9-2-46
If self-interest, guided as though by an invisible hand, inadvertently serves the public good, then it is easy to see why society can prosper even if people are not always driven by benevolence. It is because Smith was right about self-interest and the public interest that communism failed and capitalism worked.
Most advocates of CSR, especially those who run giant international corporations, have probably read some economics in their time. Many of the officials at the United Nations, World Bank and OECD who argue in favour of CSR have advanced degrees in the subject from the best universities. Yet they have apparently failed to grasp this most basic and necessary insight of the entire discipline. Through the action of Smith's invisible hand, the private search for profit does advance the public interest. There is no need for thought-leaders in CSR armed with initiatives and compacts to bring this about.
Smith was a genius because this harmony of private interest and public interest is not at all obvious-and yet, at the same time, once it is pointed out, the idea is instantly simple and plausible. This is especially so if you think not about self-interested individuals but about profit-seeking companies. The value that people attach to the goods and services they buy from companies is shown by what they are willing to pay for them. The costs of producing those goods and services are a measure of what society has to surrender to consume those things. If what people pay exceeds the cost, society has gained-and the company has turned a profit. The bigger the gain for society, the bigger the profit. So profits are a guide (by no means a perfect one, but a guide nonetheless) to the value that companies create for society.

A. 어휘
inadvertently 우연히, 무심하게. capitalism worked 자본주의가 잘 되었다.
advocate 옹호자, 지지자. corporation 주식회사. in their time 그들의 젊은 시절에.
official 관리, 공무원, 임원. argue in favor of 찬성 주장하다.
advanced degrees 상급학위( 석사, 박사 학위).
advanced degrees in the subject 그 주제(기업의 사회적 책임)에 관한 석사.박사 학위. apparently 분명히. grasp 이해하다. the entire discipline 해당학문(경제학) 전체.
the action of Smith's invisible hand 스미스가 말하는 보이지 않는 손의 작용.
private search for profit 私的(사적)인 이익추구. initiative 주도권, 솔선.
compact 계약, 여론. bring about 가져오다, 해 내다.
this harmony of private interest and public interest 公益(공익)과 私益(사익)의 조화.
obvious (눈에) 분명히 드러나다. plausible 그럴싸한, 진실같이 보이는.
the goods and services they buy from companies 사람들이 회사로부터 구매하는 상품과 用役(용역).
measure 尺度(척도). surrender 양도하다. consume 소비하다.
exceed 초과하다. by no means= never. nonetheless 그럼에도 불구하고.
turn a profit 이익을 얻다.

B. 구문
-guided as though by an invisible hand→though it is guided by an invisible hand
[비록 私利(사리)는 보이지 않는 손에 의해서 조종되지만.]
-there is no need for thought-leaders . . . to bring this about.
armed→who are armed. who의 선행사는 thought leaders.
[공공의 이익을 산출하기 위해서는 주도권을 잡고 여론으로 무장하고 CSR 사상을 지도하는 사람들에 대한 필요성은 전혀 없다. ]
-The costs of producing . . . to consume those things.
cf. what society has to surrender. 사회가 양도해야 하는 것. what은 선행사를 포함한 관계대명사, ...것.
[그런 상품과 용역의 생산비용은 사회가 그 상품들을 소비하기 위해 지불해야 되는 것의 기준이 된다.]

9-3-47
Does this mean that Gordon Gekko, the odious protagonist of the movie, 'Wall Street', was right to say that 'greed is good'? No : greed and self-interest are not the same thing, as Mr Gekko discovered in that movie. Greed, in the ordinary meaning of the word, is not rational or calculating. Freely indulged, it makes you fat and drives you into bankruptcy. The kind of self-interest that advances the public good is rational and enlightened. Rational, calculating self-interest makes a person, or a firm, worry about its reputation for honesty and fair dealing, for paying debts and honouring agreements. It looks beyond the short term and plans ahead. It considers sacrifices today for the sake of gains tomorrow, or five years from now. It makes good neighbours.
Morally, also, there is a world of difference between greed and self-interest. The first, even if it were not self-defeating, would still be a gross perversion of the second. Failing to see this distinction, and thus concluding without further thought that private enterprise is tainted, is a kind of ethical stupidity. Greed is ugly. There is nothing ignoble, in contrast, about a calm and moderate desire to advance one's own welfare, married (as it is in most people) to a sympathetic regard for the well-being of others. And, as Smith pointed out, rational self-interest also happens to make the world round.

A. 단어
odious 밉살스러운. protagonist 주인공. greed 탐욕. self-interest 이기주의.
ordinary meaning 일상적인 의미. rational 합리적인. calculating 계산적인.
indulge (욕망, 쾌락 따위에)빠지다, 耽溺(탐닉)하다. bankruptcy 파산.
advances public good 공익을 증진시키다. enlightened 계발된, 문명화된. firm 회사.
reputation 평판, 세평. fair dealing 공정한 거래. paying debt 부채를 갚는 것.
honouring agreements 協定(협정)을 존중하는 것. term 기간.
looks beyond the short term, 멀리 내다본다. sacrifice 희생. morally 도덕적으로.
self-defeating 자멸적인. gross 粗惡(조악)한, 천박한. perversion 誤用(오용), 악용.
distinction 차이, 구별. enterprise 기업. taint 더러워지다. 오염되다.
stupidity 우둔, 멍청함. ignoble 품위가 없는, 천한, 비열한.
in contrast (with) (...와)대조적으로. moderate 穩當(온당)한, 온건한.
sympathetic 동정적인.

B. 구문
-Freely indulged, it makes you . . . into bankruptcy.
cf. Freely indulged→If it is freely indulged→Being freely indulged
[무제한적으로 탐욕에 빠지면, 탐욕은 사람을 탐욕덩어리(fat)로 만들어서 파산으로 몰고 간다.]
-The first, even if it were not. . . is a kind of ethical stupidity.
cf. the first=greed, the second= self-interest
. even if it were not self-defeating→가정법과거=현재사실의 반대의 경우를 가정→in fact it is self-defeating.
. failing/ concluding→주어로 쓰인 동명사
[탐욕은, 심지어 自滅的(자멸적)이지는 않다 하더라도, 이기주의의 천박한 악용이다. (탐욕과 이기주의사이의)이러한 차이를 모르고 보다 더 깊은 생각이 없이 私企業(사기업)은 더러워져 있다고 결론을 내리는 것은 일종의 도덕적 멍청함이라 하겠다.]
-married (as it is in most people)to the well-being of others.
cf. married→as it is married→which is married→being married
[(대부분의 사람들에게 있는 것처럼) (차분하고 온당한 사적인 욕망은) 다른 사람들의 복지에 대해서 동정적인 관심과 연결되어 있어서.]