Ukwenziwa kwemithetho karhulumente kunye nothotho lobuphathi kushishino oluthile, kwaye kusesona siseko somgaqo-nkqubo wezoqoqosho kumazwe amaninzi ukususela ekupheleni kowe-1970. Ngeli xesha abaxhasi bayo bexhasa ukhuphiswano olwandisiweyo, amaxabiso asezantsi, kunye nezinto ezintsha, abagxeki babonisa ukungaphumeleli kwentengiso, ukhuseleko olubuthathaka lwabathengi, kunye nomngcipheko wesixokelelwano oye wahamba namaza aphantsi kolawulo. Olu hlolisiso luhlola ukuphenjelelwa kokukhutshwa kwemithetho esemthethweni, ukuphembelela imbali, kunye nobungqina obuvela kwicandelo elingundoqo ukubonelela iziphumo ezilungeleleneyo kunye nokucebisa ngendlela yokucinga.

Kuyintoni Ukwaliwa?

Ulawulo oluthe tye lubandakanya ukuphelisa okanye ukukhupha ulawulo lukarhulumente olunemibhobho ekhutshwayo ngezantsi. Njengee-chool, imfuno zexabiso, imilinganiselo yokhuseleko, kunye nemithetho yemekobume . Injongo kukuvumela imikhosi yezoshishino, kunokuba ibe yimithetho egunyazisiweyo, igqibe iziphumo ezifana neprojekthi, ubunjani benkonzo, kunye nokungena kwabakhuphiswano abatsha. Noko ke, ukurhoxiswa komfako kuyahluka ekunikezeleni (ukuvula iimarikezo zokhuphiswano) kunye nokukhuphisana (umbuso orhwaphisanayo kwimpahla zobumninikazi), nangona le migaqo isoloko ingqinelana.

Abaxhasi baphikisa ngelithi imithetho egqithisileyo ithintela urhwebo, ukwandisa iindleko zokuthobela, kunye nokukhusela abaxhasi ekukhuphiseni. Abahlalutyi baphikisa into yokuba imithetho ikhona ukulungisa ukungaphumeleli kwentengiso .Imithetho ikhona ukulungisa ukungaphumeleli kwentengiso .Iindawo ezinje ngemiboniso, ulwazi, kunye nezixhobo zokukhupha i-omon propolitys zendalo, kwaye ukususwa kwazo ngaphandle kokhuseleko olufanelekileyo kungavelisa iziphumo eziyingozi eziyingozi.

Isiseko solawulo lomgaqo-siseko

Ukuqonda ezi zicwangciso kunceda kucacise isizathu sokuba abachaphazeli bemithetho baqhubeke nokuthotywa kwemithetho nesizathu sokuba iziphumo zayo zingafani.

Imicimbi yezoqoqosho yakudala neyamaqela

Iingcali zezoqoqosho zodidi lwelizwe njengo Adam Smith zathi iimarike, ezishiywe kwizixhobo zazo, zityekele kwiziphumo ezifanelekileyo. Kamva, imifanekiso ejolise kukhuphiswano olugqibeleleyo njengendlela elungileyo apho ukuthotywa kwemithetho kunganciphisa ukulahlekelwa kobunzima bomthwalo wenqanawa ekungeneleleni kukarhulumente. Abagxeki baphawula ukuba iintengiso zehlabathi zokwenene azifane zihlangatyezene neentelekelelo zokhuphiswano olugqibeleleyo.ezinje njengolwazi olupheleleyo nokungabikho kwezinto zangaphandle, kwaye ukukhutshwa komlinganiselo ongaphantsi komthetho.

Imfundiso Yokhetho Loluntu

Ingcamango yokhetho lukawonke-wonke isebenzisa uhlalutyo lwezoqoqosho ekwenzeni izigqibo zezobupolitika, icebisa ukuba abalawuli banokubanjwa yimizi - mveliso abayijongeleyo, nto leyo ekhokelela “kukukwahluleka kolawulo.” Ngokwembono, ukukhutshwa komthetho kunganciphisa amandla ezinto ezikhethekileyo kwaye kuphucule ukusebenza kakuhle. Ingcamango yokuqhatha, eyaveliswa nguGeorge Stigler, iphikisa into yokuba imimiselo idla ngokunceda abavelisi ngeendleko zabathengi, ngoko ke ukuwasusa kunganyusa intlalo-ntle.

ISikolo sezeNtlalo eChicago

Abaphengululi abanjengoMilton Friedman noGeorge Stigler baphikisa ngelithi imithetho emininzi ayiyomfuneko okanye ayinamphumelelo. Umsebenzi kaFriedman kushishino lwenqwelo-moya kunye nolawulo lwakhe lokuphelisa ulawulo lwase-U.S. yawuphembelela kakhulu inkqubo ye-U. Ukugxininisa kweSikolo saseChicago ekuhambeleni kakuhle kwemarike kunye nokungaqiniseki kokungenelela kukarhulumente kwabangela iinguqu ezinzulu.

Ukutshatyalaliswa Kwemiqathango Engokwembali

Ukupheliswa kwale mihla kwanda ekupheleni kweminyaka yee-1970, okokuqala eUnited States phantsi koMongameli uJimmy Carter kwaza kwakhawuleza phantsi koMongameli uRonald Reagan, kwanakuManduna woBukumkani phantsi koMphathi-mikhosi weNkulumbuso uMargaret. Ezi nkokeli zathi ukuhlaziywa kwemithetho yasekuhlaleni kwaza kwabangela ukuthotywa kwemali, ukunqongophala okuphezulu, nokungaqeshwa okuthelekelelwayo norhulumente.

Umlinganiselo ongundoqo wolawulo

  • Umthetho wokwahlula-hlula ka-1978 (U.S.): upheliswe ulawulo lwezwe kumthwalo, iindlela, kunye nokungena kwemarike kwinqwelo-moya. Isenzo sakhokelela kwiliza lemali entsha, iindleko ezisezantsi, kodwa kwanemali ewileyo kunye nomanyano lwamashishini.
  • Inyusa uMthetho weRail ka 1980 (U.S.): ngokuyinxenye yaphazamisa ushishino loololiwe, inika iziporo inkululeko engakumbi nokunciphisa imiqathango yendlela. Yaphucula impumelelo kodwa yakhokelela ekucuthelweni kwenkonzo kwiindawo ezinengeniso encinci.
  • UPrivatation of British Telecom (1984): Urhulumente othengisela i-TCP arhwebisa iceba lakhe kwi BT kwaye wasungula ukhuphiswano, nto leyo ekhokelela ekuthobeni kwexabiso elide kunye nokuqalisa kweenkonzo zeselula, nangona iingxaki zokufikelela emaphandleni zaqhubeka.
  • Umthetho wonxibelelwano wonyaka ka-1996 (U.S.): Ujolise ekuvuleni iimarike zemfonomfono kukhuphiswano nezixhobo zentsimbi zonxibelelwano zasekuhlaleni. Yakhuthaza utyalo-mali lwebhanki oluphangaleleyo kodwa kwakhona yafak' isandla ekuhlanganiseni umanyano nengxoxo engaphaya kobundilele.
  • ISebe lezezimali Umthetho weNkonzo yeMali ka-1999 (U.S.): Iinxenye ezipelweyo zoMthetho weGlass-Steall, uvumela iibhanki zorhwebo, iibhanki zotyalo-mali, kunye neenkampani ze-inshorensi ukuba zidibane. Abahlalutyi baphikisa oku kubekwa kweqonga kwengxaki yemali yowama-2008.

Imiphumo Emihle Yowiso - mthetho

Abameli babalaselisa imiphumo eyingenelo emininzi, enobungqina obunamandla kwiinxalenye ezithile.

Ukukhetha Ukhuphiswano Olwandileyo Neyokuthenga

Ngokuhlisa imiqobo ekungeneni, ukhuphiso lwentengiso luye lwanceda iifemu ezintsha ukuba zingene kwiimarike. Umzekelo, kwinqwelo-moya, inani lezithwali lanyuka ngokuphawulekayo emva kowe-1978, zizisa iindlela ezininzi zokukhetha kunye nolwandiso lweenkonzo ezifana nezithwali zentengiso eziphantsi. Ngokufanayo, ukhuphiso lwezonxibelelwano lwakhuthaza ukhuphiswano kushishino olude kunye neenkonzo zeselula.

Amaxabiso Asezantsi

Ukhuphiswano lusoloko luhla amaxabiso. Iifekta zentengiso zenqwelo-moya zokwenene ezihla malunga nama-40% kumashumi amabini eminyaka ukulandela uMthetho woGcino-moya, ulungelelaniso kumaxabiso exabiso. Kwi-UK, ukwenziwa kwe-British Telecom kwakhokelela ekuncitshisweni kwexabiso lefowuni ende. Noko ke, le ngeniso ibingasoloko inyuswa yiyunifomu.

Ukuhlaziywa nokuveliswa

Iinkampani zikhululekile kwimiqathango engqongqo, zifake imigangatho yezobugcisa nezoshishino. Ukususwa komatshini wetelecom kwakhuthaza ukwanda kwemicu, ii-nethwekhi ezingenantambo, ekugqibeleni kwi-intanethi ye-intanethi. Kwimizi - mveliso yamandla, ukukhutshwa kombane ogqithisiweyo kwanceda ukuthengiswa kombane ogqithiseleyo nokufakwa kwabavelisi bombane abahlaziyiweyo kwimimandla ethile.

Ukukhula Kwezoqoqosho Nendalo Yomsebenzi

Abaxhasi baphikisa ngelithi ukupheliswa komthetho kukhuthaza ukusetyenziswa kwezoqoqosho ngokunciphisa iindleko zokuthobela imigaqo-nkqubo nokukhuthaza utyalo-mali. Iindawo zokuthutha nokusebenza kwothungelwano zase-United States zafumana ulwando olubalulekileyo lwemisebenzi kumashumi eminyaka emva kokuthintelwa komthetho. Noko ke, ulwalamano lutshintshiwe, ukupheliswa kwemithetho-siseko kusenokukhokelela ekulahlekelweni yimisebenzi kwicandelo elikhuselekileyo ngaphambili kwaye kunegalelo kwingeniso engokwengeniso.

Imiphumo Ebuhlungu Yokwaphulwa Kolawulo

Phezu kwazo nje iinzuzo, ukuhlaziywa komthetho kuyingozi enkulu, ingakumbi xa kusetyenziswa ngaphandle kolawulo olufanelekileyo okanye amacandelo atyekele ekusileleni kwemarike.

Ukusilela Nokunikela Ingqalelo Kurhwebo

Ujikelezo lungakhokelela kwisakhiwo sobupolitika okanye sobupolitika. Umzekelo, ukususwa kolawulo lwenqwelo-moya kwaphumela kwiliza lokudityaniswa nokuwa kwemali, kushiya inani elincinane lezithuthi ezilawula imakethe ngoo 2000. Olu hlomelo lunganciphisa ukhuphiswano ngexesha elithile, lungakhulula impumelelo yokuqala ekungeniseni nasekusebenzeni.

Iingxaki Zokhuseleko Lomthengi

Imimiselo ebuthathaka ingabeka abathengi kwimveliso engakhuselekanga, kwizenzo zobuqhophololo, okanye kwinkonzo engekho semthethweni. Kwicandelo lemali, ukususwa kwemiqathango kwizinto eziphumayo nemali ebolekiswe ngetyala lendlu eninzi kwafak ’ isandla ekubolekeni imali kunye nasengxakini yokubolekisa ngezindlu eziziindleko. Kwii-intanethi, ukuthotywa kwemithetho yezonxibelelwano kwakhokelela ekuxhalatyelweni komgangatho wenkonzo kwiindawo zasemaphandleni neengxwabangxwaba ngokufikelela komsebenzi womnatha.

Ukudityaniswa Kwemeko - bume

Ukusonga emva kwemimiselo yokusingqongileyo.. Ngokufuthi ilungu lezixhobo zokulungisa ukungqubana okubanzi, likhokelele ekungcoliseni nasekuncipheni koovimba. Ulawulo lweTrump, ngokomzekelo, lunxulumene nokukhutshwa kwegesi eninzi yesulfur dioxide ne-mercury, nangona iziphumo ezinjalo zidla ngokuthethwa ngazo. Nakumacandelo afana nezithuthi, imilinganiselo ethobayo ethobayo ingenza umgangatho ophantsi wosukelo lwemekobume.

Umngcipheko wokungangeneki kwemali nokwenkqubo

Ingxaki yezoqoqosho yehlabathi lonke ka-2008 idla ngokukhankanywa njengomzekelo ocacileyo wokungalawuleki. Ingxaki ebangelwa kukungalawuleki kwemisebenzi eninzi. Umthetho weGlass-Steallall kunye ne-Commody Fumediation Modertization Act ka 2000 (owanqintela ukuba ivelise ngaphezulu kwemiqathango yomthetho) yavumela amaziko emali ukuba athathe umngcipheko omkhulu ngokubonakala okuncinane. Iziphumo zalethe kwizigidi zelahleko yomsebenzi, ukuqinisekisa, kunye neebheyili ezinkulu zikarhulumente. Uphando ngeInternational Monetary Fund (IMF) ludibanise ukunyuka kokunyuka kwemeko yebhanki yoqoqo zoqoqosho.

Uhlolisiso Lolwaphulo - mthetho Ekuphelisweni Komjelo

Uhlolisiso olwenziwa kwiinkalo ezithile lubonisa indlela imiphumo elungelelene ngayo eyahluka.

UMthetho woKhuthazo loMkhosi weNtlalo-ntle yowe- 1978

Ushishino lwenqwelo-moya eUnited States luyimeko ebalaseleyo yeziphumo ezidityanisiweyo zokhupho-moya. U Faress wawa kabukhali, inani labakhweli lanyuka, nemifanekiso emitsha yezoshishino enjengezithwali-mali eziphantsi yavela. Noko ke, iinqwelo-moya zajamelana nokhuphiswano olunzima, olukhokelela kwibhulorho (umz., iPan Am, iTWA) kunye nokudibana kwezine ezingundoqo (Melika, Deltalta, uMzantsi ntshona). Ulwaneliseko ngemikhono, iindleko, kwaye ngexesha lomsebenzi zirhoxibile. Uhlanophelo lwe-A [FLT:][FLT]

Ukungalawuleki Kwemali Nengxaki Yonyaka-mali

Phakathi ko 1980 no 2000, uthotho lwemithetho kunye notshintsho lolawulo lwachitha uninzi lwenkqubo yolawulo lwemali eyasekwa emva kokwehla kolawulo olukhulu. UMthetho weGramm-Leach-Bliley (1999) wavumela iibhanki ukuba zidibanise imisebenzi yezorhwebo kunye notyalo, kunye neCommodity Futures Modernization Act (2000) ezikhutshwe kwizolawulo. [[FLT: 0] inqaku lezemali lezentengiso elintsongathelisayo elicekethekileyo kwaye elibandakanye nelo lokurhweba ngemali. Xa amaxabiso ezindlu ayehla, inkqubo yezoqoqosho yaphulukana. U. Uqoqosho lwemali oluqikelelwa kwii-RCS. Ngokutsho kweFFFFFF:1]

Ukupheliswa Kwamandla: Ingxaki Yombane YaseKhalifoniya

Ekupheleni konyaka ka-1990, iKhalifoniya yawisa umthetho worhwebo lwayo lombane ngexesha ibeka amaxabiso entengiso. Inkqubo yavelisa izikhuthazo zokuba oomatshini bokunyusa igesi bangakunikezi, nto leyo ekhokelela kwixabiso elikhulu kunye nokuqengqeleka kwemingxuma emnyama ngo 2000-2001. Ingxaki yabiza abathengi abangamawaka ezigidi kwaye yafak ’ isandla ekukhumbuzweni kweRhuluneli uGray Davis. Yabonisa ukuba identilikiswe ngokungeyiyo, ingakumbi xa idityaniswe nokuthengiswa ngemakenel--acan ineziphumo eziyintlekele. Amava aseKhalifoni aye asetyenziselwa ukuphikisa, ukusetyenziswa kwamandla athengwa kakhulu kwiimarike, apho iimpawu zokulawula kwendalo zisasebenza ekudluliseleni kweminyaniso.

Ulawulo lonxibelelwano

UMthetho weTeNCOPT ojolise ekukhuthazeni ukhuphiswano kwinkonzo yemfonomfono yasekuhlaleni. Ngokuqhelisa, wakhokelela kuxinzeleleko lokudibanisa (umz., AT&T kunye neBell South, Verizon kunye ne-MC) kunye notyalo lwemiqathango yebhanki ebanzi. Noko ke, yadala amadabi olawulo kufikelelo lwenethwekhi kunye neprijini. Unyuko lwe-Internet (ip, ukuqukuqela) ekugqibeleni lwaphazamisa imilinganiselo yesithethe ye-telecom. FC] esebenzayo kwi-FLTP [[FLD:1] ifumene impumelelo kwixesha lokusebenza kweposi, kodwa kwaphakamisa inkxalabo malunga nomgangatho wenkonzo kunye nokufikelela jikelele.

Imbono Yamazwe Ngamazwe Ngokwahlulwa Kolawulo

I-United Kingdom

Inkqubo yokuthomalalisa nokukhupha umbane we-UK phantsi kwe-Thecher yaguqula ushishino olufana nonxibelelwano, igesi, umbane, amanzi kunye nezithuthi. Ngoxa ukuphumelela nokuzifica kwanda, abahlalutyi babalaselisa ukunyuka kokungalingani, ukuncipha komgangatho wenkonzo kwezinye iindawo, nokuxineneka kobutyebi phakathi kwenani elincinane leefemu. Ukungangeni kwamandla e-UK kuye kwanxulunyaniswa neendleko eziphezulu zemali kunye nokungaphumeleli kwemali endlu kwiminyaka yakutshanje.

I-European Union

I-EU iqhube umxube wokwenza ujikelezo (umz., ukwenziwa kwentengiso yenqwelo-moya kunyaka wama-1990) kunye nonikezelo oluphinda-phindiweyo (umz., ukhuseleko logcino-lwazi, ulawulo lwemali). Iphulo elinye laseYurophu lokulungisa ulawulo lwenqwelo-moya, ukuncitshiswa kolibaziseko lwenqwelo-moya, kunye nexabiso eliphantsi. Noko ke, ukurhoxiswa koncedo kunye namandla kuqhubeke ngokungafaniyo kumazwe angamalungu, nto leyo ekhokelela kwiimarike ezahlukeneyo.

Amazwe Asakhasayo

Amazwe amaninzi asakhasayo amkela ulungiso njengolu hlelo lolungiso lwesakhiwo kwii- 1980 kunye nee-1990. Kumacandelo afana nogcino-mali, unxibelelwano, kunye nolimo, kuye kwaxutywa iziphumo. Ukulungelelaniswa komthetho kungatsala utyalo-mali lwamazwe angaphandle kwaye kuphucule izibonelelo, kodwa ulawulo olubuthathaka kunye nolawulo olubuthathaka lungakhokelela kwinkohlakalo, ukusetyenziswa kakubi kwamandla entengiso, nokungazinzi ngokwezimali. IBhanki yehlabathi elishwadadede igxininisa imfuneko yokwabelana ukhuseleko ekuthinteleni ukuchaphaza kweminqongo eyingozi.

Imigaqo-nkqubo enconyelweyo kumgaqo-nkqubo olungelelanisiweyo

Xa benikwa ubungqina obudityanisiweyo, abachazi-mthetho kufuneka bathathe indlela ecacileyo egcina iingenelo zokhuphiswano ngeli lixa belungisa ubungozi.

Ulawulo olujoliswe

Kunokuba basuse yonke imithetho, abenzi benkqubo kufuneka bachaze imithetho ethile eqinisekisiweyo engqineke ingumqondiso otsha okanye eyingozi. Kwangaxeshanye, gcina okanye womeleze imithetho ethetha nokungaphumeleli kwentengiso yokwenene. Okufana nongcoliso, umngcipheko wenkqubo kunye nobuqhetseba. Uhlalutyo olucacileyo luyimfuneko.

Uvavanyo Lokhuphiswano Olukhawulezileyo

Phambi kokulawula ushishino, yenza uhlolo olungqongqo lwempembelelo yokhuphiswano ukwenzela ukulindela iziphumo zolwakhiwo lwemarike. Ukuba umthetho ukhusele imilinganiselo yendalo okanye imiqobo ephezulu yokungena, ukupheliswa komthetho kusenokuthatha indawo yegunya loluntu namandla orhwebo azimeleyo. Kwiimeko ezinjalo, ukukhuthaza ukhuphiswano ngamayeza okwakha (umz., ukukhulula izinto ezingezizo) kufuneka kuqale ukunciphisa umlinganiselo wolawulo.

Ukutshona kwelanga kunye noHlaziyo loLawulo

Ukuphumeza uhlolo oluzenzekelayo lwendlela yokumisela, efuna ukuphela emva kwexesha elithile ngaphandle kokuba livunyiwe. Oku kunciphisa ukwenziwa kwemithetho ephelelwe lixesha kwaye kukhuthaza ukwenziwa kwemigaqo esekelwe kubungqina. IBhunga lase-U.S. liye lasebenzisa iindlela ezinjalo kubameli abathile, kodwa ukusetyenziswa okuthe kratya kunokukunceda.

Ukunyanzelisana Okunamandla Nokukhusela Abathengi

Umgaqo-nkqubo owenziwe ngookruquda kufuneka udityaniswe nenkqubo yokhuphiswano olunamandla ukunqanda ukuziphatha kobupolitika. Ii-atmosfera kufuneka zibe noovimba negunya lokucel ’ umngeni ukudityaniswa, ukudityaniswa kwexabiso, kunye nemisebenzi echasene nokukhuselwa. Imimiselo yokhuseleko lokhuseleko oluphezulu(ukubonakala kwelinye icala, imveliso, kunye nempikiswano yesigqibo) kufuneka ihlale ingalawuleki, kwanakwimisikaliso ephantsi kolawulo olulula.

Ukusetyenziswa komgangatho

Ujikelezo lwedekisi elikhutshiweyo luvumela utshintsho lwexesha lokwenene olusekelwe kwiziphumo. Lumisela iziqu ezizimeleyo zokuhlola ukulandelela iinguqu zamaxabiso, umgangatho wenkonzo, ukuxinezeleka kwentengiso, kunye nezinto ezingaphandle. Ukuba kuvela iziphumo ezingalunganga, abenzi benkqubo bangaqinisa okanye baphinde bafake imithetho ejoliswe.

Ukulungelelaniswa kwehlabathi lonke

Kumacandelo afana nemali namandla, ukususwa kolawulo olunye kungadala ukuchitheka komda onqamlezileyo. Ukusebenzisana kwezizwe ngezizwe ngezantsi ngemizimba njengeBhodi yeMali yoTshayina okanye i-International Securities Commissions .--accan inceda ukuvumelanisa imigangatho kunye nokunciphisa ulawulo.

Isiphelo

Ulungiso lokungalawuleki akulungile okanye akulungile ngokwemvelo; iziphumo zakho zixhomekeke kumongo, ukwenziwa, kunye nokuphunyezwa. Xa zisetyenziswa kushishino apho ukhuphiswano lusebenza khona kwaye ukungaphumeleli kwentengiso kuncinane, ukuhla komgaqo-siseko kunganciphisa amaxabiso, ukukhutshwa kwezixhobo, nokunyuswa koqoqosho. Noko ke, kumacandelo atyekele kwizinto zendalo, ulwazi, okanye iingozi ezingokwenkqubo, ukungxama okanye ukupheliswa okungagqibeleli kakuhle kwendlela, ukukhutshwa kwemipheko, ukusetyenziswa kwentengo, umonakalo othengwayo, umonakalo owemekobume, kunye neengxaki zemali.

Ubungqina obuvela kwiinqwelo-moya, kwimali, kumandla, nakwezenxibelelwano bubonisa ukuba ukupheliswa kwemithetho kusebenza kakuhle xa kudityaniswe ngokunyanzeliswa okunamandla kokungaqiniseki, ukhuseleko olujoliswe kubathengi, kunye neenkqubo zokuphendula kunye nokuhlola. Abenzi-nkqubo kufuneka baxhathise ukugqithisa kwengqiqo. /ukungakholelwa okungaboniyo kwiimarike okanye ukukhusela ukuma kwazo zonke iindlela zokuthengisa ngezantsi/ kwaye endaweni yoko basukela ubungqina obusekelwe kwiindlela zokuzilungisa. Njengoko ezorhwebo ziguquka, kufuneka ziphucule, ngoko ke, zimele ziqinisekise ukuba iinzuzo zokhuphiswano zabelane kakhulu kwaye iindleko zokungaphumeleli kwemarike.