{"id":1488,"date":"2019-05-06T19:37:11","date_gmt":"2019-05-06T10:37:11","guid":{"rendered":"http:\/\/commonstrans.net\/?p=1488"},"modified":"2019-05-06T19:45:01","modified_gmt":"2019-05-06T10:45:01","slug":"%ea%b8%88%ec%9c%b5%c2%b7%eb%b3%b4%ed%97%98%c2%b7%eb%b6%80%eb%8f%99%ec%82%b0-%eb%b6%80%eb%ac%b8%ec%9d%98-%ea%b3%b5%ec%83%9d%ea%b4%80%ea%b3%84","status":"publish","type":"post","link":"http:\/\/commonstrans.net\/?p=1488","title":{"rendered":"\uae08\uc735\u00b7\ubcf4\ud5d8\u00b7\ubd80\ub3d9\uc0b0 \ubd80\ubb38\uc758 \uacf5\uc0dd\uad00\uacc4"},"content":{"rendered":"<hr \/>\n<ul>\n<li>\uc800\uc790 : Michael Hudson<\/li>\n<li>\uc6d0\ubb38 : The Bubble and Beyond : Fictitious Capital, Debt Deflation and Global Crisis (2012)<\/li>\n<li>\ubd84\ub958 : \uc77c\ubd80 \ub0b4\uc6a9 \uc815\ub9ac<\/li>\n<li>\uc815\ub9ac\uc790 : \uc815\ubc31\uc218<\/li>\n<\/ul>\n<hr \/>\n<p>[\uc815\ub9ac\uc790 \uc124\uba85]<\/p>\n<p>\uc544\ub798\ub294 <a href=\"https:\/\/michael-hudson.com\/\">\ub9c8\uc774\ud074 \ud5c8\ub4dc\uc2a8<\/a>\uc758 \ucc45\u300e\uac70\ud488\uacfc \uadf8 \ub108\uba38 \u2015 \uac00\uacf5\uc790\ubcf8, \ubd80\ucc44 \ub514\ud50c\ub808\uc774\uc158 \uadf8\ub9ac\uace0 \uc804\uc9c0\uad6c\uc801 \uc704\uae30\u300f(<em><span style=\"text-align: left; color: #191e23; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'Noto Serif'; font-size: 16px; font-variant: normal; font-weight: 400; text-decoration: none; word-spacing: 0px; display: inline !important; white-space: normal; cursor: text; orphans: 2; float: none; -webkit-text-stroke-width: 0px; background-color: transparent;\">The Bubble and Beyond : Fictitious Capital, Debt Deflation and Global Crisis<\/span><\/em>) 3\uc7a5\uc758 \ud55c \uc808\u2015\u201cThe Symbiosis between the Financial, Insurance and Real Estate (FIRE) Sectors\u201d\u2015\uc758 \ub0b4\uc6a9\uc744 \uc0c1\uc138\ud788 \uc815\ub9ac\ud55c \uac83\uc774\ub2e4. \u300e\ubd80\ucc44 : \uccab 5000\ub144\u300f(<i>Debt: The First 5,000 Years<\/i>)\uc744 \uc4f4 \uc778\ub958\ud559\uc790 \uadf8\ub808\uc774\ubc84(David Graeber)\ub294 \uc774 \ucc45\uc744 \ub2e4\uc74c\uacfc \uac19\uc774 \ucd94\ucc9c\ud55c\ub2e4.<\/p>\n<p style=\"padding-left: 40px;\">\uc0b4\uc544\uc788\ub294 \uc0ac\ub78c\ub4e4 \uac00\uc6b4\ub370 \ub9c8\uc774\ud074 \ud5c8\ub4dc\uc2a8\ubcf4\ub2e4 \ub098\uc5d0\uac8c \ub354 \ub9ce\uc740 \uac83\uc744 \uac00\ub974\uccd0 \uc900 \uc0ac\ub78c\uc740 \uac70\uc758 \uc5c6\ub2e4. \uc774 \ucc45\uc744 \uad6c\uc131\ud558\ub294 \uc608\ub9ac\ud558\uace0 \ud6cc\ub96d\ud55c \uc5d0\uc138\uc774\ub4e4\uc740 \uc815\ub9d0\uc774\uc9c0 \uacbd\uc81c\ud559\uc744 \ubc30\uc6b0\ub294 \ubaa8\ub4e0 1\ud559\ub144 \ud559\uc0dd\ub4e4\uc5d0\uac8c \uacfc\uc81c\ub85c\uc11c \ubd80\uc5ec\ub418\uc5b4\uc57c \ud560 \uac83\ub4e4\uc774\ub2e4. \uc774\ub7f0 \uc77c\uc774 \uacb0\ucf54 \uc77c\uc5b4\ub098\uc9c0 \uc54a\uc73c\ub9ac\ub77c\ub294 \uc0ac\uc2e4\uc774 \uacbd\uc81c\ud559\uc774 \uc790\uc2e0\uc758 \uace0\uacb0\ud55c \uc804\ud1b5\u2015\ud5c8\ub4dc\uc2a8\uc774 \uc5ec\uae30\uc11c \uadf8\ud1a0\ub85d \ud6cc\ub96d\ud558\uac8c \uad6c\ud604\ud558\ub294 \ubc14\uc758 \uc804\ud1b5\u2015\uc744 \ubc30\ubc18\ud558\uace0 \uad8c\ub825\uc758 \ud55c\uac13 \ub3c4\uad6c\uac00 \ub418\uc5c8\ub2e4\ub294 \uc0ac\uc2e4\uc758 \uad81\uadf9\uc801 \uc99d\uac70\uc774\ub2e4.<\/p>\n<p>\ud5c8\ub4dc\uc2a8\uc740 \uc6b0\ub9ac\ub098\ub77c\uc5d0\ub294 \uac70\uc758 \uc54c\ub824\uc838 \uc788\uc9c0 \uc54a\uc740\ub370, \uac80\uc0c9\uc744 \ud574\ubcf4\ub2c8 \uadf8\uc758 \uc874\uc7ac\ub97c \uc778\uc9c0\ud55c \ub450 \ube14\ub85c\uadf8(<a href=\"http:\/\/blog.naver.com\/PostView.nhn?blogId=jeffhyun&amp;logNo=220621522937\">\u2460<\/a>, <a href=\"http:\/\/blog.naver.com\/PostView.nhn?blogId=saranmul&amp;logNo=220617266793&amp;parentCategoryNo=7&amp;categoryNo=&amp;viewDate=&amp;isShowPopularPosts=true&amp;from=search\">\u2461<\/a>)\uac00 \uc7a1\ud78c\ub2e4. (\ub354 \uc788\uc744 \uc218 \uc788\uc9c0\ub9cc \uacc4\uc18d \uac80\uc0c9\ud560 \uc5ec\uc720\uac00 \uc5c6\ub2e4.) \uadf8\uc758 \ucc45\uc740 \ud55c\uad6d\uc5b4\ub85c \ubc88\uc5ed\ub41c \uac83\uc774 \uc5c6\uace0, \uc2e0\ubb38\ub4e4\uc5d0\uc11c \uadf8\ub97c \ub2e4\ub8ec \uae30\uc0ac\ub3c4 \uac70\uc758 \uc5c6\ub294 \ub4ef\ud558\ub2e4. \uc774\ub294 \uc5b4\uca4c\uba74 \uadf8\ub9ac \ub180\ub784 \uc77c\uc774 \uc544\ub2c8\ub2e4. \ud55c\ud3b8\uc73c\ub85c \ub9d1\uc2a4\uc5d0\uc11c \uc815\uc810\uc5d0 \uc774\ub974\ub294 \uace0\uc804\uacbd\uc81c\ud559\uc5d0 \ube44\ud0d5\uc744 \ub450\uc5b4 \ud604\uc7ac\uc758 \uacbd\uc81c\uc0c1\ud669\uc744 \ubd84\uc11d\ud558\ub294 \uacbd\uc81c\ud559\uc790\ub294 \uc810\ucc28 \uc0ac\ub77c\uc9c0\uace0 \uc788\uc73c\uba70(\uc774\ub294 \ub0b4\uac00 \uacfc\ubb38\ud55c \ud0d3\uc77c \uc218\ub3c4 \uc788\uc9c0\ub9cc, \uacbd\uc81c\ud559\uc744 \uacf5\ubd80\ud558\ub294 \ud559\uc790 \uc9c0\ub9dd\uc0dd\ub4e4\uc774 \ubbf8\uad6d\uc73c\ub85c \uc720\ud559\uc744 \uac04\ub2e4\uba74 \u300e\uc790\ubcf8\ub860\u300f \uac19\uc740 \ucc45\uc740 \uc77d\uc9c0 \uc54a\uc744 \uac83\uc774 \ubd84\uba85\ud558\ub2e4), \ub2e4\ub978 \ud55c\ud3b8\uc73c\ub85c \ud55c\uad6d\uc758 \uc5b8\ub860\uc740 \uadf8 \uc8fc\uc694 \uad11\uace0\uc8fc\uac00 \uc624\ub298 \uc18c\uac1c\ud560 \ub0b4\uc6a9\uc758 \ud45c\uc801\uc778 \uae08\uc735\u00b7\ubcf4\ud5d8\u00b7\ubd80\ub3d9\uc0b0 \ubd80\ubb38\uc774\ub2c8 \ud5c8\ub4dc\uc2a8\uc744 \uc18c\uac1c\ud558\uba74 \uc8fc\uc694 \uad11\uace0\uc8fc\ub4e4\uc758 \u2018\uc801\u2019\uc744 \uc18c\uac1c\ud558\ub294 \uc148\uc774 \ub41c\ub2e4.\u00a0\uc0ac\uc2e4 \ud5c8\ub4dc\uc2a8\uc740 \uc5ec\ub7ec \uacbd\uc81c \uc774\ub860\ub4e4\uc5d0 \ub300\ud55c \ubc29\ub300\ud55c \uc9c0\uc2dd\uc744 \uac00\uc9c0\uace0 \uc788\uc9c0\ub9cc, \uc774\ub7f0 \ubc29\ub300\ud568\ubcf4\ub2e4 \uc911\uc694\ud55c \uac83\uc740 \uadf8\uac00 \u2460 \ub9d1\uc2a4\uc5d0\uc11c \uc815\uc810\uc5d0 \uc774\ub978 \uace0\uc804\uacbd\uc81c\ud559\uc758 \ubb38\uc81c\uc758\uc2dd(\uacbd\uc81c \uc601\uc5ed\uc5d0\uc11c \ubd09\uac74\uc801 \ud2b9\uad8c\uc758 \uc644\uc804\ud55c \uc81c\uac70\ub97c \ud1b5\ud55c \uc790\uc720\ub85c\uc6b4 \uc0dd\uc0b0\uc758 \uc2e4\ud604)\uc744 \uadf8\ub300\ub85c \uc774\uc5b4\ubc1b\uc73c\uba74\uc11c \u2461 \uadf8\ub7ec\ud55c \uad00\uc810\uc5d0\uc11c \ud604\ub300 \uc790\ubcf8 \uc138\ub825\uc758 \uac00\uc7a5 \uc8fc\ub3c4\uc801\uc778 \ubd80\ubd84\uc774 \uc5b4\ub5bb\uac8c \uacbd\uc81c\uc758 \ud575\uc2ec\uc778 \uc0dd\uc0b0\ud65c\ub3d9\uc5d0 \ud574\ub85c\uc6b4 \uc9d0\uc774 \ub418\uace0 \uc788\ub294\uac00\ub97c \ud3ed\ub85c\ud558\uace0 \u2462 \uc544\uc6b8\ub7ec \uadf8 \ud574\uacb0\ucc45\uc758 \uc8fc\uc694\ud55c \ubd80\ubd84\uc73c\ub85c\uc11c \ubd80\ucc44\uc758 \ud0d5\uac10\uc774 \ubd88\uac00\ud53c\ud568\uc744 (\ubd80\ucc44\ud0d5\uac10\uc758 \uc5ed\uc0ac\uc5d0 \ub300\ud55c \uc11c\uc220\uacfc \ud568\uaed8) \uc5ed\uc124\ud55c\ub2e4\ub294 \uc810\uc774\ub2e4. \uc0ac\uc2e4 \ub098\ub294 \ud5c8\ub4dc\uc2a8\uc774 \ub9d1\uc2a4\uc758 \uc790\ubcf8 \ubd84\uc11d\uc5d0 \uae30\ubc18\uc744 \ub454\ub2e4\ub294 \uc810\uc774 \ub9c8\uc74c\uc5d0 \ub4e4\uace0 \uc774\uc5d0 \ub367\ubd99\uc5ec \uadf8\uac00 \uc2e0\uc790\uc720\uc8fc\uc758\uc758 \uacbd\uc81c\uc801 \ud604\uc2e4\uc5d0 \ub300\ud574 \ub9e4\uc6b0 \uc798 \uc54c\uace0 \uc788\ub2e4\ub294 \uc810\uc5d0\uc11c \uadf8\uc5d0\uac8c\uc11c \ub9ce\uc774 \ubc30\uc6b0\ub824\uace0 \ud558\uc9c0\ub9cc, \ub0b4\uac00 \uacf5\ud1b5\uc801\uc778 \uac83(the common)\uc5d0 \ucd08\uc810\uc744 \ub450\ub294 \uac83\uacfc \ub2ec\ub9ac \uadf8\ub294 \uacf5\uc801\uc778 \uac83(the public)\uc5d0 \ucd08\uc810\uc744 \ub450\ub294 \uac83\uc740 \uc544\ub2cc\uac00 \ud558\ub294 \uc0dd\uac01\uc774 \ub4e4\uae30\ub294 \ud55c\ub2e4. (\uc774\ub807\uac8c \uac04\ub2e8\ud558\uac8c \ub9d0\ud560 \uc218\ubc16\uc5d0 \uc5c6\uc9c0\ub9cc, \uc0ac\uc2e4 \uc5ec\uae30\uc5d0\ub294 \uc5ec\ub7ec \uc911\uc694\ud55c \ub17c\uc810\ub4e4\uc774 \ud3ec\ud568\ub41c\ub2e4.) \ubb3c\ub860 \uadf8\uc758 \ucc45\ub4e4\uc744 \ub9c9 \uc77d\uae30 \uc2dc\uc791\ud55c \uc0c1\ud0dc\uc774\uae30\uc5d0 \uc774\ub7f0 \uc0dd\uac01\uc740 \ud604\uc7ac\ub85c\uc11c\ub294 \uc5b4\uc124\ud508 \uac00\uc124 \uc0c1\ud0dc\uc758 \uac83\uc774\uace0 \uc77c\uc815\ud55c \uc591\uc758 \ub3c5\uc11c\uac00 \uc774\ub8e8\uc5b4\uc9c0\uace0 \ub098\uc11c\uc57c \uc870\uae08\uc774\ub77c\ub3c4 \ud655\uc5f0\ud574\uc9c8 \uac83\uc774\ub2e4. \ud639 \uc774\ub7ec\ud55c \ucc28\uc774\uac00 \uc788\ub354\ub77c\ub3c4 \uadf8\uc5d0\uac8c\uc11c \ubc30\uc6b8 \uac83\uc774 \ub9e4\uc6b0 \ub9ce\ub2e4\ub294 \uc810\uc5d0\ub294 \ubcc0\ud654\uac00 \uc5c6\ub2e4. \uadf8\ub798\uc11c (\uc774\uc804 \ube14\ub85c\uadf8\uc758 \uae00\uc5d0\uc11c\ub3c4 \uc2dc\uc0ac\ud588\ub4ef\uc774) \ud5c8\ub4dc\uc2a8\uc758 \uc800\uc11c, \uc778\ud130\ubdf0 \uac00\uc6b4\ub370 \uc911\uc694\ud558\ub2e4\uace0 \uc0dd\uac01\ub418\ub294 \uc77c\ubd80 \ub0b4\uc6a9\ub4e4\uc744 \ud2c8\ud2c8\uc774 \uc18c\uac1c\ud560 \uc0dd\uac01\uc774\ub2e4.<\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-size: 14pt;\">\uae08\uc735\u00b7\ubcf4\ud5d8\u00b7\ubd80\ub3d9\uc0b0 \ubd80\ubb38\uc758 \uacf5\uc0dd\uad00\uacc4<\/span><\/p>\n<p>\uc0b0\uc5c5\ud601\uba85\uc774 \ub3d9\ub825\uc744 \uc5bb\uc790 \uacbd\uc81c\ud559\uc790\ub4e4\uc740 \uc740\ud589\uc5c5\uacfc \ubcf4\ud5d8\uc774 \uc0b0\uc5c5 \uc2dc\uc2a4\ud15c\uc5d0 \ud761\uc218\ub420 \uac83\uc774\ub77c\uace0 \uc608\uce21\ud588\ub2e4. \uacbd\uc81c \uc774\ub860\uac00\ub4e4\uc758 \uc2dc\uc120\uc740 \uc5ec\uc804\ud788 \uc0b0\uc5c5 \ud14c\ud06c\ub180\ub85c\uc9c0\uc640 \ud601\uc2e0\uc5d0 \ub9de\ucd94\uc5b4\uc838 \uc788\uace0 \uc778\uad6c\ub294 \ub18d\uc5c5\uc5d0\uc11c \ub3c4\uc2dc \uc0b0\uc5c5\uc73c\ub85c \uc774\ub3d9\ud55c\ub2e4. \uad50\uacfc\uc11c\ub4e4(\uacfc \ub85c\ube44\uc2a4\ud2b8\ub4e4)\uc740 \uc740\ud589\uac00\ub4e4\uc774 \uc0b0\uc5c5\uc790\ubcf8\uac00\ub4e4\uc5d0\uac8c \uc2e0\uc6a9\uc744 \uc81c\uacf5\ud558\uc5ec \uc0c8\ub85c\uc6b4 \uacf5\uc7a5\uc744 \uc9d3\uace0 \ub178\ub3d9\uc790\ub4e4\uc744 \uace0\uc6a9\ud558\uac8c \ud568\uc73c\ub85c\uc368 \ub354 \ub9ce\uc740 \uc7ac\ud654\ub97c \uc0dd\uc0b0\ud560 \uc218 \uc788\ub3c4\ub85d \ud55c\ub2e4\uace0 \ub9d0\ud55c\ub2e4. \ub300\ucd9c\uc740 \uc790\ubcf8 \ud22c\uc790\uc5d0 \uc758\ud574 \uc0dd\uc131\ub418\ub294 \uc774\uc724\uc5d0\uc11c \uc0c1\ud658\ub420 \uc218 \uc788\uc73c\ubbc0\ub85c \ubb38\uc81c\ub420 \uac83\uc774 \uc5c6\ub2e4\uace0 \ud55c\ub2e4. \uad50\uacfc\uc11c\uc758 \uc774\ub7f0 \ub9e4\ub825\uc801\uc778 \uc774\uc57c\uae30\uac00 \uae08\uc735\uae30\uad00\ub4e4\uc5d0\uac8c \uc138\uc81c \ud61c\ud0dd\uc744 \uc918\uc57c \ud55c\ub2e4\ub294 \uc8fc\uc7a5\uc5d0 \uc0ac\uc6a9\ub41c\ub2e4. \uae08\uc735\uae30\uad00\ub4e4\uc758 \uc2e0\uc6a9\ucc3d\uc870\uac00 \uacbd\uc81c\uc801 \ubcf5\uc9c0\ub97c \uc99d\uac00\uc2dc\ud0a8\ub2e4\ub294 \uac83\uc774\ub2e4. \uc774\uc790\ub294 (\uae30\uc5c5\uc0ac\ub0e5\uafbc\uc774 \uc57d\ud0c8\uc801\uc778 \uc2e0\uc6a9\uc744 \uc0ac\uc6a9\ud560 \ub54c\uc870\ucc28\ub3c4) \uc138\uae08\uc774 \uac10\uba74\ub418\uc5b4\uc57c \ud560 \uc9c0\ucd9c\ub85c \uac04\uc8fc\ub41c\ub2e4.<\/p>\n<p>\uadf8\ub7f0\ub370 \uc9c0\ub09c \uc138\uae30\uc5d0 \uac78\uccd0\uc11c \uc8fc\ub85c \uae08\uc735\u00b7\ubcf4\ud5d8\u00b7\ubd80\ub3d9\uc0b0 \ubd80\ubb38 \uc0ac\uc774\uc5d0 \uacf5\uc0dd\uad00\uacc4\uac00 \ucd9c\ud604\ud588\ub2e4. \ud604\ub300 \uacbd\uc81c\uc5d0\uc11c\ub294 \ubd80\ub3d9\uc0b0\uc774 \uc790\uc0b0\uc758 \ud070 \ube44\uc911\uc744 \ucc28\uc9c0\ud574\uc654\ub2e4. (\uadf8\ub798\uc11c \ub300\ucd9c\uc758 \ub2f4\ubcf4\ubb3c\uc774 \ub41c\ub2e4.) \ubbf8\uad6d\uacfc \uc601\uad6d\uc758 \uc0c1\uc5c5\uc740\ud589 \ub300\ucd9c\uc758 \uc57d 70%\ub294 \ubaa8\uae30\uc9c0 \uc2e0\uc6a9\uc758 \ud615\ud0dc\ub97c \ub764\ub2e4. \ubbf8\uad6d \uc804\uccb4\uc5d0\uc11c \ubd80\ub3d9\uc0b0\uc758 \ucd94\uc815\ub418\ub294 \uc2dc\uc7a5\uac00\uce58\ub294 \ubaa8\ub4e0 \uacf5\uc7a5 \ubc0f \uc7a5\ube44\uc758 \uac10\uac00\uc0c1\uac01\ub41c \uac00\uce58\ub97c \ucd08\uacfc\ud55c\ub2e4. \uc740\ud589\uc758 \ub300\ucd9c\ub2f4\ub2f9 \uc9c1\uc6d0\ub4e4\uc740 \uadf8\ub4e4\uc774 \uc77c\ud558\ub294 \uc740\ud589\uc758 \ub300\ucd9c \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc99d\uac00\uce58\uc758 \ub300\ubd80\ubd84\uc774 \ubaa8\uae30\uc9c0\ub860\uc73c\ub85c \uad6c\uc131\ub418\ub9ac\ub77c\ub294 \uac83\uc744 \uc548\ub2e4. \uadf8\ub7f0 \uc2e0\uc6a9\uc774 \uae09\uc18d\ud788 \ucc3d\uc870\ub418\uba74 \ub420\uc218\ub85d \ub354 \ub9ce\uc740 \uae30\uae08\uc774 \uc0c8\ub85c\uc6b4 \ubaa8\uae30\uc9c0 \uae08\uc735\uc73c\ub85c \ud758\ub7ec\ub4e4\uc5b4\uac00\uc11c \ubd80\ub3d9\uc0b0\uc758 \uac00\uaca9\uc744 \uc62c\ub9b0\ub2e4. \uadf8\ub9ac\ud558\uc5ec \uc801\uc5b4\ub3c4 \ub2e8\uae30\ub098 \uc911\uae30\uc801\uc73c\ub85c\ub294 \uadf8\ub7ec\ud55c \ub300\ucd9c\uc774 \uc815\ub2f9\ud55c \uac83\ucc98\ub7fc \ubcf4\uc774\uac8c \ud55c\ub2e4.<\/p>\n<p>\uae08\uc735\ud654\ub418\ub294 \uc7ac\uc0b0 \uac00\uc6b4\ub370 \ud1a0\uc9c0(\uc7a5\uc18c\uc758 \uac00\uce58)\uac00 \uc77c\ubc18\uc801\uc73c\ub85c \uc804\uccb4\uc758 \ubc18 \uc815\ub3c4\ub97c \ucc28\uc9c0\ud558\uba70 \uadf8 \uc7ac\uc0b0\uc774 \ud314\ub838\uc744 \uacbd\uc6b0 \ubc1c\uc0dd\ud558\ub294 \uc790\ubcf8 \uc774\ub4dd\uc758 \uc804\uccb4\ub97c \ucc28\uc9c0\ud55c\ub2e4. \uc0b0\uc5c5 \uae30\uacc4\uac00 \uc190\ubaa8\ub420 \uacbd\uc6b0 \ubcf4\ud1b5 \uae30\uc220 \ubc1c\uc804\uc5d0 \ubcf4\uc870\ub97c \ub9de\ucd94\ub824\uba74 \ucca0\uac70\ub418\uc5b4\uc57c \ud558\uae30 \ub54c\ubb38\uc5d0 \uac10\uac00\uc0c1\uac01\uc561(\uc790\ubcf8\uac10\ubaa8\ucda9\ub2f9\uae08, capital consumption allowances)\uc758 \ub300\ubd80\ubd84\uc740 \ubd80\ub3d9\uc0b0 \ubd80\ubb38\uc5d0\uc11c \uc2e0\uace0\ub41c\ub2e4. \uadf8\ub7f0\ub370 \uac74\ubb3c\ub4e4\uc740 \uacc4\uc18d\uc801\uc73c\ub85c \uac10\uac00\uc0c1\uac01\ub420 \uc218 \uc788\uace0, \ub530\ub77c\uc11c \uadf8 \uc18c\uc720\uc8fc\uc5d0\uac8c (\ud2b9\ud788 \uc774\uc790\uac00 \uc18c\ub4dd\uc5d0\uc11c \uacf5\uc81c\ub420 \uc218 \uc788\ub294 \ub9cc\ud07c) \uc18c\ub4dd\uc138 \ubd80\ub2f4\uc744 \ub35c\uc5b4\uc900\ub2e4. \uadf8 \uacb0\uacfc \uc870\uc138\uc81c\ub3c4\ub294 (\ud2b9\ud788 \ubbf8\uad6d\uc5d0\uc11c) \uc0b0\uc5c5\ubcf4\ub2e4 \ubd80\ub3d9\uc0b0\uc5d0 \ud6e8\uc52c \ub354 \uc720\ub9ac\ud558\ub2e4. \ubd80\ub3d9\uc0b0\uc744 \ub2f4\ubcf4\ub85c \ub3c8\uc744 \ube4c\ub9ac\uae30\uac00 \uc26c\uc6b0\uba70 \ucd1d\uc218\uc775(\uc138\ud6c4 \uc18c\ub4dd + \uc790\ubcf8 \uc774\ub4dd)\uc774 \ub354 \ub192\ub2e4. <span style=\"color: #339966;\">[\uc790\ubcf8\uc774\ub4dd capital gains : \uad6c\ub9e4\ud55c \uc790\uc0b0\uc758 \uac00\uaca9\uc774 \uc62c\ub77c\uc11c \uc5bb\uc740 \uc774\ub4dd. \ud5c8\ub4dc\uc2a8\uc758 <i>J is for Junk Economics<\/i>\uc5d0 \ub530\ub974\uba74 \ubbf8\uad6d\uc740 \uc815\uce58\uac00\ub4e4\uc5d0\uac8c \ub3c8\uc744 \ub300\uc5b4 \uc790\ubcf8\uc774\ub4dd\uc5d0 \ubd80\uacfc\ud558\ub294 \uc138\uc728\uc744 \uc77c\ubc18\uc801\uc778 \uc18c\ub4dd\uc138\uc758 \ubc18\uc73c\ub85c \ub0ae\ucd94\ub294 \ub370 \uc131\uacf5\ud588\ub2e4.\u2015 \uc815\ub9ac\uc790]<\/span><\/p>\n<p>\uae08\uc735\uc5c5\uc740 \uc138\uae08\uc9d5\uc218\uc6d0\uc5d0\uac8c\uc11c \ud574\ubc29\ub41c \ub3c8\uc774 \uc774\uc790\ub97c \uc9c0\ubd88\ud558\ub294 \ub370 \uc4f0\uc77c \uc218 \uc788\uc74c\uc744 \uc54c\uace0\ub294 \ubd80\ub3d9\uc0b0\uc5d0 \ub300\ud55c \ud2b9\ubcc4\ud55c \uc138\uae08\uc6b0\ub300\uc870\uce58\ub97c \uc9c0\uc9c0\ud588\ub2e4. \ubd80\ub3d9\uc0b0 \uc18c\uc720\uc8fc\ub4e4\uc5d0 \uc758\ud55c \uc815\uce58\ud6c4\uc6d0\uae08\uacfc \ub85c\ube44\ud65c\ub3d9\uc758 \ub4a4\ub97c \uae08\uc735 \ubd80\ubb38\uc758 \uc815\uce58\ud6c4\uc6d0\uae08\uacfc \ub85c\ube44\ud65c\ub3d9\uc774 \uc774\uc5c8\uc73c\uba70, \uc774\uc5d0 \ube44\ud558\uba74 \uc81c\uc870\uc5c5 \ubd80\ubb38\uc758 \uc815\uce58\ud6c4\uc6d0\uae08\uacfc \ub85c\ube44\ud65c\ub3d9\uc740 \ucd08\ub77c\ud588\ub2e4. \uadf8\ub7f0\ub370 \ubd80\ub3d9\uc0b0 \ubd80\ubb38\uc774\ub098 \uae08\uc735 \ubd80\ubb38\uc740 (\ubcf4\ud5d8 \uc0b0\uc5c5\uc758 \uc9c0\uc6d0\uc744 \ubc1b\uc544\uc11c) \uc790\ubcf8 \uc774\ub4dd\uc5d0 \ubd80\uacfc\ub418\ub294 \uc138\uae08\uc758 \uac10\uba74\uc744 \uc704\ud574 \ub85c\ube44\ub97c \ud558\uba74\uc11c \uc774 \uc774\ub4dd\uc774 \ud601\uc2e0\uc758 \uacb0\uacfc\ub85c\uc11c \uc0b0\uc5c5\uc5d0 \uadc0\uc18d\ub418\ub294 \uc591, \uadf8\ub9ac\uace0 \uc774\uac83\uc774 \ud604\ub300 \uc790\ubcf8\uc8fc\uc758\uc758 \ud2b9\uc9d5\uc778 \uc591 \uc81c\uc2dc\ud55c\ub2e4. \ud604\uc2e4\uc740 \uc774\uc640 \ub2e4\ub974\ub2e4. \ub300\ubd80\ubd84\uc758 \uc790\ubcf8 \uc774\ub4dd\uc740 \ubd80\ub3d9\uc0b0\uc5d0 \uadc0\uc18d\ub41c\ub2e4. \ubbf8\uad6d\uc758 \uad6d\ubbfc\ub300\ucc28\ub300\uc870\ud45c\ub97c \ubcf4\uba74 \ub300\ub7b5 1996\ub144\uc774 \uc9c0\ub098\uc11c\uc57c \ube44\ub85c\uc18c \uc99d\uad8c\uc2dc\uc7a5 \uc218\uc775\uc774 \ucc98\uc74c\uc73c\ub85c \ubd80\ub3d9\uc0b0 \uc218\uc775 \uc99d\uac00\ubd84\uc744 \uc55e\uc9c0\ub974\uae30 \uc2dc\uc791\ud588\ub2e4. \uadf8 \uacb0\uacfc\ub294 \ub9c8\ucc2c\uac00\uc9c0\ub85c \ud574\ub85c\uc6b0\uba70, \uc774\ub7ec\ud55c \uc0ac\ud0dc\uc804\uac1c\uc758 \uc774\uc720\ub294 8\uc7a5\uc5d0\uc11c \uc124\uba85\ub41c\ub2e4.<\/p>\n<p>\uc65c \uacbd\uc81c\ud559\uc790\ub4e4\uc740 \uc0ac\uc2e4\uc744 \ub9d0\ud558\uc9c0 \uc54a\ub294\uac00? \ubd80(\u5bcc)\uac00 \uc81c\uc870\uc5c5\uc758 \uc131\uc7a5\ubcf4\ub2e4 \ud1a0\uc9c0\uac00\uaca9 \uc774\ub4dd\uc73c\ub85c \uad6c\uc131\ub41c\ub2e4\ub294 \uc0ac\uc2e4\uc744? \ubd80\ub3d9\uc0b0\uc740 \uacb0\ucf54 \uc0b0\uc5c5\ucc98\ub7fc \ub0ad\ub9cc\uc801\uc774\uc9c0 \uc54a\ub2e4\ub294 \uc0ac\uc2e4\uc5d0\uc11c \uadf8 \uc124\uba85\uc744 \ucc3e\uc744 \uc218 \uc788\ub2e4. \ub300\ubd80\ubd84\uc758 \uc0ac\ub78c\ub4e4\uc774 \ud601\uc2e0\uac00\ub4e4\uacfc \ucc3d\uc870\uc790\ub4e4\uc744 \ucc2c\uc591\ud558\uace0 \uc9c0\uc8fc\ub4e4\uc740 \uc6d0\ub9dd\ud55c\ub2e4. \ub610\ud55c \uc740\ud589\uac00\ub4e4\uacfc \ubcf4\ud5d8\ud68c\uc0ac\ub4e4\uc744 \ucc3d\uc870\uc801\uc774\uae30\ubcf4\ub2e4 \uae30\uc0dd\uc801\uc774\ub77c\ub294 \uc774\uc720\ub85c \uc6d0\ub9dd\ud55c\ub2e4. \ubaa8\uae30\uc9c0 \ub300\ucd9c\uc758 \uc131\uc7a5\uc73c\ub85c \ud1a0\uc9c0\uc758 \uacf5\uae09\uc774 \ub298\uc5b4\ub098\ub294 \uac83\uc740 \uc544\ub2c8\uba70, \ud1a0\uc9c0\uc758 \uc7a5\uc18c \uac00\uce58\ub294 \uacf5\uacf5 \uae30\ubc18\uc2dc\uc124 \ud22c\uc790\uc640 \ubc88\uc601\uc758 \uc77c\ubc18\uc801 \uc218\uc900\uc5d0 \uc758\ud574 \ucc3d\ucd9c\ub41c\ub2e4\ub294 \uba85\ubc31\ud55c \uc0ac\uc2e4\ub3c4 \uc77c\ubc18\uc801\uc73c\ub85c \uc54c\ub824\uc838 \uc788\ub2e4. \uc5b4\ub5bb\ub4e0 \uc7ac\uc0b0\uc744 \ub2f4\ubcf4\ub85c \ud558\ub294 \ub300\ucd9c\uc758 \ub300\ubd80\ubd84\uc740 \uc774\ubbf8 \uc874\uc7ac\ud558\ub294 \ud1a0\uc9c0\uc640 \uac74\ubb3c\uc744 \ub2f4\ubcf4\ub85c \ud55c\ub2e4. \ubd80\ub3d9\uc0b0 \ub300\ucd9c\uc758 \uc131\uc7a5\ubd84\uc740 \uc774\ub807\ub4ef \ub300\ucd9c\ubc1b\ub294 \uc0ac\ub78c\ub4e4\uc5d0\uac8c \uc11c\ub85c \uacbd\uc7c1\ud558\uc5ec \uac00\ub2a5\ud55c \ud55c \ub9ce\uc740 \uc7ac\uc0b0\uc744 \uad6c\uc785\ud560 \uc2e0\uc6a9\uc744 \uc81c\uacf5\ud558\ub294 \ub370 \ub4e4\uc5b4\uac04\ub2e4. \uadf8\ub9ac\uace0 \uadf8 \uacfc\uc815\uc5d0\uc11c \ud1a0\uc9c0\uac00\uaca9\uc744 \uc62c\ub9b0\ub2e4. \uadf8 \uacb0\uacfc\ub294 \uc0b0\uc5c5\uc758 \ubd90\uc774 \uc544\ub2c8\ub77c \uac70\ud488\uc778 \uac83\uc774\ub2e4.<\/p>\n<p>\uae08\uc735\uc5c5\uc758 \ub300\ubcc0\uc778\ub4e4\uc740 \uc774\ub7f0 \uc885\ub958\uc758 \uc790\uc0b0 \uae30\ubc18 \ub300\ucd9c\uc774 \uc0dd\uc0b0\uc801\uc774\ub77c\uace0 \uc8fc\uc7a5\ud55c\ub2e4. \uadf8\uac83\uc774 \ubd80\ub3d9\uc0b0 \uc18c\uc720\uc8fc\ub4e4\uc5d0\uac8c \uc774\uc790\ub97c \uc9c0\ubd88\ud560 \uc218 \uc788\uace0 \uacb0\uad6d\uc5d0\ub294 \uc790\ubcf8 \uc774\ub4dd\uc744 \uc5bb\uac8c \ud558\ub294 \uc7ac\uc0b0\uc744 \uc81c\uacf5\ud55c\ub2e4\ub294 \uac83\uc774\ub2e4. \uc774 \uac70\ub300\ud55c \uc2e0\uc6a9\uc2dc\uc7a5\uc744 \ucd09\uc9c4\uc2dc\ud0a4\uae30 \uc704\ud574\uc11c \ubbf8\uad6d \uae08\uc735\uc5c5\uc758 \ub85c\ube44\uc2a4\ud2b8\ub4e4\uc740 \ubd80\ub3d9\uc0b0\uc5c5\uc758 \ub85c\ube44\uc2a4\ud2b8\ub4e4\uacfc \uc190\uc744 \ub9de\uc7a1\uace0 \ubd80\ub3d9\uc0b0\uc5d0 \ub300\ud55c \uc138\uc81c\uc0c1\uc758 \uc6b0\ub300\uc870\uce58\ub97c \uc5bb\uae30 \uc704\ud574 \ub178\ub825\ud55c\ub2e4.<\/p>\n<p>\uc740\ud589\ub4e4\uc740 \uc138\uae08\uc73c\ub85c \ub0a9\ubd80\ub418\uc9c0 \uc54a\uc740 \ub3c8\uc740 \ubaa8\ub450 \uc774\uc790\ub97c \uac1a\ub294 \ub370 \ub4e4\uc5b4\uac00\ub9ac\ub77c\ub294 \uac83\uc744 \uc548\ub2e4. \uac1c\ubc1c\uc790\ub4e4\uc774 \ub300\ucd9c\uc790\uc5d0\uac8c \ub0b4\ub193\uc744 \ubaa8\uae30\uc9c0\uc758 \ud06c\uae30\ub97c \ub193\uace0, \ub530\ub77c\uc11c \uadf8\ub4e4\uc774 \uc784\ub300\ub8cc(rent)\ub85c\ubd80\ud130 \uc740\ud589\uc5d0 \uac1a\uc744 \ubaa8\uae30\uc9c0 \ubd80\ucc44\uc11c\ube44\uc2a4\uc561<span style=\"color: #339966;\">[\uc77c\uc815 \uc2dc\uae30 \ub3d9\uc548 \uc774\uc790 \ubc0f \uc6d0\uae08\uc758 \uc0c1\ud658\uc5d0 \ub4e4\uc5b4\uac00\ub294 \ub3c8\uc758 \uc561\uc218\u2015\uc815\ub9ac\uc790]<\/span>\uc758 \ud06c\uae30\ub97c \ub193\uace0 \uc11c\ub85c \uacbd\uc7c1\uc744 \ud55c\ub2e4. \uc774 \uacbd\uc7c1\uc774 \uacc4\uc18d\ub418\uc5b4 \ud06c\uae30\uac00 \uc0c1\uc2b9\ud558\uba74 \ubaa8\ub4e0 \uc21c \uc784\ub300\uc18c\ub4dd\uc774 \uc774\uc790\ub85c \uc9c0\ubd88\ub418\ub294 \uc9c0\uc810\uc5d0 \ub3c4\ub2ec\ud558\uac8c \ub41c\ub2e4.<\/p>\n<p>\ubaa8\uae30\uc9c0 \ub300\ucd9c\uc740 \ubcf4\ud1b5 \uc7ac\uc0b0 \uad6c\ub9e4\uac00\uaca9\uc758 80%\uc5d0\uc11c 100%\ub97c (\ud639\uc740 2008\ub144 9\uc6d4\uc758 \ubd95\uad34\uc5d0 \uc774\ub974\ub294 \uc2dc\uae30 \ub3d9\uc548\uc758 \uac70\ud488\uacbd\uc81c\uc5d0\uc11c \ubcf4\ub4ef\uc774 \uc774\ubcf4\ub2e4 \ud6e8\uc52c \ub354 \ub9ce\uc774) \uc81c\uacf5\ud55c\ub2e4. \uc774\ub294 \uc790\uae30\uc790\ubcf8\uc5d0 \ube44\ud55c \ubd80\ucc44\uc758 \ube44\uc728\ub85c\uc11c \ub9e4\uc6b0 \ub192\uc740 \uac83\uc774\ub2e4. \uc774\ub7ec\ud55c \uc2dd\uc758 \ubaa8\uae30\uc9c0 \ubd80\ucc44\uc758 \uc810\ucc28\uc801 \uc99d\uac00\uac00 1980\ub144\ub300\uc5d0 \uae30\uc5c5\uc0ac\ub0e5\uafbc\ub4e4\uc774 \uc0ac\uc6a9\ud558\ub294 \uc815\ud06c\ubcf8\ub4dc \uae08\uc735\uc5d0 \ubaa8\ub378\uc744 \uc81c\uacf5\ud588\uc73c\uba70, \uc601\uad6d, \uc720\ub7fd \ub300\ub959, \uc81c3\uc138\uacc4\uc5d0\uc11c \uacf5\uacf5 \uc790\uc0b0\uc774 \uc0ac\uc720\ud654\ub418\ub294 \uc2dc\ub958\uc5d0 \ubaa8\ub378\uc744 \uc81c\uacf5\ud588\ub2e4. \uc774\ubbf8 \uc874\uc7ac\ud558\ub294 \ubd80\ub3d9\uc0b0\u00b7\uae30\uc5c5\u00b7\uacf5\uae30\uc5c5\ub4e4\uc744 \uadf8\ub807\uac8c \uad6c\ub9e4\ud560 \uacbd\uc6b0\uc758 \ubcc0\ubcc4\uc801 \ud2b9\uc9d5\uc740 \uc0c8\ub85c\uc6b4 \uc2e4\uc9c8\uc801\uc778 \ud22c\uc790\ub97c \ucc3d\ucd9c\ud558\uc9c0 \uc54a\uace0 \uc0c8\ub85c\uc6b4 \ub300\ucd9c\uc774 \ucd94\uac00\ub41c\ub2e4\ub294 \uac83\uc774\ub2e4. <span style=\"text-decoration: underline;\">\uc790\ubcf8\uc758 \uc0c8\ub85c\uc6b4 \uc2e4\uc9c8\uc801 \ud615\uc131\uc774 \uc774\ub8e8\uc5b4\uc9c0\ub294 \ub300\uc2e0\uc5d0 \uc77c\ubc18\uc801\uc73c\ub85c \uc815\ub9ac\ud574\uace0\uc640 \uae30\uc5c5\ubd84\ud560\uc774 \uc77c\uc5b4\ub09c\ub2e4<\/span>. \uc218\uc785\uc5d0\uc11c \uc774\uc790\uc640 \ubd84\ud560\uc0c1\ud658\uae08\uc744 \uac1a\ub294 \ub370 \ub4e4\uc5b4\uac00\ub294 \uc561\uc218\uac00 \ucd5c\ub300\uc77c \uacbd\uc6b0 \uc6b4\uc601\uacbd\ube44\ub97c \ub118\uc5b4\uc11c\uae30 \ub54c\ubb38\uc774\ub2e4.<\/p>\n<p>\u2018\ud0c8\uc0b0\uc5c5\uc801\u2019 \uad00\ud589\uc774 \ub099\uad00\ub860\uc790\ub4e4\uc774 \uc0b0\uc5c5\ud601\uba85\uc774 \uc2dc\uc791\ud560 \ub54c \uadf8\ub838\ub358 \uac83\uacfc\ub294 \uc0ac\ubb47 \ub2e4\ub978 \uc774\ub7ec\ud55c \ub3d9\ud559\uc744 \ub0b3\uc740 \uac83\uc774 \uc0ac\uc2e4\uc774\ub2e4. <span style=\"text-decoration: underline;\">\uc624\ub298\ub0a0\uc758 \uc740\ud589\uc2dc\uc2a4\ud15c\uc740 \uc800\ucd95\ud55c \ub3c8\uc744 \uc0c8\ub85c\uc6b4 \uc0dd\uc0b0\uc218\ub2e8\uc758 \uae30\uae08\uc73c\ub85c \uc0ac\uc6a9\ud558\uc9c0 \uc54a\uace0 \uacbd\uc81c\uc758 \uc790\uc0b0\uc5d0 \ubd80\ucc44\ub77c\ub294 \uc9d0\uc744 \uc9c0\uc6b0\uace0 \uc788\uc744 \ubfd0\uc774\ub2e4<\/span>. \ud604\uc7ac \uc77c\uc5b4\ub098\uace0 \uc788\ub294 \uac83\uc740 \uc0b0\uc5c5\ud654 \uc774\uc804\uc758 \ub300\ucd9c\ubc29\uc2dd\uacfc \uc720\uc0ac\ud558\ub2e4. \ucc28\uc774\uac00 \uc788\ub2e4\uba74, \uc0b0\uc5c5\ud654 \uc774\uc804\uc758 \uace0\ub9ac\ub300\uae08\uc5c5\uc774 \uac1c\ubcc4 \uac00\ubb38 \ub300\ucd9c\uc790\ub4e4\uc5d0 \uc758\ud574 \uc9c0\ubc30\ub418\uc5c8\ub2e4\uba74, \uc9c0\uae08 \uc0c8\ub85c\uc6b4 \uc0b0\uc5c5\ud654 \uc774\ud6c4\uc758 \ubd80\ucc44 \uc2dc\uc2a4\ud15c\uc740 \ub300\uaddc\ubaa8\ub85c, \uae30\uc5c5 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