Pastreich’s Confucius on Shifts in Institutions

In “Wise Words of Confucius on Shifts in Institutions” Emanuel Pastreich presents a translation of Confucius so as (per an explanation elsewhere) “to write something that does not sound too sage-like [but rather] is essentially of the same style as contemporary American political discourse … If Confucian writings are translated as the words of sages, closer to the register of the Bible or of Plato, their impact on contemporary American political discourse will be limited.” He translates:

If the terms that we employ to describe the institutions in society cease to be accurate representations of what those institutions have become, then, although we can discuss the problems of our age, the discussion will not correspond with the actual reality in a political or economic sense.

Pastreich applies this to the banking industry:

Confucius suggested that the problems we encounter in the political realm are the result of a slippage in the meaning of the terms that we use to describe. For example, there has been tremendous slippage in the significance of the term “bank” and that slippage has introduced chaos into our society. Although we use the word “bank” without even thinking about its meaning, the term’s significance is far from clear. Whereas the word “bank” referred to an organization with a rather limited mandate to lend money under strict regulations, it has evolved into a complex financial instrument whose roles are multifarious and changing rapidly as money itself has shifted in its significance as a result of the IT revolution. We need perhaps to redefine “money” at the same time.

What I find so striking about this is that while the method of translation is very, very different than translation of Chinese according to the imagined Confucian notion by Ezra Pound, both present us with a similar investigation of the morality of economics, specifically as relates to banking.

Stonecutter is kept from his tone
weaver is kept from his loom
wool comes not to market
sheep bringeth no gain with usura
Usura is a murrain, usura
blunteth the needle in the maid’s hand
and stoppeth the spinner’s cunning.