Page 24 - NO.155銀行家雜誌

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對這種「覺醒的資本主義」，並在社論中表示 首先，它認為企業的邊界，是法律合約中最
「……在遇到那些撕裂我國的文化爭議時，表 容易界定風險的邊界。目前為止的人工智
現出進步的姿態，似乎就不會被圍剿；但我們 慧，都還無法解釋A I的決策過程，所以內容
這些負責讓美國保持強大的人都知道，這種姿 審查只要使用A I，就很難符合法律的規範。
態最容易讓我們慢慢走向滅亡。」 有效的言論監理規則勢必很難，而且如果這

有趣的是，盧比歐也在同一篇社論中， 種規則要在人工智慧進入新世代之後繼續有
採取了過去會被視為很左的立場，支持勞工 用，勢必只會更難。但與言論相關的巨大政
代表進入董事會。相關的討論顯示，目前人 治利益，一定會讓美國兩黨不斷角力。
們思考公司權力的方式正在改變。 若想真正思考言論監理，一定得先讀一
點市場失靈理論。言論監理的主要問題，並
一場難以休止的長期爭戰 非市場運作模式與過去不同；而是你無法光
靠廣告商，甚至無法光靠ESG投資，去長期約
企業理論很適合用來解釋目前的局勢。 束社群平台的行為。如果你想改變平台的作

a waste of time, or even actively antagonistic towards The same editorial also endorsed labor
white participants. There are no DEI index funds, but representation on corporate boards, a position that
a similar dynamic does exist of smaller companies had previously been associated with the pro-labor
versus larger ones exposed to broader capital left. Associated debates underscore the current

markets, or even headquarters versus branches fluidity of thinking on corporate power.
within larger corporations. Compliance is enforced
stochastically by social media. The long game
Conservatives tend to oppose ESG investing,
despite their longstanding pro-capital orientation. The theory of the firm forms a powerful lens
In 2021, Republican Florida Senator Marco Rubio with which to understand the current situation. It
introduced the Mind Your Own Business Act to the shows, first of all, that the boundary of the firm is the
US Senate, marketed against “woke capitalism.” “… frontier at which risks can be most easily defined
taking aggressive positions on woke cultural issues in legal contracts. Current generations of artificial

that tear at our national fabric might seem like an intelligence are plagued a problem of explainability,
easy way to avoid boycotts from activists,” he wrote which makes content moderation decisions difficult
in an editorial at the time. “But those of us charged to integrate with the outside legal system. Regulation
with keeping America strong recognize that these has a difficult road ahead, particularly if it is to remain
positions are the greatest threat to our long-term relevant beyond a single technological iteration.
viability.” Nevertheless, both parties will make persistent

24 台灣銀行家2022.11月號

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