However justified, more government intervention risks being counterproductive It is time to reassert the case for less state intrusion

dangerous shifts

These changes carry two dangers.As the state becomes more involved in business, however well-meaning its motives, companies' focus tends to shift from satisfying consumers towards currying favour with political leaders.Preferred firms grow flabbier and less innovative. Regulations dampen animal spirits. Cronyism rears its head. A chosen few win big.  Everybody else loses.

这些改变带来两个风险。一旦政府更深入参与到商业活动，不论它的动机是多么好，企业也会从取悦消费者转向迎逢政治领导的喜好。更合（领导）喜好的公司变得臃肿肥胖、缺乏创新精神。规章制度压制（企业）的动物精神。任人唯亲的现象抬头。被选中的几个企业暴富流油，其他参与者都损失惨重。

well-meaning：善意的，好心的

curry favour：拍马屁；curry favour with the boss 向老板卖好

flabby /ˈflæbi/adj. 1.（肌肉）松弛的；肥胖的 •flabby thighs 肥胖的大腿；2.软弱的；无力的 •a flabby grip 无力的一握

dampen /ˈdæmpən/v. 1.弄湿；使潮湿 •He dampened his hair to make it lie flat. 他把头发弄湿，梳得平平的。2.抑制，控制，减弱（感情、反应等）•None of the setbacks could dampen his enthusiasm for the project. 任何挫折都不能减弱他对这个项目的热情。

cronyism /ˈkrəʊniɪzəm/n.任人唯亲；任用亲信

rear /rɪə(r)/名词：后部，屁股；臀部；adj：后面的；后部的；v：抚养；养育；培养；饲养；用后腿直立；（尤指可怖地）巍然耸立

sth rears its (ugly) ˈhead：if sth unpleasant rears its head or rears its ugly head , it appears or happens （讨厌的事情）出现，发生

The second danger is subtler. As some firms and governments become chummier, others may conclude that they have no choice but to do the same —especially if cosiness seems to work. This could lead to a soft, self-imposed decoupling, even as traditional trade barriers also go up."You are seeing flows of people,technology, capital all being curtailed,"observes Hank Paulson, America's former treasury secretary. One European industrialist predicts,"The era of shortage will drive more egotism".

第二个危险就比较微妙。随着一些企业与政府关系变得更加亲密，其他企业可能认为自己也不得不迎合政府，尤其是这种迎合看起来有效果的时候。这可能导致一种安静的，自我施加的脱钩，甚至传统贸易壁垒也会增长。Hank Paulson, 美国前财政部长观察到“ 你看见人才、科技和资本的流动都被削弱。一位欧盟的实业家预测到“这个物资短缺的时代将会带来更多的利己主义”。

Subtle /ˈsʌtl/adj.1.不易察觉的；不明显的；微妙的 •subtle colours/flavours/smells, etc. 淡淡的色彩、味道、气味等；2.(人或其行为) 机智的；机巧的；狡猾的•I decided to try a more subtle approach. 我决定智取；3.巧妙的•a subtle plan 巧妙的计划；4.敏锐的；头脑灵活的•The job required a subtle mind. 那项工作需要一个头脑敏锐的人去做。

Chummy /ˈtʃʌmi/adj.非常友好的；亲密的

Cosiness/ˈkəʊzinəs/n. 舒适

curtail /kɜˈteɪl/ v.限制；缩短；减缩 • Spending on books has been severely curtailed. 购书开支已被大大削减。

egotism/ˈegətɪz(ə)m; ˈi-/ n. 自负；自我中心

treasury secretary:财政部长

industrialist ：实业家，产业家

China is not doomed to failure as the Soviet Union was. Its economy is more sophisticated and, in pockets, genuinely innovative: look at Alibaba and Tencent, its digital titans. Yet its model is not a superior form of capitalism. For all its progress, China is poor by Western standards, leaving room for state-directed catch-up growth. The most impressive Chinese businesses, including in big tech, have thrived in markets that the state until recently kept mostly at arm's length. In focusing attention on China's top-down policy making rather than its bottom-up entrepreneurial effervescence, some in the West draw the wrong lessons.

doom to：注定要

at arm's length：敬而远之，在手臂伸得到的地方，保持安全距离

entrepreneurial /ˌɒntrəprəˈnɜːriəl/ adj. 具有企业家素质的，富于企业家精神的

Effervescence /ˌefəˈves(ə)ns/ 冒泡,活泼,激情,起泡沫,泡腾,沸腾,发泡

China's course seems set for the foreseeable future.But a swing away from today's interventionist mood remains possible in the West.The Tories may rekindle their inner Thatcher. As a club governed by consensus, the EU may listen more to Nordic liberals when they say "strategic autonomy"is little more than a cloak for protectionism. Clintonian small government may seem a lost cause among Democrats, but Republicans' pro-market memory may kick in if they can only disavow Trumpian populism.

a swing away from：摆脱**

interventionist mood ：干涉主义情绪

The Tories：英国托利派；王党保守党

rekindle /ˌriːˈkɪndl/v.使重新活跃；使复苏 • to rekindle feelings/hopes 再次引发感情；重新点燃希望

lost cause 业已失败的事情；没有希望的事情

pro-market：亲市场，pro这个前缀指的是“亲，偏好某某的意思”

disavow /ˌdɪsəˈvaʊ/v.不承认；否认；拒绝对…承担责任 • They disavowed claims of a split in the party. 他们否认了党内出现分裂的说法。

populism /ˈpɒpjəlɪzəm/n.平民政治；民粹主义；民意论

The broad liberal principles rediscovered in the 1980s remain as powerful as they were 40 years ago.For that reason alone, political and business leaders mess with them at their peril. The precepts are also valuable in themselves, as expressions of freedom: for entrepreneurs to invent, consumers to choose and citizens to live as they see fit.That is why it is essential to defend them against attacks from populists, opportunistic cronies in the private sector and those who have lost faith in free markets. For all its imperfections,liberal capitalism remains a vital force for good.

peril /ˈperəl/n. 1. 严重危险 •The country's economy is now in grave peril. 现在，这个国家的经济陷入了严重危机。2.祸害；险情•a warning about the perils of drug abuse 对吸毒之害的警告；3. DO STH AT YOUR (OWN) ˈPERIL （警告对方）自冒风险

precept /ˈpriːsept/n.（思想、行为的）准则，规范

opportunistic cronies：机会主义的拉帮结派

英文原文出自《经济学人商论》2022年1月刊