. ·~.I·· _ ~U~'lbl ~I.·~ __ ~ •• ,1', ",~. ~.~": ~'J!I. _JJ.YI, .... ·., .. r,: ~,U .. ~ '._): .:,~.. <_~:

rna toan th,@ ,gi,6t 'T:cd, nghi' :rang di,en, d6 eo the chua xiy

ra n 'g".:l:y" I-tip" ''19-:';'"'' nh'-'1I'mIR ce"" Wa''}.,/' ra trong "V' .;,~ chuc n,,5i'lf!n 'tm"-' D, .. '~, ¥_I I.U',C:1, I. ~~ ibIi_:.hi ":' Q 'LJi!, ,.~', ..... ~ '\;;' __ .:.~,;". .~u, I. '_'!

'Khil '1,(1 tbu'Cret m(f1, ciia tot ,duQt, d'An.o Mat 'V.El, tet, ~ tron

1 I' V&~ V,l-'

~" '1....:_'1..,'. oJ ~' ~, ~ 1. d" ... thi ~ .... ., 'k;h""

ven vii 'C',IJ.lU.Hl tn, cam :XlJJ.C' va mem: am me . I .. ' tOI ~., on,g

.. L..'~ d' .'~. . h";':;:" .t_ 1!.. '1.,.,. ~ , .' I.:.... , .... "........ 11;n,i;i d"~' ,.

me _ O(Ul, C .1 ac tUJillll .11lUUU.g. CUOt ctmg rna no. mang ~ i_OI

vm. mot hanh vii va 'S'1Irt 'kie""'D se l1ib11 the' nao nhuns se c,o

.," ... "io;t' . '._..... ,. __ ,.,,~., .:' -'. _c .,.11 " ._ :_, C--'iIi '!!,rLIl~.:_ .:_: .. :_,_c.

~ .~ ~ ..

th -: '.: ·d 7".' '''''t' I '~~ . '. th ,,:' 1,;" '1, ... ''1....]( ". "':"', '. '., J .'. ,~:_,"Ii'ij; ,!ht .... '_'!L.. : ... ~".. .. ~ ....

_ ,ay :c. 01 ra, ,J"n~! CQ .. _E! Ji« ,NU. n,an,g C.QlJJ,,U.;I;, ,,~d!t.u.lt VCIl neEl

tano' Idnh 'te no .... 7; R1icardoi cdac--'hu 1n:o'hIa :Marx-

. . _~, ' . . . , c ... .. ... C . Aoifi . . ..

'Toi lchong kY vong DB/aii 'hay bat en: atkhac s,e 'tin ngay

nh ung""" - ';' t .... ,· ~" nh un b \l! thin- '" t A ;, -kh- ... -trl']i h

'. .," -' :':: q ". ".< • " (... • '. 'I I . .. .: I~ . '' ,""'. . _- ~ .: - -.' -. '. . . \".- "' .... , : i I" -... I····' '., . -"1 - "'. ", 'I'~I

.. I., _', ,gl cOl,nOlt _g, _ an _ ___01 . ODg, (:1, ,,,,.y VQDg

~ ......... ' 'M"'~ -. - - ,--"".- ,,"' .. d··A .A''''''~ '", b~ -- h~'--i:!

'\l a.o n.o,", ,,'Ia rroog' TLam, tn '[0]", ...• le,n u,Q l,a [I ttC Ie , an." ~

:~ Dav,jd Ric.{u,o:ijI (1 J72'~18,23J:: nhi kinh y: hoc Anh, ,co ia6~: gop ion cho kinh Ie

II..Q .... HM.~'! ~,4i ... 1(, th·· j, ru\2tt 1ii"Mi the.f,. co ,t;;o i&.nli.· tL~ iild'~ ,a;~ ......:: la' 0·" ;t'n 'no L'" IlllI- I~n C'· i~''Ji O''''I'i;'D' ~ I ; ~, VI~il I~(ilj~ .," I ~ll·l~ tyJI _- ~ ~ ",' '~'~IIIII ~~I I ~!I~",'~i~ ~,~ U ~ ~ .. IUf~ _ ~. .:::.)' t.:_ ~I fll ." ~Q, .. I ~~l

,co ,inh huang: d'ang Ik' ,Olen tu- tuoog ,k~~h te ,cl~a IKa~11 Marx~ - Z: D. Mog'gridg-e b ~en t~ p~ fuyin' t,p Icae b'ai vie;t' cua' John' Mayneld' K~rne,s', qWain 1,3 (lOfu;ilon: Macmilla;Ii1., 191.3,l trang 492,4i93,.

MIIOj ba thang S,8U1 vao thing 2 nam 19,36'1 ,euOn.

,';' b L~ '" . L ~, .. ;it ,t":);"';;"]i ~ , .... '., - - ;!l;." "', _,,:ll-,

S8'(',1'I, - -y t,dJ,yet to"~g' quat ve V,I"C' la.irn~J lU suat 'va tle:n

ire eua Keynes ra ,mat~ Xu,~t :W@n 'V,a,Q !dung' ,gina th,01 k,y D~, Khung: hoang 'va sao do la, 'The chi~n Ellu' hai, en.oiD,

S a'~ ch d'~ go'~ 'p p h';n khi t'n' If'" -ho mQe'it' v,ij"l!.' vi' .. , '~(jJ'; ng r» h In h

"I",~_ '_" -,-, I, ,I_.Q I, ,:,Ill,~', ~" '- : .,I~, ",~ ..•..• 1Il.,~I·." '..;.'",a, ....

sach m.m CDR 'Keyn.e;s, co ,Bnh :hUCfng: 'lien qU'Y~t dinh ('hi -tl,ell ,co·:ng' cua chlnh phd .. ,

Chi 'L, j' h K.'-'" h :t' - 'h""" I, 1'" :" R t -1111.11 sac I. .. : -··.'·-,In, t,~· Xi 1:'01 nlUI cual :"oose"ellt

- - - - - -- - -- - - - - - - - - - - - - - -.- - - ~I - -- - - - - -- - - - -

'.. k- ,I 'h 1,11 I. I-K- .

v'a,IIOI E '1Ioc:~nle5,

I """,~

'KlU 'Roosev,el t trune eu' tan ~ 'th6:np' vao th~n a 11 .ninl

I , I • • • • _. I. &~I" I • &1J&.6, . b - . . . - ~A;b t - - - -.-

]:9-"'3-2·" _.:~/{ ri - ·~·h···').·· " .. ,_-'''~.' 'nh··_·I.,'''- .. t:h'JC: --~',"b';~·,-,'" h

, .. .' ' ." ., .r a t n leu nglWl nnan r ta y rang n,I,U[Jl!g 11. ·0

Il1'a'ng trcii. qua :khf;ng ]J'hai chu kit kinh doanh thong thmmg, va ne,n, kinh t,e s'e kh6ng' phuc 'hl,;l nell ell d'~

]h,;' -'~. .. d b d-oijo -T nh"~' khi R- I

t~ trutfng tIt I: - 0 neat __ Qng.. 'uy" uen, _' u , .'00 seve ,t

nh am-' chtrc "ua~ ,n I-I h- ~; n (II ?i n a~ m I 0 '3:' . -3" - t u:-. fj~ ~J.i"n' Q' lif"U;'· '~

,~JJ . ~. ", b· U ~ ~ _. u ~, .. ,u.. r: 'IIEI' ~ " I I ,I , ~" _' I,' ~ ,I] L1UU I . Ci ~, U

"K-.' " ." .... ,~,. chu he ... ' l..~'_\..,~ d Ai chua .'~ ··!l"t 'n:

'eynes, van. C ua, noan cnmn va ao no C_U,Q co mo _- ICU'

",.AI 11':-y~:~' '[h:"-u-I-y'-St- 'c-o" he .... t ho'';('n.c.-'i· " ""Ie~' C'IO'" ·'h··g 'val" 'd': U:ng' nh .i~'g

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~ I.'

"..1..':'1'1"" sach chu d'I',l\nOl ,""'11."'-0".1 chfnh ph u! nh :I~m-:;( th ,~,~/ ['-ho [·-U·· '

~IW,UI [c. ,,'. . . ,. I IV&~&. '-I· f.. 1,1J111 I I " 1 ... I: M, U ," 'I ~ . . I

, kmh A,' h ;''J! A'oi: ~ ~ h '~ ). d"~ h

hl~Di JJ.! 1- te !- ~IC leo uien _. VOiD C' "·0 ran ~ 'v@la'i ,- an

,",U,'UJl.l,6 ' ., ry., . . .' . ._.',. ..- 'f). .. .. -- I!;.;-' . 1

cUIOi cung thi tt11tIDg' tu do Sf! I,j, dem lai day d'll vi,I@,C

'1:" . . ho . iTI'fffl i . ,A''''',. , ~'1"" tb,jl,_,l\..;, 'I1lI',f:t"in - "'h-'- _. . ~ .. "" .-

iam cr 0 nbU~'" ao uQlng va su tmnnvueng IC :,~O mm tong

d- ill; "" h"" ~ V'" 11 r );t.. t..l ~, 'lih""

an trong xa,:,Q,1.30 ,.lll,C' u:lo, pnan nng ,', .. : ,O:n, ngoan

,nM.t ctia K,eynes ~:l~ da:p IIi, quan Idi,~'m e6' di~,n bi. cau

_~:,i' ~ ~~-Tr-,"" - .. - d· -",., i '-h" -.' t- ,1;: ,t 1''- ".~. " -h' ('I' ,- 't· dr,),; 'I " .'.., ch ~ ,r'·.l

nor '_ rong aai nan, tat ca C ungta c eu se cr et "

:Khi ng6i vao Clli~'c ,gh~ tdng tb6ngll Roosevelt van,

] J:. M~ Ke,yne:s!, 11iu IlJ~fJ ~ ,ca:j cac,fjl tjin ~. ,tA. traltt: on Mane'tali)' R~lemorm) n '923), iml ~~i tnlng T~:" ,t~tJ cae bAi viet',cua' Jolm Uaynatd Keynesl ~Wry~n 4 (Londom:: Macmillan" 1 ~l1' 1)"

'.

T1l'"O"n~' b'l~c'.', t· hu nq. IO~' :(rm~"· t'o~'n·.' ~ t'h,: IOA','nI!Oi M"y,~'AiI'r-,~,: 4'~'-g,~

_.I, . --~ -- I"". " ~. 13,. ., 18 ,"" .... if:ii; ,U'U,,..,C U,an )

tren bao New' York Time's :ng,a,y 31 th,ang 12 nam 19!'3:3, Keynes 'vi@t:

Tbl " .. t!I~, '. '"',. 'iii- ~ .. , th,;( ...

. , ._~Q ng,al ~JJtDi," ongi

'Ngw, Ida 'm) thanh ,nibn tin aia n:gU(n din fJ nhiing qu,oc ,giB, dang tim caeh ,}(hac phuc nhuq.c' dj,em, t,Oi, te aia tn,i' ch,e bien tai. t'hf)'Dg qua nblling thu' :ngml!m hQp 1,y trong ,khuo:n Idle; he: th,ij!nl :xi :biji dan:i' to:n, tat,

N,eu :n,gm tbat bc;U. thi ca th,~ gI,m 8e co thanh kil,en, :nm;g

n e~' ,v-·/':i suth !l\} A;.(I~ 'U,.:II ca. ,t''1;\...~ ;f"n,n qf'l 'iI 'an" , A'~~m c,""':,_l... 'iI"'\';"o.c,no

I - ,UJl ,elY - . ,,",,, 'UU 1!'¥iA ..,IIb. ",In ,,"'v~k, ~ I !1,lL _ . w'(;.___ ·'Jj,W.lJ.l ',",U!, ':~

Uf thuyet c6 min] va quam, (ti,em each ,mtm,I' (chli, nghla ,Marx,] de glW quyet v.An, de.

:Nhllng ,Dim naiD thanb (~o'n,g thi MUng :p:huang ph~p mOt m,@', tao bao Sf dUcjc thu nghiem O! mol not, v.a ,chUng 'it''!3 {'!to" ct-he~ ca thanh co .... nu 'V JL... ,:;; nll!J'a ... ·ll'· b""U'~ ch .. an. ..... 'va'" 0 ,--,-'" - 'I.'(\l 'ib _! I, ~ '..:, 1;iI'" _U,d,lUl, "-'t,,;; .f.!tJlWl., ~ II ','V"';: '!Ii.. I -- I. '.' .'- 1,1 van,

l'lthbng' to,ng t'hong thi chung ta tCUn,g rnd ra C'htldng dau til,e:n, cua tbffi d:qi kinh 'te ma["'i

K···, , ... - .. - .,,(, - ", ~ '. ".~ .. '. ---"'. . ", "'1' A' . ·h".'!< I" - - iii, -,-' ,

eynes viet tl1epl rang ROOS@V@I t nang p '81 am, .mOit

nhiem 'UiI'~ I_"'O-p,c, , ·ct'o~' 11,8 .. ·· 'p.' h'" 'IIC h '0"'" 'c'}~ ;-,"'.,' 't'c"!, .. rh "h'!~" lL!",l\.r;,~·'

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11,.,.~;,_L doanh ,'U',} Ir'~I'll" each -I ''-i!',a; h'~'l' vi~n- d- -a .... q~- -Ul-~ tut h '~"UI 'UI

,Mlill .. _:_ v~~nIUl w g ~~~ ~,U~:_:.~ ,A" ,~' v~ .' v.~"_ .:..._ ~_ ._ t.:_.u l.· .. ', "o •• ~ .", !ll

Nhltng' :K,eyn!es cung canh bao ,rang- "ngay lea :mot coale

~ .. M kh ... - ...). - hi" ~ - ... - ~ 'h'~ .... ' ,~;-

(,iO to I' - .I,o:n ngoan. va ,can, t - uet cung (:0 til ,e i i'~ ,can tro

kh--" ... - h -h~i he '"' -t--" - (~ ~'] ~A ,;Ct -I"' ~

--- - ~, n- ~inD" 1i""ii "I 'Uli'" -10-1 . iif'\,"1Ii'n- '-0" '!l''I'i'' 'neu nl-O'" O"a-- y" 'II'Y'Ii''!Ji'I- '0"1"-- 'g. (

-~ .. !IP!!, -~,!I;,iC:;! r-----'-;c'lo,- ---,_,,' - _J";;if~----, ,- ~JI. .. ~",o::_ . ". :. -. ,6:- ': ,Il,,Il.J.U _' '--' _',!IlI--

tln .... CU-I~ a criila'''~l' 11,",~:_,1. do anh 'V':~ n -00:' C---ut"nO' lOG lam r--o';( -1' suy

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n 'g"_'-hi~ v -a::- m DC tll"'.&U ''''U'iI.:J pll..,t-,'L 'M,[],..i. iif"u""n- 0 '00---1--"11" C-'U"I~!J, chtnh I-i~ ---' '. ::_-_____---' , . _' __ "",.,.l;, \... _IU """Jillll!U, JI.~,LU lib. '.' .. ,~I . ·u '! .U, '\.. 1.- -' ~ ,

h oj! ' .. " ..." '~ '. 'ba~ " '-hi"":iIi.~· nht ,)" I..

P:- --0'1 nOi~"1 'I,rIi C-"':Iillli"" nICFQ'rii 'P'- ." ,. 1i ~U'lJ' ng---: - \,,0 'qua ' --- D'UI V·;S' n--

I, ." il!;)w, ".I. .'. u,!!I"" ,.."le,a.l, , --, ,.,11, ~. I . > i' ' -r !!i;.; "' I, 1,1 11,;,-_'" I,

d:~; rdng mOt luc",

TU<JJng nr, trong cuon, L,y r,h:uYe!t tong q'u',dt (trang

16c 2"~ Co)_ K' ·e\ffies·Aa'" C.?-'l..I' - b--a'~ n- UN'" ·~u ;ii"i;t...4',_,li.... --'h-~' C-c- 0 .... ' --g Al, .... g

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hoec chinh lllhu Ch.blh, sach IG:Jlh tl~ xla hlOil m,en co 'thai. d'Q SCI hiii ldtil!'n cho ,gl.!ffi kmh doanh nan long, thi qua trmh phuc hfU, tu khung hoing ,sle bi aDb ,huang', Noi each khac, ph:I:l'C 11:,01 Jiiin: kinh re' phar' ,"UOi" la' ,uu tie'n'

h- '., it ~ . - - _'!', b 6- . A__ - ... ~'!!' t'''''' '," - - - ,:ii;,,_ - ---"bi' A._--, - ,,.. ~- d'~--

r '_Q· .. n,I] ..... i1iiU ·v-:'-a.· -,9It' Cil'liI'C-UQ";(i< iIi"i'·a'l! "i"IIl n'~I-o-'-, c-o:iin t· 1 ~t i[""IlIngl r -, co'O

.,fllltJ'WIC" . ,"lUI; '. U '. ',,~, 11;,., " ,U U .' '!til I ." I. - ~., ..... ,""' ",' ., .

pbm dUQC tU~n hanh sao cho n,o dem bu nnh tbAn, 1a,('

-- - - h - g'~. d - - -'iL'" - g'li,.,,'':e'"'' - '<;; -, ,"'" h fi,." - -",'., h -

quan 'C. 1_0, . ~'~.'vl' _oaJiJl.lU ,n, . In.,: Pi va ca xa .. : ,'~l :noll C' -ung"

£h18 ra ,nhung ca! ,t6' dung (1'an va cAn thi"et v,in chua d:u. Con (An p:hAi, khon ngoan, 'bi~t nen thuc ,men 'C'8,1( em, t,o d:6 theo each nao va dua ra truOc c'on,g' chung ra

- A~' A' . h '~ h"'"

sao U1e u\lC1lc , __ Q ung_Q~

N'g:a,y tU (1:8.U, chich phd ella Roosevelt d'a ttl theo rAt

""",J..,';); .' -h'll'lJlil/tn IT 11-,,'11...,:;' .. ' 'uhf ~ - H -- -d"'" t--'-h-lnit' t.~: ~"l' .. ~ .. s··.i. nh - 'I~JUae'u ~IU,"~~, ,1\JWC '- .. aU~,---"Q Ia.c,-,~.'t ,1.Oen m.c}t ,iO__:_wlLg

IClaJ t6 dung d!n va khon ngoen nhiz b,a.o ,hi~m, tilen. gUi ngan hang, tiki ,hiD tre 'nhU~u khoan vay tieu d,un,g va 'i :"ac-y C' aoj n x-n8'.(' ,t n -o"'na D'O' 'Ii,..;~, i IP c'n t· h8 ;"'!:l,..;'a~: p- v 'a""'~} d irn 0' 'bi

VI> '1",;', 1~'~l:'J ,·· .... :·,1 [ ..... B. DIU~", .. :.Iy .1 ~ '~l.11:·.· .. :-"!Il .lr.ii:'l· ... I!~I ,6 ll~

't-hl,-5, :' An sinh xf h a,ij th ,""nhl- .-1- I"'" . U'''',,' -' b - - -- C:-,j-h"'f~;· khr ~ .' c.---,-"ong ~,Jc . .51 ..... , xa ... ,Q,l!.~ :. a .... 1 ... ·',P'Y .' ao-., U.JL.lg " . -a,an

va nO'O::lil~ -hO,.t.l~ A', '~l!"; g'm co- -- '8:"-- t tfu trJ11 ~ a tl ii 11 ;if" b,", - ..... if' an -'I S:i''if.'i''o

- " f)··.·Y ..• ' 'u,,,;;;; N,1;;;1 ""'. ....., 114, '," ,uulL.!Lb'I;;\.II. .... ,l,W,LUi,I, ',"~, , ... ,.!I,..L,'II""

- -- -- - ~nh- - d _'i;~ - - - h ~ - - -'b - - - ufj-" 1- (I' ","" -- b - - ,,.. - ~ ~~, -- ~ ~ cJ'"

'-m- "::;1 - . "Igm- - p - -an' -c'_'" [0-- n'O ..... 11. a--o" nna. ("'U'Q"~I 0l'9lm'-' al'-'

,- ¥ ,_ g I, _ ., _1- I~. I- .. 'Y!I!:J;'!' - .. 1Ii;. iO '1g4_, b'

1--.. ..,,~ - hi'·;"; A,~;);, 'ki"S I" -- '09 _

_ ,am 'va, em t _.e'D, weu 1,'.I,~n, .aIIl, VleC.

T" 't..~... -- b- - h ~.' :,. l ... " .... '.....';A. ~' I" ".& h '",

, uv nmen, Pi '.' 1:ij.C ""Oil nen IlI[u,J!. te 'van, ia UU, tten ,I, lang'

d;§ll :$0 voo ba .. t cu' chfnh sach c.ai, t6' nao, ,Chinh :pb',u; Roosevelt Qa, thlie: bien, chfnh sach c~hil ti,eu, cO:Dg rat lan

d'e~ 'it - n --- L!~ - - f:- " e "e, '11" ., kh' ..... '", ,t"'iL,,~j '.00' D'g nh'~'lIi~g ,I ': iL,U; ra nangtneu viec ,Jj!aJD, ,: aong ~'!UJJ. ''b.':''~":,, ,~ "I.JU:I",

linh'V\Xe :ma. 'ng,ay nay chung ta gQi :Ii chi d\au '01 ((1 sa ha tan~ 1('.xa_,U' le,~u 't',r'lI~(J h'~·'IQ, ••• C· co ..... ~,~' ~riien· d:'I~,~ sa '\1'.\1.)',

'¥-' -10; --T -,' --iii _ Y'V.!l,!~ ~II '- &~ ~'.Ii" ~-,UU'&,IL,8 ."" ,'I!. ~,

ma con dAu, tu vao moi tmOng nhu ieong' tv Thung lung Tennessee (lV:A) va T;)p doan Bao to'n dlan :slt (CC:C)lj, d,ong thlO1 chi cit cho llnh vue :ngh'e t,h:uat 'V,a 'Van hoa, k~t qua la, chinh p:hd, d:i, tr,a ,~,Ut1.ng' cho 3,.000 di'e'D'vi,e:n (rronz ICI,o co 'Orson Welle,s)!', nhac 'cong~ nha van (trong d,o CIO Clifford Odets), va ng;h,e sy (trong do (10, Jackson Pollock v.a, W'ilb~~m, dekoontng).

Roosev!eJt la'a dit ten cho mOlt 10',t cac chlif1ll1 trinh kich thich kinh t~ rna chinb p'hu cua ong thuc hl@:n tu Ram 1933 d'~:n, nam 1'939 1i "Chinh sach Klnh t~ xi,

b... . ~'''''''' Tr b ~,~ b .. nh d ~ iJi'D"·.....4 J:; '~l" .., hinh IIQil mm ;;. ODg' ~al~ao nnan :_e:la. oen iuc eo 'ICIU '"

sach ki ,,_1.. , .. ;i( ,."" 'h"''' I ',~!! m';";UAliil't1'C "011" '!!-.- ,--,1 'B" ~·t' blnh sac', ,,:JLllJ.J!. re xa __ IQl mVI , lUI uu"··,, "~ an v!!!;;;: ,.a., I.IIUl

da\.'ng cila IJ.a.i hoe T'eX8:S x,uir ban, vao thang :2 nam 200'9~ :Mar's,nail, Auer back ,eta, chi ra rang Chmh sach Kinh te xi biOi m,6'i da gi:up :xay dung, 'Cali tao 2,;;5.00 benh vien" 4,,$, .. 000 truimg hoc, 131~OOO cong vien va s·an ch,ail, 7,,,,8,00 cay c~:u I' hen 1 j 1 tneu km dllong"1 rit 'nhi~u san, bay, 'trft,ng hang ty cay xanh, Chinh sach nay cUng d:e:m 1,1 cac cOng trmh nh:u' dtrong h,a'm Lincoln va, c5,u

1 C6ng: '(y' Ttnung IO,ng Tennessee (,TVA)I la 'con~: '~' thll!J;eC. SiC: h[}ulien baing Ulanh I~p! n;§m 1933" ho,t dOng tronglRnh vile nang ILFQnI', mOil! '~nKmg va Ip.hit tri~:n kinh t~ 1(;J'vung thUfR! IUq: l:eIFmesse,e - k!hu 'J1fC bi a'fi1h Inuang (l~c bi~t ng1hi€m tr'~mg ssu 'CU,Qc £)~ji KhufilE:: hoane~

r~lp doa n Ba'o ta n dlal1 SIIJ' {C:CC~; churoog '~rinh chollm!g '~hat nl~hie'p coal chfl~h phu MY tlli 1'93:3 ,(i!n 19'42. 1$p d031fl n~y 'ruy4n th~l~h mllr~n that nghiij p' d~ bia ve m6i 'ttruoog: thong: 'ijlUl8 cac Iho~t (I'Ong tr6ng tUng, 'Jtay da,mg c CHlg ~i~:n clcng c'Qlng,~ 'lila ca, 6' cac Id\6r~g 'son~~.,.", O~JD]I

"If" fb - h ;., N" - y" k - 'h'; I ", - - ,.41'- ,'", - - hA,

rnnorougn o New :- 0.1".'.'", pnan ton con uua.ng ven .:0

:Miehigan, d Chicago, thu :ph,u. i)ang Mo,n.tan,a'i tea nM.

• ." '. • '.' .1 [~ •. ", • . Ii . _' _ ,~ 'I i:;'

Cathedra] of Learnmg cua Dall hoc Pittsburg va nbieu

e. inh -, "~' - '. khs h"..... ~. d' A ']I d

cong tn -. ,- gia tI1, knac men van ,,'_ ang lulr.Q'(~ su t, ung,

IChinh sach Kinh tie: xi h,Qi, mai CO'D :xJay ,dltng Ial ,h,e ,t'h6ng 'nudn,g hoc vling nong thon,

'T' ,-, .... ,'~ "" ·1[.,."~ d';::' ", ,.... '!:I' R - -, - '-I -'L.~ - h - i'_ -'ib.

- .rong nmem ·"11 aau tten cua ,-,,'.oo'seve t", CIUn" I, sacn

chi tieu kich thich n,en kinh te: khH~n cho m,Di nam ng:an sach bi tbam, hut tit: 2 d~n '6 tY USD - mot con sO, len, twlng, dUt1ng 2:~S% GDP~ N~'u so v'ai llch Sl:t:' thi quy m,t)

,:li!;, klnh -"~, t~Aj'~' ,.'"' - g , ·,.s't--, ,'- - __ - nh tro -a [i.'ij';'a"' doan l'9~""33"

nen c_<_,-_l, te oatan .ra, man -, .rrong :e,i:' i c vy i ",-, ao-

193'6. 'Him, 1936t G.'D:P' thuc tl@; tuc Ii sau kht Cli~u chinh bi@n, Id:t,l:ng giB, di [tt,t t1uQc ,xap:xi bang: G,D'P Dam 1929 truo[c khi ,x;ay ra Dal Khu:n,g ,hoi_ng~ Qp,a, trinh phuc hO[i COl Vie dd~n, ra tot d'e:p[ (t(ing nhu k,~ h03Ch mi,e du din ,s.6 nam 1936, 1.an hon truoe, tite ,Ii thu nhap tinh tren dau nguOi van, th.a,p hon so Va,! nam 19!,29~ N,hung ,ning s,uat lao It1Qll\g dU(jc cit truen c(J,ng' Vitti lUt

11 - I A''''' d"'" 'h~.... - ~' -hi-'~;;' th ~t bioi>

IW111g' ao aong nong ",VIOl! cung co ng I' a ia ~ tar ng~_'_ep

van :nhil@"u~ Ty' lie that ng:hil@:p chmh thuc Ida giam tru

- ~

khoang 25'% Dim, 1932 ,xuong 16%[ nam ],936~ trong

kht dO. k[et [qui uac nnh kh,ong: chinh thuc cho bi~'t tV le ,thit nghiep nam 1936 d's gi!am xu,6.ng con 9%1~,

'Chuang: trlnh chi, ti'@'u clan,g !ella Roosevelt thU,Qllg bl:i ca c- chinh tr' 0'-" a c,an 'tra ho cho ran!:'- hanh dn1i1I~J' em

, _C ,. , ",f,;1., , ,',. 'I '" ' . "~, ' -,,' 'v~~,

Id.an tOil thim hut :ngan sach qua Ian lit uVOI trac:b, nbi'em

l KlhOng may ,8 va 0 th,a,p nilen i 93o.t '~ II:~ thi~t nlhij:e'~1 ohinh th~c I~:ni tj'nh c ~ nhung: :ng,lKri lalm vij~c cho c nimih phul 'ttrong: B,an Quan 1.9' du- an (WPM 'va C,It: c'hltCmg 'trinih khac, chI nhang ngwlilll,am V;i;~iC ChD ~hu vqc tu nh an m,m d'U"qrc tinh Ii c:o VI]t;'t la,m~ DlQl d'e ~ tit' ~~e th,at riShh1! p ~hong ,ch i nh '~hUc [I i con, ,sO uUc tj'nh !Cal nhime fllgum la:ml 'vlii~c '~[~li:m bj) tho; gjien cho cac chrn:mg tr'lnh ~huc. I~ ~e:e Ilam" eua Rooseve!lts nhLmg, I~i b~ ClOiii la, 'th't rit~hi~p.,

'V~, 'm,i! tai khoa", Khi Roosevelt nllim, chlic: t6:ng 'tthong", n,(1lqu,6c~ gia, luang dlftftlg' v{fi khoang 2,0%, GD:P,~ D~n 'n,'a~"!'m~-~' '19-3,-"6-:- ,·t-1o'?-n- Of '-n- n C-eU'?' '!iii chinh ph "u' Ian 't-,t".;; -·'111'1'·' rmg dlll'_'''''''_g'

'"~_ ,1_, _I , ,',' '_" . _ t;jI!' _ Y ,- . ,Ui, ",-, '_'. ",' .'., .1, ;',~ , . l_uJ. ILUiUJ.JIJ. •.. -·,'Ui,VIJ.,I,

.- '_ .. - "_". ,~".. .... -- , it. .... :i€ - .... ., 'C.,'- . ,I. .. ,_

4-0%1 GD,P~ V,ao nam d:o, mot so chu.y~n, ,gla kinh te leta

cang khat tuven 'bol 'n,~u ,ti_~,p m,e chi tieu theo Id,eu ]ri~:u lii-nh nhu 'v-i-y thi d;§,t nude se: IJiba s,a:ni H:an, tb,l~ D'O'a ~ mot v,a! 'n,gL."id, cion eho rang' e:w'nb phil la'3 l"mOi 'ntrat:lli ~u~ o· a: 1!-..~ '1'1'1\'(fu0' ca)"u cac ~~'n I"Iiha~'m cA,n"O" naht ~QP Ian

11I_: .. ~ [~ ~v.~Jl~ lIY.V,~~ I~·-,:. _, :-,1 .I~ (;JIg: !'. I ,~ .. , "·.·I~···, ::-'VI~:~1 a~ .. - ~,~~ ... I I~ ~

Roosevelt hie.'u duqc~ sU,y :nghi eua nguot da'n 'v~ Iy

t'h- "u,yai - 'I dch thich ktnh --. t-~ -- ~ ~- - ""--'il~ --- 'o'ioY'li.h 00' -'ii,''iiIi it'h-1. ,"" 'I:,~ , !AJ! .u u I',' ,IU .•. :.. .e nay iC\O SU'~ m~JLtI. '. :: ,w ' ... e ,nao

elJing 'nhu 'Doi 10 ngai, l,ang' khoan 'DtC1' q!lli, l&l :se lam ca, q:u1oc ,~Ua phi oSition. I)~ chUng to quV@,I t,am chi'm !d',m tinh treng tham hut kh',umg lthj_~p v,a tranh d' c.i Idit

i~ "L.'i h Ii' ~ T.iiJ' t"bA'R I-A'::: .,rl b ~ hi<

mroc IlII P • a san, . _', ong rnong _:008ev~ t Q;ci, co Ian C' ap

nhan qO'O;D" A~a'm" ch -0' ral.'.na chin - 11.. 1_, -- L,,:~ '11i.:i ~-- '11... -- - ~ 1 .. L.. ~- .- ,

__ ___!~~ '; [i I.g, I U1,~!: !L: i, '., , '~_. e, · .. ·'jLLH.UI PII!UI., ,oen. uaD,ig itJion:g

C'~n -- 'bl.!I' 'i,,-- --- ~.'" C - "I'~, ~IJ 'it'h'''' " .. ~. T/-,.':". k ~ '1.1..).. "\;" :0;,. '. 'g p at mot n,u,~c I ... nem ,nua~ rnmc _Y oau CUI vao

'th_jng' 11 nam 19'36"" Roosevelt trmb OUoe h,Qj, :k,e hoach ngan, sach cho 'Dim tid khoa 1 g~:3 7" trong do d,lJ,' k:ie:n gtiun, mrtc tham hut di, co:n, :mo,t nda, th,olng Q(Ua eat ,gOOn chi, 'lieu, chinh p'h-l·u?

- - - ~ - - '- ~ - ,I _ --

'Roosevelt Eti '[ii, die crt'vm che:M lec'h phi~u 'bau, :rit ~On, nhimg :k~t qua oia kl~ hoach ng',an sach th8,t ]1lng' buoc bung nam 19'3'7' cda o:n,8; la 'G:D'P 'th1tc: t@: ,giim 1t1'i ldang k,~" gao. 10.94, cho Id:~n tin guy 1 nam 1'9381 Chmh sach Mea trach nhiem tti khoa" cria, chinh p:hti. treng s,ui5't 12, tbing ola Dim 1'937 dB, xoa 'bo tbaM tuu m,il bo:n,

nam tham hut t·i'iIi~t;'" 14'o~. iO"[; 1..2':.1'" d" 1I~ 'l~ tao ra ,_''t..::,&, ,,:.mic·:'

=,=-'W!.,u 'L itI - ~ t, . JlILl,ViIb U, _ .~~ u~-,-,_ iw.-y","" ,~.Q,~I""",V ,~, . c ,Ji.Jl.I!U~IY,V JI"r' .

1I~,'t'lr'I 1it~ C'~~i ,t:,,1I.._,~:ain A:.l'l1Iu'li...:! n&.nl '1,",_'1-.. ,til, 'R-"'o" r~nlj]" b . lI'U:iI" c'h-1r'fn'ff IW1.l ~"u . ~ I_III~~, !U~~ ~ 11- U~I! &£1_: I ··11"1 . I.,~ , ... :.: I ~r~ I··. ~~ . ~ ~a6

hch sd n,aty cho thAy 'o,en ,chi, 'tlch thieh rOi sau d6 ch,lm

d-'~'~ ch 1i1h1'n0! trmh nhuc "h,A:~' '-,' ~i-- ldnh 'I['i~'i 'n-I'~'-I khi '~:I)t, t ____ iU,ll. "- __ I.I~,.. 11.01 t"" .. 'y.-.' ".0], nen "IIH e, u, ~IUC, .. 1_ n.o Ua,I.

dU(1C tinh trang d:~,y dd viec' lam thi C'hU8, dd~

is: ~ /!' nh - ,t', hi ,oI!'; , - ~.. ,- ,ii! ~ - ~ .. h;.{ - ~ ~ - ~i!'., A ~ - - 'I I '8 ~ ~ ~ 't ..

:~O san .vet nen t~'I, tong tnong mrn, nac ,cdarac~,

Obama ICUng: Dloi v~: got kieh thieh kmb te d'i ltb,Q1, dong 181 nlen kin'h, [let Ro r[ang nil vao the Ie,y 2,'1,. v.an, c:d nbj,le,u,

,'i;.. b ~ A. , .. i ... ' ~ .... I - i, .,., i' - '1:",,'L,~: A-i' ~ ~ · ;~ - I.'

:n,gl.Kn met til sao 0 to ,QJ no 'may xm uay r01 vao so,

hon Ii so ng11OO, hi,liu t,t sao m,a.y bom li.i born dt1Q[c kht moi nlm,C~ Tu'Y' 'nht,e:n~, ca d'ong tic 'm.(,i nUOc va di':~l' xe d~u cho tb£y tuong: tV, khi 'n,~'n, kinh 't'~ t1l~l1C kich thtch 'thea each nao d~,6 thi hmh nhu no c:,o th~ nr phuc

ho~'~; h'\,~ '1',,","b, ~ n g~t' il'"aili. nc- - ".."4"-00' :-- -p-: :'h- '-u~ h 'o~ tr n' g"l'" t "h~ ,a m - 'UAu" m 0:--:--"1

....... Jj, ~~JJ,U .&Jlu. " '--" "_ . I ~IU ... '". . .... , . .. .... _. v' .. ',' .'.. 111... ... Ill' I .f; .. " .; _.' .

(huy.en co [die'D ra tu:ctng 'tlJ D[t!U chmh :phu cua Obama

- h-" 'kJ' h t"''lb.4'h - ~ - kmh tf~ -h' '~ir k-''t...A.-~ th d' ,,~'2'~ ,l,,_

C,~ It ,1.«::: "~' .. 1,lIC [I, n~:n !',iL .. , <I. 'Ii,,: c.~'u ",'.u,lung 'IL '"eo ._ 'UO:iL cae

chlJdn,g trinh phuc h[6[i D'O truDt' khj, oat ddt1c tinh trang

d). d' 'J • ,", 11'" ? ay ,.' _U viec iamr

'De:n ,ghla nam 193"8,, 'Roosev~lt 'khdi [dong' ]!gi chDih saeh chi tleu tham 'hu,t liOn, vao cac cOins: trmh ,ctn1B ~ij:n.,g va bat da:u tid 'VU, trang phuc vu tho cUQc c'hl~'n, tranh co, nguy cd xciV ra, So V'm 'Dam, Roosevelt nha'm chirc r6n,g ,th,6ng ht 1933 thi nam 1940'1 quv ma, G,D'P aa Ian bon 16,3%.t eon GOP 'tre:'n, d,§',u ngm)i 'run,g 'bing: le'n, 55", 'v-?i, t l~ 'la I-'h" a'~' t n g' .","" is,- C' :'hi- Inh -.- t ;h',;~ (J'ia.'m monO' C-llln rlttiti

- g, ',1 ,c.:'r I I" ,,__I'~: iI,'u'if-. I, ,~' _:...,JJY)!;;., iD' -, __ ,J__ ~,--_:"-~6 ":__"_'_~ :___

lO~\~ 'Ng,um, ta UIQ'lC ttnh rAng toe d[O 'ti'Dg' truMlg kinh 'tl~ bmh qua'n, trong s,u:at nhang 'n,aJ.m, Roosevelt rhirc hien chmh sach Kmh t~ 'xa hoi mm tU 193.3 d~n 194,0 ,d~l cao hun, 'mac 5% /niirnli do cho d'Q1[: SUY' thoal '[lim, 1'937 tta, keo con so 'na',y' wong bot,

Roosevelt tid, d;ii"C' cU' nbj,em ky th.u' ba 'vao than,g 1.1 nam 194,0, v,a, de'n nam 19'4,} thi My tham gta chie'n tranh N,Q[i. 1.0 ngai n,Q qu6e glia, ta'ng' can b,ong 'tan lbt~n .. Di,~,u quan trong giu d,ay 1,a, 'pliEd, c'l:d~n thing v,a ttlnh,

, i-oj! - ~ ~~, .... , - 'b' ~ ... ,,",' i, -~

bl), k@ thu, thong' han e .• e quy me D,q quoc gia Tham

hut ng'in sach hang nam trong then ky i(hi~n tranh natn,

Sill' xu;yeln ~c Ikinh ,t,f Ihqc Keynes dlUi II, (I'a u b,111 Th I chiEn thllihai

,Kh,6:nl may :la, nhUng nha kiDh t~ hoc -rh,(ti. ,ky (ti,u hiru, T:b,@ ['hi~n, th'u hai, BhUng ngUO.i thudng: tlt cho minh lei, theo tru~dng phai :Ke'ynes l_,khol,ng lUeu dllQt trit!t ly" v? each p'~'ba'''''~, tJc·.-'h' ~i" thuyil~t, sang tao mana tfnh

. '" '::: U ~l : lILIL" iIIul JL. ~1.11· -- ~-," ~ ~ ~._..._,. I _¥ ~~

1· '. · - nh !",_ .' _- ,- ... . -'? K' r- ' ". .' ", D'" ',' d' :.,~' ,_,it..:, -, 't,·~,·, - '''"' .. - "'."." 't']...,,': zh

ngl.lc ' , fat qu.an eua ,eynes,~ .. ' 0 ._ 'Ot lUUU I (11. se gUll .. i,l1t I, ,

t' ""0"'- 0' iif"k.'iiI'~D' g"c,-, C~'';;'~ A~m'r> ,on;; '~a, ktnl ... ,: 't'e'iC., 'h"Q-"c' 'tr''Ij',_rtn£:ii' 'p-·-ha~"lJ.·' fIle ",-,I,l,IUulLJ.Le'i . aJ.L U'l!iA.,y111.., ~,lylL ,iliu ,I!i;.ll'uJ, .' ',-_', '..c' I" Ui!'UI'.~~, " ,,-,-._""

'K"n'yn'" -,D,IO t -0-- g" -'~h"~~o' 'b"a"'~ ?,:Iia .. ch uyBn' m· .. · O""'D' pU"""n"g-' D' h11 ....

,··~,~·' ... ;II!;;;O .r,n~, []L. u,u\~, ..... ".I";~, 'I!;;.. ""., ... ,.. I, __ ", .. _ "",. __ ,: .... IIW!,

1'-'li' ..... ii' A: :~' DU', .... iii! ili'itoVN-.·'-ii:\'·

1;';- ~ifltMl illl~-".mI"· ADlili· .: WI

gj.a.o tnnh kmh t@ h!QC th,(I, ky' diu hau Jihe chij~'n tllu 'hal chi lei hinh thuc hl1@,n. daj, hen eua, ,nhung ty i'uijn

.:- Oil A"· .a, . :,~. 11-..-= "'I'i"Ii ~hnl (f t-ll- d - 't-I if t'-h-'~ k ~, 1 o N:' -h'i1i~: '. h ,"" .,C. uU!'D ve "'U", bLU,v~, ,.y.O,u, -"Ie, ,y __ ;,~ ''-',,--,-}w;'!l.g pan,

tich ,5ai lim, dUOt: ,gOl li kmh t,@: hoc I{,ey,ne,g thlCf1 h.iu chien nav, cling' g[,ong nhu ly th,uyet I('c; di~,n, ,ella, th,@ ky' 19 Via d:a',u th,~ ky ,20, ,df!u cho ring tien hnmg cao (~llng Dba,(: va gl,a, doc q,uy@:n, la, nguyen nhan gay- ra that nghlep, St1 khac lbi,e't duv nhe: t Ii p,hln tich duqc ,gOii. la ktnh t:~ h,Q'C: Keynes co them m,Ql vw thuat ngli

-.~' - ;i"o,-_ ~ -'Il...,",_'t.r. .. ~' ch 11 ... ,~ ~' 'K' - - ..

v.a, mo ta. C,J).WU] sac .•. ,l\ieU, ",ey,ne:s ..

T' .ro on "iilJ' I',y":' lL.u:Sln c~1i l:;nrn nav .. '.', 't,,'h,at n(l"~;;e~~ d. ,1_f't'11C·.. cho .. , la-

.. ..". .. ~~ "'~ ~AA . -. ]' I --".- ~~~,u ,.,r .~- lYy. !. Q

do:

'[ Co-n'~ !dam va,~'ol"UF nhin ttt '-'h,cf,~'ha-p" nh!in nnrc

,~ .. 8· . .. , ... , c .. &~, - ". , c I, c. .,. , ,!III ,.

'l~,~,O' ··t~,,,nn. tro - --:'n CF 'llir',L~ 'Yri'i~ '1fn,~ 0' na':~ ~y .. --' ,(i!'~e::A'~1 119'1: 'Jrl;&r. 'II ~'Jririi ,IU;U·JL1_~ _.I'.IJ.Ol!Y - .. \l.ii~5' ,NU, .L~.IU"- ui:}UU,l;lSi .. r ~. U,~.li:J..IL ,I~I '¥'l"~1 UJL.&~

cho tat ca, nhtmg at mu,o,n ia'm viec - C:31,( nha kimh t:e' 'Il...'fllii"" (1'Q': il'" ~'o."" '1 ~ m ~'1f.r nron If li"a~ln 'b'a~\n'" ~ ''''_" a'-U-I Iq- U' ~ tr -,g n t"~~

i.ll,y ,-, ~'. l u...' [fa 1 _ u'_ iU,U)Il.& ~... _ .. ' , _ . ~ 11iUl~ . 1 • ,.,.u " 'I: 1 • 1.11

"l ,C- -1b,~'_'b p;LU''J IAr~t· ra m' ''ii~ '~U,'rft-III(J 'ItO,A' l' t'jk"'~ itU' r ':'iii n h ~ m" 'if~ &. ~ ". ,J1W,u.l. . . lJL u¥" '. .. . ""'iii;. ,l, ,YI',IJ,'~ .. '.. ·ll1l'!l;:", '-'U,U, u,.Ii,iI",. I LiL'!I;.

luang gia, thu,),@i coo, bang' tbtl 'trtWngl.'

3-.., Cac ,cong tv' dijc quye'n d:at ra mire ,ghi 00 dlnh cho

- ~ - - bK - ~ h' - '!;. -1I~ - ,.,~ _... - - hon -,,~, th'''''' -

san Pl •. am, eua . ,.IQ va mue gia nay cao ,1.',ViU, gia tnong

thutmg 'tr@n, ttr1, truCln,B' eanh tranh,

'0.... _,'ii-l.,~; ~ ,;; Db-I'" 11,.,~,_ t.. ,~. h - -' I~ - -h'" · .;fa·,:: #1

,'__ l. ,~gUt:nt cac n I a MUl te noc trUuil,g :p, i ,all leo wen

IUD,n cho rang n,reu cQ,ng: nhan tu ch'oi c:ha,p nh,an mire

11I1I~g ~ - thi 'Ii''t'''Il'tltriH't ... - 1 ~ - b ~ t" ke:i - '1I~ II .... i"ihiIi --- .~ -t-'h' ,;:

_11,.11,,\.14.1' uo '-lJ4,!Li ~~',1L,~, XlI,C ","p t- at '. -. .', muc . uong nay ~. . ap'

d@:n id:a'u, va}ho,c n,@'u. cac Ico:ng ty d,IQ,e q'u,y'~'n dit ra

m· . 11"P' i(Jl~a"~' 'f'!"a:~ n ph a.:tm'" I'q' 'U6; ·c·'~"'" th "I' thl too' '~g" 't' ~ do ·c ...... _,'b, I. Y!o;. .e.. ~'_I,&,.,· I.' I,::, . ~.~'Y!!'!iI,-,--"",)t~i!.! _,_; __ V'.\I,'!"~:_~ _ '~J!JUI,

tranh se 'b"' 8nh huOn:Q',-, Thee ho, v"'.s,c cilSn:(J' nhan kho,n,!!J'

.. .., . ,.,' , . ti. -,. . . ., -],~ . .~ , .. ' . ,iI..:I.ti,

chip nhjn, luang' th,a.p, va, cac cQ,ng: ty a'Qe qu,yen khdng

. ,'1.\.;.,:: . tln d"-!":/~"" 'I""t..;,;~, thl ';t'INIl 'iI-,," '0' '~tf-;i'~ d - n kh -""" 1-' ""to.' (UlU, ·ay ·~Ol ,gla sJe Nge-n , _ _1"""l,U"""'~~ u~~, __ O _c __ ,--ong!J.:@D

N" fiu qu "3'n d'l~ :im- ~ ai '1, ~ 'm'" -na~' \f la'" A'-'" 'n 01 t' ''I!..~ . -~. ,,' _"',. '. i." ': I .' jU , ' ,1.;' I I. ~i ,:,11. ,.tlil, c" ,':, OJ ", U,U .. "~,.tJLIL co ve gu:u

phi,p d:,oli'vtli mul tba,t nghit@p Ii c:hAm dUt 'QQIC q,uY~D1I' ioC)! bo cong doAn va chinh p,hd, ldtl,Qng atl1C quy cUnh

m 'Ii~c l''II~n'g:', to,{I'l' "'hi~gu' 'n'lli~a'"" N'I'···1,\.., ft'!iig lIi"'a~' t"! ,_''b~1 lLj'"~_',"" t Ii ho i""_'-' _Y,I ~ '~'UU"_", .'. ' ' I!.J. ~ .I iu, ~ ,', JiJl!..U,I>~ '- '. "i,., ,II"UJl!u AJJ1U! ",.;;, ,.'" c

tu g:',tll'l' 'DB; inh .'. lila. tin '. IAO'~ C'I~I,;::'j, 'K'~'-im~'1C: 'll""""o"'n"~'g' 'hA ~:i'm, '~:: b··'~'·t l_~, '"V'-' ,_.1 _,lia, .,.1: u.··.·. UiQ" '1I;;.I01.,,~~'~ ,f,ij;;.:U,"·,I,I:-. I ~ UUiDi ,Fa. "a,.

cU'~'" gl"aJI,j· pha""p na'" o' t rO'-""g so'" d'o~' M" '!' h- Q' 1-' oJ! .1 . g h"~ 't'·· .'

. 'I ., .. , .. ' .. " ,,' I" I ' ", .. '.' ,'. ",' , ",,'

, .. '>_'""'- ,.:. _lj~_ ", ,I I,:., ,1,,' .. n~: ".. '.', ',. '".:Eli, "( aI, un:..: ",QI Ilan,g

cht ti.eu sao cho ,el) 'th,@ d,if manh cau trong hoan canh.

" cA:.

g~a v,a 1'l1~n;g" cima nh ··~.c·:" eho iA~n 'llf'1I...,~' nza -y~' pa~ ·v·:f'ii 'W'" 'ii~

.,., " _' _ . V"_~".'!"'u'~ a. .. ~ "i.., ,. u,'\; .N,", , ~. .... '\"," !!U',,Ii, , , . ,u""'"

,gila va ],Udng cUng nha,c :nay, tht truong' van mua h~t tat ca moi thO' dl~'c b,ay-"~ ban

. . VII. ll .... U,/'. . " .. _ JI

'N 11 ' K 00- #> 1:.. . .( 'h"" 1...... 'lL..'b ~

I,.' gUQC Iai, evnes r nan tJ!JLay' trong t ":d,i, ~y ,~I ung

hoang' "(hit 'ng'·'h"it~p., tina manh hon -JL...'~IIA'u' I ,on V~l' 't'h'~l"

... " '.:, I' " " ,' . .' ..... ",,: Co." ;0 --''-'¥---' - ,V,;I, . .!l, ,~JUI,UII;;." ~v ,U'· ,YI

-k1f bung .' n·,;.( kinh it"S d 10'"' d':', "IO'~ 'th6,i ~Q'" 'q' U~·I"Ule:l.t" l,i:,&t"'·,,--, ~~'I·,--o""n',a'

'" . c.. _~, ." .V ~-,L __ , 11.'''''"",_ .'." .'. 1 I,W U"; ." 1 .' ",£1I;p CUB! C, If!;

nhan kh,{i:D,g phii nguyen nhin, ,giy ra tba't nghi@,pj

K· '.. . '1, .' .r: ,~ .. , WV'k" :l 11",,' . 'h . J(' ... "~ .. "'. kh- ~.,

_.,eynes nru y rang, hj,J]l nen ,LID I' te: [len, vao j ung

." ~

'1 ..•. ·.,1:" ..•. _ ,'J . 11ft "'1 .. ~: ...... :"~ '-_ ".~. . '", .<~-" -,.' ... ."'~.-- "1'.-'7-:' I .~ '- .. ~."'" . J .~"

,h.oang thi taaJ dQ cua ngum lao d'Ong ,rung thong h,.,

'. -~. ~,~,'t" IJi At'· 'he. ~"I' ':" -:,M '1"" 'Il....: '11 ... :,_1.. 'fF' . ", hat ,.. iil~f" " . ,~'I"":~ - h , ...... '" . quy I,;; .1'\-0 ,. ,U'.l.lL, SO Vu..L, ,UU ,LUlUI lLe p . ,a, _ l!;.rillen, ,m~I .. U" ,om,

.. .. kh·;;; 'L~ .' . .Ii:.... ,:; ... ,;t' ;t ",' .

toan ,~.'I;c,ong .. ~~ Nn.n IqU:Q tbut re cnng ;(~O the: thay co co

so' a:€ 'nghi, n,ga tinh dUng lain rna, lv' thuy@t co' dil!'nb1 cho rang co:ng nhan my :phai dO'i ,mit' v(:d 'ty U: tb§,t

",:,,'iL..f.s .,".. ~ I ''_ l...1'Ii''Ii!'ini :V::" 1I ... ·~1 ~, I I.: ~',+- ·t' ..... ~I..po'~ th '~"'I . e "'," , ... " ~,'rIii '"

ng,U.!L,~P ca.o!! .lUllUl...,g van, l\Jle,n, quye,1[, ,LI!4WJ. l~ __ UC Stf(, ,m'iQlIuJ"

eua th'~ '[[liang trong viec 'tQto fa, :muc' hnmg clam baa

"'1'; "'''''' b'~~1 111 11 '~I .. I,! dl~'A,' ,~.:~ ..~ ',' "", 11:'\

t Dan '.' Q ,.t\fC ,jJ,1lQng lao nong aeu co viec iam,

I J 1M K" "n"' L."~ ,4'Io.,.".r~ ;I:~' - --" "t· ";:, .... , f" ,'~,' , ..... ~ '. "' ... .a: ' "' ... 'L d

, .' ~ '"" .Jey . :es, :":',;v- u.vjf8',{ d)n" qua" 've; Vi~ _am", ,liN su:a,~ va I;,..:;.n i:~ \ 0111 on:

M~ij"'m= . ~11~1!i; I' i~'3·~}1 'tr',~n"a"~

~Ii" ~ !;!IU" ;:,., ,'II;;lIJ~ Ii! ti ~~

'. . ", , " '.ll' , .. , ,

34, GJAl.F.HAP.X.EYN:ES

K . _. h - ~ - - e _,1L...:i ri'b 'i ~ tb'" t eynes c •. '{)I rang :n,guyre;n nnan co nan cua . a:

- . . hi'~ g - I~· L l'j, - -L ~'!'~, 1" . , I' - '" _.'..,; ''1,.,. ..::

ngr ,~'p itnong ,pn;al Iii! rmrc -'1lWng va gla cung nnac

)'" l\.r;,,;,c,,.. tJ,.;;~ tnsm ·11 ... ·\..""··. ..,;1;..:~ ~. ···t Ali "ih<i.l ~ tmh t - .-;- , A;: -: 1& ~ xmen .I.ILf, ".1. UV,IlI,g A.1110ng me ua, uuyC.I,,U.u,,1, . :ra.ng u.ay u.U

':'~~" '.' I~' .. TiL--:"""······ ... ·d· :~·IJlE'·~ ch ".'. ·t:·!·L',i'lr.,n' _'h'~", ,'~ '. l"'~" VIeC, am., .. uay Vl __ O.OI C,-,_O BUI CI!;oY,~ lU!laC tua YVIl,llg

v,a, gia~ Keynes dua ['8, 'f tll,d,ng mm nhu sau; Nguyen

nhli'io ""-h;i$.. hi eo "10 "",, ,- .. ,1;:...... ':-"'

,." . I" -' ,'. - . .'. '. ., .. '" ".' ".".' ,.', ,.-........ I" .. ' ,

__ an cua mat ngmep co nen quan a,en VIe·C nhitng

'ngUOi din (0 d~' ti,et Idem dOi. b,o:1 taj sa'n tat chinh rna

h - da I' :.~:, ... (,.;""j"'j; nh ',!! 0, I'" .... : ,.r_ J,.;, thanh 'Ikhl II"~" . ,. . ..... . ..... ~,

no ._ang nam gllLJ,\ ,p_ al co ~.lUJ,1 . .W1U,.", oan, c,ao ,JL,I,uJLJJ,,,

- -;;;: "),, .. A. .• ,,,.. .,,,",,, .a ,,(. ..." ., ',n 1i

Van ·de t'hi't :Dgbi,e'p da !duqc gan k,e.·t voi hoat IrIQ,ng eua

t'h,;i """~~,IfJ' 't'''' i, . hinh ~. A· ... · . .- t· . :.!t:'t .k.i..... '~., .. _.,- ,.~ .• d .... _-

. i.q ~l UO;j".!.,~1 aI CUJI. .•. I' va u',ong ,,~:a . I.e , ..• em cn,a .D:gum .' • an"

'V1L..·~, 'K' 'h~" 'L ~ ,11....,: ... kh ,.... h'" 0 d 0, ,

xm .. ·eynes c 1-0 rang mat ngmep _':__OD:g p . at, .'.0 gia

'U'~ }-'i'td'nlfJ' Icun"':'O' nh a~('" 1"In1~ C···'IO."" n'···guy·:·e~·n:- nhan 'nr·~· t'~i tnr ~Oi

'Ill' U c.,~v,~~ ... , _ _:_~b ,_-,-,C_ c _ 'i;.. .I.1l.W , ,. , ...•. 1.... .' lLll.l. . , I.. ., . .lQ .' .. v ....... ~

't',ai chinh va ,dOng co tu!t' kiem till ra rang nbUng phan tieh duUc gQi :~a "theo '[rdang ·ph.id. Keynes" t'hCti kY d.iu hSlu t'"hiBfn .. 1 la" :ll.-:'~IO""'Ij"llg' '1C'h·'u'''·. hsn vm~'" I'.il' lU',i'n." c u''-'a·, lo~.ng,- T-'-:'"':-: --¥ - - '" --"'"- _. N.J!. IJ,~"'. .f.i!'- - Y.iI:"'· , 1 Yo ,.'. ifj.J mac

du cac tac gi' eua chnng di S;ll dung cai va "kinh t@ 'il,..:,": ... : ..... K"'I"',n .f.~ tam tinh thu "I~·'t '. ··h·· ...

ncc sevnes ae rang i ,tU.U1, , luye p uc,

511" (I n thilet ell II cac q.'. '.~' d'i:nh

_,I~I' .'

,d'6i VOl 'thj trmg nga!n hang va: taii chl~nh

SaJ,U :thil tbi tnnmg c'hllng khoan My SlJ.:p ,d'g' vao thang 10 'nam, 1929 thi cu' nam ,ngan hang My ~,8j, led :m'Qt

_ ~ ! 1_. ~ _ _ ~ l.; ~ , I, J:. . . - i:l _ '~.~ .. ii ~ - i ~

ng '!!li'n hang bi p. h'".l; !Ii:!' ''!:l(n, R·· :~ it '- .... r 'e"' "U' 'nO'~ ~ tin [, an "I[J' hi' en

" .. ~.IL .1. jg .. '!, " _ "," _ ... g. lJI!l;.U.oJJ..11 ,:" ·u~ .1110;., '_, :._ ~IU,V" ,,",_:,__ ,IQ_-.~ ,~_.:_:[¥ __

tUqng t(ti.'u cd tren thi truong tai chtnh ma cac ngan

L;:" - !ijj] . - - ~ ~ ~ - ~ .q.. - J;. r!= I

nang VIlla tham gra vao tung: :0011 'V1Ja khuven khich

hinh I'" ... hansa iI'.-. n"~ h 'i

.. , .. "'... . . I' , • "... " .. ri •. ,.. . ,'. "'1 ' .,.... :. ":. '. . "'. . c .. ··, " ' .. : , .. : ...

C . ., ia nguyen n an sau xa cua D,gl ,I.. nng 1 oang,

Tiil;" --":"Ci'~ iI·g-·····3-,.-2~·, U1!·~~· bai .. , N·:'·'··'""· 'h'~"~" .c +-,~.,. ·t'I!!;' th '~II"

u., Dam JL .. ' - '.' y . an. . ,gaD ., a,ng va (.l.~.n : e, uo C

ThU(fng. vi·en. :My da: t6 ,chue: cac 'p:hie:n di~'u trA.'D. v~

--IIi:FI'lI--2i-- _'t..~-- -,,- --0'" ·C··"'- -11....;:~ - A.::; ·t-':~ .~ he ·t'LiS.

nguyen nnan cua no, ... ac pmen meu . ran nay c ,'0 tnav

vao Idiu, thl~ l(y':~ cac ·n.g:a'n, hang da g,a,y 'thi,et :1181 ning

.Min ,- tie :h~:R va chinA .50'(:11 .~ .....

,if . ~WIl',~. - '" .., '" , :7:7

n~ cho nha d'j,u tu' lea .nbmt vi cite ng'w hang .mly· ki~'m duQ'c 1't1i nhuan ,tul viec 'bao Ianh va t'huc djy mua ban ntrtlng 10" ,chUng khoan clo len, cho ho chit :kh,onl' m,sng

11 ., 1 " "h h -:;.,,. C·· . ~ -hi".... A,~::;. ). "'" ,A·~: 1~1 ~,~ 1(;'_1, cne ,ngW:Ji, mua Lac P_- ten meu trm cung w

de,n Jket Juan ra,ng trong 'th,ij:p nten 19:20'1' th,ong qua

t an lA" iifi!i ~I'iJ" ·h· o' .'. ~ t:- I;4'O~"ji'M:r b 'a'~ 0" I 11 ,~,.., 'b, ~·~a" 11,:1l..'u1y"n·· '11.'; ..... kh nha

'til '5 \.UU.£.lie 1.1¥1Ij" u,.,..i..Il5' 1ii1:U .. U, .~, AJ..I, ', r ,~ I ,NUII/;." lUll·

diu tU: 'C'a :riban mua chimg khoan, cac n,gan. hang chi, lam cho tinh t'hl~ :ng;a'y eang tlO,j t'le ,h,mtt va «0 chinh la, nguy,ill, rill.an lam thi tru'~g rb,Utng kboan sgp 'd:6' vao nam 1'92g,~ DI(J d:6'!1 nam 193.3, Qu"oc h6,jl M'y ds thong' qua Da,o lu4t G'~ia,ss-Stleag,a:U.. :Da,y la m,ot ('aJ. each trong lu,&t phap nham di.~u chinh boot IdQ'ng eua he thBng ngan, ,hang' va, cac thj t.nrOng' ,chUng kIt,OM chinh thlk~

Dao lult Glas,s-Ste,agaD, cim, cac ng',an hang ,du~qc 'bao lanh, v.a khuy,en khich mua ban C'h.tmg khoaa, C,a'C' t'6 chut' two chlnh p,hw hra chon, ho~c la, ngan hang cho vay rhuin, niy, hog,c c.hi thuC' men ng'hU!p 'VU, bao !ianh

t .... h '''' d~ l:i. . ~ .. , .... ~ • "'... hI ,"'- khoa '\ n

'l.ngan nang ' __ au tilt cong ty men gun c . '\Dlg:., 'oanJ~ v,ao

luit IGIass-Ste,a,g:a[[, d,s (I'ij,t ra ranh ,gia,I ,ph.ap ,I'Y";I chta tach, bal ng'hie,p VU nay, Dao lu,it eDna: trao cho Cue :DlJ' tru [U~n 'bang qu,y,@,n tlt!m, so at l,!Cm han trong linh vue ,nga'D hang., {Pban tit,ep, theo ,8112: gbii, 'thi,c:b. V,]'eC D~,o lu.,~t na'.)' b~ bii, tHj, vao nam 199r9 da dan tim hoat dong bao I;nh" va"" ban '. ~l..!'i'~g' kh o ··,61'ii"'ii €'"o'~ th A ch "aA-p b 'an:~--g ifa'''JJ.'· 'Ci'~'ii"'ii ~,~, I~ I~ I '.: I II, ~,Ul.uJL.!I.'- .~...,~, ... , ~ ! II ~ I~ . '<~ ,! J :~IIj" I , ~WJ.,

'V,a cae 1.0", chlmg khoan khac W,f.D ra tren quy :m,OI IOnII gop pbin diy th] tniO,ng chirng khoan x.u.15ng d,6c va

'Il' 'kIl' oj h" t ~ .. , 'b,,·nh.... ,_ 2- 0'-:' 0-' 8)

xay ra xnung ··oang 81 C',JULI' I . vao nam zuust.

:Nha 'Dao lu,it Glass-Steagall ma, trong hang 'C:hUiC Dam, cac khoan cho vay clm c,o cda ng'an ,bang: kh,Q,ng' dlrQC' ph@p, mua di ban lUi 'Giay td n,q ngan heing la, 10,;~d tid .san khong COl tinh thanh ,khoan. Ngan. hang cho vay bit~t :ring' chrmg khoan lU' cac khoan n,<, (6 th'~ chip

Bill bo, CIIC, qu~ d'ii n,tli q uan, [I; ht t~lcinlg 'ng'l:n hi ng va th~ truimg 11 i ,ch'i n h ~ 51f tr'Ct ~,i

CUll, 'til tmg "~'I truang tl1 do

N- -1...'u-Aa'''' 't- rJ:' .... 'jb bav I~ t" --e""-- ... ,!1' "'-, , t-"h'~ ," " ..... , 1- (il'7: '0'" tu J".IL U. ,- JlJUlJI.,iI, ",aT U ,ro" V,a.O --ill Dl.en _~" "IU

"t'~~" M'hr-'k t,:lI':, he ";'~ K:"' .. :-'--'-,: ,c,,--;jI! '(' - ,-'!o ·t-"h"''iJ - '-, ,'-,I..,~ 'L'~ - -" ,'- '"" "

. '"",&&;)1 ,A.U.U,l, ILe ' ' OIL "eynes,ma, J' !y'C ra C:uu ' a, SU ,xuyen,

'toe lv' lu,an, Keynes cu,a cac nha ktnh t~ hoc tU cho mlnb Ii theo "tnnmg phai :Keyn,es") b,~t dau, danh. :m,§t din, hao quang, SI1 suv Y~'u nity dian to! hmh thanh mot

kh ,'~ , ""c: - - - ,- -- - ~ '- anh I.... " ,... ,- ... ~ ~ .

. ',:, I 11 'I ., " j : _, I I"· ,-", ' , '" '---', _ ,- " , ' ,\.::. -- .-

oang trong trong Cll,QC trant man cua xa hOI ve kinb

't-,8, h-' -10' : C·' Nh ~ kinh ~: II 't,ai h' ,nl(','- M·,",,-'~illto_-'n, I Friedm ,- : - - '';II'n nh i ~""."'- " 'LI" c-' h- '0:'" n"g'

,'1;" _ ,_ ,I 1",llJ,(l ,_, '\;, "v ,.8 ... ..L JI.~ _ _ .~"., WUJ. J . IJ.lI!. _.

'~a~ '11'1 da~ .y .: ' l", ..... 0· .... ~ni(J' t'ro~'n- g A,O'~ lL", 't-.;,,; o""n' irJ chu AO .... i"U'j' . ·h····~ 1i... ~ ~

.11_ 'r---'--,i Nll,~~ __-, , U UlI'" '6 \., .. U,_ &&,6, PliO uleD

'lrrQ nO' 'r-&;; t"r~ia,t, 1.1'-, 11_".~_''b ·t--~ he ,','- ''---~' d'·~: .. t·· C .. -I ",,,.., ·dr-· ";', ... A'~~ ...

~' ~~ . 'AlL, ., 1l~ Y IUIUl! ,,.;; "QC co . ole n ., :ren, cae, '_ ll'en uan,

',e-,e. ,:. lI~'L ... / F tedm '.' a ch .. ,~,., ,·,-··J:.-:h----~-,"., -.c:: "I'"," ,~,- ,~- :,-:

cong xnai, _ ne an C _0 rang neu C ung ta giam quy

'm';) chmh 'p""'h'u~ va 'b··~'l· 'be 'O~·· .---~ ··-:-·1'-' , .. " din lh, -- ... "' .. hinh 1- . h f.!. ,'_ U .. _' '&iI!.I- "I, I ,_ "d ,- cae qUYP..UlJl ,rna 1(_ :.... ....:.._., ,p __ u

Roosevelt da, d"t ra '~' van d:ang can t.r,o val 'tro clua thl trm}ng: tu Ida - thi :nen kinh re S,l! IQijt dl1Q'c S'1t thinh 'VUQng' ma n~:u, 'tan, tal chinh p,:h:u qu.y :mo lan can rhiep'

va:" 0 .. tlot.,; tiPf.iI.~na' 't,'1,..~i lcr:~'O""',ng- '.-:-, t'-'h,-K C,- 0'" ,AUrHC'

_ • J' ," Jl141 1.1 U'UI'''l~ -.l.JlJL &J.lL _ . ", _" _ .. ~ .~ "_', u. ~,v !II

'Trong tb.a,p' lUe,n, 197'O~ tp My, q.llB, trmh 'bil 'bo cac quy djnh d'cl'i vOl nganh ngan hang 'bai.t ,diu ,tbj, cac c,o,ng'

+y m All: gl'm~"'" TihJ''i,ru]' kh - o-:"~n C~-J,.,., tranh t 'II"! 0- 'n"O' lfnh '1_71'fr dlch

t,·:.:" ',:·~IO~.:· :~:.I~: ~ ~.~·~I~~~ , '," : .. , ... :.lW~ '. ~gJi, ~__::I[~_~.~. ~~.-'" :~! .. ~. _I ", . :__:, ,,~,:~~ ~lII..i I ..

vu ngan hang 'tru'Y~n th,e"ng vOl, loat 'tai ,khoan tl@n, gUt giao dkh 06 t,bl' s,u d,QDg sec co .IiI s'uAt C8JO.. :Di,eu nay cho 'tha,y nhUng ngam lam m,oi gim di bdi l§n sin linh V1Jt n.gin hlng, 'va, ,h'Q dUQ'C xi h,Qli n,o][ chung ung' ,hQI

'1: n' kh n 8.1< n 'tie:).:n m;"'1 m .!:I,a'" Ah;,C' 'h "khO .... 1t'MiJ A,\;;, 'fI-ri,;r. ba'~ n '~,~" ~m'1iI na '~"Y

"'1<11 .> IUI·:,.I- I,i.: 'r~·. el~.J &~ .:.- ~ '! '~ .. '-. 'I", .. ;.:. ~~~J IU1"yl~ ,:- .. :.," U IIlU~ - - J I.'&J", :~:.'

dem lot cho n,gltm gUt, lq] nhuan cao ban cbu't ,it so vlOii :nhmg khoan ti!~n glb a ng'm hang thong thUCJng' d:a(JC'

nh'~ i<' b'~ 'hi' e

'_ a nUOt ~a.O~e,Db

£le',n, thi,p men 1'980, Cue DU trul lien bang da, Idlen, ,gbili ,1,i 1190 lu,t' Glass-Steagall d'~' cho p:hepl ICa.le ngin, h,Rng tham gja 'bao lanh chung' khoan 0' ,Dlrrc dO thap", qua do, co th@! canh trawl,ttm;1'C 'Vm cac c',ong' ty m,o,j, gi6l

tren thl tnnmg chUng' khoan khii cac cong tv m,oi ,giM naY' d'i lin sang dich 'Viij 'tiM ,kboan, ,s,it dung sec nla ngan hang, Ni'M. 1987', m;6c d:u chil tlch ClllC Dy 'trU li@n, bang lil Paul Volker phan, d:6iil nhunz Cue DU tru van cho phep cac :ngan, hang ma :r6ng d'ing k@' (tuy' 'vin con han che), hoat dOng b1ao l§nh,! baa g6im ca ch:ung khoan dUQ'C the c:bap 'b,Ang 'tai san. Kh.i Alan, Greenspan I~n, lam (,hu tich Ban Giim d6c 'CQ'c DU tru V8:0 cD,ali nam 198'7', Ol:ng ida ~g h,Q 'bM bo them cac guy' Idjnh Id:,~ glup cac :ng,an hang' My' canh tranh dtit1t: vOl, cac n,ga:-n. ,hang' n ~'~P n g' '·0- ,~,; .... ' ,t-:-hl]l~g~' '1' a'!o n g,'6ili"li Ih'~n~ da chtrc nana d- 'I'f'rlK'"

.: .. _·UU1~, __ ,':.'_.~ '<_~-2I~UIIJ ,', ~.~ _ _::_ .. ,I~I; ~I U,_ . ..: _~_U~, '~Jla . __ ,uly~

p'hlep w,a t'h:tJc M,@n ngbi@,p 'VQ, ng,an, hang di.u tu 'V\ia, mua ban !c16 phi.~u ..

N'im Jl996'1 CQc )Dq tru rho phep eac congtv c'o, sO h'.ltu ngan hang duqc thanh l$,p ng,8D hang ICliu, nr Cion, ngan, hang :nay' dWe dong ,gop, 'tBi, da '2 S'S\) tang' doanh

th:u eua cong ty me, iC'u,olji cung, (U~:n. nam 19J1Q'9, sau

.. 1) ~ 11 [ ,- - ~- - ~ - . - ..

l,2 . Ian n,OI IUC [,dlta ra bo phieu] trong 2S Dim, vdi sit

ung ,hQI cua Tang' 'thOng' Chnton, Qu,ac b,oi, d~a, ball bo E)~.o 1u,t G,~as8i~Stleag'aU,,, M:tlt b,M bae d:ang tren t~p Ic111 Wall' Street ngay 25! thing 1.0 nam 1999, (em vii nga,y trUdc khi Quae hoi ra qu,y~'t dinh lbit b,d) di d,in :h:li, Db,an, ciia th:ultmg' nghi sy ching C,Q"ng' hoa Phi] Cramm v,rn, mlQt: c:huyen, gta Vem, ,dQlng' hanh lang eua t,ip doan ng,an hang Cttigroup: ·~E,a,o [chu nch Ctngroupl Sandy Weill g,Qi olen di~ N6i 'V'oi ang ta I,a hiy glQl Id:~n, Nha T:rang: va thuc gtuc [hQ'1[ dt", D,@U kh'ong t.hIt Quale h'ot se ,khfjlng bili biD Dao I'u,~t Glass .. Steagall, Ching b'3,O lan, sau ICWih bao !eua Gramm, Tang th!5ne Clinton. da ling h6 vi@,c b5,i hOI 'ala l'uit Gla.ss,-St'eag,al1" N'gay' sau khi Iqu}r~t' ,dmb bai b,o' IdtJ(1C tholng' qua, Robert Rubtn {mlQt Vi cUU rhu ttch ngan hang dAu, 'tU)I, ngudi, nmg ,Ea, b6 tnrCm.g tal chinh trong chinh pihu Clinton 0.1\, rihin ,m'Qt

.. t' ~ 1"" :J.. a' C"-: ~t·

VI 'I ~'i"'--l q'U' ~an' IY" 'ca" 0"" IC'.''OIP· - I " -'II I lor" 0' 'UI'n,

'"~,I.,, .... ,- . ",.' ., -" "u,: ' .... '- .!I. '& .' ". ,V~

IDa,o lui t: G.lass ... Steagal] hi bil b 01 nrc lel khdng con q:u:y- dinh, nao phin bi,e:t heat de},ng cho vay 'V,a hoat dOIll'

- ~

bao linh" Vi v.a:y', nhftng nguOi eho vay da:u, tH~'n co' O'(j'D,g

,hSe: duang nblt' V'OI h911 d~ tim lld~m, lQi nhuan, bang (,8,C'h

thn - ~ 11 ... ·r ~- - kh-'~ 'h h-lrnl'IT 1~' '00- ','lm tt " ml ~i . -, 1 'I .,-: _,1..;.'1;. ,.,;: ~', ' . ,_.":,, I':' . -,_. ,,1\.!l:em .'_'- .,ac-- c_~~ lla,,--,--,w~ n6,~~4,mUa"IURt luem nang

(bao g6:m, Cia MUng n,gUtli c!i, vav d'llCl chu,an') id,~ cho bo

val' co'~' th A r"h'~p" 'V1l-.,~ A'O'~ DlIO'a ..... n 'iI,.,;'~_g,- ch "0" vav ban A';U ¥"'oC#',

>:: . ~-._ ..:. __ ~ ~_::_:Q ~ ,"I!! '~~I U" _' ~(". ,"_ I ,11CU1·"' I~ _I, I. V ~-'., ::: . :~& U~·· '_.'

'th,,@' ban l{hoan nc db cho cac t6 IchliJc bao lillh~ thltcmg Ii, trong vong 30 ngay, :hoic 'tU d:ong val trn tH10 'li_nh

(fA 'lb,F, .. 'kIl":'~' ,. (j-' ,_. , ...... , , 'h' '~.,.. T""" 'h'UC~-' 'b'Ii<·· In.rnh'··· ""':

.DI ~"nl ..... oanl n' , ra ~·O·lifl··.a I· ~. 111"nlla" '0 C ." - '8' n a· 'I 0,0

,.;; .,IWI. ,'I' -' .... I ,,,".'_ ,"., ",-,.:,:I,,&,b, '", -.!;,~,~ ,1,.:'. 1 ... _, ,,".' U ,/, .. ,1, rjJilli,;;,

:k@t hop nhi@u khoan n,QI l,i vai nhau thanh clnrng '1L .. ,]L-oO· . an I" (110'" th A ch ~11t\ b-" :an~ -g'.' ""a"" lj C'!I a~ n I'("M'" "B-S-;~ ''[ ~a~ b 'a;"'n-::- 'hi tlt"U'f' 'go~ii

,N . .Iil- ,I " ... \.., -' ., _ ... ~ ,_" ...• U.tt"" ., ... , I,: 'I.".~ idI'·.· .. . ... ' .. ,_, '~', 1 ¥, .... _ ... ' ~''-LIi,,q, . - I .'J!!

MBS :na.y cho :nhi,~'u d,oi 'ntong khae nhau trong ,xi ,h'ot

A;n.~,6.M, ..... :h"", ,~ .... , .... )Q ,~i."""1 L. , .. ;..:., .... .:., .1iJij

l ~I"' .. ,.. , •. ~"UF""· V'f .~g,IJIiIB ~~"i :I::?

N..:. h ~, h .A")I.. '".... 11,.;k ....... .. L ~",j . ' .. , oran - ~11!1; a C 0 'Vat'V ua'u tten .,.:,LLon 6' ,CIon P1W SnT 'ug--um

l ···.~I •• - I~~ '". _""_ - 11- ".-- ..... :.:. J __ ." ._ • _. _ :_ •• "~I - . .:.. ...• _",' .- I ,··VI I 1 '.~.: • ",-.

d' bl 'L.. ,,? ~. ·'~·I~· ',ii"'J'1J~ . ..;J'.' "hi!· ,

, 1. vay I -Il PIJJ,JD. san nua, mien .8. D-.5 Y'U" ~11i vav co t •. e Ira.

"lUQC khoan no' thing crau, tien~

. ~ .

Khi .. DgllCfii cho vay ,diu tU!D :kh.ong 'tim th£iy du, ngUCij

01 vay ilid ttell chuin vay th,e cbip:, ct:Qlng cd lQtl: nhuan

d ... a 1", J..,:: .;!: h "" '-b& h·.... .,,-.. d" '" 'kh' .'.!o.,,;t,".i' _ a xmen .... (}I tim t·~ ern 11 - ung' nguOl'_Jl vay cnong an

.,".... h .iJ ('" I" d .t' a. lr ,~. )-A'~ .",1. b . .,. I ,. ~.

tteu cnuan tnrc . a' '.um cmian ce tllle:p tuc nan _QI cac

1 .. ·l.., ? -- .-~. .. h" A h.A· 'h - ",;;;1 h-,j'· - kh 1- i"_ -- "!- llr~.·J:: --

M,I-Oan n!O' co 1r :.e c ,a.p IC'., : e- 0 cac to cnuc ". nac VCIJ, N,lem,

·1I.~ -HI~"" "1:-', I ..... ~ . "It II-.~,a I ·tnttimn h···;:A. ~I' ""-., d"'I~ ·'hlnh-' s ... 'C', r : ' ' .. '_.''';''' .Iv~,., . ,an .Ia. co .ra. .IlUU~U ruu ... ~ - ,yp u,v.ng __ o C "._ ngan.

'bang cho val' di·u t1'en d:a: 'CUIlg' cap tho,ng tin dOi. tria

. ~ - - - - - ~ ~ - - . - d .. .:t··h ..,;;1" ~ . ,;.... 'C' .;3'. . .h $. - h ~ -

ve ngut11 yay' '. 'ie, r Quat ,d'u, neu chuan, vay t re cr ap,

-DII'O" l'dA ,c· "'m'" . h ":lI'"Y'" m uen "Dlm'1ifi .A\.i1" 'V' 'i::Iy'A'1 ~c bt e .... ·'fi- 1Ia'~' '00" ·llm,,(J·

___. _ v·, ,yPu.l· . ~.~. .1 II! .y" ".:J! ' 'i&""''U'"'' IUJ.Y, II Uy;. "', Ii. . .11.;. !!Io!I..aL~

··,mfriid·'·i' .,'.J ·:·d·I.~i.".t..·I~-· .... "; nh·-'ii~g·-'-'·Im'~ iO'U" dung 't'h·o .... ,

D6M.'Y';I. . .cJ. Yay 1_tl-VJl. U.1u.an va _. Wl:", D&Y,V',A, ~ ... I . _-'; , . .ng

tin, sai lech 'd'~ d1. vay t:h.~ ch§.p~ se r(1i vao tmh trang kh . .-.;, 'i tha "00'" , 1" -- A,.r- - .. ' .... }..;; " . rl 'pl\.. a . -l~ nh'-lI~·fT .. ' ·· . ong ~.. ,·.' .. · .. 1 toan uUOC DgJJJ!ia V1J. n·v.. '. - Jl14n . \l.U. . " . .'.'uJl-a

.. "'," -',. hi - ,~.' ~ _. . ..... . "1 ,,/) ,--" .

ngum di V8J'.~l -1, VO hi" nay ban se khol.ng the' qua. !duqlc

quy trmh x,e t d.uye't :g, C nlnr t'hai eac nga~n :hAng rho

.. . 'iL. ~-h- ,~,-- ,- .... ,. 1I ... ~:· vay rne c ~ ap tnroc 1U(·a,~

'V' hi- .' nh "'~:n'-' kh - 'n- -- 1:1' - - a"" y d"l "trl..... h" "1' n' "h th . 3. .... _ 11... va~' b ,j' ,h .. : .' ,u.. g .1 !loa I . nv' R/ '" _M:yl\",.' uu, I r.:~ .UII',.'. ,an

h nh'" b" 'll--'b 1i ~ "" ... "".~ etA - nh'" b oj;

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v(d. cac khoan nQ' khac dl~ tao ['3 Iou tid san gQi la nglna

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cac quy hun tri thieu than trong, ngan. sach co :nguO:n.

t'h iIPI~ 1!-..: -Ie L! ," i/!;, hat , ~'t .. .", di' ,.,

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phll,ang; cac nha dA.u tU Cia nhan va eac ngan hang' trong va ngoai nuoc khac, Nhtlng nguOi diu tu' vito .Ioijl,-i

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:n.Q'se s;inh ra d,ong tt@n cho ~Oqj COi:ng C1L)l 'phai. :stnh ma

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nr tin rang chung Ii nhUng cong leu d,a.u, tu all. toan,

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ac IU.Ul tau I .. u ,_at no ra mo so len ,c_IVII ae mua cac

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th~ (h,~'p cho loai ('hUng: khoan 18 lUlng' nay cu th~ la, C'~~ gi Q"u~~ trinh tren 1 :an:f, . rno'" t '11'0' i ::Iil'it r'a~: Ij'" 10- :~,;, t~'; '5- an'j, c ·o·~

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"e'h- i1 be" d ,- 'J' k;!l:,·- 'n- _. h ., I~:' nh thanh 6,.

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,tOal (ung 1-, can p - . lIe tap", san U:IQ "t ~ '1.1 nno va cat

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nam 2-: ():C. 0-' 7' t'a'~- g~~"" P"-'uE Krugm -.-- d'~' ct·jnh·'--· 1-. ng 'hj-~- bong

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ngol _I__ c_ ~ .~ _a (10 ,ng,Utf1 . va g.lJa,_ IJ .. _ _c lilt I c. _3 U g l,am rat

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JLtuii !!'U,Q 1 uOC i va g18 JJU,,Kt se: glalD. utl :', Ah lllul ~ Sl.rang

thai "'ty Ie thong thuang'" so vai thu nhiP ella ngum

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dan, Con so uo'c tlnh 30~, ella, Krug ma D, ham y rani

, ";;'~' ","', '. ~ , ';:jl d' -,~ " d- nIl"',J, ~ -_.", '. dO. - - - h- ~ '.

tong gl8 tn tal san_-,U01,_~,mg '. _ na n cua ngam ,.' .. an p ',W,

giam 1m. khoang 6 nghm ty usn SiO vm gia, tri cac 'tw, sin, nay d,thOi di.~m thang l,2 nam 2:007~ Theo chi so ghl, nha d' Case/Shiller, vao thang 10 Dam 2:008, gia, nha Ida glim, dil khoang ,23,% ,8,0 v61 muc ldinh cao :nhit h!oi Dim, 200'6~

Kl'li gLft nha gjam" ,rit mn.@·U ngUm mna nha bang ti,e'n, m 'Yay nhin thiy bQ ding sa' ,him. 'tal ,san im vi 810, ,D(1 chua tr,a cda ho ](U, cao hen ,s6, 'ti@'n thu duqc neo ho ban ngoi. nha dang the: ch'p tren till trttKrng' - Iday la, vAn, d:'~: m4t kha n,Lng' thanh toan, Krugman cho rlng

11 ... ,'L.. ~ _. - ~ ach -- s . 'Il .... b, 0; thi (fA '." oj " ,kt A'I'hi'iF" _L,I!'!;'_ 11.. ,lUlo'ng 'co ca,c . 0800' lU:l8. J.U. ' .. _ e glal qu ye ~b.&~", ,EJlJ1:ru.uI,

ch AnD .. ~,_'l-. t rane ,e'l. -h-'~r~1 ·t'dl~ ,c~n'" im Theo on g' :s'e'~ p-~··hll']·i

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'mat nang nanr' tm truong mal t iao i'u 'tilJC1c: net .·' __ lIQC

vu lQD :XQD nha 0' na'Y~

(1 rl't nhil~u bang ala 'M:y, cac :khoan n,Q' d@'u, la, ,kh,on,g' thl truy d,6i~ (tae Iii, sau khi ,ngu61i vay 'bi, va n,Q' v,s. tM sin th@: cb£,p bj tkh bien, thi ngu,01 dOl kbO,ng phii C'~u,

t- -~. - h- - hi'- • e"" _... to-h' e - - -@··'o·_-·CJ'-'bu·_·t"h·oo·t·..·'l001'''--·

ra p. '0' iem g: .1, '1-' em neu so n,' £II-I ''lJIi iann ;0"8·"0' "'-1

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ty Ie uite tmh 30% lala Krugman ]i tuOng ,tt.6:i chinh xac thl s,e co' 'kho:;'nl~ 10 tn Q:-- - h,Q'''' ,eri a dtnh rm vao tinh tran (J'

. ,., ,--...,~., ,1""U., .. e", .- ". _. ¥JI.'~;

!H:) han t.ai san, ami va ho se: 'co' Id,t}:ng co manh m,e: d:,~ tuyen bo 'Va' nQII Hang trj,eu ngwli d:'ang SO' :hau nbs :se

mat O'niW ,J:, nau nha iIl""1I~~ ho bii tkh '~b-'I~an va'" nhifng n gu~ ~,c nui u~_i/c 1 ... _,!tI!, '~"~Q, ~--,,' --'f ~,~-., _",1,,-' I_.IU_U,_ . :'Ul

(ti'u. tu' vao c:hllng khoan co th,@ c:hip! 'bang 'tai S8'D se bl '101 nijng',~

N',ghie,D. ICinJ v~, hch s~ iC10 th,@ dem lui chut manh moi.

VI! each thuc giail quy~,t bong bong DhA l, hiien n,ay. :Nhitng' ,gl chi'Db phu, Cli~ Roosevelt ai, lii:m V'011 cu(u:

'Il,.:ii,.. _" ~,~, he 10, -~ -, ,;1;:, kh I!o , , .. , - th ... ,.""",'1:0. " ~, '~', - , -" nh:~

l\.uung noang mat ,,--,,-,,--~a nang t .~ruu"" toan nf1 mua nna

h,l)i, lbi:p :m'e'D 1930 chinh la, mo't ti~:n, Ie VI~ ,giru phap cho tlnh trQJ:llg VIa: 'bong bo:ng nha d bat diu tu :nim :2007~ V,io nam ]933"11 Quoc: lu)l, My d,a, tho:n:g qua :Dao :lu~.t 'Tii b,o trQ 't,D chinh, cho ,ehu SId: huu nha, theo laol QuY' Cho va:)" sa h\lu, ,nhit (H:Ol'C)o d\U1c thanh Ul,P',~ Chac :ning' co b,w, roo. HOLe la, tii :b,a, trQ1 tm, chinh cho c'bu .sOl hOO nha d,~ ho ]kb,an,g bi tj,ch bi,e'n ,Ma a~ d6,ng t'hm. h,6 'trq cho C81C n,gan :l1an,g chu :n,Q~

:HOLC tilt Iduc;,c thanh, (;oog Fat Ian~ IChUd,:tl1 trinb nav d'a''''' cun g= 1ii""'~'P'- m Q~" trt au kh .n ~n' vav Iii' :,. cnat 't'l)..,,&;,p" ''i fa~'__ J."_-_:j.' -e I_~~_,_: I~ __ ~LJ-·· ~1iP!. '_.) ~,~,_ ,.:, ;,~-~~I~,_ ,'< ... UlP,·, 'W'I.~_.'j' ~~~- __ ~I _' r~~. ,~lm ':_:, "y'~_'~

thmblg '00 tadi han tri GI,t)' Ida] hen so vm niq gOe', Oh,a do siB tl'~n m,6i hi;) gta dlnh phii tra, :0.(1 bang thang gi3m mo,na; mac: rna ho CIO th,@ chi tra dUQt~ 'TroDg' 'tnrong' b,®,1 c:bu ,sa han nha vm, ,khong th,' tra, ,ltllOC 110 d:t1, vOi bat leU tti,e'u ki}@n, h,qp, ly nao thi, HOLe s!e dl1,Qt qu-y@n sa hllu. IlI'O] nbs, va, cho c:hd cU, tbue ~_, vdt gli 'ti,en, hang thang nam trong kha :na:ng: thanh toan ,cua, ho, Theo each niy~ :HOLC dim, bao lang og01 nha ,khong, 'bj lbo 'kh,Q1ng' 'Vi co, nguy Clf "b,j hu h,Q,:ng' :hoij,c' :p:bi hoal, Khi HOl.C ban Iduqc ngo,:i, nha d,6 cho m,g!t gia dinh khac tbi ho s,e 'yeu ,t"~:u :nguOi thue CU, plhM cb'.uy,~'n 01. Trong s,u6't t'h,dl gian ,t61:n, f!~ll N' nim :191:33 d@n 1915;1" :HOI['C kh,ong :nnllng 'bt c:hl tri d:UJqc 'm,Qi chi, phl rna, con k.i.~m duQ;c clni t i,t :I'(Iii nllujn"

Chinh :p,hu, (:10 thl~' s,u' dung mOt bien, phap khac d,cl

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C __ y[ I '. I ,U . .II.!1an, II v U'O "'. IU",C ca,c LJ..lLoan, n,y , ne cr 1,a.P ~.lLung

'c'o kha ning: tbanh, toan va cac loai 'tat san bi coi Ii

~j do c hat n kha~' c - __ - kh- O'I~' 1:1- ,- - g -~, - - d' o,J)~, t··~ -'" S .'L. - -! - ho

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ua,ng , an, 1I:m, tmn trang, . _ ,U.n . .0,0 tren tat ca ea,t tlJ-J.

t'i'l'iITJ~a [. ~)! - hinh

ll'lL,U'U',I.I;e' ill CJlu .... ''II,

Mot lin :n(ta Itch :su lai cung cap cho chung '[';0, minh chimg eho '(h,ay,nhUng each lam not tren co th~' ngan cbijn khung hoang kinh d~~ V'I dQ.'J Qny G,liai qu',yet ,n'Q (RTe') do chinh 'p:hd, thanh lipl cnD;g' da g:hip Cac t5 ,chUc 'TIn d~W1g' nha d Ioai iH) dUQc cac khoan no kholng' duot thanh toan khoi, b,ang c'an la,Ol tai Sian sau CUQC kb:tl:-ng- hoOa'fig cac qu,y 'ti,~t kiem, v,a tin dung :h6i, tha,p Dien 19801 ,nh,[f d6 thiet hai khong Ian r6:ng sang ca,ic'

tA ch '!iifl:r t" a"" ~ chi -- '" 11 ... '1,.. ~.p

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nhUng cO quan c.in thil~t d@' g:6p phin ,giai qu'yet vu be biOi 'bong bong nha 0 kbi no dii tra nen qUia :ra ,rang:

... ._.' '2' 0" O' '7 'T' h '.. A '" I "A ,1, 'W hi .

vao nam : ~ . '. ay' vao 'UO" ,uc ,-,au .··.···,as" ungton

ching lam, ,g]" va, ,weu 0'0 eho -rh&:y ho cb§,p, :nhin, r8.ng chung ,'. ta s"e .... ' p';k!;i ."'rlij 'Illihi''nl0' nam ..... u 'ne:it."u' A,e~' .'~,i tru:-~~'g" 'i"i,'i!! _ _ ...:~,Q . ..•. . .ILIG.I, 'U,y,ll, , ~~, I"" ,I,.,' U: ~u! .. I. . lULl. !l.1!.I

giai qUyle't nhu Krugman nO',i. Hon :naa, g~M pb.a,p, ~~d@' '[hj, 'tntO'ng tU giii q,Uyl~t'~i! aa, 'va se th~:p tuc g'iy 'them, to'n thit cho :nhieu dot tu(ft1g VQ tOil khat trong n,~n kinh t@, (vi dUI! nhUng ngooi, s,6Ing' a not :xay ra nhleu, 'VIJl tlch bie:ll IlhA tta:t~ con,g 'oba'n va, cac (ID'ng: 'ty >ray dung va cae nganh COl ,lien quan),

Vii ieUOI(: khung hoilng :kinh te hl'en tat d'urJc ICO,l hi

t- h' - - bQ - l ... ·~;'"',.: ..... ,t-B 'ng'" ·hi"e .... -·_·- t- --ono ,_ b ~t- 'kg jh";.' n - _. Kh' -g'. ' am, , ',a •. U:lIJJ,s.,~ ,I', ~ - m:r: I - e ,i,UW, ,'~ I" Y:. aal ' -'. UD:_'

-hc~,~-, "1*-' .' ,~-. '-'-b-I'~~ lamrd b"~" hoc Ilch .:'. ~', -', ,,~

.oang nen can, P,_c.Bl ram ro ,~ru, no c ~C-,.c sU ,rut r a t u,

h'~" ~'l.A'~ Th ,~' obi J:. - li..,_,..... h '!i d' '" ., ,,", ,iii:

tiel, ~y' uo. I, ur nnat, (:U,UUI pnu oong 'V,iFU teo rat quan

'[fQ'ng' t~ong viele d:8m blao ,nle'n ktnh te: phuc bOi cang ,_,'Ii,..;, """ _,1l.. ii"";,'rIii 0' 't"t·_, t,'ho .... ' n' 0' 'q'~'~ '!.11 .'';'n 0' ir"'a'~'u" 'dA][' V· ~ s ~n' ph a1:ron

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,t'""l"~,;;:!i cac d oanh n'··a''b~;.S.n nil' .. ~ ""·o~·· ~~r' d 0"''''''"'-11-. n,,(J'hi~ip'" 1(':0" eo

"';UQ Q., -,I«lU.1l, ',e-Ji'u'''riF,,foi'''!1 _,y~,:_ ""Q'!I;._,«lI,UJ &~ ~ , '. 'V-

h"';1 11 .. : am In; 00' I 'uiil'lni ''l:Ja'~- h n iI:!!,_n ii""n dnng" hrc "'''.:110-''- them co

'vJ1 ~J}~_~_ ~¥'~' ~_. ~~~ 'y a '_¥ se I~.v. '._:J'~~~. ) _ ~~, ~,~:'~ I.~~~I~=I·_.", --,u'

boA;; 'Iriti'ifl' '11~!~ 'V:~ol;i t r'o'" OI';;'U d'ilo"";i h'. O'~'l~ I",:b~_'" p,' h '-U'ill p .. '~";i !i"i\!..;I;'~

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di'i~' ,c'U· u ng."'lkr, ';j' r"a~ nor !I'" ]...': t"l g'n "m '.' 0;'1i D'I ~If'!!~' h oi;il.t"! IUd'" ·a..$", 'iI',o'"

'U,I .. ~ .. - ,1 ._JLU . "Ab, II;;,. I, U, '\.,~;I . ",,;Il, ,_YU'"",,, .1, .. , ¥,,," '., IJ n.~,

chut it Ii nen ktnh te' S@' tit p,hu'C' h'Q,it 'Va luc dO, co 'th~

k1-'t' th--~ ..... ,' ...... ,~~: b ...... ,~ ·t'·... . , .... ," t1l..,;;;.. h t, "" . .'~ "h '.' ,@:: ; , uc 'ClIllJ!.Il.11 sacn 'CUl, .. ieu g,B Y nam '\J, ngan sac '1,

~ kht "'(''''' 'h,i( 'm'.... it - - I''"

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ngay c,a ~. I ... " ty ,I e tLat ngcc· I. ep van, C a,o~QlU'll. trQng a,

ph !,~ 1ii"'IO'~ chi lnh ~ ~'ii""h- 'I Iii'" It,~ til" &u, ,t, a'" '1.' '1."·\""10"" ':'!;I, 'd( '~rrIi 'lbl~'O: - d e- 'm' '.' 'l"'1iii

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qua trinh phuc hOi manh va. U}en tuc chu kh"Il),ng: nen 1.0 qua nhi~u, d:~'n, Iquy ,mo, thim, hut va n,t] chfnh phd,

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Khl qua trinh phuc ,hEn di. n ra manh me thi chinh

'-h'~' .. '~"Ji.'~ -.' :,f,t ..;r':,_1o.,; .,~~ ·t·e?' nhrr "t"-hf,"'= (1"" nl1'~'in, p __ u PJ!Jl,(;U, quye ~ U!lJ,DJ( can, cm ,0 I JIJl:t u' ,.c.,~e ,nao-_e , .... ",,,,,,,IJ,lIg

q uy··: t"a~;'c' q'IU"1r' Ai-, ..... m:' '':'1.'' CD han l('Ih~ hoat 'd' 'IO"!!"O' '0" c'-uojl'a'" t·1l-:...;:

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tr~~g" IrJ~- -m"I1~,~ A.u' ,Arif tao ra m o~t va, h,n;: van'"":' '.' mmh '-

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e

IIOge" looog lol'quol lolro:

Tu luang c6 dien va he ,thong tll ban chi nghTo

l'u' 't'ilO,j, ky' dUQ'c ,mol ta, tro:ng Kinh thanh d,en naY~11

1-1 ~,,, '(jji'~ 11 I"": "~' '~'11*'" 4'i t-"h'~-I 'hi, ~~u '~'h'e''5, oii,ffl 'V'iI1''Ii'\Ip' oua nh

, .0 ru .n,5'UJU'J. ,Jlunn Du ,iL,,+,"'- U.::, . lau " if:." 'I. e.li.Vli. oCIo-..i,.m,g '!iii',' ii ,

.. '~ . "'" -, to '~ ~,. - eo .', hi"'e: - .' ,- - .

va tim ra n g' "u· yen Db '3D cu '!]j c ac ~'iII 1'1 vat - '" . n tll """"'ng

I~C'C_c'" ,~~, ,e,'" _ -e ",,",,', , <~_>_~: .:.,,,," ri:I!"'+, '.' ~ !II . ",! , w,,/ I :'0;

N··,.II..'~n· ,,.;'~hU'nIICf' t""(Ii;:nl 'n;I{J'I·.t~ .~,.. 'ra~'lng, - m'" '0' '.'" ''''h·· [I~' ehun "Ig;' ta q-'-u''!;II 'rII,

, ,.lU 'ce, ...... ,.'I_~~II ",,",III;,)'., ..!.~U'V'.1 ~,!,l "_ "'" .... <_ ..... .1" ",- .. , .. , .. , .. ' ,_Q , ,.,~,

.~ t t' '1:-. ! d). 'Ib,~ .: .. ',,"' ..... ,

sat .J\k1'Y-_,e;u pnai co can ,ngu~

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... au, ' .... ' '~(:r():ng S,U,O'I~, ·It·· ". s,""': ·.om D,g "'UJ., all Icung !LID,

rang ban tav cua ,ehu,a, hay cac 'vii 'thin la nguyen nhan ,ena moi Slll Ideo xay' ra 'tre:n t'h,,@ gi,aL T.'uy nhien, bat

..t ). h'~ tb';I., ·1L,." 1 '7' .... t ..." 1i" • ,;I., tr ~ ., •• ;]..",;z:.. ,; tL,ilI ,. li' , oau ~.IU,: tne .~y ., mot var mer gia cno rang C10,''[1l"e glal.

thlch ,Dluve~n Man cac su kien ma can, ngma1i nhin thav b,~ng tu duv thay vi 'niem tin, till :ngumlg~, Flay ]Ic),

A·~' .;r-' , 1. ... L,Aj A");' JII' hor - ~.. - ... '. ·t·.'h,''#.... ~ ~', nh'i; ,~,

mem Il.UU.l uau cua pnong rrao m _:_ iLl\.: ma eac : ana su

:h.QC' got la, Th,m ky' 'Khat sang' hay Thm dJai, Ly' tfnh, ,khil

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con, , ... i,5~v. ... ,1.1 ... ijDU.JJ.u. , ~r~,t; I[I~ va, ,e .uan. m~,c "., IO.ng qua

phan tich nh',l1ng h'ile:n tUQft,g hlQ quan 8a,'1:, d'UQC,~ SUIt' manh eoa ly tri kbolDg' phat d S1J' Icru@m hau ma, lit ij

~' t inh A t ,A".!C 'b~ '1'"

qua .1 [1 .. . 'U,o u,e:'n cJ!Jlan y,"

X'& 'ii I~ -m~,i;'i!or- d'~ ',f1. n-?I Iif'III 14'o'~ th 'il m '. ol nh -:an t h u''!_ ,'·C·· CU-i ~',I~ con

. , , ',~ t, U .. - ."~ .' ,y, ... J~V U, '.: !L .... J, .... ,', <.& l, - .. ¥ I... "', ,.. ", 'lU ""- .... " ..

nguOOi v~ th@ gl,m, d,~U, ,I,a do tri ru'e sang tao ra, Qui trmh

'-... . ::t '" '" ~" 'J ,. .... ..,~' - cA. . ,;,'

suy 1,UiB dan, tim tn oc phai :oghi, ra 'm,Qt Iv th'uye't' de

gim. thich MIlloi' gi con ngUOi chimg ki~n 0' xung qaanh,

JiI . .t: ~\I"J: r .~ .o'i iii ~Ur:;'''id~

~~ UtLJ.II;~ ,~~,," ~[..I: ~~~.~

V:l~ du Isaac N .... ewton ......,'4:::~ t'-'hay' .. mot Iql'U~ tao 'r'~ .,~ r'a~·-'1..

, .', ¥", ,Ci'U..a.· '. -,' . , .', .. . Ill.W~ '. - .. u: ,"'y: l, '_ . _q _ Q;V _ UI,~, l U, ,,",.'. IJUIJ.Ji,

- "'" - - - ~, d',lf; . ~A' ..!t,.... -" '':!' "-hi- h 11~' d khi ,;( '-, cay xuong nat, 'Via, eng "a, glal t ru C.J. __ llY,_O I:'l.,@:n qua

tao luo:n luon ro1 X\l,t},ng dlt bang 'tbuyet van vat ha,p

d~'n"1 I'Cl-I .... rle Q Darwin ""il 'v;',;r d ung thu :c:-:-e''('t' .. ~'A-- 'h;:;',~ A'1f ,c "'~,, Dc', ~ .. .Iua '. ,i:J' ." . ,_, , ,&at " I,+~JL:... ,.). ,f' , d,~n, ula !l"il,e, gun

thich Ci 'fI' to,A, '-nc- t~'ii r--u~ 90 nh ·li~ 0' 10' ?'i I~ 1 iT!Ii 'b-' v:·~l[' 11 ... .'1..;. '~C nh a"u .-tre~ n'

IU",",. ;D 1"10, I .. ,.. '9,U, 'Ii... '~".' .. ILllJLI"6, .. : UJ" ;;;;tn,L .. I¥-: ,H.Ll~.· ~_ c.:~ ". '_ I, _', I.

't.rai di:t COI:n Albert Etnstetn d11a, ra thu.y~t nwng: d'Oil rijb,g' ,d:~ ,giai thich ,dai. rh'o,i gian-kheng glan, :M.a'C' du trong va 'h-'o"" I" 'L':Sn, O'if;3,Y: -'t..!lilu' ng ~':fM co~: tin no:u~~a v'~'n

Ii. , . v·', " &~ . I.," ,In,,, ,', . ,!;.Ii" II! IUJiJ", _ .. '"VI·. - " I -,--' , b,I, u'Ut!J,~,&,

'-h ~ ~ . ,,", '. 1",;: ~ " 'I'~ d "C··-:]I.,. ~' nh

cno rang mot Vial S'U kten ",ay fa ta 1_0 Y .,. nua f mmg

pban, Ian mol nguw ,d:E!:u, tin :rang' sU' phat 'tri.En cua cac

I~ .. ~ t' 'h' u- -e$.t' 1 ... ''1... n- ho - d ~ - - d'~ - 'L ~ 4' -b'" "t·

,y .. i ! IV'. 'I ,Mlva . '. ,". 'C •. ·;:UJ., ·.-',e'n lll'e'u ,~:lie, ,I,

'L' V th "U' 'yiJ.,t· l~ cac h th 1I~ con 'nm~ m '0'" 'ta~ 'fi'h,a, ,(JI~i~: thuc

, ',1 ,- .:, ,,;;;:,- ~ ""~::', : ·UJ;,.,. '\"., : .. ,'- --D'YV''!!' --- ",...~ 6U,J!, ~, ¥'-

tr'en cd :sa: mot ma hinh m,at p:hat 'ttl m,ot viti H,en d,e lea bani Tilen ,d~ Ie: 'm'Qt gia dmh ducJc chap ,nh6n li1 chan l}7' chung, kh,ong cAn c'h:lDlg' mtnh, Ttl COl Si!O tii1ert, de ,clo" cac Iy thuyet pa sli d:ung: cac quy tic logic DEI di [I,en nbUng k,~t luan, g.tai thich ,nlulng gi chung ta se dnmg 'Ide:n, trong thuc tit TAt ca ,mO,i Iy th:u.yet nJUn chnng d:e:u dut1c ,eba,l) Man theo ki~u tIbl~' nghtem, 'Ly' th,uye:t chua bao lia duo'c xiv dQ!1g mlQ't each c'hAc chAn, t,h:uyet phuc,

L-""- '[- ·hu--y'e,l.'t' 11,.~:_ L 't,/:. la'" -, 'Q~" 11 ... ·\";' ng h .... ' ti"'" h ~A" , 'Y' tn '_i_ , LD.UJ. e u mot &:,u.U'I", p an ucn rrong UO

c:lic nha klnh 't@ hoc 'xa'y dung mlQt mo hmh 'bang: each sd~ d',ung m,Qt s5 tten d,~ ban d§,u mit hOI ch8,p ,nhl;\'n, la cban Iy hl,~'n, nhien, Sau d:ol he sd~' d,\DlR cac conI CU suv iuQin, logic d~ di ,d,@n m.Q't h,oir(: nhi~u k~,t luan,~ Cae 'k@t

1IuEii'ln 'na" 'U I~'e~' dr'l 'I1rirro rroo~ na h A cho mot 'II"II'gU'rril' ''1'1''''1' t'ii "j!I each

I e- ¥-, ~~ '_ ~ ,j. ... I"'" I_·_U~,.~~·· ~t'-I I_I V 1ir_.~," _:.:__Y_, JiJl~.;~ .. , -.~U! .'" Vi, J UI '. ~-. ~ I

Ii 1m, g,mil thich cho cac S,U :kien ktnh t~ Ictien, ra trong 't'Jl...iB. O'l~M thirc - "r'I"lsnl ,t'h- eo IC' o'r; 'l'hi ~u'9!'·· dunz llil th '-u-Y-'~'&'[- A'·O~

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d:e d~ wat p:huctng thuc ,gmi q,uYlet cac van i(J~ kinh t@

'0; "h';(' , "., .Ai' .... h" ..

ma tne 111m nang ,gClP pnar,

C6 hai ly' thu'Yet kinh t~ khac nhau Vie co b,an nhAm

,(!f11'ia91~ t ''t....loi':'c,'h· h o "!!:It'IA t\fi a c:-:-u~ a 'ljl.e);.' n kin ih t'l;. h'~ "b',~ n chd 'n,,(J L':::'a' ,

6 .,111. ' " I!i:/IL., UV&&':e ,"',1" N,··. ,I(.;; t,LI ,,~, ", , , .. o,IJ11_ '~'

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d.o la: Ey thuye~t kir ,.I'. te CO, ul,en va y t uver ua tntcn

th' ..,._,'L 11 ",,1l..',O' an'" . cda Keynes v-··",e). n 8r-n- 1.",~_li.., 't',a. kinh I. d 0" anh ~~,dJ,gl, l\J.JL II. lIb'U. , ,n.. r= -.' .' . ~ '. ,l\.JJLUJi. 11;;;", ", ·'a ,,",

.' , .' J. .. I ,~- ,- - ,1;,. r-" klnh - L "'~ h - - if' A'" e. A ..... ~ 11. .. .' .... ,~ '~-

Ly thuyet th,u nhat la . ,1'1, .... te noe Co men, 'u,Ol LJ..a con

dUGe 10'1 18. 1)1' thu.y~:'t: 'tbi trumg ,hi~u q:ua,. bay' klnh ,te

h· . '" ,-, '" ,- '" ..... -' dj':~ . he ...... . kmh ., , . .( "b' .' '. 1.';',_1).,. , h ~ .. , - ·c' "'" "-h'~"

I, 'Qe tan, co :. en" .' IOa!(~ . ", I,. tie, . QC C!BlY.II t~ IOIl;g'! '. co au, t __ 'aD.

Ichu coa .m,t) hinh phin, tich niy lcl.:: tht tnsmg tv do co

.. ' ;:} ",)., ./1. i ~ ,-,,~ ktnh -- '/;' h~' inh - - - .... ,

the' t1t gllal ijuyet ,mQ,l. 'Van de _ nn te p nat smn, icon ,Slt

. '. ,t'b,';:'" . i)" :k,,f.'·_'].\... , -h'~ '" ~ ;c ... [1...;;':: ·t'll"lll'-';"_,i tu ·d·-' o' I .. ~ ---,~ ,

can I ·IUep cua (J\UlUI p,~_U vao UJLJ JI.'~.uJLlg . '+ . " . u,on ,gay

ra cac vin Id@ kmh t~,. Noi each, khac, chfnh sach 'CM

'k,: - ~ ~ l .. tnh .c ~ ..... 't ,","",'II." '1l..! 'i, 'k ~ 'io'Ii.'1L., 11 ~ ,.( A).

tlluep vao nen klnh te' cua CII~iU!1, PlJ!U C1WU). 1.'1 van U,Ie:1

- - '

,C' '0"" n t h;, tn .... .n,n,a 'Ihi 11' 'do' m ~I~ 11~, mi &11" phap

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, .'..... 'I ... 1 " i) 1", inh .( h "" A'~:~' d :ill: ~'.,'." ,.oi:, '.

,LQTl iuan iomc cua & tr t'I!,(lIC co men aan too met

\-'~ ¥-&& ~ Y

I'y nr do kmh doanh (latsse z-fatre), nre ],a chmh ,ph.u

lL"-h-A. - -- ba -"A, -~---,-- -']L~;"'" - ''',' .... ]k' .-', d· .... ,- .,-':!' --~,-.,1'. ong nao gm nen can tmep vao noat ...• , ong eua nen

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Th-~ b' .' l~' 11 'r '. h ._.J.., th ,_ 'Ii..r. kh'" .,'-..."', K' .... , -);. - ,Ar-

U, i Bl, ,18 IY t :Iuyet [ 8:u,1,1 I .. ··· . oan cua, ,:'eyn!e:s V~ ,nen,

il .... ; _l.., 'ito',a, kinh . d~ 0- ' .... n'l,...1 ·n· o·~ ,C' h ·o~ I 'ran~' 0 chinh ,~ ... -.- nh u~ r'; kbl ,- ~, ~ ,;n 0" ,f;;.ll_ll __ .Il_ 'l""" ,-_I.~-,._--,,_ ruUJi.:1i '_'--'_ , ..... __'_'---'-1o '!.,,_L I. ,L 'w__:'---" '\,,-v __ ,~ lt~ll'b

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gl8J quvet ca,!(: ,' .. ·.llQt 'w.em. Cu . ·.uu. cua. ,n~n ,UJl.Ull. te tit

'b'~'- -h-' 'hj""- the d"blh' " h-'~"" thi .. ----.~- ... -~ -". d'- .

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·"an c u n,g ... 8. t . eo '.,. I I. ,.utlng t,. '" tn«mg co .s,U '., iijn,g

t'·j,3t· .·.M ;'1' ,L.I'trI, .A- ·c-:~a· .. ·I'~h.· ,-:, .' !iI~- iIt'i •.. ~~, . "~.! c,,. n,lI • .h ",', .,~ ien, VVI ,s!~ ,n,;,,... iI,we ,. U., K. U v,~c ,;,Jiun. XLlQ t (, U ,t1 an va

c:ci"l:: hd aia dinh

.• '_"' - Iii ,~I.. '_'_.' oill

Trong chuong naYl1 chung ta sf!' ,giclil thich tU!D d@ !ca 810: eua kinh t@ hoc c6 dl~'n v,a aaM, ,giB, SiU hUn ich cua quan di~m co' cU~;n doi vOl vi.e:c chfnh sach nao (,n@'u cal)

. ~" ':h··.Ii . -"'-~-. - l.. __ klnh . ,- A , h -,. h ~~ 'h'''' ,. ·banh"· ,- ~" ,-, "'". -

co t· e gllUp nen ,N. i I re ,p,I,U,C I '01 t,I"'r3t n'··.· . I· ru CUIQiC

kfu'Unqr hoan'i I'!il kinh te va tat ehmh hten tat 'Va dam bao

. ... if3; ,. 1!3!' ".. . I..,'\:-, , ,¥c ,.. , ,.. ...,

m,Ot: nl~n kmh t~: thtnb 'VU'(/Dgi 'Van minh cho chung 'fa va cac th.e: h'e con chan t~dng' lat

T' "''-:' ,e ,':'., ··· .. ,b',i· ,1,- .~I 'h- 'I"',.;c :'" ~:;'Il'i!'! At ~"nh· ~-I ,:;",'" . 'C . ( 'I ~, +

long e., ,Uang ~.. c .ung fa se u .. a ... ,gUt ruong tu ve

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tai rna chung ta 'u'aDg' slln"g hay lkhang? 'Hen, cae 'tien dl~ khon,g ,t'ne' coi 11 mOl ta IQ1in,g th~' 't~: thl oguin nghe Ie pb8i bac 'bo k~'t' lll~ chlah sach lrua, If ,thuy~t' d,6~

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Ctru, bi) tmdng' tai, chinh va, hten Iii c10 'v-An klnh 't'~, Icua, T6ng th,5ng Obama ]8, Lawrence Summers cI'a, 'titng' n61 ~,chu(C' Danl xi hlOi co 'ban [[icUat thi 'nurmg' :hieu, Iquid Ii dan trw :nii ro, Ictmb, hulmg' diu, nr eho nguBn v,5n khan hi.~mt :m' ly' va Iconl bo th,(~'ng ttn rna nm~u 'ngttOi ban khac nhau dang sd h1lhl,.,.~ va giA tren '[hi, tn.tdng:

S'@' IU,lon p,Mn anh dung' gbi tri... LO,gilt: ella fhi 'tn.riJng :bi,eu Iqua Ii: r it thu.y@:t: plbij,c".I. ~

]. L. Hi Summers ;Ja 'Y. P', Summenit '-Khi thj b'tKmg taiii c[~inh n(li;it. d'@lng Qua '~6:t: MOt: tinhl tn:u6ng c,aln thIn 'tr<mg' el'oi wi thl!Je gian, dich chOng kh~an!r, ~iP c~, kJtJmw of FinaJ1ClaJ SerNces :3 [1. 98(9): tr,ang 166i~,

'Qu,y~t Idlnh ella, n,ga', ,holm, nay se Idem Iii lqi ich lJ met th,m (U~m nao d'l{) trong nreng Iai, 'vt hiu h~t mot hang' hoa, djch V1Jl d:~u, cin, Ihm, glan mm lam, ra dlFQC, n,en ngay :h,om, nay' c~a.C' doanh 'n,gbi~lP! p:h,m qu~f'et l1J.nh

t' 'h' ~.- , ... , h "" - ,'" - - - - .. l, - - - -- - :f5 t' A',A'" '""'11'IN' _. h'ii~' . ~ .

," me nr an, cong va san xuat ue co U UlyC n ~u:.L.JJ,g san

p,hg.m, dau, ra ma c'bj, CO th'~ ban d1" gtao hang va co doanh thu '0' met th,oo di.@m, nao ,(t6 trong nwng' llat Hen nita, doanh ·ng,hiep nao 'C'O' k,~ hoach d'I',u hl xly d1.lDg' Me xuang:, mua thiet bl :mm c6n, ·phii danh gta dl1Qc lQi nhujin ti.'~m nang ms khoan d'&u tll1 n,ily' mang lai

ro· "", c.A, s·: ';1'" p' ',"h" ·a~:m"·'· -m' ,,' a~' -nh',·" a~" v'l~g .. ,.' tl 'hi.;!' e~'t- 'lb'l~ IAO'~' ca' n 'xu' a~,;( 'Ii" r",;;i

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rrong SUO.: vong 1u' •• J!1 cua C 'ung,~< ong YU! nay ai

th,uong keo d,ai hang Dam, 'thim, chi hang chuc nam trong tmmg ~;a:L

,N,gay ca hanh vi, mua hang ti.,e:u. dung va dich vu giao

- - - tr ' ';' '-h' ... · hav d "'" t 111--,.... _1)..,: l.. )' th ~

ngay trong ngav .•. om nay .ay '0 mot ~lldy' IUlleU',J tnm

dj~:m trong t110ng' Iat cung Idol 'holi :ngUOi mua ,_ la, nlntng nguOt co tinh tu lqi, ,_ pbAi danh gta., IttuqC dOl tboa dun (J ctia m '''I·RbI h k ht ,'. D' "-hEin'" 'd,- i,:~~ \..1 ;;,:0' "!(J' "h"lo~ a d '1· ,(1i h UIIi,~ d" 'o'~!

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N'eu t'hj. tnnmg ,hi hi'~u qua va th\tC: su tbuc bien dUOc chuc na'Dg xi :h,'Qi nhu Lawrence Summers n,oi'l! thl ca.

- I~, ' ,';" . ''''-. 'b-~' .,;1");,' L iii,., :t. . ~. . ,;,., ,;( ., ""

ng1l1uJ!. mua va ngUdi, an aeu pna: .til'er gla, 'tF~ CUOE cung

,ella tat ca nhiing llQ'i tch trong tuang lat,

D@. cac thj truOng· t,Eti chinh nhu thi, tnlcm.,g' co plu~u

hi ~',~C':" tr"'+'~ P-lhjl;·iBru dat ,A1iWi'''''' 'L..'~i,au 'q' D" at m ·"'Q-.ll'· n m~ p.·h"'mt'~ "b l!.,!,a.tJ1i

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d'Ut1c tid san, trang thiet 'b'l, cite doanh ng'biep dang sa h:(hJ, s@' dem 'I~ bao 'Dihi@'u doanh thu va, li(Ji nhllan, trong

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chfnh ,t:'bi chinh doanh thu va lQi. nhuan n,B.y la, :nh1lin.g' !~y~u t6 ((1 ban" ma Summers :nh,ac: d'en, - chUng qu.y,~t

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truO:c 'llfi1ng lai trong l'y' 'thuy~t c6' di.iri da dtWC dUI vao trongtdt ca, cac ,mo, hmh thl, tnnmg hie:u Iqua :bien, nay,

Th' '10'0" lmil~a" A';,~]h, ly~· th uY"',e""t l""·o.:J A·:·e~n··· ,A·a·..., O';,a·';)'· qUI·'u'e,c·'t AiI'lfI'rl~ v, .: ·an.J. ' ..

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if .', 11 . atO g11a, r,~ cola ',', U, 1 ,p . ,rung . acmg al, v.a ,no

thing Ictjnb ring vin ICI@ quan trong d,uy nh't: IClan quan tam 'l,a, 'p·.·hii d,am bao cae q uv'l!t IQ'';;n,''- p··han p'hl6i ngu 'On

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lqe ·ng·a.y h,om nay ,s,t dem 'l,i ltd. Ich 'C8,0 n'hit trong

. - - - 1-" khl 1- .>" j" -h A'~ 'lr;"J). a, . ,:,,"","''Ii,.;. N: ~ ~ ... h ~J'-L.' ... . A'~~;

tm:mg' ICI:'I ..... I,. Ql ie I IUO pnar sinn ..... 0'1 cac 'I knac, IUo.~

,~ ~ 11'" th i:.t -" l .. .::_·L t~ h - - - ·~·A': lZ - - eo h 't:i" ...l

VVI cac I'Y"-- _'uye~ gta 1UlU.1 . ie . __ QC co wen, cau • 01. u',uy

nh a..(lfJ' ]a',~, each thuc phan b .. ·o·,., '"I6111;:""D hrc ·N·lle:.{u chana ta

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,e !I.ll ,I. I~ln ,glaJD rang 1 una: n,~,/ ra, quyet .... ,

~ 1m" oJ· hi iI' nh "'" Ii'b" J;.t" .... ·tumtg· 1 ~ t-bj" tro t'-hj" trudng' -'.

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nr do c,. . trann, quy t_, . eua.Q se .. n tal ngu n .

l11C' dUQt ]ploon b6' theo each t'6t: nhit~,

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Calc nha kJnh te: hoc di mat nhieu Dam Id@ :xay dung

,ca'" ~ m "0"'" ·l.~,_:b 1'6' thul.'· ! ,ui,t 'v,$i, h oat (1'000' cu'!iJ'a'" ,.JI..n",; 't'r1'~,rr JL.;.'~:e"'u

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, - -

qua~ MOli mo htnh d,~u. khac nhau chnr 'it v@ (Iac'h. t'hitc

.... t'~ k~: ~ ·-b·,:J..t h'~ I· ,~, -]. ... I'~n nml'~ "t c.1"'::"""'!I-r.

mo 'a rneu . uet nrong ar cua nrnmg '.L:a6,~U'& ra quye, '.1 jnn

trong ,hi en, t~I' V'j du, :m.o hiDh c,an bing t6ng th@ ArrowDebreu r,~t phUc t~:.p ,V'~. mQt: toan hoc (K@nneth Arrow va. Gerard Debreu d:eu Ida dllll1'C trao gi8:1 Nobel) dllQ'C

ph~t-- .... ~e·.!i-n h~ m-" At--· m'- A 1k.,~_''Ii,.;. ff''In,-:i t.....,."iI.~,nt hi'" 6. - ,,-, 'h'~ th I. e.,." '-JJ.,lL·' ~ 'I.'U .. ,1. Y ,i IIU nmn ~Jl.q . J.u!U.'",~, I .. ,ell qu,a. co nr I~ .'.E!

'ky 19 'te'n Hi m!o hinh can bang' t6n,g' th~ Walras,~ C:a.c rna

'L·~_L h.... ." h ,n; - 'b~ - i;' 'hA'... -I'" . 11 ~, ,

,1.UJUll P an tIC, •• , can, ': lang' tong ·t~_,e nay ia 1((' sa CUB, cae

'm''': 0.'7', hinh . t' ""'.' 16i"" lL!""ir ..... 1 't,/j pr' ,h' ''I.~ ~·-.I t .!:Ii.p:". duQcl I .. I .'.... Id.1IJl1g-'.':·' ...... .::t- m-lj,'y~ . ··"'n'lrl

, ~ . l~tU U UUiJli l\J.I,ll:.ilJ ~ . U'I!... lL¥ . .'. I ", _ .. U-':cJJ.I·.. Ju,. ILU,ULJJ.

:._ .' . " . '.' .-

ala nhUng t6' c'h11c co 'uy 'tin nhit hi,e'n 'nay' nmr :H!Qi d:on.g

ce van kmh t@' hay Cue [}Q' 'tru' n,en bang.

:Mo hinh pbin tic'h can 'b,ang tang th~ na:y ch,iQ rang

n.o'a"'·'U' 'na"Y' t'An" ·t'!lll'~ t"1hA~ t"~,[F c'h'n --h-~-- - mfiti t-'h'- -.- .- .'.-. :a' i·..U· "Y',I . JJ,4,~·UYI, .. ",W\~, I',~.V P . ep ne,-~.:.. .... am .gJ .. 8i.

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mlua V9 " '!:II'n cg,{"" ,,""'1Iin p a' 'm" v'a' 'Ie ''U'lil '~£II .' .. . F!' 0'11".]10' a'

'. '.', .... ,U, .u I .. '.' 'u..;, ,j,JIQ... ..1 ... .-, . ... <: . I t,. •.. ">F' ¥ ii3i~' I'. . '!b .. e,.I:U,I'-·

m,oi th'w, djj~:m. trong nron.g Iat .Do d:6, v,a.o th!oo dil~m. 'ban,

diu,~ :ngUot ta gl,a dtnh mQ,1 thanh vien tham gta 'thj trttmlg co 'th,@' q.uy~t d:~nh tien ba'nh, giilO dich mua va.

ba n'I" mot 's'an~'-·· -p,h····81t'ri "l':i,c' h 'lii'll 'v.tll t ~'li ~a:~'nl' t ~-:;, chinh = 11 ... ,Lo.5n1liO

. '_, " ..... ,~ ..... :-":.: '.- .. ",1 .. CUl~_I.." '1I~;.· .... ''1' ¥. .. ' lelL -,UI a: '1_., ,. IU,I.. 1'--.l,U._· " - Nl' .. _ "_:~

le ..... i aliao" DOi'!:IiIY.'; hdm nsu' ma con I); m'- Q' ,~ ,i-''t...~; ,A',:)' :,l!-m- t :--'-,'. "'g' . Ill, e,l .. .. ,ea .. ,. U··· ,I" '1 ,.1., ...1 U .1 .' ,:,.!l, !'!.,JUitU,~, u.lle. I fUn"

tUdng Iat, cho d:~n, l,g'n va cung" Kht trw nnmg hoa tny~t d6i nhtr v",y" bam, '1' Icna 'm"o, hmh toan phirc tap nay Ii tit ca. nhUng ngUdi, ra qu,Y'~t djnh 0' thai dt@.:m, hil,en 't3i Ichon,g' chi 'bU~'t 10'1 hang: boa, va, dich W DIIO ho se cin va;h.o,c ('0 th.,~ cung ,ca,p, tren thi tnnmg vao hom nay, nga'.y mat va tAt ca cac ngay sau d:,o eho d:i@n

t""· ...(,~ A'J:ti, 'H'le,. ...... "-b~ ""t"; . 1,1..,~ .1-.,~,. ch ,I"·t chit .. ~ '.' '10.

an, CUOI U,yl,~,,, " ,Q con _. met C,IUKlU cnar C . U' cmt cua ne

'11'~, m 'uo~ln- m ''i1'11~' lal ban O"li trong h a"1,nl~I(f' chuc han g'--' tram

;ot::, , ... ",,', . . . I l.y,U Ci'""tl . I.,~.a, ~, to ... ",., , ... , ",10 ' .1 .. I~IIb" 1.11., ... ', .-.~.-, u ,

nam, 'naa" do do ogay h'o,m, na'y' ho cung ,s~, ,k5r "11,8,01 cac hl(1p IdOng mua ban cho 'MO'i tlilm dllgm trong ru6ng' nat ''in ~rril Ich c-~a cO'n ch ~'U 'hQ'

~,I, ,!l,IY.ll, ll-U,a, I',: ••. , ~ ,<til. II : ..

Chi, c6 muc' dlo tom :hQC vi tnru tuQng cao ala :mB hinh ly' thu,¥,Qt c6' d'i@'n mi')" mm co' th,~ che giiu, dUQc C(1 sa 'ti,en d@ thong' thi' t6n, t~ cua 1V 'thUY,@lt: dOl: ngUm ra quyet dmh n,gay ham, nay 'ble't h,et: tuung 1m milt mit

~

vie :sau ..

Ng'i~ty 'nay r,§t nhii.I~'U, nha klnh te hoc eeS' di,~n chmh t h'~lo~n~I(J' nh 1- ~hni fr'h-:&y~ ,i:rl16 .rt~-l-i, ~\'a -m~I-A hmh ,A ..... r-I-,O-W,'·.:'7,-'D. e ·b: reu

= ,'.' • a . - ~I& ~ .. rtl.:_.: e&g U+'iUil 'll..U .. J - U III _ 1 .t1i.Il- ._. _ '_ .WI

.... cho :ran.:g tOn tat mlQt :b,e thOng th] truOni hoan (':hinh cho tat cit cac tiling hoa 'va dich vu si glao rho kha,(!h 'L. ~-ng' ;;, 'mnl~ ,t'h'~ Alr;e:~m' trona tili~a Iat cho A~n' tiS'D YO'"

lU1 ,I:~, U', 'Vl,' ",I ,ulJL 'U~,:II,iL' :~~ ,1"",VI,,,,~,,: _iL, ~ __ I U~· _,y~_,: ,I

,cUng' ~ la pht Iy_ Tuy nlU@n, bo va,D nn v,8:0 tinh 'hJi@u

qua~' ,r;U'~'Oi 't""';: 'tr"'~g' tu de 0 d-u"" b"l'at 'r'~"ng trong th a 1(f;,Mi

" ,I, '~', t.. ",&,q, I I 'Y!l,i,iL,~~:' ~,I'_" ,- I~_ , .: ,~" gt .. -' , ~ ·_Lt,,' ,,'.I~ ~,Ij,IV-'

- - -_ -." _-_'

thtjc, Jine; th@' c6 mQl: he 'thO,n,g tnt trmmg hoan chinh

,11... ,. the ,. A'~;;/! t h~ I ' 'D',;) .:' ... 'k,;{· '1 ....

CJL,!l,O moi -'I,I,(J,l, IUU,lem, trong lI.uv,o!;J;g' rat, :cC:€!' 'Ctru van xet man

Vie t]n tNang m@,u qua ella minh, cac 'Mia ktnh t@' hoc' '1lqj gi,a, (tinh r,a'Dg nhtmg, :ngWil tham gia, t'bj tnnmg hi,'ell} 'tat, co "tV' VQID,g hop ],y' VI~' m,Q,j, thu nhap trong trfflng' lai

Theo 4'·~ cac nh ~~, th o:~n-~ 'g" k-::-& d'''o'~'I'' h,c"O~"l" nh ~, p:'~'h:-,an tich 1I'11'h-I~]~

,,,,- U,IU, IIbU ,I, - " ,~., . ,. - ; " "'\.. ' ',," , , ,-, - ," ,,-, "-, U ,,'- UJl& l. ", - 'JF" U ,

lay mau 'ngau rihi,en 'W: t6:ng ·th,@ d~ ti.nh duQ'c xac suat

A' ~ , ~ ,.... - ''', d-" ~ ,. - Ao; Ai .4!i ~, ~' , h~

uang: tm (iV'" U1~,o mm, :suy ra nae mem cua to:ng tne,

'Vi v,ij;y", ,d:€ co thong tin dang' tin IClay v~ mQl khoan thu

Db ~-----~lll -' ~,~- - ~', , I ~ , ,~. - 'L~·' l,(

,-, i.liP tren t_J", tnlODg trong 'tUdllg . ai, 'ngUm ta pnai , a,y

Q':lfOC mAu eua hJdng' lal, Tren 'C(:J Silt Icto" nh11n,g nguW 'Fa quy,e't dmh hqp Iy' :h.om nay co th~ pha'n tich 'ma'D

"'A"A!!"" A" - 'h.... -h;At · ~ .,(,".i' • ,~-" 'hi

nay ae tim l:dl\1c- p aan p ,,01 xac suat CUI. mei 'mac r ,:u

nh~.p tUdn,g lai __ , v,a, thong tin nav cung dan,g tm ciY 'VI~ mit tb,6,'ng ke~ N,en til mau. Mlng lail n,ay co thi thu dtt.Qt thong tin dang tin cay' 'V@ :m6t th6ng kl@ thl nl'i ro thu nh~p 'U.rang' lat rna :ngttOi ra q:Uyl~t dinh ng',a'.}" h,o,m. na y' 'D':hr~. n;l\..!i sa. 'g~a9!'m" '" XU,I' OAn"'g' rl...'~ C' 'o~',n la'" ru '~l'· ro 'va~ c C!'u'~:t'

" "" ;t?¥Ji:i" i"" .t.k1..1 !~' ~ ,11.," '-' , " : ",,-11:1 ,'-- '_, " ,IV h I. '"' . ,d .

khach quan.

Do. :kb.o:ng th,e' liy :miu '1111 tUdDg' lai nen cac ly 'thuy~t gilt kinh l~ hoc c6 dl@n lat g:ia dtnh r,ang xac su,it doh

d'IIi"f'rlc tl;' d'!li'1;< 1I1~ QU ve');.' .. 1h.,t 'it'lr!!i~fuO 'trona qua'''' '1 .. ,'bU'''' v "!- ''L..~ ~n'

u"IV'-: . 'Yo ,' •• 'u II ~ 1,1." !l.,Jl:q I"" -YU"';~ \,- - f;: '. ,'. K.U:. ":a ,1,Ue '.1,

- ,. - b:=' " Ji. '!Ii ~ l~:" - 11· ,." •

t:(u eung I. lang xac S'UBt cua man ,: ,ay tu ruang ial. .. No)'

each khac, 'k,e't qu,a. mil ro xac s'uilt tinh a11QJ'c tit s,c. :Jjj,eu. thO'ng' ke trong qua, khu Id~tlGIC gia ,djrih se ,gi,ang v61. :k,~t qua tinh d',\1QC n,~u liy 'mau, tit 'tuong: lai,

Gt.a, Id';lh raqg ma:u s6 lieu. qUia khir sle 'tUdllg: dUdng' 'V~::~I iTir11~'''U- C!"O~I 1'-1" Au-'O- ~~dnO' la 11 ~'fnr:'" gol la"' 't'I_',R~ IA;A' eraodtc'

", Ul~ tiL liL &Ul " " 0.', ,', ;1IIp. I liLli"" b . .11 ULaY''Ii •. 1I ,'V . I' 1;..,' ~ U,~, ~ I .::7 UUII. ' iii

Sam C. nelso D' uQ' Ii 1;' "iai,a'jl ,",,'i_'I,;, ersod 'l'C,,1IJ!

" :.:JJ 1 ,~J( 1 ,I I, ,O"~' ,!l(t ,a;l!!, u,pD.il ~ a[ _' '"

IGw, «mh, ergodic 'nay la co s.Ol Icd ban ctia Iv 'thu,y-t-r tbl tnrimg hl,e:111 qua',1 vi, D~ll 'kb.,ong' b:ii~:t tnrCtc ~g lai thi nhung ngUdi tham gia 'thj, tnroug hi,en tai, kho:ng th~ co ,nhJLb1g qUylet dtnh men [qui 8le dIlQ'C tuong lat S,2I;''u, nay' c'hUng: mtnh, :Nb',lj chung 'ta, se: glial thich trong r;h""flrln" g" "Ai. 'K'" evnes da bac 'bri t'i.Qn' A'e),', ereod Ic k,·'lh.-J."' X';,\},

'" ··,!I,.oIL'U' . I,', a::t, ,,"",I ,lI;,lI;,,""fI;:I!' !Wi" ,I le,'ul'",," ,'''1;.11 _1.\;;;1 ", Ulc ~_ b, :.'...c oil - :. ", ~,~'pj,t

dung mOl blob, phan tfeh each thm:: heat d,Qiog ola 'be: 'th,5,ng' ntl ban, C'llU, nghta trong tb,~ gidi thirc kht cI'n, dua, ria, :nhUng: qu'.ye~t dinh quan trong ..

Ergo-dic hi, :m,Qt Wi mem th,ong: t,e khe hi,eu, nhtmg

clnin I "'g' t "'.!iI ~·o·~ 't-h& d" I·...."._ 'g' ll"an"J, b' '0" I~ n '0'" nhu ;Co ~1'UiO 1 ... 'b.: mot Rh··I··· a'-' '!l;.,I_., ,g, 'I,., I '~ . .;:_'V.!I,J, ,:''-- -.eJ,,_ g, L,' lU!._ i!.1i,~, I .. NU L 'Vi,.,

:phin, t1lc'h, su'dun,g H,@n, d~ ergodtc tbl :nguili Ido dang n6i f,an,g mao th6n,g ke lay' til 8,6 lieu tN tnriJ1,ng :hien t,t 'va q)Ui, khit. lellng 'tttong d1l1dng nhu mau li'Y 'tit :so. l'ie'u tbj, 'tntdng tudng: lai, N'6i each khac, hQI dang g~}a

IA'~i""1I... "r'~n' .-;-' ·t"iiitctng·' 'lJa,i "',~, t"h'[ 1 ~11"""' 'I'~ ,,'~ '. b"'~rI" ," ':i' , th ".('; lIpU.l, , . a . ,g .' U'I .... ' ',,' JlaJI. U,V.lLIl ,1.UW..il ,11.,0., cal,. ong eua . Jl.ll.on,g

k"" ,"' kb '" c:- ' ..... ,' 1 ... L.·,j; " '" • hA rib'" .....

i '. Ie: trong qua ,,',' I nr, [,:'J£JJj ,u:l.il moi ngu'{Q C' ja,p, n [,'Ian t~,!e,n,

d~ nay' nhu 'mQt chan Iv chung thi kl~'t qua '~mb toan :phin ,phOi, xac f),uat (nli ro) dJJ,Ja tren so :ueu, th] tnmng

! Ham Sf miu nhi kinh'~ hoe e~6ng: mu.r al~) '~hu~lt gia thi tU~m d'~, ergod1ic, cl~i:nh la con tho tn::mg' trO ao '~hu~t (N,[)]I.

trong qua khl1 mm. 'tltdn.g d:ttdIlg vm :k,~t qui tlnh roan, phin rich mau tiy tu' tuang Iai,

.N',gUm dIQC' kh.olnl;g nen ngac nhien khi b,l,@t rang: t&t IC,a, cac :mo hinh 'vo cung plnre tap tre·n. ma:y' nnh rna, C8.'C :ngan hang d·~u. h1 dung: lam C',c,ng' CQ. ,qui('n 1"y ruJi ro d~ Ida·nh. ,gia nli. ro trong tuang' lat ola moi tal. san 'tru chinh trong danh muc diu. Itt leua, .h'Q dI,eu, d,Ua 'tr@'n, ,phan rich 'th6ng k.e· cae 86 lie:u thi ttlrm~g trong qui kba~, Cae xac s,u.it nli, ro tfnh tren stl lieu, qua kha ba'Dg cac rno hinh toan hoc :p·huc tap nay cho k.@'t: Iqui co sat :SID r.at lan. trona 'vi·ec dimh. gta cac rill £'0 tro:ng tuang' lai,

(1L.4' 'h- . 'i; ·t·h"--"'-'~ - .- -_~- h .'" '-g' A'~'- - nr - ·ikA_''''· Aa- ri-"ri V-~'O' run __ VI me rna cac ngan nan uau t . 1[-';1)7 u- U.I;.U.

suv thoat trong Dam, ,2008~

Alan Greenspan tlnra 'nhi,n r,ang' .s\j S1lJ.p d6' ala. h·~ '[--ho6n,(J' il""8'" c ni(J\~n h ';;"Da A·a·).'u 'hi '!Iii d"a-: lam o'l'l;''t''II'g bi sol:. t'" '00"- - 'II mg

1,,& ca 1:1f,(l, na g u 1.::_ ur ":_" __ al .tl.: _:.t.:''1;",',.'-UJLI!'.

A'n' , ,0 tU!i",§,n' kh : AnB ·iI...,';:,,~'nl ,t"!ili '~'O' 1Ii"'ii, tinh -I '+r~'I"Hj" ·Afo··.t,· 19~ 'v&u' ra I" u..:·o "itII __ .--,,--1 ~_ -.6 lJ;l,l~ItIi.·.~ a; v. ILI.." ... !l.IL, ~""1I:t U. " '\Yo ·&Ql ,Il" i

Vim thlJlc: ti la din mua thu :nim. 2:008." khi 'b'Q t.ruCmg: 'ta·t chtnh Henry Pa.uls,on va IQnld,,~ h,Qi nhin. thiy chinh phd cAn cUtu Irq ngay 't,i:t: Ica. cac ngan bang 4Au nr '0

W" all s~ tre .. e· 'to. 'v"a'~ c:a'" e - 11J'1~·6lm·"· dOA~ n g'a""n ':h'a'~ng' ." -W· .... 'a 1111 Street

" .' !I,II!., -.'. :,' ; "" ! :: 1 .~ g, I I '. " ''Ii",. -' I ',:' 4.11. ,c_:. _,.:.,'..:.... '. '.' I 'Jill ::_. '. "" II!...

Icl1.n.g pba'~. thua nhan bo cAn, gll\:P do', thi. :rol rang r,ang

- --.. - , 1.# ". - ~ ,.. .~l'_.'b. );_ d·.... A ... ·

mot ma hinh quan y' rut rIO tren may tmn gan l,aV u'-a

kho'ng th,~ dtt doan d~uq( tham hoa t1'ang' dien :ra tren tu\'ng' ciD d:o,i tal ,s,an cua cac ngan hang' d·au. ttt: trong nam ,",,'o~' - 'H'U' "v'-'Q· .... na'G,· ree n sp ~1n ai!~ A'a':' hll·~~u tai ',,",.:"30' i~\ii"'l'~"nl g:-

.I, u~, , ""-e." .,,; ,:, 10;,. g,~,j ,b""U u_ , .. 'C_~ _ _ ,¥. ~u, 1;..U·,,·

~ - k

trmh" trio tue dlJa tlen tien de ergodic eda long lai that

bat 'tha:m h,'i, nhu v,ij.y vao nam 200,8~,

Cia dj.nh 'rang D,en, kmh te 'bi cht )llb,fit bm qUIa. trinh ergodic co. ng'rua, 1i tltang lai cua. n~'n kinh t@ (la dUiclc dtnh t.rWt va 'con. 'Dgltdi hi~n tQi khtJng th~' thay d6:i d':UQ('~ Eli t'hli:y bi@u. lfttg cua, ti;en a@' ergodic trong 1(.8..C

li,rm vqc khac chung ta :bAy xem xet nganh tm'en 'V~ln~

C' ... _1I.-.,iiI, "~hi' ,.... "" h 1 .. 11... ! A',;'t"I,J,.,., ~ _, A ',_

,',ae nna m en van "'Q{~ ~,lans \lpulL rang quy IU';,..o cua

cac hi'nb tmh quanh mat trm, va. qu'y' dao ella 'mijt t:rang quanh tr,8J'i dit trong 'tu(mg lai Ida duqc quye t

d-'''nh ,,"'- h '''"'' m" ,.;I' ojI' ;) '-1 L' 'B- ',,, "8 'I"

I': . n" g'.-. ai" 1jIl;" t ~I " I am" ' x', '3.' y" r-'a-' lJI iI n-' '0'- 1 ~ - :II(J :. -·an OJ ~I~

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d6i, ttuqc quy d,o ttl xac dmh 'tnrOr: cd/a, nhllng v,jt' th,@

, ,- ",CL,. d~' 'Tb I., '-B-" B -" - - -h'" --- .r. -~, - - , #,.-11... iUi11""'h-' , - b' ,

,xa "01 '_0. " . nuvet .:~g .ang . .1 am. y r~g tmn - I() oa, . (}C

chiJt chi! Iii eda thi,en van hQC' eta .8U dung tien d,@ ergodic 1t1~ dl1 'b'BOI ICJlUY 1[1',00 cua cac thten thl~'~, Do (1'6, vrn 8,6 lieu Iqua :khit 'V~: tile do v.a, hlldng ,m cua cac thten th~', cac nha kh 0"'.]1 'h' or ·'hi· ~an" U;!3'D "'0'''': 't'he'" d' '1" bao 1!"'1...~_:1i.-.. V~'C t'h'M:

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d'iijm, (:thUOng ating din tin, s6 giay) <::,0 'th~' 'CJj,uan sat A..... nh .... 't thu h'- ttL''' A.tt

U'li'QC' I' a' 'lUC ',",U 'I. ,,81 uSt "

Do c6 th,@' su d,ung tfnh khoa hoc chit ch'e dU:8 tren ti.i~n, d:~ ergodic cUa nganh thien v,an 'hoc d~ au' bao qu'y duo Iii, dtnlh, 'tnWC cua cae 'fhl'en ,t'h,@' trong 'va, tru, nhun~ ro, r.ang' Ii Qu,6c' h,Qj, M:y 'V,8'D khong th,~ t.h,ong' qua d,o luat kh '-Q""n-- g ch 10' P'- "b'~'-p" 'X'-~'''l ra nhat t'h'- uc , '-.~ ga"- ~ ca~ -c~"

,,;,1, '. c.., .. I,' ,I,'!i:, '.' . ,at r, . 'Ii' .' "~, t n ._.y i'. nen,

muc 't'l~e"';:u cu?' l'!liI A::IiiO l"",a,t ;to"" '1 a'" A'g t-ra""I'~A'laJ.t -'boi,ii'iii A'1i'I~rlC' -]!..;,~Au , ; .1 Y ~ II 1 '. '. la IUy. I ,....1yl U. 'I', IWI,,.;;:' . I> 1 U ID,l,,".!.. Uu'y IUU'!i="

.;!.,_ t, ~ 6ift a mat tl "r~i h ~i - 'Lam~' tao d '111]111'1 kl 8n ch - 0 i!i!'~n ''!VIi 1Ia.(.' !dI1U! i;II·II!;!!,I;,!I.,b ,u,~ _ c_ V,~ ._._\,}"u IUI_,--- _.__I ,'¥._ I, "'~'U, _::__,," _ -, _ ,.;;t!{,Q,~ ,0"\;,\.1: _"

'n,on~g' ng'hlep,,, '1\iOng 'nt', nhu Samuelson not, d'll ktnh te hoc lit :mot 'nga.nb "khoa hoc chat chen dura tren 'tien, Id@ ergodic mung Quae :h,Oi ICUng :khong th,~' thlong qua, Iui.t :ngan, :ngtIa suy thom kinh t@, ,giOng nhu kheng th,~ ngan ci'n d,UQc' :nhi~:t thue, K,e't qua IO,gi,C' cda 'vilec' su

d_:-- un g:-' m-'-'o'" 't..,~_,"" ·0(''11' ..... , t-'~n' g:-:i ~'Ai'l·nh-I·~· ergo d Ic ll~ Q- ,0' ,A..,t'" '\".Q"',1

·._.~~L", ,', .1JLU.UI .,_",:,~g. ,,~~,~ __ , _'f~,IU Y'II ... ' "")",1 '_'~:-"'.' ,.IJ.~ ,·::~·_u~ ,~,I;i,·lI

kholng th@ lam ,gi d:,~ ngan can, :nh(tng su Ide'n, khOng hay oa d:iI1QC t1Ulh. tntOc trong :1'0 trinh 'ruong 'nai ola neD kmh te~ Dii,@u, do, IdAn ttl nguOi ta tin r.an,g chinh sach cbfnh p:hd khong can thH!p 'vi 0 thl trl10ng ttJ do 1i chinh sach duy nb,at d'ul'ng~

Cac ly thuYI@t gia tnrOng ph,M thJ tntOng :hieu, qua - nih\lng ngUtl.luon 'bI tin lA'mirJill dang di thea mlQt ng,anh khoa hoc chat c:he .... bien ],uin rang Qu6c :hQ'I :kho:ng 't'h'~ tbong qua dao lUiat thay dO:i vlnh 'vi,en tlK1D,g 1m di duqc

dinh ,t.'~'~K" "'11\1~ n ,~:n '1i~_'b ,~A_ M'.-:: ,o~' '].,.:F~IL ph ;In tich tht 1ri"'~'R

~ __ p.JlJ.l .I. iU'UIlbI lib ua ba .... ,~lJJ ~,...!11 I llL~UII ~A ~ _. --Oil ~~ ~~V,4,~

hi:eu qua c6 1o,g1c: :nh,it quan cho rang' 'Viec ap d.unS :nhU:ng chinh sach chu dQng' can tbie:p 'vito 'tbi 'tnJcmg ht do rua chhlh p:hd, se: tao ra mOt I.1ICU s6c 'ben ngoal"

Ai' ~i 'i1'~ hi [- 'boo ;;IH a v".; 'd' '1i,n (J' 'hi;" liIi ~U:.r cO''':: C '~liH '0-' gc --0, ~~:n 'y~. ifi ;i",,,, Ul.Ol, 'YU'.!t ."," I V'!!'~ljili ,[\J,,U, .,_ I~~, lU. '\,;" ~_ ~.'::::- U'\..llJL ._, '.-,"", " .•.. 'bUll,..

nha kmh tl@: hoc ,ct:i di~n muon, D:oi cbfnh sach can thi.@p (lla chtnh phu cti'og gi6ng nhu' viet:: nem mOt 'vat gi d6 vao :nga',y gi.ii'a quy daJ) vijn d6:ng- dB, Kite Idjnh trtnl:t::' eua -: .A'1f'1 kmh I-I 6 00' al'i" th ~ (""',;,,, n'o.~' r"h'ie"" ch I 't"h:-:' ;Q.O·-:.' h,w ~£mg': ". P'D th~t

n~,ILIi, LUI e, u,~ it, V.I, ltu]· . '- . iii;.. , _~ _UI __ ,. , '"' __ _

:nghi,ep cao hen, hoang phi :DgUl,on lUc hon, v'IV'1

Khw 'wem cU, s!oe b,@n ngoai tuttng tU 'khi, ('hul'ng: ta nem mot nO'D, soi V,B,Q con lac dang dao d'QD!g,,, Hon scd. se: 'tao ra :mo,t cu :86c be'n Dg,oai. d,OI vm con Hilt lam q:uy

d-- d d i";, 1i' ,~. h d' ~" - 'ba'!;:---'h-' - ~.--- -- -- - _. -h.t

. ~I'O" I" I~O"" ", Q"'ni(!J P1!l~1 '0'1'0" 1 t· 'a.·:·Y':· . - (01 ..... ]1 t . ",'It t '1i,'~~g trong e» 'IntC

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liti :N~u chung ta, k'hong th~:p tuc nem tbtem :s;o,i vao con lac' 'till 'tic dong cua met cu sOc 'bin, 'ngoru s,e mi.t d1 va con U\.!C Sf; nhanh chto-ng quay laj qu',y' d_ao dao d:,QIDg: tU'

_'L.,~ "" ~ A';;, .... 1h, '1- ~ - ..... ,A-- dl ~--- ~ -{_''II.. .. di" . d:' .... ,,":.' '11 ... ,';; ,:1,-

nrnen Vll mnn ,'uat JlW,P 1-_ an co nnn ergoc : ,C aa tal xiem

soar Sit di c:hny,en ctia con l'c~

N'eu tbj 'truung :hi'eu qua 'V'a kJriftog bij cac Iqu'y d:inh, va, can t'hie.-p pruen h,a, , cling' nha,c ella chtnh 'ph,d ,c'hi 1il h O~;j t ....... ~, p.'I.., !_, 'I~'g i"'1i ~ ~ nb "~g nnFll'lt~1 th .... m g" 'l~ ''!l, 4;.1,..,:; t ..... ~'g' y_,.Il,I,J"U ,'.IlICULII, UI-J!,_ ,,",IU,Q . IUAI,_ _ 6'M,V,Ji, .Utl_.· _c, •.•. iU U.:q. _1:. U,U.lLJ!,

'trua,C' cu, s6c ben ngoat do ,cac chinh sach cua chinh plul g,a.y'ra S,t! gi:up n~:n, kinh te' quay trO lat quy' deo

'h'" ~ ~ ~... ,.c h 11 dlnh - -I ... t 'b"<: d~

··'·-l@'U,q--"u"a-·C·-'Ua··D,O····K'"DI'nag. '11'0' 'n'" 0' 'n° I' , I ' ". -. u~,' 'Ia-' p . 'a' '0

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da lam cho con lac tl@p tuc dao dong san khi b'j, hon s!oi ,g:ay ra ICU, s6,e b,en n,goii., Noi each khac, melt khi chinh sach cua chinh p,hu, g:,a.y sOle cho h,@ 'lh,ong klnh

.11.a h· ,~_J... ''11'11 hon Jl.y~ .. FlIlI'a· '00', 'un~ .. ' 0 n' 'I~,'~ tham 100i"'1ii '[' 't.-.,ii '1l'P-119~,D' .. ~III " ·.cu..ill ·W . .Ii,· Y Y I,t': iii... IU. .. "." _ _ ~ -.b ~ ~6 Y'V~ l~ _: _:~ •• _ mJJA 111,,1 'l£ IUV&~

tu do trong mijt khoang thOi gtan khong xac dinh (tUc

lla~' trona d ~'i han) 1[!!11'e"': dua .he'''· th 'loA-n •. 'g .. I.q.' 11 11 a- -y .. > tr ],I '~a;: '11 nu y'": r ·d·'·a: .O.!·

.. [.- e __ Ur.!, =~~a.}~ .. _IIU. "._ I _" u .. r - U ,1'·rjJ· 't. ': __ '_,- __ .

hj~u qua da. Ir.1"~ trnl(JlC't 'b;lng each thanh loc Un'himg

t-"h'il~'x~'u va ra llJ,'h·o~l· hi t-ho"'--a'I' (nhu each _.,i"i> tao "h"'" i ir xai ,h~-, .-' A':" . '- ,".Ine"··· ,a.' , •. nOlao n. a.

cia . Andrew M:,eU.on)~

Do dOl, :ngIJ!di ta t'htriChtg cho rang' khi thong' qua lu~.'t qu'Y dlnh mot cong nhan d@u d:uqc hltdng mot rmrc htdng 't16'i thil~U, ngay ca khi leo 'nhimg ngUdi that :ngm@p .san 16,ng nhan mutt lmmg thAp hrm 'thi di dlliQC lam

'C-: .~ a- :-'-'8'" ·kh··-..t~ 'b' ·'·IA'O';O··~ li.r-h'·~',['-·-L~'nhlj ~'h~ '~'A,~ ,C""'''", ..... ·t'b:~·'t

Vl~\.. v, ...1 .ut .. ~ u, .,.11 & ,3 .. t CuI· ... '. p. U. ua. g,a.y ra. . ,,!i) .

nghi,ep O! khu vue b11 nhan. Tu,ung' tlJ,! n.@:u chinh p.hu. 'th.o:ng qua luit bao ve va khuyin.ldnch thanh ,IJi,p ()ong'

doan t ..... ~I'" hi ,au' I n!lU~ 11,~ m "i~ ], ~ ,0' iC·e~· ·biAaJll:·y" 11 lan' 'q- U-I ~ C ao I

. _< ~~ _~lI.1 __ ~ cc_ 1"':1 __ ~ .~Q __ JII!;.W,""=- . YV~~s, ~. . .. ~ loll'" 1,11;;;;;: I,.,,~ ·.,u,

de'D, muc ,cuoi, cung doanh ng'h.l@p kh6ng con co h61 thu lQil nhuan 'Va cong nhsn Ch21.C 'chan, se tha,[ nghlep ~ 'Vi v,6,y, tu Iy thuy,et: c:d di~ n co th,@ t:hll,y t:'hi truon,g: chtr kh on g' phii c,hinh ,p:b:u mOil la, cml th~ qu,ylet. dlnh (I,iu Ii mlk blang tBi thi,I~U, ma clong nhan c6 'th~ n·h!~ .. n, Nhat

- ~. - i'.' 'I#' '-h j:,.. ,i"; ""' 1- '"' '-kll.· '-1 ,"", '-h~' h h '~I k" ..........

quan ~lQi. ~y t U'Y~l tren Sf . a ket 'Ccu@:n,: C' .: imn pnu snong

'[l,e:n, han, cb,e mnc 'luang cua gilli, giam dOle eao c.a.p, mil 'ne,n d:,~ ·t:bj tndJng quy@'t !r1inh. thu nhi:p cda ho,

.Nh,Q tcan hoc cua tnnmg Oxford 1,8 jerome Ravitz a.a. vi.~t trong 'bal bao co 'tin li~Ni.l~m tin vii IV 'tri trong 'toano b,IQC 'Ye' khllng hoang tin dung" (tan.g ·tre:D. T£llP chi Oxford's6 mua xuan nam ,2008 nhu sau;

Ii' '[i'h~,- - .,? 'l~iliTij"il; ,- -"i,8rn tF'Ii'jIi 4i~ '''''i''t,..~~ nh - .~. I"":~' -:-. ,,~{t·· ( h , .\~ .

• ,,~ 'l . U,"", ,Qi5'l.1: ru~.u, !.IU,I IL!I..IY.V'\., ,1uneu ,. .. a quan .sa., c . .oyen

ng'bi,ep ngay nay cho ,r.ang' .rAt phu h(1p VI" :mo hinh roan h - - ,. - - - - . ,,," _. -".- __ , '!I h -' kt - - .. ~ .. h & - d-' anh d" ,,.,.

. . ... I . - .. . '1 I " ' - I .'. . .,........ , ., 'I .. .. ' .: '.. ... ...... '. -:

QC tat trung tam, cua tro C O':Jj" t" m hi t . ap a. C" , a

din toi. tham hoa U~hUng hoang tin dung] :W!en. t'9i. ICUn!g

v,;;.; roha,t· hron f:Ii ·t·ho§p kem v ,oj, .,. rn PI'" lam duns ,10:_;1.. kh o ... nUJ·

. VI ..... 'UI..'U.y.a..a,e, '. B .. "'"4." ,. ,. . ... U.'" I.",,,,, . I~....... I. ¥-"'~ W,Il.l1 .,,::___: _:, .. I_: ~

~1~~)I! ~:PNrHQ"J:~;;' n""~' ,~ :~: j[~ lU'y~' 1i,PP.l¥ ~"D' !IU!t !IJ ~ "" "'U W

[chic c:han trong cac mil hinh toan ni,em tin :mu g" uang"

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1[J"~ln 11_"~i,-""1 t'll~, hoc ['no''''~' '~'iien'~ ]1 va'~i toan " hoc chinh la~' DgU' :I',y"','@n,

YO,V ~,.uiJ, ~ I . _' '- .,-,1. UJ.!.. . . J •• • I ty. . __ ~ __ . __ "_" .. _ , ~

I.,th""'b b~ b b8"" d'''' "lame, eh tinh tham 1i

,t·:o':" , , le'lii"!fl',c'a~ trong ~nn" ,~,f"i' ',,+"'ii"\(,'!' :.'1 " )0',""1.' a ""'!!.ilJam::."

, ' . ,U I, U " U , v.p 11;;." ,!J", Y'-- ~ - --- ~ -- -- - ---

va VIOl trach :nhi~m. pha,t huv 'kbci, nang :pha hoat cila

,:-:'L-~'-~':" __ :~'~I ,1-iI"', "I, "!"''''I'I'lr''filo'' d· ')"!i;;i ,"0[' ,,"'ngh,.,''''~'[·''d''I'1 ".'

C~lllung .. ,,~, utIJ1Jl, ue,D, toan JL!,;~c __ em, ~ c,- ng ", ,e ttng _ ,ijDg,

tren rnav' tm Ti~p", !do nhil mnlt dinh lv' nzhe co lie ~,~

_I_ -- : , "---:1 - ' '- '_C, ' " .. '" 'VI ' UIi, ., 1 '"'ag' ,,', -' . .E.J.Y}J

)",- roan 1- OC' , , b ;ien''''' , , -~- t.., ehe b,:=..- ..... 1: ri d'au');., ca q'u';" m'l~ 'Cu" ,~

,fll I" wiLl,',' " .' ',I",' 11W'U,Jl" I > I _ (u,UIY,-I!. ,,, • '~. ~,i, " U c I_I ~ , . [.IU"'~I '-, ' ','U.ll.

("111rn-a lL~~i m- 0''"'" hinh A.t.l:.,_; ..... o1la'" m!i ~ 'nn-I~ ~ ~.ii"iI.[ 'V,'",;' ""'h"'la'.("t '1111'trfn,O', ""'-~i' ",'U'.!I, - I, " , _ [Um,g.l, 'D~ ,_ 5.IiU- U .. JI" _' I, '!i,.I r ~ '--" _: - ,Ji'''''':''Y\IL~'''

toan hoc giup Im;mg hoa CaC 'San phim viin 'Vlang lena

rI' .....• ,,.. . .rI' , 1 ['1 . . ~, .iii!. lil'- ~, ., ,-" A .!IiI.

DOl K.hI, d:o. toan boc 'Wet tbfulb mot 10. chit d:QC vo SOng"

th 'I'!'''' ' ,i;, w:-' c , ' '" '-Buf-e -.. ,',~ -I"" I'" '.... 1,,;L,:=' h 'iii' ,', ..l';:~t' -' ''to. ,'~, -" I," ',' .["Ilill

" u, ma ,,', ,'arren ' " ." ,d~:~ g,Qla, W ,un. ,_IUY lWei:, ,uang Oijl.: !'

KbAc: bitt gUm cae I, tlllu,yit gla cd ai~'n 'va K,eynes v,e ti'nh Itt 11(: te' (loa, C':lIC ,g'l 'ia, dlnlh

~ . . ~

N" K - ,-,- , ,- ,- - ". n' ;til, ;!"'-n - Ae~- - hi'liSn to(ii "0'" ij 'li'lI'U ..... 'i" o .... 'n'il" sa ell ",-eyne is co .1" 60" g u' en " I."" ,', -y..il, lL'lL ,.!~,1,U i" '1'6 se

,gQ,j, 1'9' thu y~'t tht trl'lliJng bien, qoa la mot thu' ~'vii khi huy diet mang tinh toan hoc", Nha, kinh t~ hoc Robert

'l" UI' of"'~[C:" d' •. ~ ~"~I:~I&'n' m' """Iil_''t-,;, Y'li'ng," I 1If"'~-t(" n"'"[e""n--' tt'a co ~,~ A~~I 'llri,_'LI " _. ~Q~ _.Q; 111.14, I .. f.:UllJJ. ~ ~If ~U~ ." .. . _ ,Ilk. -e U a.U ~IU.}U, ,AlJUJl

t'eJ.: hoc 'C"O'~ A'.;:gn" l~; !U'tra'~'il h'." nhten "'It'!'II\I,"1 'h~g' bign nhien

' I ", WIIi;; .:, a. _"1 !L,1"Io . ,-,---_--)II;;' __ !iI ~.!I,:U,y ,",y,y,;I!,,,,', ,-,__._~ __ ,_. _ __:__:~_I__

la, Jim tb:uc' telnJi' Nh\IJl,g Icung' nhu Samuelson, Lucas

kh J - _. A'ii_'h _,'L ... 'iI~ ." '!Ii'A'~i_'~, - bj' ~ "'11 ' . "I., .d'~' ''b,' 111'" , ... ,xr ang U."PUI nmmg ,gll,a, u~uli P"· t :;uc: te IUtO em ia mot

, - h ifrlfimr ' h·'~·- - 11,.."1:. .. , -- h- Q -Ae!? -- g'hi~'e"'t'no ciru TI ... iii.....,!L.. t' e';( L' -UP - S

,P .. ,_u,:.t.a,6 p .. ,ap UIOa. .', C U'· n.··· II. ;.11. I·' IU u LUU,l, . . ... Ii - • ,,-OJ,.

IlOi: uTI~n, bo trong kmh t:,~ hQC co :ngbi'a Ii, xiy ,d"ttniI

duo' . ".'., ..... hinh t'l"!'lli'\iIt,'l 'b1l1D1'· '. " , . ... . . h "': ... .,,'~ . .. .... 't··~ t·

uoc cac mo IU 1 ·,ll'IU,U .111, .. ,0. rna p' ... : onz noay······ cans nt

", •• 1 - I. • I. • •• e;l: .i r- . . .&~I --0'" . -~ ." I

hon ·h,r", 11 .. 1.. .... ,(, . 'bl.;,. ... , t! hj. ... ·· thirc b'~'" ttra1it ", .... '" _I_vn, Cc',_w ,M,l,o.n_g p"um moa, ~,_I___en -'-' ~C'-' ,~ang _, - n5~ ngay

- Jt - - - h au h - i"'IPn'lt C" "a -)" ,..- '! a I'~p luan n ~ y l'~ nhtmg g.~~' cang nav ,UJlJi, ~,_ Sly cua iaj .; 'yl, . a: a I. tm ',' .: La,

...t,;,_'1-" ,. [L.,~: "h"· . .A: ...• , e , b'''' ,. "" Ii', ' ',A' ", d'C'~' .. 'iiI_, C'I r: '-h'-' ,

'~U-L pm t;.\JC te ,glUp ·al toan tro n€:n ne XU . Y ,I dill'

1 R" E. Lucas. "'if'obrrn va chu nghial 'wong tiln': bai ~iift mng' [ql).Han!l! ~ Q:P (;hi Journal ,fif Economic: literature :19 I( m 98,'1:):: trang 363"

'V·"\~ V'·'~ ~'I" tF-"..(i' mu~"n ~\~, m -~':-Y':: tfnh nha p -b';'n--·I tic h c iO~' ti'h~'I~'

r g _ V,II, ,"" ~ ~I!, y ,tI~1 - ,Ii'" 'II;.,'"",~, .... 0,· r JIJ.JlJ1:I! ... - ., - ,-' u. , ' '.. -' .. ' It. , .. II,i;;;

d 'II If' b "8#'· 0':' d' II ~ 'fj1 'N"fn,fj" 11 'OI~ m -!il '11:," 1rIO~ ng_. ,. ,; t'he'~ 'm,'·' Iq. UI a--" n' ,t ;':n"il Id-'.'ie,tn

", _I~, :"_ - ... ," ... :_yy~ ~.~V:"'~l I~, .. u JU ,A..!.J:. _" ", ,!.- 1 _ .'. _. 1 1t\U:;I.JJ'"

- h ,;iIi;" du b ".- - ~- tt'he~ sat hoan toan !e J u:yen '_"" ., aD co 1..._ 0:'· .. ~ ',WI ,lUG r,

Ca,c 'm,o hmh toan tre'D 'mla.y tinh ,ala, :ly th:uy@t thi

. ''i;" hi- '" "6,A;: ~A). "L.., :,-- h'''' -.. -" ,t, J:.

,tntOng ieu qua co men oeu cnua '-ang: nghm bten so.

va, m~oi 'bi~'n s6 d@u co mOt p'hJlt1ng trinh, do la each 'miD t,i; khoa hoc c:hjt ch,e mijt :h,e thl5ng' kmh t@ :ma, tai. m,ot th(fi, m~m COl tb,e' d'ong then xac dmh dl1(1C ca ,gla va 56, :IUQn,g mot san, phim allOt: mua 'olan trong n,en kinh h~' d,oi' 'V'm nhil~ nguOi" D,g,ay ,ea v:i,ec mc tnnb., cac Hen d@,

Crib" ~'n &n d"'II'~i m ,AI~ -,,;t-'t..1 g,·h,-'&n cua "m·': o'~ '~';i-L. to an , .... Min,o"

u. _', UnL..~ I~" ·_·~uUJj. " . , .. y . lUi.1JiU.1 .-. '~r .' .. L:·· .1.mBI ',- I ~'~-O

Id·:'; I? mdt nhl ':';e"':'·m- ~. ''lr111 ·b'·a:J.'t 1 ... '1lo.,1;;; '~ ·1,..1·_·1"·":'1_ ·H--"~ n·· .. 'ria· 'I1'ii,a~ ma·~',y' tfnh .. '

~U .. ~ ... ··V - , .. _.. ,. . T '''f ... ' . I .N1d, U.JW.. Ulil _JU, : 'I' y .I~!!I;., ---,---,_. c, ·.cc ~ J

~ th ~' thu ht ... ,.;1, - " b '\ ,. - It AJ(. ~, A '11" b ').,

co 'I" ,e tmrc uen uWC moi t at toan U.UI con uem rar ee

n,gom chan ly khoa hoc cho cac :k,@l IqUc\, thu Qlf(1C',~ 'Nb1lng

t hll'il' '"-.- - - - ... 1I, m6ty ..: _...... , ....... ~ '11 '", , ..... ..... lb·~' .. ,.,

_,I,IUi in ra ur '!~Ia,:' U"UJ)I" rm iam sao GO -, e san

Trong mot bii, bao vi,it nam 2009 co ti.eu d,e: "Co I.e sat llam - Ong' d.ung sal m,o'D Xa'C' ;sua,t, va Th5.ng 'I.e vito :s'U :thfing chic' ,c~hi'n cua th~ ,gidi thuc", Peter Taylor thuQlc D,eJ hoc Oxford, v,a, :David, S:hipley cua clong ty b,ao

;}

laDh MAP tbu'Q( hi,'ep :b6i 'b,ao hi,em :Uoyd's tal London,

d:'a dua 'Fa Ijr do tal sao mol :k@t q!lla 'in 'Fa 'fa :ma'.y tinh

nO'~l· 'iI-~n' d-'~-:-I ·~·::I-'" H-·Q '!IrileJ."t~

,~., 'I;JL'\.. ,eu SM.. ,,'!!',.Ii. .. ~,

C .-i'., d .,1"," fFlI,;,.!' d~l~'" 'tr'& nlrrl-.,~a.m'·' trong 'lJ"a'" "'"o·~ 't'1l..·o~ng· 'k,g ''\1':,;" . 0 .• 01 lJ.iia" 01. - Q "'II6.1IJ~ . . . .I!,'_~ >,Ii"-"I 'I;;,. _ I IIJ~! __ .' _,"' .... ,~ ,A(lC

su - t,t- V' ·a'" Thltong. ,._' 'k"a,.;t'~ at';'1n. I:;', l""L,o'~'n·g,· - '~'Pl ,-. dnna d-I'il'~ cho

'," '_ 'aL '. I .: , ~ u_ . .:: _-_~ U,Vl.l !b'QJJ.~ g. A-Il.~.·, . i U'_: . - .~~. .Utv .... ,_,·,'

- ~

'nhi" '"~ I' t~'~,·, hen ~A'(- "h-, ,::-, t, '~'~'-' d:' 1"1 _-~ I",j •.•.. -~ tuon I 'l·~

, eU,iI"U'UI.g _ ¥JY"~'.' MOD "QC nay f,m, OiL an ,~~"Llg a

no ... · q .. 'Dan' , .. 't;'ft'lII nh "Int nh '".li·U ,.2~n m· .Q- ·1" kh-c - ~ -n~· an iii]' irO,"'· 'il-h···;: -xa-~ \J'

" . -_)' _'_ I. a-aLi&Jl .... I. ,I/.Jl, ,. .-1U1. Ub ... , ,. "..... . M I, I,Uc ,I ~ ~ •.. ," ~,_-'.' or

.,.,.- :h'iilli'"ff -~~," '.". d ,; 'I'· '" -'h·'Ji. .·'1 ... ·' k-'(' -, ,,'~ '. ··'i'~" d'-· '.,'

ra.; R.L,l)uJ.1.5, [01, sau 0 at t __ a,y mot ket qua ngoar V:

_ .

IU:'~. 'I 'N·· h '~ . - '" ,. ';, j, '-'-h ", .. ~ ''r' _--_- ,~""-,~_-' .~', . --':- ._''''-'.- .-,_.4",

neu.; ,~,·_,:_.J.m,g ngUm t ··Ut te non se muon, co cong C'U ne

I ''i; ~'d·..... ding." ,; ... t' d- '-kh:-' 7... ',....1 h

1~1if m··· '!Ii1fS"" in ".-. "tID cav Vl "1,1 ';,a 'n~;T'iU'F ap nuns C '0

J!IiiiI.·Utild181 ll~~, .. v' -.', ~ .~ . ," Y 1", . '; ":" ;~, , .. ' , .' . ilui./!'di.ild.~1 . . .' : ~~J '.' -

:mQ't Iy t'huyet 'boac mOt bat toan, lca,c 'bire'n, 'phap du bao th:u&g' :r,i\'[ thanh cong' trong phlQng, tht ng:bt,em Ii. ndij,

dtr(1(~ kiem soat tOt' hoac trong khoa h,Q'c ky thUiit thl l~i, thong hi,en, qua trong nb'Ung he t:tulng' p,huc tap, va

nh .. ' l~" -h 1.1' " tmh d 'b'~ ,A "J. to d' '/ro'_hl '1 ,,",

ung y t niye _' co nnn ..•. 11' nao nang ttep r . C nann , ira

nh1llng ,ngd01, I~p chinh sach., Ibim chi c'6 Ie chung ta con phM thira. nhin .rang: minh cbin,g co mOt rno binh p,hu h,Qp nao ,cit Dung Ii ,mOt bien tuong bit thuang 'th,rn nay,

Taylor Via, Shipley eho ranjg' chung ta lP'hii rut kinh ng'hiem rut cUQc ,khting hoan:iI kinh t@ v'a. till chlnh - "~@n tai:

iIILNe¥.u' 'b' ~n, 113 nh A" A ~ hi '!IIi d'il im,er b' ao oi;' rm~' h 'tJ\r'U~J ,,'!Io " .. ,,",, fo --,,',,, ._,,~~ la .' .r e,1'U,au ur, ,1..J..a-b, . 1:,"'" 040 ,_: I 1 "~":,,,,...a vao m,Q'!..

''t1ii m~03I~ d"'o'~c' 'd' 'am'*-- tu y~'n b"'lo.(' [""flnio' ioA'nO' fr·a c 0''''' -"'I~At m-;'o~" ~,~_,1..,

'!!!"if.. b~itU,I,.iL .C ,',' ,',' . ",,._,, I, ,,"'_~,:I.,lI..D ~ .. I"., m,Y',I", Ji.J!Jil1llJl.

'tom steu 'Vlet~ •• LA giUn ,ci,6c' Iquy dau, nrll, b,p) h,ay cM:p nhan trong :mo hmh van, co nhlblg :&11 k,il@n .ngoru. dll Ueu

~'e"'":, yln.r.' 'r'a.' . 'II' .;. "'i.i'l'il '!I'M rn-u- 'an~ ~ ly~' ban 1..,';;'v t::"PI 't" run' , -':u:r -\I~,O-' 'n!ifn,(J'

Of· ~-""".1"·' ~ _1~iI! ~ .I·41SlIYLUI 1,"1" ~a 1.lJ.d.1' '.¥ ~ I_~,I ~)'_:~~j .' 'U.: [.IIMAa~

luc quill 15' d@ blH!t khi nang xciy ra rUi ro thirc te:, thay

"" t' im . mQ,ii;. t m' 0'" 1l,.",~_,1.. d if e , t'" P' ho~: thac sinh ,,- -- - - L "" V1l ....•. n _ ' ..... t .••. IW.lIJJi, •. ,if. yen . aJBl ,c,1 ~!:. .' 1m' .:UJIJI;'!l m~g,c a,

:ngttW, la, . I :m6 hinh, hay lam cho mot :nguiti hi~u ran,g - ""', hlnh "--h'III'lIi! 'h"~ cJ' ... ,':- L " _, It d- , . I:,t' ']I ,:"',., , h' rna uJ i 'I C 'Ju8, C' . ale I: ,a tUUI toan ' l1Q'c ta, ca, C8"C ,ea C . 'e

1·,... d'~ ~ ;::,,, ... ,'11... '~h d t,.,;"" ~', II'

nen q D .. an I .. en qua tnnn rna: Q ..•. ang ngnten CUll' ij

T' - I '!<'. -,' Mi +-hi.... oi!C: .. b b <!!' h nh.s. . '*" ~

rong m gll .. m rn eu cuon sacn .nan cr .'Y' ~~ .art co ten

"L ~ I ~ '" ~ 'h ~ , . , ,- d) i ~ ), ~,)"

C.r:I.'on(J' .~, cae 'v, man (Ag,amst the Godsl viet ve van de'

'ky thuijtt quan lV' nii, ro nao la rhich h,Q1J' a wan, Street,

'-~ - -,",~, fl" "D·' ... ,-~-- A"-" i,,' .1-",. 6- nh~ - C": , ....

taC gl,B. Peter L;o, lUemS['em ua VJe't (j trang '-.. 'r .. '11 sau: '. ;,au

h .... ' '" it""· ,.". h'l:.~ kK It.... nr"" ,A~ d' ,ji '" ,. I .....

c _u.y~n, rna. \ .. 01 se pnai ke ria "I,ay '" nau uen cuoi tuon

DI5i U~n s·U cang 't'hing' kh,Qln,g dm gitla nh:fing ngUOit cho

-~'~I~-,"" nh '- ;or. .,' ' ,. ·x"t Ai~~ ""~; nh ;(:1' nh ~.j d ';' - A ~ - 'I' ',' .

rang ," .1I.Dl;g ,quye. upuJL, tot I., at ,P I ,all " 1$ treD sI1_UQng

h;f" ~~' ~ d A'~"J.. d . b ijI-. ''t., ~ [[' hI:.

Oil va cac con so ';WC' ~UI " oat aen xu u:1Jt1ng t ,- ,oog

k- .~ d' 1 " - "]' .... ~ ", ,_.l!' kh 'I'!"'" , :;::.; Db' , ~'. ': ~ I" ;-''::::':: ,', ," "'~)fo ,..it'~nh;'" 'd" ,,'

e . ,we -.!,U IqU.'El ,.,I,U,II VVl _ Imtg nguU1 ra qUYEb, u,J 1,1 1 •• 1Ija

"--A ~ - .. ). . ,. b ".- - - ~ .. . -~ I· kh A h<!; hot:

tren mem ttn 'C'_D, quan ve b1.dn,g' ,_al, I.· •. ''Ung cnac chan,

D· '8 ..... '1 11 a"" _ ... 'f m' a ...... 'u 't'huan~" chua -~ .,'1' • A... diroc

'~:'i JL'~ m,Q: ~_~';:.: 1 ' .. ,' .• 'ua ,g1a1, quve,,:, """,v~.

C6 th,@ ,hy vong rl'ng 'bang cb,ilng 'thuc: te ve s.u Su'p

AI..? .. t t..( t .,." , .... hmh & At.... 'L.,~ c6 ,,~,~ nh'l~

oo ,CuB, tat ca CBe me ltUII,1 - von ilia t'JlJU,e't ke ra __ ~mlg

ye:u, t6 "chi p:h!5i toan b'Q' h,e 't'h,Ong' kinh te'~ dang lbon~g:

~ ~

trl W,aIl Street trong suot ba muai. nam qua - it Mat

cdug lam, Idly l,en :m,o,i nght DgvCf v@: Idt,a, ning ,B,P dung

'lI! 11 ,., 'k' ,Jt" , "J, ,,. i1 '" . h~' .' ," ~ . h 'b d ... h :I'

eua 1'1' tnuvet co dien vao tne glm, t 'Uti C:.' f) ,! u (~I:ung

d-&u A'[I,~,rrl'i"" 1jlW"iDilg'", hoa va C', o,'~ 1Ilhp' ~Jo:':', toan hoc .. · Ngay i""'a~:'

~ yruy'li.. [1/,,&.,;, . _.:_ I . _-' . - .. JL,U~_, ~.. . .. !_ [ I I I . . " .. ' l' ~._ .. 1

Alan Greens,p,an, tung '(;'6 'V,e Ida :pha1 nghi Iat t:u,y- o.ng ~: h h'" , ... , h A .J.,. 'k,;;;'~ A""

van C ,'.ua n oan roan t ay 'uOl tnai LI,Q~

John :M:a,ynard Keynes thing ve phe th,u! hat m,a Bernstetn :nhi,c d:~n~ Cu tb,@, :Keyn,es cho ,ring kh,ong th~' gb\i q,u.y~t van d,e tm1n1 ],ai ,khang chi,e ehAn c.1rl bing each xem xet xu h'.l~ong 'th"ong te' dU'\1lc 'td qua khir .. Kevnes tin 'r~~g:" c ~'c- nU'1 ve,i(tl" A'';:r'" lh, ;"";~.: +'iIDiU" ha 'U' t ~ ·~·t" ki'·',.p'm'-

r~.l"'A~~ .~~~_ '_ ~Jl, UL '-I', ,'" '. ~JJiI ~I.ll l~~1 -~ _' !. '1' ".~iI! ... <, '!lip>",

ngal" hom nay d:i~'U phu thuoc vao ,mue dO cbu quan cua mOi ,ca, ,ohin, trong nilem tin "Ie :nhJJng slJI' ki@n, 06 kha :na:ng 'xi:y ra sau :nciy~ Trong ,C:hUO,D\g' tit~p thee, ehung ta se~ thao lu,n y tu'Ong eua Keynes, tu do !clo mOit lua c.hQ,n khac :ng:o,ai ly thuy@t thl trllimg hieu, 'Q[u,i (16 dj~n v6n, cho rl'ng mol nguOi Iuon 'b.i~t ,dtt!(1c nhtmg .st1 ,ki@.n va :k,et qui trong tl1cmg lat v.ai Il.1:,ij chmh xac 'V1@' :mij,t th,o,ng ke,! B,ang each t1:'ua ra lua chen ,tbalC' nay, to!i hy vong se thlly~t phuc dUQ'c ,doc gia fang cac Y' h'!IIIlfinlCF iif'!ii'!O K' '£i'YOGiC' p' h"u'''' hon h'l"fril V' '\m n ,a;o" ktnh ta 'hl1 b ~,n

!l!U,I!o;I,.L.roe, ~'U;,Q, ... ,,;;, I .. ,~.;:Ii . .. . _ __ -v.t" ' I. IU"ll..Ii'U& ',11,;,11 N ,,,,-;. 1;"Ul, .' ~I,

chu nghla, Ti@'p theo ehung ta 'co' t:hi se' d@ ra ,dlrqc ,gIll'" l"hd,p! f,heo ~g "hlit ,Key,ne'S cho tinh th,e kinh te 'kh,6 khan hten nay' ,_ mOt giw. :p,h,ip d61 b,ol,i, sU' dOI:ng thuan mang tinh :hoP tac gi'Ua chinh p,hu va eac doanh nghi~p

~ ~

nr ,ohan d:e' tao ra :m,Qt xa, ,hQi klnh te thvC' s:u 'van minh

cho con chau chung ta. va mUOln, tim, sau,

~B' .•.... ~ 'h~;iiY' :i ... ", ,niil\t..t:ii ~''''' ,Ii!\o,;oJii/:' _. ~c iI,\iUI'Ii.P,'. mOt .:inv ,'-" 1-:," 'Pj

[hLfung 4

48

Mot xu c1hl fi'e,ul

~ . ..

cOng 10 mOt xu thu nhOp

T'DONG eUAN L' i' L ~ .,.;r ~'J h 'M' dl

,1,a,l_oI··· • c_, .•• ., U', .. ',)1' ;r"i'uy~f Caing q:U,£l't" ~ 0 m ,I'. aynarc

Keynes n6i 'rang' cac 'W-Ut k1Dh ,tie hoc co'dien,

gi,ong' lmU ca~ :nihi hinh hoc Ell,clid, 815:og trong (be ,giid

- L .. ';;" EL. 1.C'II~'i!~'--. lcF'L':: W'Ii:h,~,'II"'Ii.·, ,.L~, - ... ;Li"'m,m ,A.1i~,tlf iI"ih!~iIf11 - - - --, - n-- - ]lI.lU. , ,UCUU, ,UlI :au. • .I!ll.U.ctY .ILUIJu...,~, UI""'W~ IU!.lW,~, song S~lng

''I:l'an:l!i::· gip ,····:'b .... U 11.:g'n d"Q'iti' fro,'; nh ~~1In,O' A,~t1, d:o:~ kh o .... 'ng 't'h~liruJ' 'j'1~ _:_ :'Y,' I IUUlI .IJJ,"";_~. ,_,. ~,~ :_w~, uuung ..•. ·1 _'~_}_-', I.-'~~II

Db h~' .A ~ ELI\, ,il!1 b ~I 'L'~iL d nb:A' h ~_:L. 'h _,'

-:-1 : U tn e lI,a ia eaen ,giai t~:u.oi'~ uy ,- :-B,t C:- 0 'Iliiu" ,1- ulo'ng

khan,g mav ,~}a chung 'Ca,! nhau, ThUc ,ra thong co each

," '9' ~ .k: h ~, rbi' 'iL.. h~ ... " ," ,,,. '!III!"I;'_" L. ~ t"'.... d); ;.

g181. ''-.lJU,C... nao 'I . '. I. en . C 'v'~ ngoar viec v ut no 'I ten .··~ie ve

cac dtt&g song song va di V8JO nghiell. c:itu. hmh hoc phii EUlcUldi ,nb:i, vdi kinh t~ hoc gic day ICling c!~n lam tuang blli

K1ti SoO SaM hmh 1:U)IC EucU.d vm, :Iy thn,y'et cO die'n, :Keyn,es muOn :n6:i bong gi,QI d,@n thUC' t~ Ii trong khung

P'li...~n t--'" i!'ih C ~A': ''!!'- - -~ g~"" A'i'ft''J... b-"'~ iF ·t·- ..... ~ A11,'Iri,ro 00'-- -~F.r : ,JlJ!.a: I '; ·l!i;.. II 0 m.en,. 'VU,I. ,; . leI. U+Ll.u1e" Ii. '. .rtnn; U;'~'Y~ J.' .7Jt-"~ .

.lail, tlti truOng' nt' do se dilt bj,eu q~ vi no' tao ra ,diy dd vi,i,e 181m, (turmg t1Jt' nhu "cac dU(I,ng song: song"),

Nln ,..:t- t th J.: ,. ;:" ., thr WI '11· '!II th J" t ' ..... ~, ...

nmg trong tne gl,t),1 I~,~'C JJ.~1 xay ra rna ngmep cao

va keo dti (rutIng' tv U]ttd}D,g may lit chung cit nhau"), Do 06, kbi n,oi! ran,g 'thit ngrue:p :xay ['8 vi oong, nhan

khd - ,- -'h'~I-' -'t..,:{, - """""'~''''''' ''I~, hnm , t'L,~, rthi ,""', 'h'ltrmO' _ _ on,g CU4>U cu~a:p j.;UUiuJi. muc _UVJiJ!g ',I:ll<lP I ' ,ICung, urung

tV nmr cac nha kmh t~ h,Q'C: (:15 di~n dang ido loi cho cac d:m:tng thln,g trong tlnre tie khong th.~ng~

De xiv d',ung nen, m6:n kinltJJ, N~: hoc phi, Euclid nhMn

ai~j thieh ,t'~i 'oa'o' ~~,_'1l.. huA.-~ CF u-~, - -~,.tt-tI! ,it'h:t.,t, " ,1.';,'" '1I'~

,e;,.II.W 11. 'UJ, ~ ,~:~, .' Ii.UU_!'I,,I ~L ~\in:§ ,gmo eel, '" I, iiI nglue~p ,JL~

men ra trong th~: gim thl1C', K"eyn,es, pbii pbil :nh~, (U;vttt bo") tfnh phu h® ,Clia, :mQt vii tien d~ ala. lv 'thuy,et c6 m~, trong thuc t,e~ :Mot trong nhti'ng' ti,en Id,e: quan 'trQDI:

_'1l..~. bl 'K'··' - - b"" -b ~_'L,',_L 11 '~, "..... d- ), di,.f! ~,~

nnat . J' :eynes nac no t,:JLliUUI la fi,en~je' ergooic co (Juye'n,

., ') ,A'; ,_'\I,;. 't,. "''' b- ,. J;." -- , "" ,~ h";; - "'-1.., . ..

gia ~.uLI rang; con n,gUm .~~l,et tnroc va co t e· nnn roan,

A'l'lft't£o hfrfna li"'.l,i 'VI'" ''t'''Ii,;o~'' 1- a~· K".o;.; be Ang. P'I~:''.l' 'tho.f.ng' 11"'0 tro -DO' q'U8' ,~

UU,'vlll- IIi,_U'&&,6, llLU.", .Il.Jli.1 .e ,;.,...U-I. . yl ..... ",!;rID. t_ .. ,,'_,': ,~ilL;;; c_lJJo .•.....• -,

kbli ..

Can hni y rang m,Ot nhan v.i1! nOi ti,eng' tren tm tnWng 'tm chinh lit George SOflOS cUng dei, giro thich 'tai sao Iy thuyit ,tl:Q tntimil' hieu, qui khong ilip dung !ctUQt: cho 'fui, 'hrI,,;u,q 'ij"&:;; p"r'r"If-., Tron or b'-'~11 ''I_n8'[ "'0"'·· ·t-I"a'IUI 'd"s, "C "U'IO·"';if!' kh '~iin,(f

~Ilo __ ,,~, IL'LU, ""lWlJ.Ji.. . ... IIi,J!. ..t:!I' :. Ull, '!r ,.I.,"" ,,=. '_. ., "" .. , . c '\,;" '.. ~ ~ " -!II".. _' _ I,I_~

hoangtat chinh v,a, nhimg vi,Sc ph __ ID lam~ Idang tren tap chi fJiim, SIQch New York s61 ra ngay' -4 tha'ng 1,2 nam 2,QO,fl., Sores vie't': "Chung ta pb,ai tit b,o ly 'thu.ye:'t [[tm 'tnlOng hi@n qUia) dang 'rAt pho biie:n, hien nay v,~ hanh

,Ai cua t ~itrdi1ngtt So ros It ... ]4-~ini,(f ,A.;' ....... 'Ij.,. c'-·'an~·1 nh :in 't'1J...i!", ~o~'

'V.Ii. ,,',',' I ,Ii,q "., I, '" ~ ,',,&",0. &.!Llt ....... '"'b U,JJlUJ " ,'., ,. ,.~ .. , JI,Jl.d" '!i;,,: ','

m6i Hen, he: gbla gUi. thi truOn_g' va thuc t~ dang dJiien ra, mot thuc' 'Ie ma Soros g'Q,i lao tinh phan b16:L

T~'-ik h ~ h.l·,'~~' '''? T h- ~ '" ~ d'~

mn p. .• ani ,(Hl ia gJ.", , '" rong u 1',1.1' gm toa s 0 an ,~_an&l'

tFen td' The' Economist s,6, :ng,ay 1:5-2:1 theng 3, nam 1997" Sores d:,8, phan 061 Paul samuelson ,khi

S '1i '1m';; A';nh- -h'.l<·' r d- ,. 'I )1',:_"" d ~

.~- amneison , '- '"ang omn pn oJ. ap aung gra umn ergo ,lIe'

... klnh -;/; h '"' S 1\..,~' ~ ~ dtnh di

vao ,'1.1- tie, oc, vi soros cno rang gra et i e',r,go_ 'c

1m, .... --I ' 'h--'.',··· '8" , .... ,'11.... U" ,,"'. trinh . ·tllft'i'n(F tac a~i"~\Cii C'U'U 'ng'--hi~ ____ ong p. ,an .,JLull I(I,ua ,-"f. -",UV,.Il.I;~ ,"'" ~b •• lQ ~-l ,~ F . - .

. -~'-' ,_'ib,·~ .• '.' ", m,It,;:",: tha - - ,'-, ,t,~,,';'1 fioPli~,ii'T ,,_M ~,_,11,..,. ·t--:h,a Lilian ,rua 1.!IJU[ft}g n~,I ... UJl, I .... .1 am, .gla lU~ It ... u,u.l!% 'VUI, llU!U!l. ,_---'~ 1,11.", ",

,. lU' ,;;;, .A' ... d'" ,.!} ,~. J...,; - "'. - '" .. hmh . th . Ii. ,. "'- ~

tal. - - mot U·iJC cuem cua tl!.4, truOtlg: tal '(,JUJ"IJ,'!_ tl,e gJ,m

,it ,.- .. - (, thuc ,[-,~ N·-··,"',· -. ,.'" 'I'b 1...~::;',/ ch . 'iTr·J...,1;"~ '''_!,~ mol n-I g-I''''~

~,:rong ,y!i.. 1 eEl 01 cael, I N-WCi cae.l._ ,O&.u eua . .., ll. U:.U'I

ve '~hj 'truang ICO inh ,buOng va thay (U:$i IdUOc tUt1ng lal

- ,,,_ .:- thi 't-c~n!.~, IA·'~I V··-·:-~ < .... ,.~, kh· .~'" - 'I·'~"· tinh -'ih-'" - 'h~"1 '-I'~a'

eua .. ruv.ll~g uO~l Va.'Y'1 . al m,e,m ,UUI. p, ,aD .Ul CU,

.- ,,.. - nh hanh A.... ba b ,::!' .. , • .,." .h~

SOlOS, cung tltOQg t1l '-'U: na :-1" luQn,g oac ,,0 tten ue

,erg:od1,c cua Kevnes,

Thav cho -t,~.an··· A'I'e)..· eraod ;,,,,, 1",;: ·h';1 bac b-·-·o·~· Kevnes cho

_ ' . .a.y C.J· 1~1 .. , u, __ , ... b __ ... -~'I;;., U,G,.f. - .Ig,'\., .-/ .. iii .. , _:_'''"; ~~,"""i;;J:: __:, ..

,- -~,- .. 1",'1k~ ;;,.. .....,'IL.. '¥- .. -- .. ,,( A'~_kl -, 't,,·~_ k.-'~ .. . ... - -: -, .. -. '

rang lUU can ra nmmg q,uy'et lU4J,u_11 ,1\UU.J! te quan trong I'

''1;-. ~A";'l"'lJih kh: "" - . -h.il' -~hi''t A - - h ,~- _"" A,~_'1b.

ngJ1Ul ra q,uyet u~.dJ.: .. ong t __ e c u l,I,an t. . Dan ,g~a UJJlUl

~- . - 1 '. L,:! 11'" nh ",,-. - - ''1',. -_. ." ·'b'.;.'J' A'i_,J.,. I - -

rang tUdng' . aI CUI, ,J],a, , .. -'. ~',ung rUI, ro co t ·:·I,e UIl.ILu ',UIQDg:~

.. ~',_b - :#' ct'· - "'- ~ 'ti·... ~. h,';: - '" - hi t!! .'- - ~

tmn toan . w.:tc tu so eu ella t.~4 trUioog' .•.. '1 .'e~n t~ ..

V ,Ii -e _h,,"~, __ ' . - '1'-':- ~ .1;, t· Aii'lP"i '!hi 11 .':-:', .. .. . '- -- ·1 A';(', ·d=~" - . c... - hi ,.' tl 115.· "

ell .IL1l.U'UlJ.!.Lg, qu ye U.,pUI lll€tn q,uan nen ' __ ong ern I.t:U

'- d - h nh'" "" ·kb'J ' -.( '1"' a dt - ~

hoac .~ o··~·.n~O! tnu -~ I, '~Pll .J'!i,o.· •.... ; .~. n.· ~n!O ~,£ii, rat ,ii4ry va .• ·~en, ra

"u~,,- ._, r:I! I". l I Yo '\.,. [ !lal I ~aa ~~ _ .. VII Q ---- - -- - --

, , ... -'1-· - .. ~' - kh ,-' ·-·1 'I .h ,~.' I-"~ =- 1 ~,Ji._ d'··" ~ '- .. - " . . ',-. :~I' d·'~, I

trong mot __ oang t m gran rat dar, moi ngiroi c eu

!"'b:oA:,-,5\l ~- . ho "1- ... 11....' ... ,... . hJ! b""'" .. ,- ..... ' '11'" -. - ' - ,'" ." ~,,,,, .-c

net rang .. ,Q l\JlJLO,ng t 'e ... let tmlng ,.!l,BI sau na) Sf ra

"H' b ~ "t ~ 01""'" nhan· ~'t dinh-'-" - - - t-· -. . nhu

:- "-, -- -'1 .• '!.-', ':1 I: I - - 1'1'. - '::' , 1-." .:- i, • I '. - . !.- " '1.'1 -' -I ..

sao.. Q me .rang v . - _. g qu,y,€,I, __ 1 L quan _[lQng .

" h .~. thi d'-I·' ~ '-b"" "-,' , '.-.-" 'I·~· . I ""~, ' -I . - - .. 'I' -: " ".~ -~ , 'b~ ~ d: ·,~:,c_1 "'."

t ie t . ·.~.Il I_~ ao sal tam ve nrong tar co t ae se . ian ten

'-h- ", - -, .,,~ -. A_ A~ -, -~ VA d·' .... "· lJ"]b,,;: , -.'~ 'b·... chua en ~'t

pr B] tra gJ.a, rat u8't; VI vav, u 01. N_D to ,i oan, ·.~ __ ua quyet

(linh ngay hom nav lat ,b), q'uy@t dinh dung' dan liliat.

X,a hQI.i "111 'ban, chd, nghia hie~n d'ii tti n,Q hrc tao ra

... ··'~"It I'li ch ~;(', I ho -Ih('"' -.' '··i' '-. Im,'f/i" -ki~a - I soar -ct···''1'~''ril ~ 1'+ -~ -1'iiI~

mQ. c a (,e c. 10 p,,, ep moi ngum .... em s oa . .. __ .u.yC u rmre

. iii; I!t. . ~ A ~. ' , , A ~~ ,.,'~ ~ ...:-" - .;

d:Q nao do so m.'e:nh, ,k])ong' chac chin ve mat ltinh te

- -.'I!; . 'h'" -T· - .. . -- ... :).. llJ". ,_.... ,t:. ,- b 'iii', . .. hi ,'!Ii', - 'iL.. ii - . ' '. a. ..,- ",

(U,a, 1,0 .. , , rong nell MIll! te tl1 _'.an (I ·"U Dgl11Q, V}1'i;:C sa

:d· nng' '1:-1' An 'ta 'P~' c~·c' 'h~' rt'Ii""' ·d- F.ng'·" 'r-ang'·~' -,cc' b'ill'iI.f1.,r 'hlINnI -p=-1f'o,;'_p. 'v,:-A

I . ..: ¥_ -',-;1 ,. J'~' '_"":r 'Yu g', . ,v~ ._._u·,.__:,.,_., '~'~_~':'_" "__ _ w,y.~ _" ¥~ · ... lld. J'. • ~

.. ~;-. tr·I.~i I'." I'-obli ",n~~ t-,~ ,~'h' 'I:~£O ',~I'~ " . ,~;,t:-. b"~'-I ~~'~I '~I" r.:1 ·.1 h'" ''I;. -- i_.' 'den 'l.rong 'II _ . _c,v y.C .,U C ·u\.., san, ,XQa." .an va ,mUla, . allg

11,00a va dic'h \tlli 4e cho T:'lhe,p .• Ica!c ca nhin ki@m,soatd1I'kr1c

,. ..4." ~ ¥. ..l. • I. .t' I. . ...• 1. •. -..! - - - - -··~Y'

,~- - nh-'~).,' d'i I", -':-'. "~- - ,-.-. ~ I " '1 -,----:- "~'. "". 'nh-l ,- ,"'",, IA~'. ~"r.$; ... ... . .... ·,~,t· ".it'. '-,. -)

11: ,.' leu . .ong tu~n m~,t [8, vao'l . a uO ,N,e.m, soa ' ullQC

,t;::· ..... 'L h~~'_" L 'k-' ',_.ll-.. ,~,a 't--' elJ!." - 'b:!l···- .,C', ~ -c. 'h- Q" t' -~\o'n"g tl iii'~Irlin(J' 11101'; v- "1'" "IlllU], ··81LH ,,·b..UI 'U:;,., . .1.::n 1'y,'C CUia , I. . r ..- 'y.vlu.;~ JI,gA!.~_

dQ'1 cae b,t; gila, Idinh, ky hQp dO:cg '[tong do h() d,ong' 'Y'

... .). hue h Co' . f.i' khoa 'hj!" 111:. 'ra.,. e ..

tra tie'n tnue ,,--_O,,IC' tra nO knoan vav 11 ~ ,e c ~ ap cno ng:Ol

nha ,ruB bo .. HQ' con Ie,y' hOp dAng' tra ti~n cho cac cong tv Ail'· i'n" '~"""I~ zas ''I!·~'a''A'~IAn th '0"'::111" d-;Zf"'I'~rl,c C"D" '0' "'gc, c'c:;'P" dich

'1 UJI '\- 1 ,iL,41ll;..i e:··'·, 'Y iI;.Y,'r IJ ,J_. ~_~ -'Ii,., U,U:v.~':: -" "," :-_~., .

ViU, :1a:n dat Nh1!lng h,® !do,ng nay cho phep cac no gi,a dinh, vU), mot mtlc: cht phi nM,t dinh, IC'IO 'the' ki,em, 80a,1: tt11Q'c' nhtlng muc chi :phi sinh heat chinh trong viti.

f:"'h'··"', .(~. h" '0"'''''·' -_ 'ii'l,,~"i!"i;iI; C)l .. ,,;:, v":'il na .... 1m· Chu ng' r: con dem 111":)11 cho Il. .ang'II'" II. ~,C ~,ILI!QJ,_U,'.· ,!LU, '.'IOU. _,~",. ,i''-'' '," " . ",""u', , u.... "Jl.!lii!!iJl, .... ,-

cac ben, con lai trong hiC/p (tOng (doanh nghiep) t.rU~~'n, vong h,qp pha,p ve dong ti,en vao ca i!J hien tGd, va tudng 1ai" d:!~ ho co thf trang 'tra'i d:t~\1C chi phi san :xua;[ va. co IQi ,nh',u,i'n., N',guoil CaD va calc doanh nghb~::p s,an long

k"" h A~ ... , Db '~ t:!I;',. 'b'" d~' '1i...-:' '" h th

,',Y' 'IOP u:01ng vttl:_ .~au 'VI. :mOJ. i:e'n,'e'U, ngm neu no t'·\tC

bien cac meu, khoan trong h,f1P dlJng tm ,bC}, 81e thu «ll(te 1.00 ich 'ta,i da, N~u c,6 miQI SUi kiien ngoM Q,U kj,e:n, xay ra

lam mot' ben khong tb,e hoac ld16:ng: muon ttnre :hie:n nghla VIJ theo b,Cfp d:ong thi, co quan nr pha'p (\la, cltinh qu,y~'n :se (it'D 'rhi,e'p va bUQ,c ben ICO l,oli p:hAi thuc rue:D, nghla vq, h,oP d'6ng hoa,( 'tra cho ben Ida :mQt khoan ti@:n do d~' bu dap t'lon that, thIet h~:i cho bo, :D10. d:6'i nhu nguiQ, vi~t ti~u .sa ella Keynes, I,A Ro bert S.kid"elsk,y da not:: Id6li, 'V ai, Keynes, "blat IGong la do :su' kboDg' chic chan", con cong ba'ng' Ia do ICO ·the' d'u doan tMc bln__g 'Ih't'in 'd-I-'); ",:I,i1i -N·'#"j<.;',··h··, 'l,,.'j4-'#" 11,:,1i...~i ~'An£F ,~: 'k~ij., k··"Afj h n'n ,Ao~'n' g_ , ,v,~' ~ _ong ...., 01 cae .. , ,L!LlLClC ,I LlJlJ! u.u ... ~ y , . r '~'!J.,' Y Y u., 'c'

,. ngUm"' .. i d'-' "" ru" IT- b" - h' . - - Inh - ... , r- R _. . .. '" ·t'h·/i

m" . n'l ',',,'. I I . a '- I-a-" 'ng"" '11 ,if'" . 01 ''h1I'iii' - mn" c1nn 0' ,('!!Iijl ~o· I .. G

, __ ''''l,IL, _ ".. ._c, __ '_ I, :>_:"" _ I •... , "" lib, I, I" "lULU. 1 , tV . u, l'b '!I;.," , '!!;,,'." ~

0,11 doan CluQc cac d6:ng tl~:n, vao 'va, :rIB trong 'Nang Iai, n_gay,cit u trong mOt the gilm day nhUn\i di,~ll, lk'h6:ng

~' .&

chac chan,

TI,en lit thu ct':wc: (mOO, p:hu, ba() aam,~ dung d@ g;hii

q: uY'lj't mot nshla Inl1l n,h"'~i1il 1111 trong 'brl'pi ,AA,'n'o' :~D··';;'-~·

' __ .' ',". iii- I I Vt I I: 8,lU .. ' '" ~ ~ '~I' ~ 1 . ,1_. v .. "." '. _'.' ... !.V,,:: Uu·· tJiI .. +,.UJ.J.

1. Ft Skidelsky'" .klhn ,Mayll'ard ,Keynes';" Ma kwh' te h(IC - vi CUll tinh~, 192(},193;7 i~ondon; Mac.millani' 1'99,2); trang, 223.,

:na:hia nAy rij,ng' hon r,at nhie!u, so 'vm, 'khii, 'Ililem, til@n ph,a,p mob, (tuqc in tren, t(~ ,g)'iy bae cua Cue :OU tn.111ien 'bang (,mc til~'n, guty ella nuere ,My) nhu sau; 'iT(j! ,gilY bee nay la, tien ph .. a,p dinll, co. t'h~ dllnl d'e lr'hanh toan cho

mot khoan Din' 'i"!u~a' rl'- ,..1f-I:t ..... '~~\a'~ nh ~ mroc" T~'1J.·I!~'n oi,GiY,·· ~U~ a

y.. " C', JJ1,yu, ~ __ y~, . _. 1,-" JJ:HlW-.I. l!' . J~, ,ILl I ~" "- [!!!I .,.!Ib~ 'I!OIIIU ':' '1)..,. _ . ,

Cue Du' tm' lien, 'bang la, toi .sin D,q eua, 'h,e th,ong Cij.C DI1 trill.,

-. ~

Vi nhleu. 1.y do ky' thufi.t 'Hen quan 1(llen, nganh ngan hang ma clning ta kh'Q'n,g c in, tJhil@'t' 'phi'i trinh bit.'" ,(I da'Y~! chinh 'phd, cho phep 'mQil :n~ s,u dung sec n't t8Jil lldt.oan n@n, ,gUi ICO fh~' vi~t sec ding' nhu: tinh p,haJJ dUth ,cdiB tieD 'd,1 thirc :W,@IO, cac nlhia Vlll hiqp (JIang!! Trong ,thur tl~:, nguOi doc c6 'the 'nha,n thi,y ran.g ho cht tri p'ha~n Ian boa den (tUc nghia 'W 'hap d:ong) b,anS see tU t,eli, kh'.oin trong ngSin h,ang, bo,tie 'nbU!' hi tn, t$i, 'la, dteh 'VQ ragan 'b,srng: djj}en 'tU qua mtemet ,_, ibing each ,gdi th.ong; 'b,a.o dien tU d'i~nnl,an, hang rna hit} ,gW tit~n d@' nit 'tit.' 'tm, khoan. ra 'mlQt s6 tien Idu di! tbanh tom cho

. '"'. - - h ~ -,;t, ~ . 'hJJ'

tung I, oa u.on cu tl'l e ..

Mot ngu'dl dUQ'C' ,gQi '~Ia co 1mB nang thanh 'tom neu nguw ,do c6 th,~' d:,ip dns dUO',c :mQi, ng'rna 'VU thea. hQp Id:ong khi den, han, £)Oli V'm cac doanh nghiep v,a hQ gil,a, din'h" vi'ec duy trl kba nang thanh toan dong vat 'tro cue' ky quen trong d,~' ho kho:ng' hi rm vao tlnh tr.,ng' ph', san, Trong th,~ Ib:1i :bi,ien tw.; p'ha san kh,ong' khac Ii dii d:en, ,gta. tree c6 'V! mat kiM tit DuY' 'tri :kh8, D,ang' thanh toan cho phep cac eft nhan V'8 doanh nghi,ij:p tranh d1JQc c:w gia treo led: ena sill' phi, s,m ..

Ch.UDI' ta bl~U~\t :s~' ('an, 'th'U~it p;hai duv tri kha, D,I'Dig rhanh roan, Kha, :ning' thanh toan tb,Uimg' th.i' h'i.',n bang vi@,e' MiOi nau;rli. Iuon :pbii. 1d8;m 'bio s6 ,ghi sec cda

ho £flO' !IE" ·O~I ~U-'· '11 ~, hen 'Ieb, 1 nng: .... ,,' Ae',J ~O'~:I th .. e~ d,·-'·'a~··p· 1l~![f i",i'llih'if:'!!

"1 ,._ <: 1i:J1. _",- U. . ,)LU,LI . ,- ,UILI ", .. VI J • ~.' Ul·., "'-I" ", . ....: - _,~. U-.L~b ·U.Ul'!I!;'I\_

mot nghla vu hQp d:6ng 'ldJj_ d,~ k:y' hem thanh 't:om~ NkI c6 '[hing nao (1'01 ma c'hdng ta vi,it sec :rJl1ieu, t1,@n :mllt, sip nit qua so tl~n trong tm khoan thl C'O' th,@' ,gi&i Iquy~'t tinh tr~:ng nall bang mQt trong ba each sau;

1" IChlIng ta, kbong viet them tam, !U~C' ,[laO nila cho dl~n

'1\" 1-...; th _'1).. ~ th ~ - - - - - - -~, t ,;;.;; 11,,'1-.· a') . ,1,u,,U, tnu lU~P mang sau 'Va,O ai N;10,~,n,"

"') C· 'h ''''~I- 0' ta .. thu 'vB,p'·· V" '''.:l''ll' ng.' : 'a"!" n hana n Au- - ch un rr '[.- a: m ~

~!I! .' _ . 'lIJJLllL8 l.. - 1 "_ ~~. '_. P'I' __ ' .. _'" 1,1 .. ~'~' ,~.," .' 61 '" 81Lll

tU~n 1I mOlt Olin bang dang Y' b5' sung tb,em tU~n, vao tat kiloan kht chUng ta bit, thin chi, B61l~, chUng ta 'thUUng p:ha'i. cam :k!@it se' tra, ]/S] cho n:gan hang tUng MUI hoan '11::11;1 '0·0.,( til An·' va V"~ g·'o~·c: ~!,,"l!..,~: (-0""· th u -00-- ap' tro nO' t·lliolljii~g' '11 .... .'1·

,Iy-~ ~._ 1 _~I~~. r _-.~- . :," , .... Jl\..tU " '."_',' ',' - ~,l ," ! ,', .. ~~ ,ILlV!,llJl.,bl Jj.4. oil

R .... ' .. "'. tinh t _. ,".'. kh - "',. ~- I~'- A'it th '~., ... , 'h· ..

orang tmn trans tal ~<. oan am d mot n am oa

vA ".,,$t '11:",0i'M"t.., 't· -,8 IAtO'~I" V~"-1f,;1 m ·10:'1'· t hi o?,_ibl ''1ril,e~n''· trona 'b:-Te 't'h-' ·o·~'~(J1

_' ~ &.I:~ 1\JJUI.: ~ u.:_ ,"', . Y,I. . ' .. ~ ," ... "' !wU~J!j ',,'11. I '&AD I ' I.... JliJl;bl

A - ~

- r- Ii, ·._ .. :.. .. - .. :_. II:-.~_.~ 1._ ~ "-I"'!'\.-_" ' ··~:.·.·-,.'i'.·riI :: I t , •.••• ~.,i .-(T.-.··.~I.ill :_"':.~,-

kinh te nt bem, ehn nghia, Nhung t.ijLI S,~U) moi ngum ttL D,

,t. it.. d- .. - 1],..'11.... '1:1' 'f h '11 '~, '11 ,~- h - kh 08 h ~

muon so du t',ai. Nloa'n cua no JiS ron . an, ,"', I LOiJlg' C. LU'

'lLr1l..l~n·g: p-h' , . .l,,. ,A'ling·' 'bang~· :1" ·ll",,1,...IO.~'ng- .~f? K:· e yn-.:-:--:--- e, ·8·; t-.-r·~ lm,"~,' obit sau:

lA.:lJLU _ . m U,._~_ .. I _._ "_. "M.J.,. 'I!]. .•.• . . it " _~ ._.,, __ 11

.-.' . , " ,. . .' -

---"'-,- I " 'I, .... kh'" ... '-h~ - -hoifl - -!i';:,- hum ,t kh ., .....

VI ru1fJng Iii ,]JiB, .... ons cnac c .. an n~n, C . ·u.ng I it l - ong

, A - , • .( I # J:" ,1L..",,', .- .... 'b s: - - 'ji; - h '3i~, d·,;g '. -_. '!i!'-_ ~ M

t'h,@' b'l.et nrc nao enung ta se : .• (at ngtf p, ' 8]1 1,-01. :m,.t' VUl

m,t}it nghia VQ thanh toan 'ma, c'htmg ta khollg b~@t ,cti'ng

,.....,'L,. ::'kh··',··""":···_{ '·h-il'dt.,. 'd'-~'I- ,---,--~ .... ~~. tr ,. _ .... _, 1:, .. 1,.,~ ·d- ~·-'t·')i;,,-I,DIU ,... o.ng t e cJt . 'Cum [rL1UL u'u,yC" '! ong 1\l,1l " ~,ong , len

vao ky' vong trong ruang 'lin leo, t.h~ 'khang du d~ th\1c :hie'n, ngJna, vu thanh toan d6~ Hoijc chung 'tat co tb,ij dlQt

.... b .. ,", -- A,,::· At d'" .. t,,)i;,· .. d- '!I Wi 1I ... .:,~ - - '0;, - A- 'l,__"- d

ngot )1 mat oJ. mot o ong nen vao __ ~ IUllen VI mot Ill" 0

b,~,.t ng ~na·'~ 0-·" ·di· ·o'~ ·VI:: i't d tilll I'~I''''~ 'a' In '. 'I ,m 'a'~ m V1~' thi ·til'iiii''''~lg~ 'r'i';

,g, __:._c., ,U '.c_ " . , .. , '. ,..,:, , ,l!Ul.ullu,~" "u'Y D~ , e, "', ,1,l,Jl ·1, u'U'&&,. ' 'Hill

'1l,.,", nh " ~; -]L-..... - ". - jO ,0, .. '}~' - h - ',",-. .... .

cmnn S,U Y gJ,B,m,1 ~U,O."C mat viec . am, -·8,1' ngJlOl DUOl

,iX_' • -, ";'fib A '~ .

song'; ,O'!,a, dl-LI qu~ .. aa noi.

.. tJ~ 11

Do Id6~ d:'Q,ng CfJ ph6,ng: ngua khi@'fi, cluing ta :pbili du.y tr,i ,s6' du' t,aj khodn ngan h,ang lun hon kh'Qng" Id:~' nt' bi,o v~ mmh t,nMc nh'tln_g su Id'en ngoat d\i lldl~n, Trang neD, kinh te nr 'ban chu ng;bi:a, vi cluing ta bU!l tu.ong:

Iat Ii .kh,IOng chi~,c chan nen 'Viec cali tb.i,len, khi na;ng: thanh toan idle' p:bong ngu8 nli ro trong tnrOng h(lp xay ra MUng SU' ldeD Dg'oid, d,U Ide'n lit mot hanh vi d,e hi~u~

N~u cac ca nhan b1ong' nWen ttn -ring 'tUdng lsi s,e bat On hon ,q:tui khlil tID. ho"s@; eMfl tnAy them 10 :ng~d, \I@ 'tUdng' 18.1; do 'V'iY h'QI s@, giam hanh v,i, chi t'ra eho

ha'" --g' 'h'ct~ - dl - h - t .. -. .-, h-':''<;;'' 't ._', di!1 't· .... , .' kh ':Ii' 'W ..

"_ 1j1 [ - n ~ . i I I~' 1J11 r\"OD!(!f Ie' 'n . -:Ii] . III .. g'n, (J r- . a. D1'3lng

, u ILl ) .. u'u.,:.,_""", .,,-,'~ '''''-'6 '.' It,., ".¥_ :_ "'" _,Q.,ILIIC .... .r .•.. _,Q,!',

. -t.."..,..,.... k' ,j' -, .... ~ d'-.T ,';'. ·-h.J' ,A'_.(' h ,", . .it. . h' ~.' . ~ .

tnann toan, :UJllrJ_ 0 co t· te u.o:l. p '·0 tot .: IOn 'val. m'Ql 511

ki~'an L ~t· l~i kh - Ang· c'ha,:l; c ch gn 112' '3Iu n'~iy' Cach ffii ~'m d o'~' n"O'

I i~ U!g .. ,· y,.Il'~l ,-;: : .. IO&~·.· : ,,".:. WI au .. :'_ IU·_,":, .. I .• gl 1 'I 6.~a_·: ' "' '~I

tien ra de dang Mat la gliAm, chi, tieu, '\{·8:0 bang' :b6a va d]JICh, 'VUII 'trUe :la. til~t ld,e':m, nhi~'u hen tu thu nhi:p .hien t~. Tuv nhien n~'u, dOt nhien co nhi.~u ngutli nghl rang mong' lad st! bi"t 15o, han. tlli hanh vi ,giMn 'tieru dUn_' ola

·a;' t c 'a~ ,"'1.r;;.~ 0' \nlm,'~ AO:~' ~'A, oa"':' 1iJ ra ~,- b '1,\..", '''''\'''',(J' t "'C,' 'b" lu'~'v' '~a."

~._I: _' ,iI,UJi,U!I,,!Le ~~v~ u./ ""'..,,;, ~. ,1 ._ (lUl,UI ,JlJl!.;l!UU':,b; ,I!". . '1 .II .

111 '.. ° oj< ..... 't..,....). ito],.,; ~,~AA ~ ,"'_0" "-'

sam S'U)" ,gJJa.m, m(1UJI me cau \ .. m mrong ooi VOl, cac san

eh a;/m" "1 cua do an rh ng ,hi,· o~,p"_" ''V'hl'''~ ':i IAO~'ll'i m 3t· tinh 'tf'!!Ii'Dg' "",a).u

.t-'" - 1-, "'!!i;-li, I, U l '. _,__I _,,__I__ "'F, ',!!> NU U ,--' __ __Iy, '--,u~u, __ y_ .. 1 '\;,. _, '_

ha'ng hoa dich V1J ,gbi.m, 'C,a,C' doanh nghfep se sa t.hat

b IH 1 '9,."'" ...it A'D' 10' ··}UlL I,y}u Uv!.·~· .~Ijl

N:' .. 'I~' 11~,~ '. ,~, ,- I-t.,; t!F"lll~nj'- , ' .'b",'· t' ~ ",;' ~': . .' ')

".,gU"Q'C ~l, ,ne,u [,iL,Q, .. 1,U'U'I.:1!5 tro,ng !L~l,l.tC .. @ JG JJUeu Q.ua,

tbi cac b,O gi.a mob 'Va doanh nghiep, se p:h8i co d::uttc

th"'" t" A'~'" .. ). h~ I " t A' '" b ,l.

.. o:ng 'In, u,ang- TJn C8:,Y' ve '''uL'u.l~g 31;11 ro:ng: 0.0-; ao gom

ki. .,. h ~ " d" ,,~, ... ,~ h h

cam, ,et eua .- ,Q' ve cac c ong ti.e:n vao va ra t ieo .iQP

.. A" . ,-, 'V,-,~; ",,,:" , : ,.1Ii!,~' ",' 101' '. ~"'nh',- ,:.... ttnh .'- ':OJ" 'I', ]""::,~

uong, 1. vay, Dgu,l,},l fa, q,uye~ mn __: CO_'-'-----'--"'_-', ,--y"J se

. . - .

.... ""', • ,~' '! t" . ' .' . A ..., '" '. '. . .::!<. ;:!\,,~ : I ....

kho:n.g bao gUj k',y ket ,hQp dong nao dOol ,bOl tJ ho D,gMa

, . ,.,11.. .... '00'. ·t - .. ,'~ . ,t . . ..... 'ihl~' '11 ".~' . ';, '\.,..: kh .e" . :,. d'" l'VnICl"

VIJ tJlJLa·· .. 1.1 _om, Il'ong 'L,U'UlLlL,g ,,1,at ma, JLI,Q' '. ong I .. ap u..I!..ta,

A.. . v't...ii:A' ~ - kh'''' ",. b 0, ;[ 'II ... "'" 'I' '"", - h nh

UUO"C';; 1\.J,u. oo se .'. ong co ,al .:1 mat xna nang' tnar .

to···,o,'li"l n··"g··-''t..~ .... '~1 hQp·.'-e, IAO~'lng' Vj'.:'.'; t'L,&_ ·It .• ;Ik'O·''ng·:·::' bao Il'o,~ c··:an'l. ' .. t·hii·· "~.

WII, ".,1,.LIl!Cl .. """ .... U "' .... ' I .Ii, 1.1,1."1;.1 NI .", .• ' . ,. ~ _v I.. .. I~~,

- . . - -

h., ," .... . "-- A .... ··· 1)... '!ii'. ,'" 'kh' ,"" . . . . )., , ..... .... 'k'to. '!II ,- ''o!' - -

p al co tam u.e'm, u,a,o Vte:'t ..•.. ong C',8, [1, t,ang .. U,a, ,na.ng

thanb toan d~ d:e.,i ph6 d:ttoic \1m nhimg kho khan ngoai d·lt' ki.1~n, li,@:n, quan Id:~n. s6! du dong th~:n, trong ·[UODg tat

~ ~

N,bung' trong thuc te, IC'a h,O, ,g1a. dmh, doanh ngru@:'p lan,

chiDh quy~n dia :phuong di~U, c6 thE rat vao tinh 'trang: kb6ng thanh toan dUQ'c ng:bEa, vu :h(lp Ictong,~

Cu6c khilng hoang cac khoan vay d,uai chulin, (Ue:n ra la dOl 'tV Ie cac khoan :0,(:1' ,kh,ong' thanh tom 'D':UQ'C' le'D,

r,a"t, C·:-::'8····0, tron g':' khi Ict-"O·.~· ~~;;'C' khoan no na>.y.·· r : d .. ' 'a"', d·.~Wi;C.·._· ,c.:hu're~n·,

a, . , II I!" ._,NU ' .. t '11;..,,,",. N!Lu___ -y --- _uy_ - 1 _ _

thAnh chimg khoan dUQC th.e, c':hap b,ling tid san, (,Trong chuang' 6 chung ta Sf gim t:hi,c:h, 't8il sao tmh trang m5:t :khli :ning thanh 'tom, cac khoan vay d.um, c,huan. ~,ai. gayra lCUQC khling :hoing' lam sup leI'6,n,@'D kinh 't~, fh~ ,gim nam '2-10" O''''~)···

Q. , I "." ·.·.o:.~

'(1;: th ,.-- ",}' dinh - 'k(j!' th I' ,":;'t thi .... -~ . c' L,~;~, 'I . - -, I~' .~.~

vi .' 1 ,eo gl,a ul "I iytnuvet tru !1"I,UV'ng meu qua ua

loW, bOI kill nang mot ngllCfii khon_g co :kba, ni'o;g thanh, toan nghla vu 'hiC1P dong: nen FO rang no khong th~ giai

t·I.:.~' .h '. I ... ·it each louie '.' ;/" .. ",' ,·h·""'·',''Ii'1' ... - ,e. ll..;'i,..,')"", ,IUC . mo, cae __ iogic mot quan ne gnra CU,IQ'C snung

h ~- . ~'., 'th'l .. 1',. " d''ii'~ . 'h ~.. '~'."""'. "kh'\!',·-·, h" oJ' ,

oang cae '.' loaIl vay I'UVI 'e I, IUlan va CUQ'C " ung, oang,

.. "" ,. '. I, t' - _ "_'" :;Ii" . J~, . . - ~ . '" .." . ',,", '.' ..... ., ~ '''''_

taJJ. chinh to it'D cau ba:t Ida u nr nam 2.007., No, cung

- - ,;oi;, d' ,-- , - - " " .' h ~ .. -'h ,;I; d' ,:li\; d'~' -, ,;"

.: _ _ ','.- ". ':_. ' .-,.' . _' ' ~._" .. .. ". I .' -, . 1 ' "". '.'''. . I' '.:', I", -. .' " '1' . . .' ' .. ", . ':, c " - '. . " '., '.' ", . I

khon,S: _Ita ra dU'(1c gun pnap nat) er 0 van '. e . 0 ngoar

I!" ~ .- .:J .... . ,C -.... -, , ~ ~ ';,,-

each de mac thl tntang 'nt' do hi .gial quyet, va trong

d '".' h ):;, 1 .... ~;_1I... t ~ _.... t--1'" h' ''to. A • 'J - . - -"h'll''tif'fnllo 2"

uai ·,;n nen U'lIJ,U.1 re se . -~ P', 1 .. 1JC not, , rong c. 1.-1~1_:.J.~ -~ I'

. .. ""~: "I;. .t' I!" ';' "I'~.

chu:ng ta, di nhac den, con, so 'l1ac tinh ClUJ.a. Paul

Krugman v~ thiet :b~d, :ma tmh trang mIA,! leha, Fling thanh toan .gay ra, trong d6 ICO le co kboii'ng hon m,Q-r tneu 'ngum ttl va 'Sie 'b:i. t6'ng cci ra kb,ol n'h,a CUJ,8 ho, Nhung' ai'vin c-o,:n Dba .se 'oi mit di't16ng cqng sau nghin

'f ,~, usn ,t \ .'. - - I _:'~ t · . -_ .: Ch,f ..... ,' ,-~;," .'t,. A '. '~' ho d' "_'" _ ... , _ ~,.J.:.' I!Y . '.c__:'.' trong gia rl ru UJLJ,l,g ngo,). nna rna 'Q nang so

h .. I~,'·' L~ '.'~. '1'< "·1 ..• b"'_" ',' h'~.· '. -, .... ; , .~ ... ~. I;"~ '. '. -h-,I"·· ' ...... ,lj

__ u u~, _U~~U co ,all ng . iem rue ngm rang grai pr ap U.Jlf

... -,,,. -.' "., d' .. )1'''' I'" A~ 'lL .. ;b·· '1,- .• :11.... ,I!'" ;II:." A ...... ,. ....' b .... -'·

tntmtg nt ,'·0 010 a nang •. nao ,IIJUat xet ve mat. xa . Oil,

ha v '1i'~.a'm' -I jfi!1I..ii' I a·~' ifiO;~ '~'~i&UTI q.' u~~ l."

, -, J . ,I" Illlq. ... IIbIIU, . 1, •. , ~ -.- ,l_,U~; .. ·a'ii

- -

N g11(fC' lat, trong p,:han nch eua K,eyne,s~ :b.e· t'ho:n.g lu.'~t da,n s;q v~· -h.Q)p t1:6ng: va 'tim. quan trQn.g· ola 'vj.ec duy

t ~ kh'-" ,_. tha ...... 1... t - ." - d-·Ao. d' ." ng - -a~ t -;... r~'1t I~ -n4

. ri .. ' . a Dang' · __ diU.It .. ~oan' __ @·u_'o·. " V'.l-ru' ,a.-I. ·\.I,iL,iL, .'. eu

mUD'n h.i@u IdU(fC each thlk: hoar d:6ng' cua n~n, kmh t@ 'tu' ban chd n.ghi,Bt ca lU' gDe dO trong DUCIc la.n b6i canh toan (;,iu hea __ , nol 'Cafe qu6e gia ,sl1 dung cac :l.o(ll ti~n khac nhau 'Va thim, chi hie th,6:ng' lu$.t dan ,SIl v@ :b,OP

...tJ,--' 'k··'h-'I!' ,-::' i""'L,~" CI1i...II\ 1;-' 'tt':" .... ' "'hi- 'I'~-" .-'li~lll 1I",,~,.=;': 1':'00'-'

uong, a.c, ,:WIi:lU~ '. _ JLIJ.Ung 'I;, a. .se ,01· '.' @:n c u U ,~JLIla C \I. .

quae 't'e eua '[i~n. te, vi ,h.Qp dOng trong chuang 8~ COin 'bay ,gid 'phAn 'thio l'lllin (Uta, ehung ta chi: gi,M han trong pham vi, 'Y' nghta c-ua d:,o:ng DIQ1, te va h'Ql) do:ng' ,(tij'i 'lim

);. 11 ... fnh .. A t - "'-

nen to" _, re trong mrec,

Then quan d:i'€m ctia Keynes, Tin~h bat khla "a,m~ "h,QH1 CU',Q' h' ·~Aa.iI'lIn dua f-r''';n··· f'-~'~H ~e~ 1".Ji c:....,.'·,-~,A! fIi>.ia···· :l:"."';;; ,,.,. _ -. _ _ _ _ _ _ _ _ v p Y - J 011::1 ~:~i14 t! ,,;.. . lit:: Ui t', . U V ;JdU" L U n~

ttuj,~g ki.t1h fe rna chung ta ,gp" la chu' nghla ;[11 bid,n'. 'Vi tj,en t'i' Ia tlnr lu,f~"n co 'th~ dung' de thuc :td"en. m.Qi. nghta V1l hen ,d'onD theo h~ 'thong lu.a,t dan 811' ne-- 'fe'- chmh

-''- -VI""'-- b·' . ~ . .' ,,¥. - .''-;(1, .n 1 n .. . ,

la. 10s1 hang 'hoa. co' tinh thanh khoan cao nha,t, Tuy nbien, con COl cac loal tat san :khac' co tinh thanh khoan c]t[ thap han. '~i~n c;h.u:[ it" vi, chung kho:ng: ICo, dittQC tfnh i1i1 p' 'ha~ p dtnh 'Ui t '::"c' '-' 1 :a~ k h . ~Il- 0' ,theil Aw 1IJQ t.-,A~ s ~'n- 4o~' c ho ,·d·- O~·l'·

,.1 ... _.' U!U.l, 'il U.I./.,· I ul I i9 I.. . UUa. !lj.dJI. ' a, . U '.' .... ' .. ,I

tac wong: 'h,W' dong' di thtrc :Wen ngbia, 'VU thanb roan VCR ,h.QI~ Tuy :nhl@n, clnmg nao co thi de dang ban ,dUt1c :nhtlng' tM sa'n, d:r6 lren :m.Qt thi tntOng: tid, chinh co 'td chuc, (:6 trat tlt ,d~ thu IdUQc 'tb!D (,'gu,a tnnh c:bu:y~n tai san, thanh 'tien) tlU tai. sa'n «.1:;0 dU(1C' coila co nnh thanh kh O;"D a'J, nnre ...t·o .... · ,_'L,At-·)fU!',_l.. M" At- t';;::'';: 's' - . - ~ ~ ·t-·h-;}' 'ib~' . ,0, .. !p '., , u,,- U ,iL,UHl. ulu.u~, ·!VdI, ' an, D,e:u co .) ,e . ,an.

d:~'l"'ic _'L'S;-',""i cho 'n' a 'va;~ IAe: m, . lai ti ~,-- ,t- -~'-i t-m-'· tt....,.I'~;u,!Qf t::~ ,.'

--'~,'Y - IUJi - J.,U.!J. ""'" .. D - - U . ¥Ji. l!iniL.en. ,,[cn, '_ '1.1" 1.1;_ ... ..." . al

chinh C'O ta' IchtD:; ,co t:ri.t tu thl Sf: rho phep mol nguOi sd dung so 'tien thu dUQc' tu 'viiec t"'3;0 tat. s.a.n ta'i c'hinh. ,do d:@ tlnrc bien nghla 'VU theo 'hqp d:1o:ngi

V:i. dQ'11 1(,aC loat c'htr:ng khoan d:UQc' mua ban 'tr~n, 1bi.

trtrOng ['hang khoan Ne'w York kh,ong phSi tj.en .. Nbung ('hUng' l'@ii [co nnh thanb khoan vi thl tr\tdng New' York

, .... , ...... '. I I':' Aii'-'b·, '·"'a~'· t- o~' .'. h- 'Ii'" A'lI"iIi'N" r~1 '~'. IA,gA'&-- 'b'~' .'. co CB;,C q .. U'\) up.!" V ., . C ,U!C Uu,v C ,iL!(1 P ra oe aam an

. l' - - _

VOl, co'n,g cluing rang' ho luon co, 'th,i mua va ban bao _11.-. 10: 8u' ~h1'l~'g·' kh oan t'u':O,y" thich d'-A,n·g", th ..::-...:: 0'1'& 'tr-',S'n tht

Ig,u!(;;; - _ "- __ 'U.lllt.. _ 1 0.1.1,,_ ..... ·!l,b )'~I I U" I,." . I ,VI 110'.0, .' ~', :".

" . ,- '" ',,' - . ,,,", 1" ..... , . b ~;:; . d' ..... ' - 'h' -' '" ii, .... , ' '1[7'1..,.: "':" In. 'h -'

trm.mg se mon I nen .~J~)nl t reo qu y tuat, ~J!.J noi theo

. , , '1" Btn '~~,_", y":" ~ h un '. ,,[-. I'" - oii'" .' "h'i~ - '1["'·..... .. , 'ti-"" '.

quy ,UI~. "U,ruliL ' ...... Cllla, C .. _ I •• ·g I 18 a ,g~a c . ~,~g A,.j,I,Olan ,-,ra,ng

m,>g"O'1 dtch '1['"16-p-: theo iIi.'l'6 ]k:::h-:Alfilg khac n'h···~~·u-T I£!IO' I 'V'~';;;'il a_"l"a~

16~gl' ,'- .\'1 . . e. _"" -'" \.- ,.... !iiJ1~ .:- l UIL~I. ,: ' ._ ,I I,"' .. _~e· 0. .-"_ . Uol ti : I

chung khoan t[long ,l11a.o dich xay' ra trut1c do~ Do va'Y-i khl m~;t nm~ Q'ni eho nhan ~:~en m!ollil'j[,(fi !C hUn g. khoan

, . , 'I, .II.&.6'IAU'.lL, ,6'V" ., . - . _.., . VI . , .. e _.. '._.'" ,

va bO.o ,3:'00 ta ban di 'X' cO 'p-lhi~u "theo 'wia th~ trnVtruy'l .

.. - '- ." ." .. .., . . ,. '. .. ,.. ._'. ,. . '. -- .', ,. '-' 0'" , "",' ,,<Ii, -....,...II.~ ,

tbi :ngUm, ban bi,~:t ra'ng s6 tj[l~n minh :nh4n, 1t11tQ'C' se chi: c'hinh, le,cJh vai. xu so v:m, gbi giao dtch !dttQc con,g' b6

~ -Are-- --h~ff gan uay nr at,

:Nhu Peter L. Bernstein, tic' ,gii cOlOn sach ban chay ,nIt,it Ch6nn ,ltd' cac vi ~rhdn (lli h:ru. 'v',. s11' taln tat ella, thi

- -~-- - --- ~;::;"I 111 ,II 11' I! !II' 'i' - - - II'!

tmimg 'tid, c~binh, co rr,iji,t tit d6:i VOl cac t:ai san (~6 nnh ' .. 'h .... _'L kh -. ~, -A~ kh - ---~-n khtch ;i!"i3''k.u'f sl.. h'ii~''i; (''''~ -,'I,.;.~ A'a-I": •. ,QIIUJ, . - .. (Jan uEl ,- ~ uyeJ.JlJ~" ~,.U .. 1, 'Il.} UU!I;.,!uw.:; ,rU:!la 'UaU

'ttl)1 cac lo~ chQn'g' khoan tin, :rang ho c6 t.h~ thlt'c hien

';hil:~ I'~'fn- -1.."'10'001-' -:~h'" ."', "' .. ,- ';' t'- 1!"l,\.;."" ·t·--h"' '''~~I]:;-' '~~··t·· .-~~ khi 'C_ .1 en, -,.'~vt IUW_I_:_ t I, o.ng ru . !lU.101 ." I. I UIIU,'U.JLlg u.a., C'ut L ..

. '-~'."'" "h', I i'~h~i kh -"";': iIr~'" '11'~,-·· •. :,'''I''il'-hl''~'' 1','·'" ,A'.:,-·-.! 'dl]',~,,-

nao . Q ,,-_-,a., cnong nat tong vm nmrng gI nang '. _ ten

- N"::-'''('' !:~h(' .", khoan kh,-,a',CIc:,f, '-"-]L thanh l"'h··:~·lt .. '~'~

ra.~ . eo C I. ung Jl\. . oem, ". .1 ong co ttnn t .. 8 I .. - .. JK- I.o-an, ttn

'i!; , d' ,,( ~ ,"-" Db ,,,",- A ,,;:t...., h '!Ii' ., h "'!;);.""')' - t.. I!; ~ - ~

nn ro ooi 'v'm,~_ung ce Iuan,g' I(C.~JU sia ._UU,I ~I.UJlO cua cac

doanh :ng'lli@:pi se 'la khi 'Eon .. Tuy nhten, tinh thanh

kh .. """. ['~: thl t-- -'I'..t~ ,- ,-~"",-., .... -1'; ,_·'L..11i' ,it.f,- ih -:"b"'~'ff' 1,..,.'~.- -,:_c-:~-.:

snoan cua tm truong nay rung JLUlu rm .. C ,13![ tIi..u.uyen

'1!: ... 1b1 .,:' "",'1 _I..... . -bi"'(' .'. 11I!f;n11. -- ,_''I,..;. n _,I. .... h' r I .: .. , rt l '" L "" th .;' 'to It"1I ~ -: d",,?,

&lILU,CUL C. len I"""ye ,lll.ll.ruUI C . ong ru . ,MltDll!l4, u ueng ua

khi'@-i~ho 811'" tach b-jL~t 'oill'a q···.'uy'/e'n, sO bUll va. q.-'U'u~n

. n c . . '~, . ,- I!i;. ~ ._.-;., . . .-- -- - -.- --J - -

ki.,i!m, soar (quan 1';) doanh 'nibi~:p tra nen mQIt' vim Ide quan .. -i trona 1;~'m':II, cac _'1I"1i;l0; kmh t fj ho .. c 'V'a-~ cac chinh 'tl.ri

_u. . . ynb~ .!L~, _ .. ~ 11!1!1.u. Jl.ilJJUl,.,,", . """ _ . Ii;. _ '"'_~_~_ _!p,;

gta b6i. [lOit snO't tIt' th~pl :nien 1930,., Nhitng ai. ngac nIIU!R

1,_..,1.; ng ;'b-'11ICii p,a~' ~ ch 'UVial" mia'~'1 kh "~'n-lgl'~- djl"'i"'1". 'l"1l:i'n-lg:;- ,fl,:r.Am--A,i5c··· ,,,"~,..

,MD. '~_:_ '.' ~ ~ ~._,:~ 'Ib. __ ,._.,)}' blI.Ji. .0;11. ._, " R,., .':: ," _.IUI &IU_ " .. :': ~·IlM>· .. I.tll(J.:, ,-a,-

n ,Q"a'-n h an a ,",,·~U' .,." 'I~' .~_..;.L. . 0':"";"0" h A b"I':&'Iii"'N; Via Q. uy'l~n cl1rti ~\a-

, 1'6,Q' , " I, .. 16, U.Q· !Lu, VI.I .N.!L .!I"lI,e ,I iii;: .' pj,V_'\' '.c.'~." 11;;:1 ,-,,'1,1 """", __

cac ellu ,sli hliu ngan hang ttrc Ei ho khong :hl[eu thi ·t' ...... ; ~'g 't'hanhl kh 0 ~n co 'I' """ ,it" hI' ,..;1'0=: lam cho 1-", .... '.: val' 'it-r.io"" .~:u!.:tu[,ilJr.': IcoJ:, I I!ib, I, 1-, I 1,1'''1': 'IIY UQ. _:_,,~__:I' nc nar var 1,,&',:

sd: :h1lu, Via qu,an Iy bl tach rm kh,oi nhau ,Mil' 'the, nao,

'1'-; l ~ th J{t t;h'~ 't'rl."tVnI'"M1' 'hi" i ~,,", ,?' 'I"" ~~ t, ,', ,",~ Ali_II-!.. ,rtQ,ng .ll y .. __ uye . JLq, "" ~_",~, ·e,u qua~ ngUU'l, ,a gla UPU,l

), ~ nhtfn ......Ja h"~'iii d anh : ..... i eo - ~ 'hi'

ngam rang nmmg :n:gUO'l SUi IIU1U,,(1 oan i ngmep se "y,'

q'uan~' '~y~ 'IJ,.,,'o~:;-- th 'I'~ g" ~ , " d' -fi,. t" 1- ?'n"Ii1 'I: ri 13 t", A',o'., V:," ~ gii oi ~ ~'~r' 1_"., _ .w.', IJ..IL \~C !J" :U.:' ")a:m ! I. 111."jpI"", ·~,U,JlY .... ~;'" u"',, ~_ ~.~"',I u.U '-

dllqC thue .naY' ,neu mu!an dl1t1c lam, vjltc lau, dti, till ,se

,,'L.!' ther 4':" ,~. ," t ~,:'" nr-ii ich _.f nh '-",,' ,- , . .('1'" 00-·1" " I ' •

'pU.d. "eo u.uOl mijJ,(lleU 'Y~ Ie ca , . I Jim, gong .... U ,myc

Il"e' U' ella -h' 1 SA -h'~1 'II kbi"'- i, tu q' uan lV'''' doanh " -- g'bie"'" - N'" i

- 1 I" " e» 'lll'j1UU:u. •.. ' I '11" '. .' I ' . '.. . c" 'Ii' 1- p' I ': 0'][

,', . .:.: ,":,,: ~ U . ... .',. _ ...• _' ;, _,':., ,-,' ,",' , _"_1 • _II::__:_'''' '.':_,,11, ., .•.. ~

each thee, theo ly t,hUyi~:_, c6 w[@n., :kho,ng 'the co su kba,c

t..,",.. , .. ' lnh ' djnh-" - ~ h'il' ", h- ..

u~,~t trong q' .. : u 8' tnnr ra q. ~'uy"e'r t'; ..' c '·U' ~ c 'U S' l"" ',IN 'V,a

.~ • ."', • , l. • ~J!.LiI [I 1 :...., l_ __ _ _ __ ' _g... _ U . l

nguOi quill. I'y cong' tyi

NA, t"~ 'l'!- - ',A,t· . '" 'd'I~' I"~ _J..'I'!iI, 1.',,'''''' '-'~'IIIJ!"P"1i...·~'-lHn, ~,,;; _ eu o-~, 13, my. I co .. tong Jlll.1I0 \gl,ong J,!I.U."" '.' UA'lU~, V.lul, C;ClC

~ -', - :- iF- ~ A A. _ .. '.' A. ..- r~.e. i '. A-

C\D drong khic,) cua ,m.Q't cong tv ni@'m ye:t, ian va 'tOI ,thong

thich each thac hoar dOng' cda cang tv li,u nay thi ngay la,p 'rUt " ted :se bean c6' ph,~ cu,a minh m, thay vi ICO g'~g tham .. O'"~' ,- - ~ 0' . ., t" '''inhi '-"'\n kem V ~'. ,-- '''t' th ;,.,i ,- _, " d"'; I '., . 61a, va ••.. 'q_' y trn ·L~:O· ',\;;. 'I, a mattr ,vI Il[an : ·'e

b ~;" b '. # .h ~ , ••.• ;l.."~ II' . '""... ... ,A • 'ILr. ~,

sa t a nan giam U.O'C;, nnung DglJOl ma Iu'l cno rang

I~a'" p','h~lm' 'I 'S-~'Ii I'am:~ I n.1 o'\.,;.,~ig'm' ',' tro 'ng' '1.',. ... .;: q. u!an~' .... ly'f-: eong :-, [y', '

UJ. _. _,'",.y _ (_. ~ .. (6~IIJ,C.. .;~, .. ,~ .. , .. ~U ._/ . __ ",' ", " .'_ 1 .... II!

Trong chirong 6" chung ta se gi,ai thich tal sao khjj,

h«~ '11,' I"" 'It ... 'bA-- g - L..:E: - h- - .:: 'II~" ,~' ban ii!'ii;'I0.,';'_ A'II'fN'rIt

l,UIU.l.lg ,1181 . a, ,Mllon> cnae e' an, m,ILI,C gia ~ ~~ :~U~JL lJhA~'

khil ban, tai san co tinh thanh kho8o, tEe,D, thi trdflng nt' do vao mot tbm ,tU,~m, bi,1: ,ty trong tuODg' lail,C'o t'h~' khac

..... t, .l, . _ 'I..,~; ). 1L.- L..t " b ~ '..' I:. ...::: T'

nnau rat nmeu trong ,!40 •. noang t ;~Itn gian rat ngan, . .rong

tinh hutlng x5,u mhit, tii san tid chtnh co tb,~ .f01 vao tinh trana :['-IOng th~' 'ban durie' (,I ",ong co tinh tbanh kh,o,an) dll vtli, 'bit Icd gia n,ao tren thi truClng'!1 vi tm san d:6 d§, bi ,mat Il,ai, khDing theo quv :luit nao Cat

1)- ."t A'am~ -:'. b" o' ,M· o,.,M .), hw'--' 'b' 111'1tn1,(jf kh 0 ,,!,. -- r ,1f;,:',. •• ;L1 •. e iU_, J_ ),,8;' VIY.l.\ ,n6yU.:I., Sv '. _ ' __ C~c.c~_·~I'~,I.\an [co lillB.1

tnanh khoan lang: gii 't',iU s,a'D elLta :bQ tren thj 'truClng luon IU'lo[n ,bile," d;ont' theD' ,~uy: l:u~t tbi [cAn «'[0 :mlQt n,",,_~

~ '::I l1I- [ . ~ _ 6M'UJL

h I'iIr. ~'t ~ t t ,~, .~~i t ·iJl_~ - rl' t~' ~ ~ I~' --~riJ"t -

.. ~O'C mQI, Co.n_g 'I,y tren '~JtJ!.!l, ~.r"VIJtig co ten ta --ngll,)l 'i._cl()

li'p ·t-h.'!' ·t- -u~~ng' U'S'· " ·to'~' n t ''!:i(' f."Iu?: a n cr'U~l" n ~Y' a' - ~ P CQ"" ng

, y.,! 11.,. I~ ,[ .,U .! !I'~ II,; I I ~l. ~.I" I - ,5, -v , ::/Q" ,-' :ollU 1- I-_I,!, ,-',

. ' h'I'~ "1'" t i, . I ,'~. g' ' ...-' iI" ",' 'I - '. ."':' t 'It'h~4'~ ~.- . b ~ ''1' k ~, . - ;; it- _,'to.~,:);. ,

c~:___ung,m ran, neu 1\qJ.. mot ,u. memoat _.y, ra .. nmeu

ll"ilmlffl" A'~HI(J ~A 'b'i~''i' t'~,; ca"n AiQ'· ... ,t' '-' ..... ·~;gn m 'UO'''::n tmrc '1I...'::i-n

... ~,'!IAvl u.w.iL.!~ i)iU' ,- .u:u . W 0.' - U,' •. _. ,1U:JlJl.'~: I ,I: .. 1.. I - '.' ,~.;.:: !LU",:

chi.~n, luge nhanh chcing rut ,khoi tid tIUang -va bin tai ,sin" trong khl COl rat It hoac kb,O:ng' .81 muon mua rihUng tai s·an leo tmh thanh khoan iltV, thl n,gUOi 1,0 l~.p thi truitng' c'6 :ng:hla vu tham gia 'VtRO t:hi trW),ng: v,it mua

h·~t-" Sl~' t--'~~ ~~'ri .,a'a'mla' duoe r-h- ao . ban 'M·····iillr-A"Cc-_ ..... · c-u? a~' hanh

__ II!: I:~' 0 ._I~_~ ~ULR", U;' _'IIr..~ ._.IL!l,y~ ~'" JU .. -"_, _ .. aJl.JL~ .']" '¥'~I !LU .. .ll.I ... ;:". ,.,' ,lUi

d'ong nil' Ii dam 'bio ,gii tid,.san se: 'bi~'n dOng thea II'q'uy lnat" dua tren :mUc gia, cd/a ,giiB.O dl,ch 'trudc t1'OIj. 'Ve c;rJ ban, nguClii 'tao lap thjl truCmg Jam eho chd. sa htlu cac tid sa~n co tinh thanh khoan 'tin rang he lU,IO,D, co th@ t,buc hil@n, chi@n lUQ~ nhanh ch6,Dg' rut ,khol th1 tnrCmg

!~ - -1I~ - .,:~ -,t..,~ -hi"!-,'L." la ch --h-!i'. -iF it . - -,M --jji~- ,':!" - ':II .

'VU'JI., mire gia ern 'C- enn iec -. c 'UIt n so Vv,lL, muc gia 'CUI.

-" - dt h - . - " '1", 'Il....: h - b-~; - T" ~ - 'Til,.. ~. . ,!" - -h-- s; -

gJl,a.o .', .,C ~ njga~f' traut' ,Ull ... ' Q .an~', l"t:n. .,-u:t tnreng (~ .. umg

khoan New York, nhline nguOi tao l,pl tm trucmg nay duqc ,gQi Ii ,j'C'h'uyen gia" j

:hQP ,dong' - vao tUOng 1.a1, ngttOi ti~t ktem 811 d'ung: nhie·u. !liCO ma')! thd',i gtan" co 'tmll thanh khoan khac nhau, :HQ co the nhet ti!n dum ne'm ,giuilng', trong tal khoan ng,an hang 'h,nae mua v,a cit ,gill 'nhi'~u loat tai

']i ~''''nh 'h .... _l.. 1I, ... :i1.., ") 'lL .. ;1k;. '" hau t ~, d Db

san co tn ", t ' W,UI, Mloa.n ,il.ua.'c n iau trong mIQ'['~, a' .', ."

muc A"I1.; -U' nr - - ,rf 'd' 'u- ro,~' n'1i..~ ~u- tr ~'l~ p'L'~i a,u' ·V\~ I"" ~ ~ 110" ~,1 ,t'~i

,'\.., 'U: .' ,I ;,,,,11., -:, '\..;U ,r1,tU,,'!I;..: ,',' I,,' u· _'LUi!!"'_," ,.,.g.,"_; JI.)~ I!W

sin tal.. chinh khac ,rna, 'nglJOl d'c. tin :1i ,eo nnh thanh :khoan, cao 'Ylt chung (leu al'ng dUQC mua 'ban 'tflen mOt thj, truClng (;0 to' c~bue~j co trat tU~ Nhu chung tao 8Je trlnh 'b.ay' trong chuang 6" kheng may l' moi tr~t: nt' IreD, thi

- ".- _,. 11 ." ~, '. ':Ii " '" • 1!..,~,_ L ~ .... I'" b:;- ,

[ruong' cae rOall tal s an tal cmnn ,(::.0 ten ia ngma 'V'Q, ng'

,co 'tIl.e, (:hg.p' I((,D,O:) va cac loqi chUng: khoan :phaJ sinh l@ bIng khac l~:i. bi~n matt K~t qua, Ii Dam 2007 xay fa klning hoang tht 'truCbIg titi chfna,

D- An· AI';'~ gm' . 'n ii'U' ,t;ik.:~, eh ung~ - - [-, - - ~ - - h ""11~' ~ 11 ... 11...:: ,", mQ"" 'Ii: '.6 __ urer ,:'I,ul,UJ, ...·,1'1, La, 'can. IU;U Y' rang KJlU, 'OO!~J!J.

pbAn blat kY' thu :nh,p ,cu,a, :m,Q!t n;guiti khong ,lim1c ,dUng

.4"~' ':Ii' -h:i.7 '-h'" At. ,)" d'" ... 'L~' '111 .. ~ 'i

ee mua 'SCl'D pnam t~l meu uo <::0 ngma JJ.8 cau san

ph!m tren t'}U '~ra;ang giim di so 'vm. khi ug11d1 dO. ,eM t"eu toan bo' thu :nhip~ Do d:6" 'ti~t Idem c'd tb,e gay' ra tic d',Ong tieu, ctIC le':n, 1'(li Muan cua doanh ng'hi,e', 'Va

so;'· VI" ~C" '~a'~m"" m"~ d - o' anh . '.'-'. n"'g' hi Q'p" tao jjiI'~]

... 1 ....•• ;~ _ Jl. .... ,:_. .. ~ _ .. ::_ ... ~: _ ~ ",:_: ... J :_ .... _ ___:_:~ ~..... lY,·_: I 1.1 Q. 'I!

A· i ta '0': ra ''I,riiB'f'' '18"m'" tro n !Ii]' n8,-0'" 'll ... lnh 'f'£. h~' ban chii

, it,'. ':.. ,0 V.I.""'Ii,,, ,d, _;_. I" " ' '~ I';;;;' ,&Jl., 11."" 1l..'U, ,IU __ ..... .'w

nghia? Ma,c d,n chinh phd co dem Iii, mot' 'Val v1'ec lam

''t·:i''a'~ - ;1", t"'h= - -I ~ .' 'fLo ~ '.; i';" " .. _T, di ~)'~,- 'l..", ,_,'" t" linh ....,.,. ''Ii h ''""

T, co ,.ue DiU.an CO,Dg, VI JJ.~ C,dI,UI s,a ," unJ.. \..u.,.., .. Oil;

I,~ 1-1II~' .... t - ~ ,,"' - J ~'-- ,~ - '" 'I"I'I'~ .... th.:1

¥.'- 'U;.yl~~g 'VU, I rang, .111.,0 vien u ca,c t.lUL'UIlg cong, . '_ 'am

, .. 'II..;, "', , Db" 1,,",,0' nh ;lII.,,--= I~' ' .. , .... , 11,"'" 'A'~ . ",t. . '.' fft;!;-;-~,., '1i ... .'L.· ,

pnan,.; 1 -"",..!o pr an .v,.LJi. viec lam neu nam ~,:L ong ,Ll.dll.

'j,ii1I~,," tu 'Db, '~'n," n ·'h-',~ doanh nzh '!ia,tl thue la 0-·' d.' '0° n 'g. ' S':.'U: y':

'¥',+II;..'" ,,~. ..1 u-,--_ '" .1 ~,~, 1I.''''r,~' JlI", ~ '_,,' ,c.,I!!'_':' .

] CaiC lijr '~huy,e't gijl(i c!~; di':n tim c:a eh '~ra nh hiu Qui ;Ita u c ua hlanh vi tie'~ Iki.,m ~Iay ba ng eacih gia '~~nh r~ rig moi khi mQ'~: ca nl~an nat) db tiel: 1~[~lm nm~tt dolliU tronlS thu Inh~ p, tbi h)~1 co mQt: ,ea nllim khac. d:d n~' '~hm ';lay ,chinh mg~ dollalr BOI d' tieil!J 'xa i I[b.l(: lal ng,~ ,(I'{) tieu n hi~.u ~cm thu nh,p c ua minl~1 'ml@t donaf')~

t'boidi 'va, :khlin,g' ho.8ng xay ra khi Ca,€; doanh nghi.!c,p sa

t'hij'iil·' I'" . d':' ·· m"'''! ... ~ I'u-on" 'lan.""·· .. "" .. t;bjnh··· '. w,' 00-"- l~' [--hm";"'"

- "':" . ,". ' - 1. ",;'11 I .' I i: - [" " .. " . - . '.' t • jl' I -: - "j

1 .' I ,ao . ong v' SO,,,, 1 g , ,I" con I,.. 1 " " ,,\', g , a , '.', ,

-k'" ;;" d .... '_ L. ghii"" ... '11""':';' ~, A '11" 00-'" d (I' ",;

""Y" rna' " i O'dIUI n' '':;, "I~P'" K1@im IU'I'f'rloC ~I"fii '.' 'u~n cao 1 () I' 0'-'

_'_'. ' . ' .. ~_" _ _' _ _' . _. .'-.::_"r '_'. , .. _.,J...:_c, .~_'l"iLy'. ,_._,VJJ. , __ ",:~_,~JIo ·-"·C, _. 'I' '.-' '._" '_ .

. .

g~ln _1I..'U '1...0 thue .... he.t,[-, ta't C'? nil' ,.~ - ,~j -'!!' l..-'1I...,_t '0:"':--'- -,-"". ~JL, .lUl', ,UL_ ' ,'" I, ,b,l- a, :,~ UU.,g ,w 'co '_.U.oi1 , ang, va

~, ii ';". 1- .. ·· "~ ... ,

Sian, lOng. am viec,

, . ~ il. '.. ;( . ,,-" .'- ' ., ... ,..., ..

Yeu to nao quyet dPlh, doanh ngro'ep thue hoac sa

thm cong nhan7 Ky' vong tang' doanh 861 china 1i. (tOng lUC tl'ch c\tC kbj,en doanh n,ghiep t'hue them D,gUe,i, ct,~' ~an'" .. """'IIa~t t;he .... m san nham.:i .. va b' ~n );j muc ,ma'" dem 1':=11,; 'lll""';i 0,"":: I, ~!U'" '",'.' :~:- I :~',-",,- "u" U , ' , UJ,", b!'""'-' . i ~ .ILly..!

nhulD" NigU(1C lai, :n~'u, cac dcanh 'nghi,ep 'ky VQ:ng thoic tra:i qua gial doen) doanh sJ& ilam,~ (uln 'tm, eo h,iji ki~m IQi nhuan giim, 't'hi ho :Sf: ,cit 'bOt so lao do:ng ,ho ,(j6~ 'T6m

I .. b- "'e.(- d' 0''''' . . d" Db' . o.t.' "!; dan'-- n''''''·t M' - - k ''L - - . - - I'~

ai 'i'll; n aeng ':"108' "'I S "I va trm narnan« .y:: v r 0 nO" a

II&' ", ' . .Ii,,, '1'.", '. i .. , ", '.' Y I .. ' '. ¥ ." .llu:L,b " ,< t!I,

y~:u, ttll co tac dOng Ian nhAt l'en :hlnh vi thu'e: lao dOng ella, doanh ng'hiep khu V\ft: nr n'hi'n~

Vi vay" mol y~u 'tB lia'm ,giAm nnre ttl'ng: c'hi neu d:oli va,it cac hang: hoa 'V,a, .0. Ieh VlJ" ,co '[he sinh lC1i ctia cac do a nh 'I· ng .: 'IL..'~e~'p··· tro m . g"" n'rl~:Ac' d-l~iU' 1 ;rob xu",' .'.' h-' "'I''thng" 11 ~Irn, gl''''-" ~'m'

'. I .. I, Ill· " 1 , " ·.:u,v- " t" "-v " .. , ,',' ~:V.l."" . I,""",I!. ,'u

- _. . _"._ ~- - - - ~ - - - - _. - - - - -- - - - - - ". _"_ I . - - , - ---

so vtec lam~ con mot y,@u, t6 lam tang chit neu 'V80 hang: hoa va dtch vu thl se tang' 101 nll:ulan ella doenh ng'bj,e:l)! va t~g s6 Iao d'ong co v1,ec lam, D10 do" trli'i, :n,guQt 'vm cau n6i ctia Benjamin Franklin' rang' 'mot m ti~'t Id,e~m ,aWe lit mOlt: xu ki'~m, dU(l'C;"', ,c:bi]: d6:QB XIl nao d:m:tc d,u.ng d,e mua s,c\,n p,h'm, eda cac nganh sa;n :xu,a.t mdt tr'd: thanh d'~,n_g xu thu 'nhapl cho n,gUit.i :Ia'm, congt nha

q-""-a"n.'· ly':" va ",,"'buO) !~~ h''I~'!i 'd' oanh n"D''J,.,.,~a,1i'l ehta nha 'U'

.' Yi .. (1 . <: "'f'.", ,._ ._ ~tU [1_ 'lUlU, .... -,',. I I I ~1.u,,,.,~·,._ u. _ __:_, ... _ III'

Hanb d:Ong tiet: kie'M, mQ't phan trong tbu aha!) bien

t · -~ - "ru~- 'la'~ --~,,,,,- t-"'e''''-- d-'''-- - ~-- - 'h,i!-- -~- -'~- --"!--nh'-

. 'I ... , ' "···1···· . '1' ...., '. ' , -" " .... , .' .. " I

,~Ul co ngl' CIt, ,'., V]l'eC ],., ,U ", ung, sian. p " am cua cae nga .' .

']I .,.",~ if ,,~. '~"t hon 'I: M khi 'I' .'"'' -b'" I tht _''L.. ' ..... , A:n,ti' , . san mali. se ], I, ,.,-"",,,",.1, so VV.l, ", roan ,-, Q .c' U ,[lJJJ,gP U!l;.;lvC

dem. ra chi tj,eu va khoD;g co tj,et lutmi Kbi fiet Idem ling them, ,mQlt xu tm tire ,Ii doanh ngtn~p khlO:ng ,thf nbin, o'uqc d6,:ng xu. Id:6 't:bOng' qua, ban ha:ng hoa, dich V1J,~ Ti~t 'kl@'m 'lam ghim co blQi I,Qi nhusn :nh!CI ban, h,ang cila doanh nl,bJi@'l~j Ido d:,o, eac deanh ng'hi,~I) thUf' It, c',olng'

ohan .... ',' bon S, 0"" 't,l'm~;" l'""h'~' 'll~'''"'.Ar-ng:I'; co t:l~~'·' ki,"s'm'-'- 'K, ,q,., Iqf u a':" I-a)' niu,

': - ..... I ,'. "." -,,-. ",1 J ,AJLll 1l1i.. • .11Ut 1- . '.1 . 1·.··.· .. ell, , - 'T" : t. Il .... e~ 1 __ . _. . __ ,:_,:_;~,. __ "

t'it ,ei rlbun,g nguO,] ,mU8 s,an, :phi'm v.a, dich V1J q~ylet ajnb, .se c:hi, D,eU .it hen 'va tU~t Idj~m, ribl!'eu hen tbi, c,iu, tbi t.nrOng gilupi sinh lqil nhuan cho doanh ,ng'bie:]J' Sf! gbim, Via s6 vj,ec ,lam doanh nghiep dem :hai s@: It hon,

D.... nh ,. ,..... ~ '11~' • ~, ., .... 1i "" ':II' A""

,'.1. nruen nguv cv' ram gram viec lam eua mot Vial.

rn tr.;" ~ ,i!., t 1", ~ ,,,., ~' t']L...:! A' b'" l"~' ''" 'b _;.;", .a:.:.1

,n6~,vl net Mem co "'~U'@ ulIO'C,U, 81, neu cung t,I:liW mem

dOl, co nht,@u, ,ngum mua khat: q~:Y@i dmh c:hil 'tieu nhl~, han 'truclC', thijm c.bi v,ay n,Q d~' ting' chi tU!'u vao hang :bO,8 va die h VlJ".

:NhUng :ngllm d,o Ii at vi tQi, sao ho hu I~um lo\nJ~~ vay n t'(I d'il c<ihi'-'~ t'l"&U' nht ;",Su 'Ibi~?

y " __ ~ .. ~:.__:...__ ," ,,!\;;.. _' "~,._,, I UII.rIl.~1

Cac nha kinh te :bQC' 'thuong chta :ngU1iJi mua bing hoa va, dlch VU cua doanh :nghi,~'pl ra thanh b6:n nhom, :EJ6 la ('1.) he} gia d'llnh, 1(2) cac doanh ,nghi,le:p dau. nrvao

.. _,

nha x-udng; tmet bj, m!Cd. 'vi, ho ,dill' d:oin, doanh iSla t.rong

tlJong 1m se tang, 'vuqt 'q,ua ruing Itlc s,an ,xu,at :hien tat, (3) chinh p.h:,u~ bao gO:m ra chinb 'phd, cap letia phuong,

_£:, b 'i;, _~ ll'·$:, b - ' .. ") '~,.,,;pc _ " ""~ _

ca p ,",eng: va C.Cl.PI nen "mgt va \4\" ngud1, mroe ngoai mua

,,':Ii, , h - jJ' '. ~~ M" ,":' ", '''-'t' kh ~ r-

s,a,.n pnam rna _.'_y xuat snau,

Chung fa g;e th.ao :lu,n Vie tac dOng eUta doanh thu xuat ~u trong chuong ban v~ th',lfODg' m,i quae' tie,., Can iCf diy, chung fa chi, ti:p trung vao ba nhom :ngJ1ui mua d:a'u 'tien,.

'T",e d'''' ,', h"" . dinh th'~ 4 'h'" ,~~, h

' reu nung cua no ,glB, !W ···1, ,lUong' gan (:'.,,', vat, tnu

n'h'~i -N"-~ th nh· ... , " h.... ·AI~,_'Il.., ,",' . J.,.,:: h ... ~

~Ukl,~PI~ _·,eu, t m 1 ."p CIIJa "I,Q gla uUJJLIl tang till, ,~.~Q Sf! (0

xu :h,uang mua nht.eu hang' hoa va djc:'h vu hen, CIOiD

- ~ . h nh - ,ii';, .' ., . hi- "" h .... ' .. (1'''' 'N' ,,A ... kinh

neu tnu nhap giam t '" no se mua tl" f, eu nen ,Kill-

te dang trong th,61 :ky suy thoat hoac khun,g hoin,g, tbi, 'nguye'n nhan hi m,Qt: s61 :ng11m mua san phgm ola khu 'VUle kinh 'te: ttl 'ohm:. 'vi, mQ;t l,y do nao d6'I' Ida, mua it Id:i_

'·v···\a'~ ~,t-- 'nlml~ la 0'-" ·d-I'o,n- g: - C~(O"" lni31ii"" lam hen 'V·:iI "t},:!3i,.", C'U"V 'JIio;!b'O,,6,i

'." ,JL "', I.'~I~~''''' ", _. _"." . v .. ".' '." ... "_ ·!W',II;~b,"" .. , _U1,Il,!l_ ,,1. '''''!J<lll ~''_~~'1' ~.1~~ .. ,[Ubi

Iuon :U@'n quan d@,n iU suv giim t6:ng thu nhl$:P rna, tal c,a, C,BJ':: h,t} gta dmh do mot .86 con,g nhan III sa "hai VB, plhAi sBng' 'b,ang tieD bOi, t'hl1liJng that :nghiep, th.a:p b,on luang, trong khi d6 cac :h,O gta dinh khac COl m,Qt phin thu nh'~:PI tit lot :nhUWt cu:a cac eong ty ,rung 'f-hay thu

n·'iI,." :':;'n ~1l~ ~ minh ~ c· '. g'l" am~" 'In' Ira:~ 1("" Id·: '0" .... _ ..... 'ng"., hi~ apl d' !Q,na t- J!!i',l,'« q" 'U~'

Ul.~,1'"'" "" _",g, I .... .~. ~_" ~ 'Ii;", _ .... ' .... ·1(U,1I1 , . I z: I ~. •. '. ;~"&.D . ,I. dl:__, .g

thO!i tv doanh thu ,11am.,

Th,e con dau, nr cda cac doanh :l1ghU;~p thl sao? Ly th:u.yt!t cfl d'j_,ln :khing' id'inb, r q' n~u t-hi tntdng '~ lJjeu qua thi 'b,at c1j}llilii, nao t'iet 'ltle'm c.u,a 'h6 gta di,Db ting Ten till ngav Inc do, cac doanh n,glili.~pl s,e vay s6 ti,I~~n ti~t: kilem do 'V'a d:iu, 'tu nh'ileu hon vao nha xuang' 'Va,

-. .. . '. thi'· $;, -'. b ~ ce d' ...... .,: s . ~. .... -' - ,. , .. ::to. . - , ..;(" . - ,. - '. - - ~ ..

Ir-an- . " a I e:t I "1 '0" II Q' ~ 0111 a, na' '0' tin' I r·--·ana 'ln1"1 nu m" t")'l 1:"i,]Cf'i .. : ,'f" ~I

.. '. ,~,,, " '.' ,'" '. . '., ." ',jlll;,. ,ttl.' , . ,,'c ~ 'UI,~. '. ,: .II..aoe,,,,",,,Y.lI.

t:~ 6[ 'ki_ie"'-" nhi+'~""-- han- va d d'~" - a..t::- itt han- t-hJj' ~ t_

llg;, ,.1, :m· -I • ·"ll .'.::.' - 'V'_:' .: '0 •. ' '0':1 m- 1111:a· 'S: ,"",m 'I'· I"':. - ~ -I IC:9i1C

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nau cam t.ll:IiB,y tac uOng cua suy t. . oat t ,1, ,gun quen IV

doanh nghi,@:p sf! khong dau nr them nha xuo,ng' v.a

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s'u' dung h,~:t' vi doanh s6 va 861 drm dcjt hang giia:m~

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nghU!pl kmh doanh s,e bih: (tau 'tai Idau nr vao nha

Vil:~Q" 'ij'a~ trans 'ij'~,~;At-, bi chi ,10 '~_"'I!.,.I'::: If!a~-u~ t--r=A-n- thi 'r--'~~a t ':j'nI'D', A}""U'iLJL,~ 't' , tJL, .",~ t,lll'lb "t, I;.. ,- NJlJ "" ,'. - _. t: ._. _llJlf 'u, !;,iIiu,,L:&.;6 .1_'"'0 II

ltd die l<hi@n ho tin, r,ing luqng: 'ba'ng: ban ra se WQt q,ua, nu,g llltC s,an 'xu,~t :bien, co, 'Do etO!I' trong thdt ]ky suy '1f~h.o,ai, c'hUng ta Itho'Dg t'hl~' ky vong cac doanb :ngme:p t,i.'ng' tl~:u ru

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d~ bd d,ap lat p:ban doanh thu 'va lqi nh:u.'i;n 01, sut giamt Kb,olng mav la :phln. Jon chi ti,e'u cua chinh ,quy~n ci,p 'bang va, Itt'i"a phinmg ICAi ,C',(i quan h,e c'hi't ,(he v,Q~.il doanh thu thu,e, va IdU kmh t@ suy thom thi :11,Q cfing

nh ~ nb ch ·O~'i"lli:f r~i vao tinh 't-'f3'DO t-'-huli d '1]11 '-}d.-,·,tn· thu d':I '-trlr

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gj,im, SO v,Oi ng,an saeh hi,e'n tal, 'Vi Val', ,ii' :rit nm,I~;U, Dang' v,a thanb p"ha, d:oanb, thu tbu,~ giam, dan 'tm viet:: cung cApl cac (tic:h VJJJl cOI:n.g' n,gay ,l,a,p' t11t aIng' giti'm, thee v,a, chmh phd sa thai Dgtlm, lao dQ:ng;~ E).i~:u d:6 chit (ang bun ting ('hat ng'hi,e.:p vi gUim, hon :nfia, cau tht 'ttUOnjg d,Oi \1m :san ph&m cua cac nganh 'San :xu~t.

Trong thm ky suv thoai bien :nay, mQ't trong nhtmg khoan chi ti,eu dAu, 'ti,en Ili chinh qUY1en dia, phuang va. c,a:p 'bang' c'a',r bo la em rho cac 'tnmng cao ding va, dqi

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(',Ong: li:p V'~,V~, Hiu qua la kh,cJDg cl\u 'ngllOi lao dOng co ,ky nang va trinh Id,o' cao bi thi:t ngm,@:p nIliile:u non ma ch a,l- 1'~~fJ' g·'··'l'·;'O·· , due c o .... ·''t''Ii,g ~, m ·:-'Q'·l·~ c'-=a'.(n hoc i"'II'ihI"'M)·'Ai&U mi'~rn,_

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:xuOng. ,khj,@n, cho con c'm c'hUn,g ta 'bi 'ttlCtc ldi co :h,Q,j[ dUQl:

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hUOng' mo't :n,e'D giao IdU(: tot, CIUnh quy~n, ,tlia plnnmg

clIng sle cj,t giim hoij,!c trt hoaD eac khOBn diu, tu vao cae cO' :sa' ha ting' pbu,( VU ,elOi sOng' cOng' d',6ng'~,

Nhu 'Viv, trong suy t'hom chi co clonh ,p,hd b,e:tl bang I,D! 'thong: nbung vin duy trt d:UQc ,m,a, thgc 't'e: Icon tin,g

mua sam cac san p'b4m cila khu vue doenh nghiep 'tu nhan, n,;ga'.Y' C'8 khi doanh rhu 'tbUI~ cua chinh 'phD ,giam

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'VI 'uJiU :JlUI~P eua, ca,c :OWlll Dg' .. '. ,,,,p va ",Q giCi. yj' 1,1 .. I. Il,l,eu

gjj'nlll 'Dr nhten, viec chinh p'hti lien, bang chi tie,u nW[eu hen trong khi doanh thu t'hu@ gi8m (,6 nghla Ul chinh

h " h' '. 'u(fn I".!'~ - d'~ IT-' - -- t'·_, ~'-", -h- nh -ang' --.- kh - ,',

'p u 'p ".:Ji'll va 'f m , Ion e" ang If'!l.'lI ,j""I' 0' . 'I ii"'Ii.'!li1"!li

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chi nay', qua dill lam, ting' tham hut ,ngin sach hang nam, din 'tm, t6.'ng mac ,DIQ QuO[e ,gta, vao (u6:1. nam 200.8 ai, ,lien, 'tim, 10 nghin tV 'USD.

Ghii p,hi'p cho:ng suv thoat va. :khdng h.oa:n.g' theo tnamg phil. Keynes Ii :xiy' dttng mot k~: hoech r:hil t,H~~u phuc :bOi" trong dO. chinh phu, phil th,U!: hien nb,tlng kho .~, " . "[hi" '11..,;L,~, c, 1+ N·'· 'hi -'II~:' - 'I!...,,~: ' t, .... ~}I" .' ht kh -,,,jJ.' , - I A snoan em ,J!Ulo.ng ,_0 .. ,,-'. -,_I",LUg IW~.l,g NI!Oan Co,-,-_ ,,-c,-,-ong _0

nay' :kh,ong hoan toan xi,Ut Hi,)! nb,Q: rang' n[~u, :s6 ti,@,D Id:6 dU(lC d:Ung: d,~ mua san 'phim CUti cac doanh ng'hiep tron g.~' 1"i'i'~IC-' 1[1-,L~ sa. t"a:"n~- 'n' t'!"'; h 'Q~'IC. ki·~_"a.-m:·-' In]"'1 nh u :B[n cho ho

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\nJ1C tu 'Mill, phue btu su thmh VUQng cho cac hO gil. dinh M'y~

'Kbj, th':t :ng'hi,ep ('8,0 va ning Iqc .sm, mi,t kh6,ng duOc'

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c'~',u thi tructngt tang cd :hij,i, ki~m l[tO, nhuan cho doanh ngm[!p[ khi ,hQ mC rQ:ng: s,an, >mA,t va (bue, them lao d,Qng~

"jp,'~i1:1 chin .... 'nhu~ nr na Ioat san In;l-.im,,·, na '~O'I m .. a~ nsanh c:·'o~·n(jl' J.!Ui.r .' .,1, D.lJl11, ,t"'. '" I " 'i!W' ...,. .. I ,1l-"1J!Cl I, I." -' ., ,~m,l!u..". 6,

nghi,e'p ,do leo Id:o'Dg hrc tan.g .san luan,g va s[it dU'Dg lao

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CIWUJl 'P~IU mua n __ ung tmr ,glUp nang cao nang sua

lao d'QI:ng' va 10',01 slang cho C'ong dan thi at cung ml1J,O'n chlr h .' 'h'~ "', ch " ... '" 'V' :'~ "h',( T" ~" ' .. ', '·h,A., Oban ...,.'_ crunr PI,lU mua ,cu,n,g~l [_"'€ ,_ong thong Dbama uri

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ky h<,p dong vm cac doanh 'ng'ht@,p' ai cat tao, nang: cs:p co sir ha tang' phuc 'VL), CQ'ng d"(jl:ng daJ], C11 tren ca nD'ot'~

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Ke ",:",OC1lCI '. Obama ('00,80 :101m ca, n ang' ",' oan c 'ii,

k hu \l~ n khich C,Pj, c t'" ·o.c. n g" tv fi'loaii nh ~'n 'ph~t' t'rlh~'n ngu o~ 'lnl

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c, . 1 neu .. " ' .... o.ng 0 va.o _ mrng r 11 an nnu vl~y ~ ,' .. ' uCln,g

tht chinh . nh ,,,"no '-n'i'Ii'fi~ Iufm p-.~.I,h.·I..t'nl' ')f'!~'ii :k'~'la b08.IC'h -p· ••.. h1r11,C

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duQ'c gO,j 11i theo lNanl p'hii K,eyne:s quin ,SU', v.a cho aIle'D, 'hi,en ttlt thl chi c6 ].oQJi chinh sach ld.m. Keynes :nay Idtrtj'c cac chinh tri '~a lba,Q thd cMp· .• ·· n.hi,'·o;;

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dA 'h

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S lui V'IW iy' le nay.!1 'ngu(( ta 1th11Ong coi chinh phd ICll'ng' 'tuUDg 'bl' nhu' ,hQ ,gjla dinh~ Tat 'Ca, chUng ta !d:eu, hi,et: r,8ng nhlblg hQ gia, Id1nh, na.o clo nO' qua, lem s,o vw t'hu, :nh,a,p t"1 ~o,;('~ 'c~"1In,a c~ b' ~ 'n'll..'; C!"~~I 'N' 'An hn ma A~'_t.., kh' ··O .... ·og· [- h··2! ~hi' 1I!..1!;.lt' '.,11. I '1Io'IUIi,~ OJi'-..J ~Jl:1D. ,ci;Ui..u.~. ~ul .,v ,~. UUU]I, ,_: .,11 I, . ~.' I .. .I1~'''; ~

U'elll \11t) ban c1inh. t~tll 'tail sao c:hinh pbd co th,~ bi'm, nha

Vaf'll?

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phM tra n(1 lien val con eMU va chtmg se phm emu, * q:ui, ,ciia su hoeng pm, lena chung te,

3" :Nb,llng khoan chl tiem icu,a chmh p:hd, s,e pha], d',lJQc 'b:u'~ d. 'a'.!:: p. i. l-;ang:::' i c ·a'''r;1I.·'I, Ujjn [- iIA_n"~'i' 'T, r !o...?~o c :U,. ,'In,g.' 't,~a.n,· '[-,'IS'n,a 11,iOn s·-:'~,

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gay ra Dat Lam phat 'neu thOng' 'phil ngay lij,p '('d:e thi cUng' si§; vao mOt th61 di,em nao d:6 CJo tbe dlX idoan 'tnrUc,

(hlt.,-., l--li ro-h&lc'- ch ~-n-")' tro -n"pp rule 1'rt:i"JID' 11~'_'1

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Chuan,g ttl,ep theo sle glial thich tinh ngu.y bilen trong

ba 1]-'''', l'::~:c nav, 'C-~-I '~':;'~-CI 't-,-,~ ~'~';'--- '~2,nIO-·9·~'. 11 _.,'hj'i 'I-I~'- 11,,..,'·'ii"',",

_ a J!.y ,.!LUan, ,n y ~ . - on JlUen ~il, nam ,,'(} _ '! K, -, nen ~,.1itUl

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te ,:' y nang cmm s au vao s;uy r 0' 10811 va toan t.·,,! glro

'l"'uf"'n-···g- dang t""'U"'DO ~ 'U"'I'o~'ng' m'·"'Q ..... 't' 'lfm'_,'ri' '''''a'7'0' tht ~·a''''ul ·ho'j!.:i

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dU(lc :mQ,t 'Chuang trmh Phuc h,6t kmh 'tie 'thlon,g qua lho'm, hut ng,an sach gill'll dem lai tho n,@n kmh 'U~~ M,j' lQi nhuan vi@c lam va su; thmh vut;'ng: hay khf,ng:?iJ ii Ma, vfut Id~ t'h:l1c su phal d:ij.t ra 1a: u:Ueu chi. d.~ khong

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tham , mt ngan sach ma clnmg ta co th,e khon,g cht mot

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so tien du de' phuc ,ho:l. s1l1 thinh V1l1t1ng- cho nen kmh te

hay kheng?", Vlt nf!u, chung ta kheng theo d'u6i d,en 'ClIng- 'tie hoach phuc 'hOi~, 'th,ong qua chi, 'tieu, chinh phu, R_ay thi con chau cluing ta .se: p,:hAi dOi :mit '11m, mQt tUfjng lai kinh t"e am dam V[ft 'rat it khi n,antr.7' co ,lj.a,c lam va

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CO t U .IH!l~P sung tuc suet u,di,t ng,a_y c,a JruLIJI C . ung t ,Ut1c

th 'III~''''' h jI.-ri,.,,,n' 'mn,t ,r;1I...,",,'"i"" t. 'p--h'u~ r"O~' 'DI n qu 'O,,(IC' gta th ~'P hrm

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N" 'Ilia ... · -. ,- - . 'J . '. 'hI.: ·b..... h ..... - ,- .. ,' '11 "'. h ;. ," ,A. d' -". ·'h·

~, gma V1IJ. cua tne ne ,I ien t~n sa pnat xny_rung CJ_O

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[ •. ,~ .,-'," '. '.; . · .. ··1 ~ ... il' I, ," ; , • : 'j , . I" :'1" 1 ,'. I ," I. _.:._ '_ ".,' .', .', . ", :" .. '

. I@_",e, I, _.'e.g c__m mo" --e J_ong ,_c__",Jj Ie xa, J_Q I, I" I 1

'I'" d'~· - A ,,"' h .... · 'kil:. '1 -, h. ~ 1.... l.

'W(1.Ilg' tau '. fall; trong ,u:o co "C',Qil .,~ em . <1ll n :-U<'Ln JJ,ulun, ton,

. - i ''ii-''. '~nh- Un'" - - ~ ~ - d ' - I ~ - i'" "" ~ ...

, - - ' , . " -, -' .. " - r' '! . . . " .. l' .,,' I ",,', I .'. '.-, 'I ' . .".", ',"', ," : .' -'. . " rt I" r . -'

r{ll, va, t,a,[ ca " '_.' . g, m muon ,-U(fc ' am viec va co moe

-~. -

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soug sung, I uc u@U, co Cv _ Ql !L,Ut len u UQ'C .. leu, uO~

'S111' 'hOt'vd' nq qu6c ole vo Igm phot

'N>' 'g .. '8': "y- nr ... ·, na'~ -m" . 17''",'9- IIO~ ron'lii 1I'ItAlr 'M" ',j ''Ii'¥ri;''" tha nh "lapl R;; ~·o"

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n,Q' Q'u6c gia vao khoang 75 tr,i@u usn khi chinh phil

...... ." ~ - '.!' - A. . _ - _ "'._ i - - _ _ - - .' L-':'~ - - - -.

My,: ttep q uan ,s10 n,Q' 'p_hat sinh, trona ICU,QIC~ Clll,en tranh

I.~' II ~.

, .. anh A"'- 1'" .. "'f'I.o.q~ ,.,.. 'l6.;koj .C . 'b~ ~" '. ,,~ '. - j

gI8.· .. · uQI( "P'i' aru mot ,Nloang t~I'U;1. gum, ngan trong

th .... I. r·-::·· 1- 1'8,' .310:', 'khi,··'I .. " . rl . hfn 't.. 11':h-' ~ :<,'''':,''-', -.',' '.,",:' '. ,~ .',( I b :".~,.. .'

~ ,p ,m,en ,I . ". .' "~'---- D.ry C~UJ,lUJLI Pc-' U ,glam xu,ong ,_ lang

11~'b ..... ' "I '. I'" '. 11 ,'~ " .. "b,':',_ ,,", 1 'h' 'oj. M''':' I" I .... '. 11· ... 'I 'I' '~,"" '[N ~,-.""

N,10Dg., con .181, emnn P U If. Y mon mon mac no, !ILI.'Q,ng

'T'\h'IA, c ...... ,~an··· th'li~ ~']l..;,~t no q'" 'UIO~~ Ig. l~·a,· A a"', 't·,aii'Jt'!iiO' ra.f.t ..... ,1-....,.;,_"'" t";;;

_ ' '. '\,;; '.' ,IlI,h;; I ! u llUJJ.a:1 'Y' ,- : ,!I;;,. '._' U I, .U6!;,1,m. I ... ,. ,1t1liaLul_.I, ',y.

'J 2-' t"':" 'UIS"'''D'' -,;"!' =.- -. 19" '16~' 'Ii e., -2~' '15 A[ 't=" U' 'S~ 'D' . ":'- ." 1 n 19'"

'!I--'- Y . ,I .... nam.: I, le,e, ,':"_ ';''1;, IV ,,",", ." nam ~I :-'li'

Ilii.T'I ... ,~" '-, I ,·',~i . hal "--11~ '~.~, . ~, ,,~'n thinh '''l}'1I]'h1'n,(J1 d-I~I" h un';;~· :

,.,IJliiJP men nai mUU.l, oung nO,llI!Igt"'~¥'~Ii..fI, __ a erumg

kil'~n ,nQ qu6c gil,a, gimn xu'6nl~ D@n, nam 192.'9'1' tang' :nQ chi con 110,,91 tY uso, luang duong' l6''', GDi]P'i' 'N"ej chinh 'phd, lien bang giim liB, Mer ehmh phd chi. it hen so vdi ,·to ... "'n··· 0' 0'0'(, ith If. th ,..4) ~i-' m A'if ~I,A ,t-"~ g,D. 1:.:"!, ·5·" 'S-, 'WI 'US,D" t ro "', '.- g

, 5; ~ 'I. U'= !J". "U UuvC I. ,\1"- '!:!'v l~, J!iJl'!Ii ""1'" .·,r n,_:

'ldloang th,m gtan 1'9l9\-'l'929~ N6i ci'ch 1dU\'C:il tIOng ,g,Ul nhir to an, bi) tb,jp Dien 1'920; tl€ft Iti,em, cua chinh phd

II" an' bean' 0' ,A& t-:an'''' '. 'g" Ia.n· ,d, an:~ r-. 0' kg 'N' b" ''fin, 0' na'D 11. .. 0;, ...... L. t-~, V~~'H

.. ,!II..... _ " 18 Ua . , .. , .1,. -, ,~.. .... 6 . ,..;;:~_, ~lt;;...'. ,...~~ ,An_I··ll ,-,,--,ll ~,'!i;,.,_.IL

- - .

tl~p t1J!C tane tru&tg' va thmh 'wqng~ ThVC te: :nay cho

":'b,,~ I. ... 11. .. :1,..~: 11 .. 1\.0, . - . ,- .- 11..., ~,_ '1... i: . - " ~ - _.,IlL 'f - b,;: ~ - d~'

umV neu va NJJ, ~JlU we nt: nnan C.luJ. neu uu nmeu I, "e

mua Jlhan ],do, s,an ph,§m eua, cac :nganh, san :xu,it thi chinh p1hu. ,kh,ong c,an :phi1 tlnre bien, chinh sach em, 1tU!U th,im but ngan saeh chi id,@ duy ttl. mot n~n kinh t~ gia:u manh,

Tuy nhien, tu nam 19,29, 't',6ng: chi tiiu ella khu V\1tc' tu :nhi.n l,i Idot :ng'IQt' g.him, va, CUIOI(: ,D~d, ,Khdng' hoang bat (I;a'u dien ra Vi doanh 16 ban bang hoa 'Va dich 'V\J.

:s ff or·,·:t -m" DaD ca"" ir'l c'o""no t· 'lll1':ik;, "" nlO' ,.. 11","~: ~ - A'I"IA - -In,'

'ijll .81,a: _I •. ' . c" c "I,~ ' •. ~' •. ,~ 'b I.y Au;O~:.l6 con ,NJem, rL.I!wy'C ,_yl

nhuan va th8t :l1gmijp t:ing: rit nhlmh.; Thu nh,ip, cu:a

- ",,' - h ~ ",~,_'t.., " ,', . Ii. '~ 11'~ -~, . h ;(" 'C ,'-'. -' - i '~

cac - 'Q ,gUl mnn gram, Ket 'qua d;l, so t . tue thu duQc gtam

to: 4 ty USD' nam 19,3.0 mong: con chua d,~n 2: 'tV' usn Dim 193,2',., Kbj, Roosevelt nhi;m, chirc ~t6:ng thio:naJ vao 'thing 3 nam 1933, ,n,O' Iquae ,gi,a d,i :U~:n, tot ItB 20 tV

USC:·'·D·' 'v';p. -u: ~"O··!!iIV" GD"P' Ifi·U? I.:Ji M" '-""'y-' '1".0'0'" 't- :h"~ A'1· e,;iir-m' '(1'0"

I ..... ~ _'.:, ~J; M, 'I.·~)'O . ," .... " ~. iU- .;:'; "':,'. · .. ·"'1 .... "' 'I1.J1Ja. 11I;~ _ .i '!':.'IIJ

Nh' - ,;;;t',... Ii' a, h '2 hinh h 'I' oj 'R l' , Il' ua DOl trong c.~ il1C1ng ,'~, ,et"· .. , ,P . u cua , "OOfU:~'Vl! 't

tr '~l_" (I r ,n·· ,a'·' D! 'b'r pm:' k···.y~:' dAtI tien 'V'1()1 tham hu t ng an. sach

"'I i:l. ":._.",. .Ig,,¥. _ .: _~" "_"' . .' '", . . - , " 1 ¥. . l··· ." 1

,bing nam r,at I(Jn~ D~n, nam 193,61, :n,Q qu6(~ gia, Ida t,ang

lie. .~'. 3-"'3:- 7 .. ~, ·u· 'Se-'D" " ;iii _. - khc \'Ii' AQO:l G'Dn R~-

leD tOO, :- :':;i 'ry', -'II tUdn.g ,yuang r noang ~/ol' . E. (:',at

_ ...... ii8U· "ch u"an" D~:~U th - M ..... ' ~':-,h· iii"\ ':--'~n(f .A1~t n'il'fl-A~ iC,o. p'li,.';'ii;

lUll".;;;, . ~. ':.,t ,,-,',U·,~ e" U'1. u,Q C I (JII ,r:a ... ~; UP;., 1'1 UY'~ ~1Ii;; ,I - .Jj,:I:~

AJ:., '~. ,~~ .. ' '!ii' -- - "" ~,IS·- hi~ , .. ,.... . h''''' h

'Uoli, mat VCll tham hoa neu nep rue cr . neu tnam ,c_ -,'l} t

'. ,... , - .~' cb ' ''t,..;, ._ " ' , D,-:'A.~ R" , lit A''''' . ·~t - i''' .. a chi

ngan sacn JllJ(U V'i1l,)'.. . 0 ao, eooseve .. 1 oa ca ,glmR. (;c__:.,

. ,. ,S, 11.-..~',_'1J.., 'h 'i t ""', ~ ~ 'II ... ik.1 ,,. 1 ge- 't;J .,." N' 'I'),,' '1 ",'::, ...... '11... t'l"

neu C'!lJjlUJ"U~ p.c!._'U, 'TOng nam tw ~1,Oa, 'IJ,{~ _.en, xmn te

:ngay Ii,)) 'tuc rait V'a,o suythoai manh me~ Chich :p,hu di, pb.,ru phuc hl6i chinh saleh chi tieu '[him hut' Ion via

.... 1930 Ti'nh dA ... 9 "0 ~ klnh :A. A- . ~

nam ,_,;. :_,: Ch, ,1.1' " .. ,',en nam 1,,41, nen klnn t,e' oa tang'

. " -,,_ "c',, A,'~' - k,t1'I- -. khi···· '. ~.. ,J.: .. -:-~ .. l~' ,:,i', 4· '3',' .-._':!" U·S: '0:'

tnmng uang , i.e trong kr ., nQ 'QlU'OC gJa. . ,en tm ',,':. tV . .' , .... \ .;

.... 'I :'i, ~. 'kh' ... ,. - 4' 401 'G" 'ID-P"

lite ,IJi v.a.o ,'( oang'~,~ ..... --'C ~~

Kht M'y tham c:bi,~,n vao nam 19,4,lt 'Dlo:i 10 ngat v€ tham hut ngan sach va n,o q,uo,c gta ai, bi lang q,uen~ Trong giai dean 194'1'-'194,5~~ GDP tang' ban gAp dOli,., con D(1' (IU,a,e gta tang hon 500%. Ben. co,o,i. 'Dim, 19'4,5,~,

rl ;( ~.A~ nron d' I ~ n:' ~'-.. 1 'II '9' 01' 'G- "DP u'L~ 't.,.:: jj,

no quoc gra ca ' ,uV,Jll.g .,.' urmg vm, , JL'_',~ i.:-I, -. ,Mll emen

tranh (~:ham, d,Ut" ,clA't nll0c khfmg nhling khong phi san ma (on s:a, nQ qua,e gla, lmtin,g '10, nay con dem lai thinh

't";,~ h' ). kt nil - 1.: V' ~ .... ] 9' 46- ,,.. +- h ,,,," ".;:t-;: h-I

"'~v,u,g cno nen xmr re ... ',',,',,8.0 nam "C"':'II m'QI( .,JQ gl1at mnn

'M- "'!i!__ - blnh ~ d ,,,".,.1:,' ki- lnh " ,it, ,il he nm":);. ," '.

,1:_ l,y trung t 1'1- • , 'C'O 1,,_ ail song ,': - rr te, tot ; un, :' I - : ,e:u, so Vim,

thCii ky trmrc (:'ni,@n tranh, Hem ,nita" con chau cua

Db ..... , , . '~,", ,;('" - ,. h ""-1' 1I, .. -~ " , - ~., - h ':Ii' - h - '':i' T,j-h/;'

JllIlg nglfm song trong t ,00 JKy :D9ill Klnmg noang> _ ne

chi@-D thu' hat v'an, chua phil tr,a ganh nij.n.,g n,o' qu6e gia k'h,5ng III kta, N',gU(j'c lal, trong :25 Dam, ti~'p thee, nen, kinh tl~~ 'van ti,~;p tuc ting tmdng- v.a, thtnh wqn,g chua 'tUng thi,1 Cling hie d,o; bit binh ding trong phtln,

h,,t," t"h _L~ d""" d th h ...,it'" 1I",~' D'''' 'I'" th ~\-,.

:p ··0.1 . ~ u nnap .- a, '11<1c tnu ' . _,ep' nang ",€:lI' ,81Y _8 [, '0'1

dQi h.oang kim cho silt phat tr.i,@:n kmh 'te: ala n:dC11C M'y',~,

HOIj[ klnmg hoang kinh 't@ till, 'ted con nho, ,d'e:'n The cm@n thir hat th1 d' moil thU~u 'niten~ t,(ij chua bao gi'o' cam, 'tilly ganh Ding tham hut :ngan sach Id61:n lai do chinh p:h.u, (btl 'tie'u nl\U~,u trong thm ky Dai Kh',Ung b,oing va 'th(n, ky (h'i,,~n. tranh ti~p S!,2ij,U d,6~ Df san rna th@ :he vi' dai.~ nh:ung n,gUOi, sOng trong 'th,m ky 'k'hlilng hc:umg va 'T-h~: chie'n, t~bir hat de lal cho con chau lit mot n,en, kinh 't~ du Ida va ,gi1au C101 T.oi duac thim, :hudng: :mQt :n@n ktnh te cho phep '[oi. 'va nh',ung: llgUOii cung thiii de ding tim, dUQ;C viec- I,am tilt, ,d:6:ng tbm, co. co h,Qi tuyet vCd. de' nan_g cao :mUic- siong' cua minh, N~:u diy la, ganh nang' ma con chau p,mu. ganh C'~U thi 'to,i :hy vong the :he: :hi'en tail clin,g tao ra dllgc Iii ,g iInh, ning:'" d::6 cho cac th,e h~ mat sau,

Bid hQC nr ljch SU eua 'nO' IqUOIC gla d6'i v61 'nl~n kinh

.A tron g SUO..c'ii' t h ~ 'ky~'~ ·D' ~'''"I' 'K' h· 'u'~c n 0' 11...'00 "(I"n-' (I' va Th a. ro'L.,; 's"n

~,~ '. 1 'V',. ;_,-,!~", u'JI" '--~, ~'¥ ,I II iI;J; 1~, .. 1 l;;,.. , ,C '\.,Ji,ll~ I.

t'hU hat :Ii chung ta, kh.6ng' :phEl'i 10 nga), gi ve thfun hut

ngan'''''' " c'a'" ch l;ft" n1iu chinb ph'u' la~' D?oml1\'M1 c'L,.~ '["" ''!'-U' duv _'L ~ t"

~:-::_CI de> . __ ' _'O,l~ ',:__,~ " ,.J,lI,w._,y, IJ,~, ~.'!_ ,'C _~,~!v~, I '.ttlU ]!e" 1 ~_y Illaa

co thl~ hoan thanh traeh n'm.e'm tang: eall 'thi 'tNcmg: dll"l

s . ~ b..;f d' .. '~'h..... W'" 'I.... d1'1 ,- ~

_V':~ ~~,ln 'Pl' 'C '9lm---'~' cua cac '1f1"a·$I'-n~ ,-. I'C"[O" .. HI ,en- 'g- ;- 'i~'l" I en ':"[ U ~.Hn.

. Uill o.-Y.l1. " lUi 1 1 ". UI ~,Ul' .Ij·.I.eU' J ...... ~ J ••• ,. '!Irp,Ju" I ~ " . '_ lUl~Jj,!,

q 'I1''I1'!Ji, ~'o~: 'd"IU'Y':" tri [A'Ii~',,"' ha, 'l'hIO~'ng",: kinh iFA sinh 'Inri nhuan

UQ. U,.-. " __ . '~: .. & UU'l'~ .. '~ fl·· -', ····_:I ., ... - ," l!.,~ !L~" " JLIl. .'J11.,·, _ .. __ .~.

cua chune 'j' D'~'~ .... ,:".' .·.l""i-'L, -h·,"J'-h'i· ........ , I· ho ''',' .... ·1 h ,",1

eua c. .' ung ta, . ·.01 vW Cl.W,UJ p, I .. U, c .. I tteu tt "ltn vm . I .. .y

vong gia'm, quy 'roo n(1 qu61c gta co nghia la lam cho C:Sill thi tnrOng ,glim :xuong,., do do cit doanh ngru.ep lA'n i""nna nhan A,tl·u:· ng ,'hoo'" 'k,h"o....,~' h ii"TIH

\",u_~ """.I UI!i;.I" '_~" 1 I,~ ". , . .'. , VolA ..

-KJ/ - '! ':' . -,... I'· 'be. /" ".,~, I"', ' .. '-h 10} '.' .' ·ht.·. ·tu··' 'b" .'). '. he 't- ·d''':!·· ' • .,( ,~,

... ,eyn,e s c·.o r,ang c;. 11!J, n.g la ,,' "" an ,J-ceO' ~ '", Q ng !l,0 ~

nh ';(t -khil"' :i" 00- t1n~ um;;"~ 'hi" ~ t"'" . ~ ). t'hi" tn1dn' .. ··

, ." . 1 .' i " 1'1 ',' " 'I' I .'," '1'1 ',',' .. I' ' -:.. " .'" 1 "i' .', ": i' I' '" I""

, a ,.. co .. ... .,g ng, "' C ,. " _l(~.u, ,glU,p ca.u" '.' _",_._, __ g

tang truOn,g ,1a'nh D13'nh", qua do, tao ra lQ1 :Dbu~n, v,a, viec lam cho xi. bh'i. 9ii~;n nay" ,dti'rw.(:' minh clnmg r6 rang

I J _ J j". -. I - V. Iii .". ~. . _; ". . IV' , . . '._ ,. :- ,','.. . -. __ .. ' . .' ~

--- - --- _. nh r, ~-- - " ""'-c c 1 ~"3 3' I 11'9' 3" a '.. 1- '938 1 n4- 5-' 11" . 11.. ';'. -k"" trong , - tmg Dam ti.. ,_, .'.,' o va ;~. ao-. ~ ~ " ~~ JJ . .a. t.u,my

,t"!'1)..,':'-1L,. nhu 't'an';"' (J' ch l' 'toi,a,u" I' '(('11,..!" Ri.· "'-"0: ",~, :-- - ~'I ~·I'i:"·I~. ~: ta a '-:~' c ,- c:--1...,i, Ii" a

\;,..II..w.u,l, 1"'" ",-', .t), """" .I.~" ,i J1i\..u.ll ,,0. ·Sf:ve,_!,I, ca g~am, CJj,JlJ! ["leu

.,-'Pj, 'r t, 1 ", ";' 1""", 'it'·'" ,i khoa 1 Q''-3: '7'" tinh tr .,' · ''''.' ,"~ I . ,,' th '.'~':.

cong rong nam rai cnoa ,~, , ,J" _r,~n,g suy ~ 1 oai

manh d'i,e~n, ra cho thiy jj' mot ,giai. dean trong q:ua trlnh phuc hoi kmh 'te. kh.ong: atkhac sIn lo·ng hoac co th~ dong 'Vai tre 'tao 'ca,u cho 'IN. tmUng [ngoal chtnh phd~,.

v'.... ..... 19' '38'" .,J'" - 'R'I - '-1'-' .,;Ii:: '. - - A'" .h - - hlnh ao nam ,I_I/,~; neu xooseve [ tl'e'p rue rn t eo C1W,l

sach Iciem cb,e chi, 'tien cbmh ,phd d:le' :khong 'tang nC1

. ,,.(' ,~ thl 1-.;,;;;" .. , Ill. 'k,~,_ . ,"!" 'J:" , ").' l ... oi:," '11,.;,. ",,-,~ ~ ,-~, -," ~'- - ~ s

quoc gia t .n .liiq u qua nan s'e: . a ,n.en ulln, £.e ren, vao tn

. _ ~ ·1' i _ 1 _ _li! -' ,_ _ .'!. .A,~ -, ~ "Ii] III . •

*"~~ Khl chl en tra nh bung no va k··h,lIf"IIng·· .... ' con 'a··~ 11,0,:" ng ····~l

.LL '~!I hll ,_ J ~ .. J • _ _ - _ • '. :_ '_ l .r. . ..... ' , , .. ' .y .. '" ': L,·.' ~ .. . .I; I!..., . .~ ..

ve quy m,o, no qUD!C gla, ehinh nh.ilng khoan chi tieu

cu~a chinh phi 'u~· d' :'a"': nhanh r'h'o~'n'g' d' a;J:y' ne}.'-- kinh ·~'·'eJ.: 'I' ~:~--

. ~ . I" t· ' I' .' .. .. i - .. .. l .. I. .• ..., ': ':'" . _ . ":" '

_,_"_,' '._"C' "'0". l,·,,' .,_ .. _, " ',_.,.:_I" ',_,_ '. _', ',' .e_!"",:,: '_ .' n _·:c_D __ ,,' .. len

t~ .,..... t ... .:.· .,;.'I'l., ...t i!' ,. ,"" 11 '", ... _l...:::),' '1 '. h ,;0;. T"

_Ii,)i,lUqng' '_Ikd, u,a:.y ulu V1~C J];clm; co .UUlleu _If)), n_:J.uJ,n~ -,~ '11

t· 'I11I!~g {""u'~ a K" ';01J'n.a C" vll K" ~ rh- . it'l-.'lI~;P -hna.' t AQ .... 'no' if"ur a n8.o· '1 ""~;_'t-.

,O:.vl.:'" II!;,. ,I, '~"'l.,[.,[,,"jjj;IL ~~,-, IL.li.JI,I,A,,,- .[!;j ",_ U,.I,_ ,Ib, 'Ii...,I~:, '::,1 ~o UilU,Il, .'

't··~ ·t-·l1·" -b'· ;]II' .' ··h· ? II' L':;',,,iit""': ..... ,~. 11 ... ,,;: ~" .' :h i'" ' .. " . " 'bl :~' . ..... 'ii,'h I, -I:.

,e, c ' "an C lJj, Dglua un, IUt.AVC lUem, 'e" _un,g, ,ang ~,-,Jl:C te

1-.. -h 'ii', "" ct· ' ..

~IC' • ". .sllJ glal, o.~n nay ..

Li~ul i:n tiio CD giy Ira '"SOli Lt,. p,hti,'t" kh6ng?'

- - -

,-,~' ~'- )...., :A. ' .... ' 1i .. ,:iL..l..' thoa · ),

:De cuu nen kinh te thoat A.uLuIl. suy ,: aoai tram trQ:ng~1

chinh phd cI'n tang chil tie:u 1,len, :rit nbi.4!u" do d:6 .rm

"ua,o,.- '[- ,1i.r;, a ~ hu ·t'-- ng::-." 'anl'J, - ~.:iIC~ h- v ,oj, co·t(. t' 1.\... =r:- hut na- :~. 'V S' 'B ...,... '''','rIT!!

·!flut .. ·· .. · IIB:JLU .~. " ,_ .. ,r.:'- 1", a~ ..... _. .. Q "' . ..:_' _-.II(IJU.I_· ", ¥,-, .~-1- . ~ UJlty~,

'bu (tap mOt :phirn 11.0,(' toan 'b'Q b'ang each ban trai p,hi,e;u chinh ,phd cho ,C1IjC :Dv tru lii1en. bang, Tbq'( cha,t ,cUeu, nary (~,O nghla la, tham hut d;i 1c!'UIQC b1li da:p nho "fn ti.e,o" ~

Hanb I tt--,Rn£F ,"'" ,.t '~~', t.... - " tiano' dl' '~;'n' +-A!!' lam

ai, I., \1""-&6, ,nay co lam ' ang (,ung . I!'i,;; ,'g,._, !I..!I;,il '!y I,

,pbi1! cao khO;ng?' Vi. du, IreD tl,P em Wall Sr,r:eet'ra Ilgay ,29 tbang l Dam 2009 c6 :mQit b,ai vU~t ohm, de,: "Cue D'J4' trtl .Hen, bang idln. httdng 'tdi k@' hoach mua tr8i plU~u, chinh phil". Trang' do, hat tac ,gill J,~ Hilsenrath 'va L~ R,ap:papolrt di. ·vU~t 'lie k,~ hoach mua trai phi,~'u chinh 'phd cua Cue Dg' tnt ')i'@n bang nhu S8'U.: '·'D,B'y· van Iii

- ;i". - A'A-- ,--t..,.{" ,9- - - .... , ..... 11... "" ~ '~-' '-h-~: A-,;; ,.I' 'b'" 'h'

mot !Y'vng tnat gay trann c:~u vao t I, 'U,ll 1I..W,em t __ -,am,ut

nllan. sach nha, nut)c 't,ang' nhanh, M'Q,t .sO ,ngud1 c'o. 'th€ ICO.1 dill' Ie hanh ,dOing ,gay lam phar khi btl !rI,i.p tham hut ngan, sach bani each in -rle'n,"'",

Di nhi'@n v,an 'ton, tal each :ng'hi ClcS ,1,6 s'y ,_ tbim chi CO'D ,h;ClY ttU(1IC 'n'hUttig nha kmh te: hoc doat giii Nlobel nb:u Milton Fnedman to¥en trullen rij'ng 1m - rang' khl

" • ,;i!" " ..... d b':;'_ 11..., h 1! ~i i !Jj t" ~ .;.1-,..1 hi~ fo'·.... - hi-

tung' nen '[,aq .~. ,0 enmn pnu "m 'I.len ee c m neu tn

lrJlU phat cao Ii kh6,ng' th~ tranh khat,

QlUI trinh in 'ti.~'n, tb:ttc ,8Q dilen, r'a. nh,ll'the na.o'? Vi. sO n.@'D chinh 'p,hd muOn, chi, tileu :nhieu han so vOi, doanh

th .... ;~ *h ,f( ,.._ ..... ~ _,11... h ~ b ,'~ b.(' t- ,-;,' - ..... ,.;: ~ d'''~ ~ .

.. .nu nr tnue nen cmnn p -'U p, '-,at oan trai pmeu ue co

:s8, til@tn 'tbl~'u Id,Oi~ :N'eu chmh, p,hu lkhO:ng' tim ittuqC I1guOi 'ti,et Id,@m, nao trong khu 'V1jc III ,nh,an m'uon mua trai

't...i; ~ " 'i" '!Iio'Iio'Ii;~,_:t..;. 'hi'''' .. ~. ;h? b~" '," ,.,.. ," 'IL;".~ ~'h'" _. ·C·,,····- D'" .'

pmeu 'CUB ,umUJl tm 'co tne "" an trat prueu C 10 " .~C .rI,t:

tro 1i,le/D, tH~ling~ ThJIC cbit, ClJl'C' D'I' trtl mua cac coog cu nO' Icu.a chinh phd bin.g each cho So T,id. ehlnh :M:y no

t . .& '1[-"'''"' ~ kh ,j,-"'IU') ," b '0"'" t';" 'C-'~II"" D-C:""" ,~r;. '-U>i"" T"' .... '. '1)..I~_1J;;. 'I"it';' ",r~n"m '. I 101m! c· .. 8, .. '; '. II, '. """c ~,'II.,lI,,"~ ,-" Q .... II ClWJlU NB

lao ICO 'th.~ vj[let se c. b~g s6, ii.len. ting' U!n trong tfd kh 0 an, tail Cue :Dlll tril'i 'V.l sec nit ra 'tit 'tal kho,an :ngin, biulg

hl"f'rll"h::"" . ,.I~, t"b' ~ d '~"" . d'~ :4' th 'IIi Thfo '~'~ ~'Ii 'i 'gL:'~. ', .. ' I' hi"'fin 11' ~ -Ig' , y,~ P I,ap c.o ~. e : _ung_J! 'L ... II,.J,'i;.. lU~n D •. Jl.u.,a vv. .. !Y'~ UuD·,

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nen so tten 'tang ien trong tat ... ' '. ioan ella .Diy .1 ai Cl:U 'II;!'

'h'iii~D ',",'U' '.i"l:r!lig-:' V',AlI' co;:\ ti An·A'lIN1't"" chinh I.. P' 'L..i'U'~' 1'"-0-1 'it" hH2li,1i'ri

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_ U'I,.UI,g so ti.en, in ra na.)' w. vao cac '.' oanr n,&,u.ep ue

kh 'U' '\lB'n khtch h Q- ':t"~lno 'S·~i'ln ~lIffl!n'I-I'CF v',:a:"1 'il'illac- ]~-m-'- thi lam ~ I

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thim. hut nlan sach dUOlc bu Idap 'bang "ln tii!n~ va lam

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thl1 hal trong mo , . "t", trc '.', )g ,e·u qU,1 co .0 I,en~ No

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, " e. . _,~ '-I,'t:." l'\r. . 1 1 .• ~ &. ~:I. ~ D 1'~ya~1 ~ ~ ~~---.t:lil ~~ ~ ~"~

t.ing bao :l1hU~u, Ictin.g kh6ng .anb. hudng d:e:n 't,fj'ng ll!Qng

'bang' hoa d!W1C' san 'xui.t ra 'ct1ng 0011' Sal vier lam trong nen lldnh 't,e~ N'oi each. khac, ti'en d:~· ti~:n. te trung tinh khlng d1nih mlpt ,end,n lY chung khons ,ean ch~tb1g ,mInh,

;.It A 11 a~ ill"'i'ii 'II n 0' t-~' An .~,'I'Iii 0' l.on· h 0" '~i n to an kh '" ooeo ng' ' ilf"lo:i' tac A'o~ nCiJ' uO ,11,<, ;.",.1u.,.I,'.a,b I'~·· 'l.mlb ~~ ~ __w.!l., '_.'. c ,I.~ .' .•. ',', I I ~ I. IL," U" I'. 5

gi. len :IUQnI :hang .boa va dich 'VlJ ,dtlQt' san :xu.ilt, ra I(tae

.,-, '-"1\ ,;or _'iI:-., - " '..... II'"

GDP, 'tung: wU' S,O VI,e'C sam,

Do ·d,o:, n@u ap dung 'tie':n, d:@, 'tU!!n, te trung tmh cho mo hlnhnen kinh t~ t'hl ,W chinh 'pbu "In" t.U!n de mua san :phim, ella cac nganh cong ngruep, hiu q'u,a lam phat la khlons' the tranh Idl,at Neu, chtnh p,hu, IChi, 'tji'ell,

,-- -. '~, - bA~' d' '11 -, ........... a . u~· n .'h"'·f···· .. ,"." thi c,· ... d: '~Ai''; to an, ,." Y' ,su ':,,' 0, 118t Q,Y'Q'C' In rnem n.ay I .•.. , se .' an u,en,

cau, hang hoa 'Va. dlch vu tren th] truOng tang, T"uy

h'· A .;( th ~~ Db""' t' ,,", d' "); t");' 't"'" t - tfnh '~L thl - ~

n 'IiI,Q,:riIo 'Ii"'ii ~U' I'lliI 'IIi' a- I '", ~''Ij'11 ' 11!~nl ' ,iD '~'Iain" '-D; '~ru' nor " 'I - II II 'C.''!:;l'U

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thj, lMng tang do chfnh phd, in tien 'kh,o,n_g he: co ,anh

huang gilen :1.lIQDJ' hang boa v.a, dlch V'U rna cac doenh

hi ... ~ - ':Ii - -- _.l., ,., b ,~-~ - --~.... 11-..,~--- - ,~, - G' •• ,', dinh - 'ti' ~--

ng 'ell' san xuat va nan ra tren ttn 'tt'I1Ot1g,~ I,:: -11a.-' ],,-, " I i I en

te trung tinh co, ngma la, ca:u tht tntimg tang: kb,ong khu.y~n khich doanh :n:ghlep m,d' [(l'ng' san Xllit va, 'thue 'them lao dong'~, Luong taU, ting leD cltD lam gila thi 'tn1img

t~ ,.,. I h" t V~ "",, ~ nha 1 .... _''1:-. t;f; h ,,,J' , ang, gay ra ram p ·;a(,~.l V9'Y~ cac nr a zmn te .• 'QC ICO

(tien chi don gtitn cho rang e'm. tien thrun, hut ngan sach

.A\i _'~.p b'u'"' ~"gp'" 1i....~n rr m'~' ,C,' ,tille>- n iOe""" O'a":ll' 'r'~ 11 am - p" ,h····· ~i'" vi "co 'qu'- ',il,

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_'b'~~u "tli&n-' dU';:i theo q""a"" I"'t ~;\n,iI''1' hO~"!!:'.iI,'~1 H' -Q" c'h'!i~, 'h~ £,"'h1Yn,j]' ,111:,JJ~ ..I, '. ~,i;;,!' , .. .I O-~ I, I.~· 'u~: , ,u,m,~,d ;; =_" '.- ··,.I!Ui~, ",:_~ ~, ~-afi

~,;; 'If'"'\oo. ,..;.tiili 'rift-/"! ~ 'I:"~i cun (]" kh; ",' o~"nl'ur nn '11). 'C- '-'an>'· '.' ch 'I~a ,~",_'1.. r·· -'~n'D JUj,UJ_,'u'l, UU,y,- I' "" U, '!l;.,IU' ,~, _' ..... ~ ".1 I I W .,1 II". ~,16 ,UW,Ul ' !!IiI!I.II.Afi

in 'ti~n gay ra lam, pbati D10 tie'D, ,die tten, te, tnUlg tinh Ii

h 0, '~'in-"iI~ 'ii'~~g'., r'I~I~ 16 th' 'u'U4,ii' thi 'ir'riI~01' ht , if!u', q"-u' I-a~ nan, cac

" '", U(l ~~U,i1., ".' ~u.u 1'1 '. __ -· . ..:1· ~Ilr. t·~:_:1f U Y_'V';&ol/b ,:_:~,~ ,:,:,_, .' .'~ __ ._. __ '~__ QII!..

:rilia. kmb t@ hQC Q5' dl~n, ('hi, kh!n,g ,d'ilnh ]am pilat :xiy ra,

khJ .-:.~ ~,--.C:-: t~ i,~n t-~I-C ':~' nh -~ I: _~"'I'li...1 h rm s "j,T: ll"iI~<1n-~

_, __ ' cung _e_,_ ang !aJJ.IJJ..Il . , U,IJ,,I,\ san, ,.Ih,..II', g~

V~ .. ,"" tL'lII~ -h'" '; ~ . ~ dmh t'·). it' .... it tmh rec tnua nnan mu Quang ,glBI'._I' nen te 'I': ru ng' nnn

aa, khiE:ln cac 'Ilhi phan rich c6 logic nhttt quan kh,on_g: nhan tba,y khi co thl;tt 'ng'hi,ep' cao 'va nang :l.gt' s,an xu!t kh 'o~'~n- ,0- d· 'fi iilrlC-:' t-:',~ 1I'ii, di T-n~ (]' 'h'la,t th "t ,'i;]l' i"'" LI.:: [hi au g' 'a"'" 'tJ' tham -' -b' ut

o _ I' [;0 i." lUI'll. . ly.ILIlI ,,'. 1Iif-' I, ~ ,I, .. I~'" Il,·· '_" ~IU [LI~. . .: :':1 .:,-. '., g. ',' . .' .. ,.~.

'nO"~in' sach ~u~a- ,('IIL.;, ••• /L 'n-h"u''> ('flo~: t'-hli va"" ",,'a tao ~.,., h -O~';i '1,.;,::gm'-

; ,t:I!lUl .. ~. Ui .... ~'. I." ~IUJLIJlJ, b" . ~ I~ '! _ •. _ ~ '.'~' .:.-= ~~' 1_ ~_o ~o _ . 2_r. 1]. N~~_~

1.01i nhuan, do d:6 khuven khich cae' doanh nghiep tin,;! ,rj,'!!~n, 1~"i!!Qn' ;-Dg" 'u-i 'ta~'-n'--g- ii:rie"',.., lam Trong tnnmg 'L'®~I_: n~y': tang

~'w.-! ' 'Llt· J .'.y 0. •. ' I I ~ '!!!' ,.II -'II;,., lila,,' ~ .. ,11", . . .. " " JUlJ . I·· ~AQ' ~- "

- - -- - -- • - _,,_' I - --- '_;'._ - [ J •• I . ",1 . _. .:-: I II.;, . l. .. ..:.._ ..

eung 't~!~n, "tn ra" d!~ bu dap cho tang chi, tlleU chinb phil

kbong Mat t:bH~t dan tw. lam phat,

'", lI"'bj .. 'b b'" nh 11_,.;t..", 1I_..,'L,.· h 'L.,~ ~'h

Va, ,~: I'· nnn ,.]1' ... : ~jO khan I:-,Cfn tnr :n:g,a,y- ca. n:,li:rng

ogt101 chA'p nh~n If th,uy~t kmh 'u~ 1(15' di@:n V'm, gi,a" Idtnh, tj"e;n, t:e trung tinh rung; nhan 'tbiy ra'ng khong th~ ap

d- 'I~' h ,;I( ~ h h'~ ~'nh hi.... . 'B""· 'b'" ....

'iii ll'n~ . OJ 'f tt-' .. U11,Dlt' 'n" ~tli £Ii .. n I" o'~ n ~ ~[ I' .... . an-- 'tal" I ~'Ii I .' ~~IO- tren

'~"e, j 11,. ... -i'b" ,·,itI'i '\;;. .. IV ,·.;~.IQL.J;, ~u '- .. !'. ~_~Ic ~~!!o ___::~ _I~I.~ I .I!.~I..I!,

tap cht Wall Stree r:- :nid tlle:n vii'!: ~Vm, tinh hmh kmh t~ sut gi:a:m ,dQt ng:Qt tren roan th,@: gb)t~ cac IQll18,'n ,chuc cua Cue Ott lID U,,e;n 'ba:ng ,gi!CI da',y' thOng con 'c'Oj, liJm phat

18'01 -a~'n d"'e'" d'arl"n' g )0 '-ng8i' mta" N"hun'g - -01"" lUQn'-' 'g' t'·~ - 'Db" u'

'-'I 'V'- -- 'I" ,- ',,': ,,~ - ---'- 1'- ",' " '\./', II "," lan" 'I' ,

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hie'D tal, n@u Iam phat do in t·i.~n khong :X3,,¥, ra. :ng,ay thi IU!u c'hung ta co, ,g,8,P :phal. no kht n.e:n kmh 'te phuc hOli va, ,8le COl nhi@U h,ing' hoa, dtch 'VU dllac ban ra baykh6'Illt? Cha'ng phii chung ta se va'n co tung ,ao t,1,en du6i theo 'nhi,~lu ha'ng hoa hon rAt nlittl~1J hay sao?

Ban co 't'h~ ngac n'Wen 'kbi biet rang nbUng' ngOOi sU: dung tie'n d@: [U~'n t@ trung tmh d'~ xiy dlrng' cac 'm,,) hlnh kinh t@ ,et; Itti,@:n, lan, lJren may' tmh Cling thua, 'nh,an, rang

.," ,.;t",_,iJ."" ,. ,)"... "'_'I!- 'II '" • :;., "' '-h"'" kh "", h ~ '.

glB Ul!J,B!l tten te trung tmn 13. mem ttn C'~ _ll' --,' 11 ong p _ _jaI

t'hlj'c t'~~ Khi nhac d~n, :nh1lng m,o hinh dUQc cac vien, 'ng'killen, etru ktnh 'te co uy tin slil dunK Ittl~ dlt b~,IO 'tltdng 11 ." a-Ii BI h d h "!o H -"n; i!io h;O:;; Iai, ,giao s11 r ••... tver .' anc -_aI', i t-UQ'C 'I: 'QC vien cong :n,g 1,1,e

Massachusetts Via, :bi, trudng' klnh t~ gla cUla Qu'y Tlien 'te Iquole tie di nmg n61:, UT'at: lea, cac mo hmh rna cluing ta tUng b,i,et d:~'u dua tren ,gi,a, dinh c:d b,3.n, 'la, 'ti,~'n te trung rinh, Day ('bu ye'u iii 'Vm Ide nle:m tin dua tren Iy' thu.yel hon la, bang C]ltmg' dua tren tlnre te "'"1, .'

K,eYDles thi :ngtit:lc: 'la:.t" ong' cho r,ang' ciing nmr v61 lien, ,A'a oirgo"--d' - '1· .P c· '~n ''1ni~' b ~ ,It-~ a,'n ""'A ('!I'o~'dil~ 8,'n 'V ",A '1'1' An" [i"ii trun , " go,

UI~I ~ -.'._< .. :._! _ IJ~rll -_-UAJ& V'Ul .. -=.,Iv. \~~_:_, IU~ I~"_ . _. __ ~ ::_', ',_," ~ l_,~I __ ll[~ .. ~_. ,: __ ,~. >.

tinh A"~ gl-' "--~ t, .... e ch ,-~ u- - -anI'!!': " A 0"" 'ng- , cu'~ a he.... 'itho~n'- g W" b li,n '""'~"'il"

' ,. _ , , ue ,', laI I IU( ", :S' I Vi I-I lU' .'. 'I" ,I '~ '.,: I .. 1_ ' , c " ,IdA:" '_.iI.,ilu

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ngll:Da trong tmrc te,~ :KhJ, x,iy dung kh:ung p:han tich mang tinh each mang rua, mmh nam ]933, Keynles v.U!t:

i, 0. 181 anohardl, ~r~i sao ~i ~n ~ 1~li tare d'Qrnlg Il~n s..a~ hJQme;r'i St" my,Kinh' :tI h()c ,uen ~ (Han dlbook of: M Qm~:ta!ry EconDmic,s)~ quy'n 2 ~ B. 1M. F'rijedman va F,. ~., Hahn bien 't~PI ~New Y,oJ'1k: N'()nh Holland~1 1. 990tl 828.

~ ~ - ~ ... .c., .,!I;; '" .....~'

~,nng" lIe""n-c, m Q~ I:t. ~-,,," hU'1 rl,ng.· .. ~ '",b'';~n ~'h""in,a tat lebo-nO' the du

uv' ,- "_:' IJ.. _ l _',." ," lllUIJ I: U ::~ II ,Mg~A ~--~JJiO .:1._ _ ...~ ,A;~ _-,", . _ .ly..

(Joan, dl:tQt qua, trlnh (ti,en ra cae :SU' kj,en ca, trong ngan,

-. . . -~, . d'" '" 11.. . -- " .. .6. 11!J!"'L., ,'" . lb'·" , 'b;'I_,L, ," , ill" . ,.)". ' ' -"'-

han lan dai nen neu ,Llong1le:t - ann \1, cua nen ttong

• ;0; d !I''ii~ th);,ji, _AI,j,~ _A). .,,.. '~tb'~" .A';~ .,( '. '"

,gial._I_oan grutI, '~~uJl wt:.11 u3U nen vat "01 cuem !cuOl.'tllDI'

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nhac nen ;netl' ,din'·, te su -. ,;.'n,n ,ne,n, lQ ... ,,, 8ll'1InD' no va S,Ul',':

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tho,ai ,la, net Qi,c tnmg cua nen AJlJUl '['e trong UOi i j .nen

,.'i" ~'~'hAM,n L,S +-:v.I.I'M(] ''';:''''1:1' 'U!l f! It '[ 'J.!'.f·,~~ ,.]~~ ~ t" "I~.~~"I 1~'II.f.I: . _: Ii

4l'W, phat xay' ra Idll ,gb\ 'bang 'ti,@n cua :ha'u b~.t cac ha.'ng h6a, 'va, dtch VQ ma ngUiJ,i din trong nuo'( mua

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sam tang manh, Ne'u lta bac bo tten de, nen te trung

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trjiAi , ..... i'.~'1- if r ,I 'Ii'!; ~'i:i~ _ ~~'

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minh - -', chi 'm" ''!!]j,'lt'lii0' tlnh ""m'"e).'m tin" t'n,hu" Blenchard -- b':Ii:'

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t'-h"'~' nh- _... ) 't;t..:~ h .;-, . ' ,t kh-' I.... .,.;0;. - . .. ,"",,t. , - - "'A-'}.,--

I U'Q ". am IJ,~ c nmg ',8 "" I' 01i"i1'(]' nen CO pnan X~ VO ullEU

__ ~_._-" __ ¥ __ .. _ ... ~ ~.l . ~~, t .. _." lJ¥ .. J •.•

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lU,en, 'u.I.&I5, cac I noi ngay rang ,un (nBJJI P .'UJ, In, nen va

. hi" .. "..., th .. 1 ... ,;;: h' '"h h h Jt .'!'- ~). - '11",.Ji,_L,-'~ . 'L,:~ ' ..... ~, - _oS'

C' Ueu t ieo .. E! noac ., :p : uc ,,01 nen ,Kiln I te t',~Ul, nan se

.. ," lara nh ii',t

co' •.. '.'.'. p.', a·.·, 'I'

... - - ~ _.

'V,y em ,gi gay' ra 10m 'phit? Trong c:u6,n sach hal tap, c6 t'en Ludn ;r.huvll' vi ni,n: re;~ lA, Treatise on, Monerv) d1~'~

II J II \ 'II' _ ~y'_

mit bin nam :1 9'30~ :Ke'yne:s, aa. chi ra ItlO hal loai 14m

- t.. ,.. it- M·.'''' - ...::1- " '1- - - - -- h- ~ t - - .. '.... '} iii .eo , A";(. '",

p,.U8{'",. .,:,c uu "C;m1 Pi I. la·i. - nao cung ten quan aen 'I,\:ang

ma'" r''r-''''''''''o m O~'·l.'l -IOI~iii '11_1~ ilf""O'~: n guy 'e~j'll"lll 00' '-, an .... " lJ'1),;.~jf" -,1\..'''''u1 H' Ia ]"'1

b'"' -,' WI~,)l,o :_ :_ -' "'~"~ "'" ~', '-'x_.:'b-, •. ,;1).;11. ~_~_~ .Mia' ..... ,l1.li,IQ _~ I I,

Ioat :nC)m, phit do IJ8 ta m ",flJit ha,H'B' ,h,aa v.i. ta m phd:;r th 'iU' n'h ~':n M····· aile d: u~' -lo'~ i '111 am 'p-h- ati 'tl" n a'" o' 'c'"u7n 0" 1- t's,o'" q'I'I'11 an I

t " ,~, ,_.' 1;1",.."'-" '"c'~.c: . --', _::,~, ,JI,,¥:_:_:_, I., ~~ . , ~~' " ..•. 1 !.". lI,.!&,it; . ,1iOi., .:: ,u,u ,

d:'~n ,gia ca, tang'j IUl'I1mg' m,ot lo.Q.l'i, lei ICO nguven nhAn, khac nbau,

lam - hl..t h" .. 'h'~

_~,: p' __ a . _I_lllng ,_,_oa

Lam p:biat hing hoa v,~ co b,an, la, 1o'i lam plbAt khl,

'0'1'· :at' 'fj'li'-i::i '~1IJi.h..'g- ("'u- ~ a':' cc6 r" h ~~g: -h' oa a-'I #t'11'iIi"" can:':" 'V1I 'I ,; 'Ii" .... ,.; n,O'

b .~_: ~.ILIL' ~JL~U,V.l.li ~,_ "1,-, _Ig,~ ._ .. J~~ •. _. ,:_' ", ' __ • ". '_Uty!~ ~l.'_ ~J AUg~, IIG~~

108t Ian dai nhu ,n,o,ng: san, d,a'u tho, kh.oa'ng ;san \!,';;V .. tang len, :NhUng hang :h6a n8,y thlJdng du"c ,mOB, ban tren thi '~I~~nO' c."o"',nlO' khat c,o'" ,~'o'~ ch ~~, va m"'"a"~' fj'r'~' ,t""W'ifn,~---"CF

~ _ -11;;1; IL~.. '1.1 YV ~ ~~I .MJQ.!I, !J, . . _ U'\...I . e~. u,,* .,Ii, IU"U&&~,

-', ~ e.. ' _ ~ , ~ :- # _ -.; ,~ ~' " _ , ' , i,~ , A

d 1111""£1 ""O'ng' . '1.\;,.0" tren bao chi ".,,"''31 ~,'!Iir nl'Llo.II~'Q' tIe,In' 't'b'o" 'In '0"

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'tin :kba,clI Trong fhj, trlWn,g cac ,10(1i ,M'Dg h6,a, niY't J~ji ca, coxu huring' gan li,in v 01., ngay gia,Q hang: ell. tb,€; co the la. giao ngay ho:m, :nay hoac :mil't' ngay nao d6 trong tudng' 'I,ai~,

n~+, nhi-,ci-"aU-- t;"'~,~ t·-.,'if~,~ I"L11: g-i,M han t:'h--'~ glan giao han I g=

l:\.ulLI I.' ":;'" _ tJ.;:~ a ILLUII5 ,,--lUI I. &:U&, ~;II ._ ... ,UI . )IJLUdl. '. ,:.!~ -. ' ~'. / ..

luang :rai. '[rong' kh,oan,g :m,Q,t v,m. toong", 'I'holn,g thuang k'ho~g qua 'muCli 'thang hoac 'it han, :nita" Vi p"hin, Ian

hiilil'M:r bO"'8: 10.' .jl;Ij~ n--Ia~ y~': m -:~t-I [--,~t·'· nhi I-I'",i~~ill'll t':'-h'~ g.'-1"9!'nA'~ >t!',I~,nl ,.....,"~a't.'t'

",,",~, , ,'¥'I'. . . ': '.' .. .u . ,ii" ·'I6U, __ .. \,1..1 ','~~ U.\;,. ..,~~ ;i"L!I!.l._ Il

nen cung hang hoa [rang tuang lat .gan d:ll,Q'c gia dJnb.

'~,;, ·.~I~ ,A"'Mr- _II. 1b<~>n-ra 11"9i\1ft"i,~ h~T'U1 1[i-'IO~'nl ·li ... ho 1b.'I~ p'n"-'-' '[I~'~,;i '''''''Q·~'nu. 'V1m"'-'",

.w.a CO u, 'ill a . ~,l.u.V"'~ ~,a~ . - N,1l 11 ~. YiJl. "". AA,b - ,

ban. thanh p,ham ,hi.e~n, vl'D [lang wen. alfClng 'Yin. iehu'yen va s,e 'tra rhanh thanh :phim trong tuDng lai g:,§n; khi, ..;i'A,D.·- ngay gtao -ha ... mg 'IDn -d-"o~-' 'n~lIl1 iII""'~'U h-~'rig"-" h 'o~"a trong

u~~~_ _'_ .. :.'<_-~':.:" ~.~·._t.u ~_[.~·o:1 :1, I,'~ ._ .... 10. I' . _: 1[11 ,I 0: ,~bIU, ~lUI .. " ... ,wlL~,','" ..... 1 ',I . _. .' ,I .. : ... 1 .. ::!

tuong lei ,gi'n ting ~J'6't 'bU!D tht S'8' co [',at it hoi,e ,gin, nhu 1\du1oJ'Rg co lU(1ng cung biS s,ung' vao nga'y giao hang, vi 'the cin tlU tntOn,g tang 's,e Iam gUt b1dng' lal eua. hang boa tang theo, Tuong tLt~1 n,@'u COOl hi@'n 'CiO d,t)'tt nhien, 'bi~n, dOng trong kht (:Iu. kho,ng thav ltd! thi SiS thj, 'tntOOg cung: bi,~n idij:'Dg theo, Vi, du, :n~u bO:ng nhi.en ICO m,Qlt ,t1Qt suang gla lam vu mua ,dang ch'u,i:n bi thu hoach b~ ho,n,g toan 'flO thl voi ,cAn khO'D\g thav dOt, chang ta D'en kY' VIQng ,gia :ll,ong san se' tang, glS.y' ra lam phat hang hoa,

C,-- h ,p' t d:·). b"' "t "_, "" 'h ,;0);, - A nh-lI~"fft - rnl'~ d~-

',,-,.ung '8Iet1.'Ie :ro cau c "uyen ve '1 U.L,1fi n~I".U.~, " au

.... ~,~ '1I..'~·-iU' h- ,"~:-a~ b'O' mua r"" _h~ii,)p.,U mn,,'["' 'ill o-~~ hl'a"'n'O' hoa r·:-,oA. ii

Cu IUUJif:jl 0 '! ' I" " ,I"a,," IU'u,'C - - y, ,~,:..:~ ~ b-' g ,. . . .Ii,

'rut: s61 hang (16 ra kh,Q1 't'hi tnl'Clng: (lam g~;am CUD,,' m@n

~,. .~ A' I" 'w ,- if' hi ~ A Db . '~'. A ~

ICO) ae tam tang gia. t;-., tnnmg. ,Neu --!t1ng 'ngtWi, ullU

CO' thanh cOin,,: tht S,i,U ,do ho 'Cto, t'b,'~' bin ,810 hang hQI cAt ,gill' ale' ,kiem, lot :H;anh dOng !eoa, hi€) dUQ'C I'Qi Ii "vet thl tnWnS'" v,a S'op phan, ,lily ra lam p:hit: hang hea,

v... I '1;..,:;' -Ii' ., ,,. h '", h .~ d " ~ R'" 11 .. '1\.,'; ). h ....

vr -lID P,U,d~ gia , .• ang • ioa men ra 'mol. NU cau ,) .0,,",[

cung bang :hO'8 cho nxmg' Ial ,gin, 'b'i,~n d"Qng b,at nga;

kho~,--a dir d' -'ol~-n ,AlIW1,¥," 'n8.n ,,..10.1 'itl-'h4 tr '~n;hIAllm'r' II'O"a' ;j '11~'in11 ,·n~ ,,~, .'.. . a: Ui"""V'!!I;.. ,~AI;,~.l&,~ !I!.,,!!i.JI I" '!i;: " W,;Ii Yl\4V'll;",··· -i.c~ Jj,~~~

phat na.y kha d,e dang, th!ong qua m'Q,t t6' chuc khiong: -h t d-"'" ~. -I '-' leh ; nh .... .. hi b '., ,~,,,, h eo i kh 10 i,

'. o· '::Ii J • i 'Q-'-'in- !(J I,Vi iFtI. l~ . IP-a- -". ~in im~1 Pi . I I I"a" nl v:: ~ VI!:) 'IQ"I e '0'" ']l

.. ~. "c'," ~., ~',.!i, I!i,.,...: ""_' _ _~iI ,_:_1__c__1I;II, ",,_G_, _:_ .. _:'Il;,.!I _ '" ~ ''-'-, ,J. ~', __ ·c_

s,W:' ep lam pbat, M:uo,n tranh d:m;c lam p:bat h,ang hoa thi chi-nit p,hu, cin. p:bili Iduy trl mlQt luong hang du' tru IU@ :I .. hn ~',dj~m, ,gi,a"',! Dba' (1['0 gila, :kh,6ng bi thaJ,Y d61'm\Ulb, tnroc mot bi,e'n, :dOng: eung v,a!ho",c (aU hang: hoa, Dl1 tN' hang: Clem ,ghi chi 18 so hang boa 1.110 trong kho, Ic6

rn fA'IrrJ,'~'Arf" ",,'~ C', he 1""-' (I'it' " ". 1 ... '[k z .• hl 't' .. I'~" '''': r :': .... 'I·~" t'hi ''- ,I e IUU,,.,.C Ua:y vao ",0 ~C rut ra knoi ...... tnrong, glUp 1,14

tn ~~ng" l •. ;bO'" n g' ggl'P p'b'a'" ';, 'b~e:~ n d 0"" n ,a' 01'· ~ d" Q"""t- nfl,A·it 1!....~ ng'

UiU'~' ::1 N',ll':-' ;~ .'~."~ .. ::",: _',.11:. LlI, .... .1. I I, I :', ! .. :_', '1 e :&1 fU . J'>' . ~ "·f,ll;jll ua~~_/,J:·

each 'b"o~' sun ,g'.' Va.'~O, ' cun g'('. ho a-"c", , c:·a~u"I' 11~'1r1~: xa'.'~y,": ra _]''Ii.'i'I~g_, .. 'b"Jl~An.'1

~ ... 1-1 . __ _ __ . ~ _ .. _ ... N1U l •• 1 •• _l JLIL!lIu.JLl . ~.,

'", .

- .-

d:Qng kh.,O.ng [dlJ doan truoc dl1Q(!.

" '/'" - ," --~: , .;( , ~"'I ). - ,~" .' ... 'i' -"'- , --' ',-: ,-

VI du, sau 'CU SOC gI81 dan hOll thC)p ,ky 1970, ,My da,

tao ra met kho "du 'trit diu me chi~n b'~'C'1!1 trong Idb

~.. .. f. .-~ ... - _.. . _I~,Y.~ ~I .'" ... _

d .. a.u, ibiD ttl,We tich try trong Db,ung vom ,m'uo,i l d:udillolDg di't ,,1 bl(l bi~n vinh Me'xico,., Kho diu du tru' na,)!, du k.i,en,

- - . A' ,_, -, ~ - -.J ;( '- -

du~c dung ~Ie~ lam ngu:Q':n cung khan, cap cho thl

'[I' --11~ rr ng ,:.,an"'l ... ara~· dl~"- t .~,1fi,a l~n-'I 't-r- on Q' 't- r .11~-nl.g,., h ~ cunz

r !U.v,IL.a..a", .. ,,~l . ,uU a.ll..ll~, I\;; , 8; , uU', .. "''Y',_.IJ . u. , E!-

• ).. ~, ., '0;, .. , - . "" '~ .;(.' ,..... ,j"....,.')' ~ e:

dau 'm' '0, tir Tru 'I n··O' °O""Dg';, - VlIl···· I n (J' Ala, t luon bat Q""'n·1 ve fl"!1J..~'_I·,,'1k "

a··. , .' . .. [ ,.11.,' .•. ~ LI ... _:- u'b' UI' ,.. . . .....!J".. ... "_ ~ '\",JUll!Ll!Ll

, ,. d·''''''···' ",,",. b~ . ,:'" .. , .. 10 S' ~- A' ,11·'-<: d' ~. ·d" ,-_";I;

tn -,ot ngottn 'cat gram, :U u,1lJng ,~mmg - .. B,U IU trc

. .~... ' . ~··tl- ",~ h 1'>'1' I hi f, - 11.1"11,"1' nrc l··~ oi,~ d'·~ ~~, kh.'I~'I([' nay mQ, cac_--" (OC.I,--,_e,n ,J[IU,'VCU'L ,_a ,o .. a . ,au 01: . June

t,,_ 'I.... . ,"'_'b.,:;:', . I., nh -, . #' '11,.'1:,.;;:" , - h --,,- 'l-..=: ....... 'fL"o ,t ." ang ren q,ua, nmeu neu ~_IU CO ,A.uWlg :, oang cnmn :11

n I;: ra A Truns [)'~,' IO~'nO' r;1....'~n· Q: h a n

I r lU I. u~ J I" &~I .. " .. " b ~=lla b· ~ ~i~' ~I

N' ' ... ~ '~h kh'~ ...' 'h.:t ,"' Db d -, '1 h~' " '. ~ dl~

,_1_ 01 cae.:. . .~_ aC'1 ,eo tne tra __ :._c, u ',lll1'c '. [ ~m pat gUt', au,

chUng nao van con lm:mg hang ,Clem gia d~' bUt dlap cho Ell(lng hang' hoa b',i thi.~u hut IClot ngQlt~ Do [do!1 trong

- - 4 ~

suet chien ~:1BC'h, 'Dam 'Bio :sa mac chona Iraq nam 199[1

. ... I. ,! "". • I ;BJ' -. ~ -~ ~~ .. - . ~ ~ --b -~ - -, - ~ . ~ ~ - . . t.

cac quan ch1lc. chinh 'phd, M:y da lay d,au, 111' kho dq: tEll d,au m,d chieD IU1QC: nay d~' cung cip' cho t.bj, t.ruding' nham tranh :kha nang xay ra nh,itng b,i,en d:6ng' ('t.hut ,t,A h o ,a~: IF' k 'Y"'i 'V," 'O-'I:'llg-' )'" ,~,- ~ 'h-I"'t~ (I A'.&lfil ,ma''" d ,BiU- 1In'I" 'o~',- 'B'-,n, N':i,n ()'

,~ .. '.", ~,~ ", _. . .,:..,.a:.~_.', WUI. ,"'IVUI~e UIli:~ILIJ e~· . g. I I ." 1'Y. -~.am

'l'll'iliri .-, MI''''!'' ''I,~, - t' ""_:ik .~ - nh ~ "''I~I d '-1-"". IA'~ .'. ]lIW"'1i~' . ~ :::i!\

, ,uyng " y uvC . .IJlJl11, ,rang ,. I. U S u, ..... ij:Jlg ufn ,uy,ng u8 U

d I t :.~";f. ", .. , ,,',' ",'0;, 1-' .\~ ", ... , '" 't'l-."~·nh·'~;;'!· ,4' .... kh ~'I:' :t,,,,,, ',"

utru nay rna, glB xangtnar !_. pnam ua _:_Long .ang

11 eo.. '30mi' .. ~',i - , .... 11'1 - - . - ,. ](h" - .~ -.' h , .... ' , .. - -, " ' .t;: -, dl '~,

ll,en .... ·.".70 moi gauon tro.n,g ~,~:coang t_OO gran ngan u ien

- L.~ ~ ._.. ,... •

ra Bao .(!'i!JI ma c

Q ,!". g. ~!u··· ," ~ ,"", I]

- -.- - -- _- - - - -- . ..,-

S·,.'\" d IU'r'Wg' r d ~'11!' t [~u'~' ·dc" ,a}.lu, ml···o,~, nh ,U'" Im·n,t' each A'O'~ p,'h',Q'" V~l!!'

: .. : 'U. ,,_.. _ JL.£.' ,I .. __ I'-!L .. , .. .. ,,', [..... , I.. I V " ..", .. I" I UJ'_ II .. ," . "_" u

lam phat 'bang' hoa la mQ:t gi,ai phap d~a, co 'tit r.a,'[ la'u

1 C:~!JI tilO tliia clh~t rrI,an,g eao d~n,g vom do cac Ida chu',a, mUi6i b:~ dOn nen va d'l~ lin I~NID).

~' ..... h~,n;, '1' .. ~_ 't.. ","'iL.. ~_'ib k'~ ). J h ''0 " i,'

vOl cau C I nven trong MlUlI" mann ~~e, ve , osepn va gIac

'I 'Dh h). 'b" b '" b" "1J.... Ii' ~b .. ).

mo cua ,1',1 arao I, v,e 'lay COD ,-'10 eo va eav con, ,~O gay,

T,hdi do JO~HI~:ph, ,gi,iOng nhu nguoo. Idtt. bao kmh t~t (jlng' cho rang gi2\,C' mel Icua Pharaoh Ii di,@m, bao 'v~: 'blay 'V\l, mua baii, thu, v.a, ;80 nong s,an (cung) e'i qua, nihi,@u 5,0

M blnh t"h~ii~- khl I-:.;a-- cbo gl~'';' ("V 0, thu nbi:p ;i"'!'lI1~'a-" no''"'ng'VU,Il,!,u,JlJ.1. _, IUUllL:l.g, ", I, ~n ..;,; __ •• ,,_Q I,p' _~ ',~., , ••• , ,~, ~'. '-.;I~:'r~ "I, ., .: "

d':~'n\ ii"u''''''n'c;'o ao, ,t,,,""A p", h ~, c,n ~,-tiI;i b lnh 'I 'tr:-h"~or T' l'ie'~;p': theo

I., . au,,. '-,_ .. r e ~~ Ilia, "',' · __ v,,"" ~IU '¥ VA __ ' .. 1.1. _, -t· . UU'lILJl.bil , l '. ','.,: -'.

e.a C';" ba~"u ":111 mua 't-baJ.:t~ b . ~,t, ~-l;n 1iii~Df '-0- .A_'"'g'_ -ng- . ,Lore''':'n ''lhI,':;-!IiJ' ~~ . - u' " '_,9 ¥. " " .' " . . .... ' ' '.' u " i;;l!!~,~, 11"'!!lill~.!I,O ' '- V,:L.": , '. - I .,IljJJ, :: r ,.Jl4,Jll.b

nam .se thon,g ad cung C'.a,pi :luong th:Qc" con ,gia, 'b,a:n, n,(j:ng sa:I1, ,ma ngUCli :no:ng dan, D.'hl'n dUQ1'c :b;d :ri,t cao, Joseph til dua. ra ,d,~ xu"t chinh saeh ch,ong lam phat rAt trU~n 'bal~ do la, nha mroc nen nch m[Qt 'bl(1ng ngU ICi6c du tttl trong nh:fitlg Dam ,dUt1c: mua 'va ban, [choo,g ra

t b ," 'ii'r'I''i!I,~n' ':"g' 1i.!"l!...o·~ng,~ r ',:n' ("iQ"'n"s:c,' [triA' In'i 'nhlIUII ani trong nh -'llng" (-,,' ',",'

,I .. ~U~··· . KJ[I·. ·¥.I, u.'.···· . bY ,OYl&" - .. ¥. L Ul _ . : 1 ~-

.- ....... - .. _ '.' _. __ . ---, - '. .1 - - _' ___:_ ___:_'

nam mit: rmia. Nho th~ gia "hi, truOng :se ion dttDb trong 5,'UO[1 muOi b6n vu, trinh d'iUf.1C ]~lm p,llat trong nhUng

D' ,g,n"!i[ m-~~,!it-I' m-'-:"U"I~ d',A.[D"-:-g'" 't'h' f11 .... ~1'~ V,:, In' , 'b, ~'!o" '~~i d lIr'i'i'n 1:'('- th "U' 1""""l..'*p"'"

1Ii.U,,a.a!. I _I g" I I, g" ,IIIJ.II.". .,. ".g.l, ",'~ ,/ """F .' ~'~v . ..: .\lU~,_

cho n,gum D,ang dan trong nhuna; nam mua ,t6t~, Kinh thanh d§ gbi OOj;n, chl'nll sach d,lt tn1 de!m ,g1s. ]M[en Ictal nay la mlQ't thanh oong klnh 'te li'y'IUng'[ll

l- ,:::lIm' . n -h~ I" 'g' ';'a~' d ~u~ ~ 'u;i -m=- -- 10"""t- [~.'A -n::" o'~' -n- a san b I-UD'~· ,C,' a 010"'9, 'I '~IO'

¥ I I; f.I' U(1 I! - .:"',.'~ . UI.. 'V'Yl _ .',".1 oU l' .r I. I _I D. ' .. ' . -, .. e __ ''',' ."t'g ..

mua h,e nam 20108 COl nguvi:n Iiliin, tu' ky VQ'ng' ('SliJj, lim) :rang v:m stt ting twang rit nhanb cua T:ru'Qg' QUIOIC 'Va An ,D61j cau hang' 'hoa ala, hai nuuc :nay tQ,ng 'vM, mut' 'c,§.u, binh thuon,g cua cac qu6[c gia khac se nha .. nh chong d~'Y ,gJa th] trmmg l'en t,$n may xanh, M,Q't' 'val c:huy@n gil. dU' doan gia diu, Sf! dit t'ICli. :m',ut: 200USDI mQt thung V,a_,Q; ,d'au nam 20.09 .. :N'e,u ky' v'Qng: nay'ta :h,Qp'

11'~ thl .. - '. - rn JifM - "'. r- h ..'!' .,.. d l ,[~,. i"" . .'b i '.'!Mi ~~... 1I ... :t...: .... ," !LY trn m,QI ngum co me mna [~IUU tren 'l.Lq mrong 1UJ.Wi. gia

la lOOUSDI m,Q,'t thung c'ning' han, sau do ban lat :SOl diu cl6 trong :mlQt thm, gian ngao va, dUl1c Iii, lOO~li

Vi vty, 'kho;ng chi cae oba dau, co ma 'nhting Ido;i

hl~IO" lieu ,(lliinQ nhien :san 'nhatn ru dlAu mo .. 'vi IdUI Icie

'- U1yuo· . J •• D - . .. ... ,~. . J... ~ . I 1 I •. ~ • , - • . __

h~" '.. h-~' ~- .-, kh'" - "'" ~- . "'l' ~ ~- . - ~ d), "ht'"" 0"::" "h~ . - d-'iIi.

'- '1' "_' .-: - ... ' '. I' .. '.'-1 '-" . ',: I "1 'I' . : - ':"',' I "I I 'i' '" ,- r --I .. " ,'I

ang . ··ang , " Ong" cun,g mUil :_QU, t· 0 "-·,ang ,~~,® , .. ong

turing 1m tren thj, tnnmg, C,a,C' ha'ng: hang kho:ng mua

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