- •Экономический английский
- •Contents
- •Раздел 1……………………………………………………………………..450
- •Раздел 2…………………………………………………………………..…455
- •Раздел 3……………………………………………………………………..473 Предисловие
- •Методическая записка
- •Part 1 Unit 1
- •1. Business Is Booming Almost Everywhere
- •Vocabulary:
- •2. Lada Can Hear Its Rivals Gaining AvtoVaz' dominance faces a serious threat as foreign car plants spring up in Russia
- •Slow off the mark
- •Vocabulary:
- •3. Can Stringer stop Sony malfunctioning?
- •Vocabulary:
- •4. Carmakers Eye Romania Factory
- •Vocabulary:
- •5. Privatisation Plan for Swisscom
- •Vocabulary:
- •6. Siemens Steps up China Growth
- •Vocabulary:
- •7.Hsbc usa Posts Robust Earnings
- •8.Hidden Value Let Loose Chipmaker Freescale, spun from Motorola, is a prime example of the power of spin-offs
- •9. Philip Morris Moves To Boost Food Unit
- •10. Japanese May Aid Chemicals Industry
- •12. Azucarera Agrees To Acquire Puleva In 590 Million Deal
- •14.Poison Pill Defence For News Corp
- •Part 1 Unit 2
- •Section 1 producing the goods lead-in
- •15. Japan's Production Increases But Analysts Expect Slowdown Soon
- •Vocabulary:
- •16. Manufacturing And the Price of Outsourcing
- •Vocabulary:
- •17.JpMorgan Steps up Indian Offshoring
- •Vocabulary:
- •Section 2 costs and expenses, economies of scale
- •18. Eu Farm Agreement Reached, But Budget Questions Linger
- •Vocabulary:
- •19. Hitachi Raises Flat-panel tv Profile
- •Vocabulary:
- •20. Honda's 2nd Quarter Net Fell 8.5%
- •Vocabulary:
- •21. Ford Posts Record Results in Third Quarter
- •Vocabulary:
- •22. Ericsson Upbeat Despite Drop in Profits
- •Vocabulary:
- •Vocabulary
- •23. Latin America Starts to Compete
- •Its businesses are in better shape than its balance of payments might suggest
- •Vocabulary:
- •24. Bankless Banking
- •Vocabulary:
- •Stolen Jobs?
- •Vocabulary:
- •Part 1 Unit 3
- •Section 1 key economic indicators lead-in
- •Vocabulary
- •Vocabulary practice
- •Texts to translate:
- •25. Eurozone Recovery Boosts Confidence
- •Vocabulary:
- •26. Is the u.S. Current Account Deficit Sustainable?
- •Vocabulary:
- •27. Data Show Europe's Economies Are on Separate Paths
- •Vocabulary:
- •28. Dormant for Now, Inflation Shows Signs of Awakening
- •Vocabulary:
- •29. Will This Slowdown Be Satisfactory?
- •Vocabulary:
- •Section 2 boom and bust lead-in
- •Vocabulary
- •Vocabulary practice
- •Texts to translate:
- •30. Losing Balance and Monentum?
- •Vocabulary:
- •31.The Next Downturn
- •Vocabulary:
- •32. The Economy Is Too Darn Hot
- •Vocabulary:
- •Section 3 record highs and record lows; ups and downs lead-in
- •These words are used to talk about prices when they rise by larger amounts or increase quickly or sharply: jump, leap, roar ahead (up), rocket, shoot ahead (up), skyrocket, soar, surge (ahead);
- •Vocabulary
- •Vocabulary practice
- •33. Russia's booming economy
- •It's not about just oil and gas
- •Saving and spending
- •Home grown
- •Too fast to last
- •Vocabulary:
- •34. Euro-Zone Prices May Heat Up Soon
- •Vocabulary:
- •35. Rise In Orders Fails to Lift Economy Gloom
- •Section 4 money management lead-in
- •Vocabulary
- •Vocabulary practice
- •Texts to translate:
- •36. Tightening Has Begun To Take Hold
- •Vocabulary:
- •37. From t-shirts to t-bonds
- •Vocabulary:
- •38. G7 Cautions on Inflationary Pressures
- •Vocabulary:
- •39. Bank of Japan Pressed to Ease Monetary Policy
- •Vocabulary:
- •40. Fed Report Shows Economy Remains Robust
- •Vocabulary:
- •The Asian Crash
- •Vocabulary:
- •Part 1 Unit 4
- •Section 1 sellers, buyers, consumers, and key players lead-in
- •Vocabulary
- •Vocabulary practice
- •Texts to translate:
- •41. From Market Driven to Market Driving
- •Vocabulary:
- •42. Cadbury Shakes up Its us Drinks
- •Vocabulary:
- •Section 2 marketing mix and target markets lead-in
- •Vocabulary
- •Vocabulary practice
- •Texts to translate:
- •43. Saturated Retail Market Could Limit Expansion
- •44. Mobile Market Expanding Rapidly in India Country adding five million new wireless connections per month
- •Vocabulary:
- •Section 3 products, services and brands; upmarket and downmarket lead-in
- •Vocabulary
- •Vocabulary practice
- •Texts to translate:
- •45. Lg's White-Hot White Goods
- •Vocabulary:
- •46. A Brand New Opportunity In the Empty Nest
- •Vocabulary:
- •47. Everybody Loves a Winner — or do they?
- •Section 4 advertsing and promotion lead-in
- •Vocabulary
- •Vocabulary practice
- •Texts to translate:
- •48.Colgate Glides Past Stumbling Competitors
- •Vocabulary:
- •49. Electrolux Blames Fall on Paranoia
- •Vocabulary:
- •Chinese Imports Prompt Posco Discounts
- •Part 1 Unit 5
- •Financial instruments and stock exchanges section 1 raising finance lead-in
- •Texts to translate:
- •50. Stocks in trade
- •Vocabulary:
- •51. Ipsen ipo marks Paris high point
- •52. Swiss Machine Tool Group in ipo
- •Section 2 market players. Trading on the markets lead-in
- •53. Siemens Seeks us Expansion as adRs Launch
- •Vocabulary:
- •54. Bear Markets
- •Vocabulary:
- •Section 3 unveiling results lead-in
- •54. Russian Stocks Climb to Record
- •55. Treasury Prices Fall as Investors Return to Stocks Rally in Equities Markets Puts Pressure on Bonds
- •Vocabulary:
- •Vocabulary:
- •Section 4 derivatives lead-in
- •Vocabulary practice
- •Text to translate:
- •57. Future Perfect
- •Vocabulary:
- •Section 5 wrongdoing, corruption, insider dealing lead-in
- •Vocabulary practice
- •Text to translate:
- •58. Soros found guilty of insider trading
- •59. Toyota Faces Insider Trading Probe Around Share Buyback
- •Vocabulary check
- •Investors shun Fibernet after rights issue
- •1. What was the strategic decision that required the capital Fibernet raised from the rights issue?
- •2. Using evidence from the text and your own knowledge, explain why you think that Fibernet used a rights issue of shares rather than taking out long-term loans.
- •3. Examine the likely reaction of shareholders to this financing decision in:
- •Vocabulary revision – unit 5
- •Part 1 Unit 6
- •Section 1 types of accounting and the basic accounting equation lead-in
- •Vocabulary
- •60. The Power of Four
- •Imbalance sheet
- •Vocabulary:
- •Section 2 the balance sheet
- •Balance Sheet for Wal-Mart
- •61. Bank Reform in Japan
- •Vocabulary:
- •62. Asset Finance
- •Vocabulary:
- •Section 3 financial statements and the bottom line lead-in
- •63. Strong Fundamentals and Fundamental Analysis
- •Vocabulary:
- •Section 4 bankruptcies lead-in
- •Vocabulary
- •64. Bankruptcies reach another record
- •Vocabulary:
- •65. Bad Debts Build up at Lloyds tsb
- •66. Poor Planning
- •Vocabulary:
- •67. Turkey Outlines New Package of Radical Structural Reforms
- •Vocabulary:
- •Europe's Enron
- •Part 1 Unit 7
- •Section1 company structure lead-in
- •68. Tough at the top
- •Vocabulary:
- •69. Fit for Hiring? It’s Mind Over Matter
- •Vocabulary:
- •70. The Truth About Work
- •Vocabulary:
- •71. The new global shift
- •Vocabulary:
- •72. Firing the Boss
- •Vocabulary:
- •73. In the money
- •Vocabulary:
- •74. The rewards of failure
- •75. Executive Pay Soars But May Have Peaked
- •Mitsubishi Motors to rejig structure
- •Part 1 Unit 8
- •76. The physical internet
- •21St-century clippers
- •77. Negotiation Strategies
- •Vocabulary:
- •Troubled Waters
- •Part 1 Unit 9
- •78. Royal Insurance
- •Vocabulary:
- •79. Insuring for the future?
- •80. Papers, papers everywhere
- •Shop Around for the Best Car Insurance
- •Vocabulary:
- •Методические рекомендации
- •Основы реферирования и аннотирования. Практические рекомендации
- •Part 2 Unit 1
- •One world?
- •Vocabulary:
- •1. Read and translate the text.
- •2. Make an annotation on the text. Expand the debate on globalisation
- •Vocabulary:
- •1. Read the text and outline the key points.
- •2. Translate the text.
- •3. Make a précis and an annotation on the text. Global capitalism, r.I.P.?
- •Vocabulary:
- •«Globalisation»
- •Part 2 Unit 2
- •Trade winds
- •Vocabulary:
- •1. Read and translate the text.
- •2. Make an annotation on the text. The Harsh Truth About Outsourcing
- •It’s not a mutually beneficial trade practice – it’s outright labor arbitrage
- •Vocabulary:
- •1. Read and translate the text.
- •2. Make a précis and an annotation on the text. The race for the bottom
- •Vocabulary:
- •1. Read and translate the text.
- •2. Make a précis and an annotation on the text. Spoiling world trade
- •Vocabulary:
- •1. Read and translate the text.
- •2. Make an annotation on the text. Nothing’s free in this world
- •Vocabulary:
- •«World Trade»
- •Part 2 Unit 3
- •Bearing the weight of the market?
- •Vocabulary:
- •1. Read and translate the text.
- •2. Make a précis and an annotation on the text. The future of the state
- •Vocabulary:
- •1. Read and translate the text.
- •2. Make an annotation on the text. Are the poor different?
- •Vocabulary:
- •1. Translate the text.
- •2. Make a précis and an annotation on the text. Globalisation and tax
- •Shopping around
- •Vocabulary:
- •1. Translate the text.
- •2. Make an annotation on the text.
- •Inflation is dead
- •Vocabulary:
- •«Inflation»
- •Part 2 Unit 4
- •The “euro”
- •Vocabulary:
- •1. Translate the text.
- •2. Make an annotation on the text. Asking for trouble
- •Vocabulary:
- •1. Read and translate the text.
- •2. Make an annotation on the text. The Perils of Partnership
- •Vocabulary:
- •1. Read and translate the text.
- •2. Make a précis and an annotation on the text. Euro Blues
- •In search of reality
- •Vocabulary:
- •«Europe. Economic and Monetary Union» Topics for discussion
- •Part 2 Unit 5
- •Worldbeater, inc.
- •Vocabulary:
- •1. Translate the text.
- •2. Make an annotation on the text. Behind america’s small business success story.
- •Vocabulary:
- •1. Translate the text.
- •2. Make an annotation on the text. Thoroughly modern monopoly
- •Vocabulary:
- •1. Read and translate the text.
- •2. Make a précis and an annotation on the text.
- •Vocabulary:
- •«Business and Businesses» Topics for discussion
- •Part 2 Unit 6
- •Instant coffee as management theory.
- •Vocabulary:
- •1. Translate the text.
- •2. Make an annotation on the text. Why too many mergers miss the mark
- •Vocabulary:
- •1. Read the text and answer the questions on it:
- •2. Make a précis and an annotation on the text. Johannesburgers and fries.
- •Vocabulary:
- •«Management. Marketing». Topics for discussion
- •Part 2 Unit 7
- •A smoother ride, but less fun
- •Vocabulary:
- •1. Translate the text.
- •2. Make an annotation on the text. Dancing in Step
- •Individual stockmarkets are increasingly being driven by global rather than local factors
- •Vocabulary:
- •1. Read and translate the text.
- •2. Make an annotation on the text.
- •Investors in south-east asian equities
- •Vocabulary:
- •1. Read the text and outline the key points.
- •2. Translate the part “Do you want to be in my band?” from English into Russian.
- •3. Make a précis and an annotation on the text. Fixed and floating voters
- •Vocabulary:
- •1. Translate the text.
- •2. Make an annotation on the text. The uneasy crown
- •Making their case
- •Old hands
- •When the credit stops
- •Vocabulary:
- •«Financial Markets». Topics for discussion
- •Part 2 Unit 8
- •How safe is your bank?
- •Vocabulary:
- •1. Read and translate the text.
- •2. Make a précis and an annotation on the text. The Collapse of Barings
- •Vocabulary:
- •1. Read the text and outline the key points.
- •2. Translate the part “Liquid refreshments” from English into Russian.
- •3. Make a précis and an annotation on the text. Central banks on the trail of the mutant inflation monster
- •Vocabulary:
- •1. Read and translate the text.
- •2. Make a précis and an annotation on the text. Monopoly Power Over Money
- •Vocabulary:
- •1. Read the text and outline the key points.
- •2. Translate the part “Spot the trend” from English into Russian.
- •3. Make a précis and an annotation on the text. The lloyds money machine
- •Vocabulary:
- •1. Read the text and outline the key points.
- •2. Translate the part “Old news” from English into Russian.
- •3. Make a précis and an annotation on the text. Rattling the piggy bank
- •Vocabulary:
- •Лексико-грамматические трудности перевода экономических текстов с английского языка на русский.
- •Лексико-грамматические трудности перевода экономических текстов с английского языка на русский.
- •Методическая записка
- •Раздел 1. Сущность процесса перевода. Словарь и словарные соответствия. Узкий и широкий контекст.
- •Раздел 1
- •Раздел 1
- •§1 Определение перевода
- •§2 Словарь и словарные соответствия
- •§3 Узкий и широкий контекст
- •Раздел 2
- •Раздел 2
- •§1 Перевод некоторых категорий слов
- •1.1 Термины
- •1.2 Сложные слова
- •1.3 Неологизмы
- •1.4 Имена собственные и географические названия
- •1.5 Названия организаций, учреждений, компаний и их сокращения
- •1.6 Интернациональные слова. Псевдоинтернациональные слова. Понятие коннотации слова
- •§2 Перевод сложных атрибутивных конструкций
- •§3 Перевод заголовков
- •§ 4 Лексические трансформации в процессе перевода
- •4.1 Дифференциация и конкретизация значений
- •4.2 Генерализация значений
- •4.3 Смысловое или логическое развитие при переводе
- •4.4 Антонимический перевод
- •4.5 Добавления и опущения слов в процессе перевода
- •§ 7 Способы передачи некоторых стилистических особенностей в процессе перевода
- •Раздел 3
- •§ 1 Выбор грамматической конструкции при переводе
- •§ 2 Порядок слов
- •§3 Модальные и вспомогательные глаголы
- •3.1 May (might)
- •3.2 Must
- •3.3 Should
- •3.5 Have to
- •3.6 Can (could)
- •§4 Инфинитив
- •4.1 Инфинитив в различных функциях
- •4.2 Инфинитивные конструкции
- •§ 5 Герундий
- •5.1 Герундий в функции обстоятельства
- •5.3 Герундиальный комплекс
- •§6 Причастие
- •6.1 Причастие в различных функциях
- •6.2 Причастные конструкции
- •6.3 Абсолютная причастная конструкция с предлогом with
- •6.4 Причастие в функции союзов и предлогов
- •§7 Страдательный залог (пассив)
- •§ 8 Оборот it is (was)… who (that, when и т.Д.)
- •§ 9 Служебные слова
- •9.1 Since
- •9.2 While
- •9.5 Once
- •9.6 Well
- •§ 10 Артикль
- •10.1 Определенный артикль
- •10.2 Неопределенный артикль
- •§ 11 Сослагательное наклонение
- •§12 Эллиптические конструкции
- •§ 13 Обзорные упражнения
- •Список использованной литературы
Vocabulary:
case for smth - аргумент в пользу чего-либо
case against smth - аргумент против чего-либо
virtuous circle - взаимодействие положительных факторов
«World Trade»
Topics for discussion
-
International trade is the most obvious manifestation of a globalising world.
-
Free trade is a blessing.
-
So long as each country specialises in products in which it has a comparative advantage, it will gain from trade.
-
Comparative advantage can be created through subsidies and «strategic trade policy».
-
International differences in market regulation, environmental protection and competition policy are often said to make trade «unfair».
-
«Regionalism» poses the greatest threat to free trade.
Part 2 Unit 3
NATIONAL ECONOMIC POLICY AND WORLD INTEGRATION
UNIT 3
NATIONAL ECONOMIC POLICY AND WORLD INTEGRATION
Text A
1. Before reading the text, discuss the following question:
Have the growing international flows of goods, services and money diminished the power of the state?
2. Skim the text to find answers to the following questions:
1. Does the growing world integration reduce the freedom of governments to act?
2 What are the instruments of government involvement in the economy?
3. Read the text and outline the key points.
4. Translate the part “Free to borrow” from English into Russian.
5. Make a précis and an annotation on the text.
Bearing the weight of the market?
Most people in the advanced economies seem willing to accept, most of the time, that economic integration through international flows of trade and finance is a good thing. They acknowledge, for instance, that foreign investment can help poor economies to modernise, and that international competition helps to raise productivity and, at least in the aggregate, incomes as well.
Yet people also recognise the costs, such as unemployment or lower wages, that integration may force on particular groups at certain times. When weighing these costs of globalisation against the benefits, economists typically point to the role of government. Through taxes and public spending, they say, societies can use some of the extra income created by globalisation to cushion the losers. In principle, governments could go further, ensuring that everybody ended up better off. Which is very reassuring - unless it turns out that integration itself reduces the freedom of governments to act.
The view that globalisation makes it harder for governments to govern has come to be widely accepted. The basic idea is simple enough. Globalisation adds to the reach and power of the market: now even governments, not just firms and people, must bow down before the new master of worldwide competition.
A government might want to prohibit dangerous or undesirable working practices, for instance. But if it did, the affected industries might move abroad or shut down, because the new regulation could put domestic firms at a disadvantage in competition with foreign producers. Or suppose the government wants to raise taxes and spending. However popular more public spending may be with voters, the market might well forbid it. In the new global economy, people and firms can flee to other tax jurisdictions rather than paying an onerous tax.
Governments do not even have their former freedom to design their own social policies, the argument continues. The financial markets now sit as judge; if they deem that a new national health-care scheme or a massive education reform will prove too costly, they will punish the country with higher interest rates or a collapsing currency. In this way global market forces not only rule out the kind of compensation to losers that would make globalisation easier to live with, they also seem to challenge democracy itself.
If this thinking were correct, there would be good reason to oppose further globalisation, or to regret that the process has gone as far as it has. But it is not correct. In part it is muddled and in part it is simply wrong.
New thinking
Politicians in rich and poor countries alike, regardless of whether they were of “the left” or “the right”, began calling for lower taxes and public spending, for lighter regulation of industry, for privatisation of state-owned enterprises, and in general for their economies to be given greater “flexibility”.
In other words, governments have freely chosen to give market forces more sway, in the hope that this will raise living standards. It is odd therefore to say that the global economy has seized power from the state - and it is plain wrong to say that democratic rights have been trampled on.
Many would argue, however, that things are not so simple. Having started to liberalise their economies, governments were left with less power than they had expected. And having surrendered more control than they meant to, politicians found they could not go back. As a result, according to this view, globalisation is running out of control.
Governments themselves have done a lot to foster this idea. Nowadays no statement on economic policy is complete, it seems, without a declaration of impotence which says, in effect, “Our plans reflect not what we would like to do, but what the global market requires us to do.” Advancing technology adds to the sense of helplessness. Things that governments could once forbid or restrict -foreign borrowing; imports of computer software; pornography; political ideas - are now far harder to control because modern communications have eroded the boundaries between nations.
It is true that when technology and liberalisation come together, governments can be taken by surprise. Anomalies appear, sometimes requiring further deregulation, at other times requiring new forms of regulation that previously mattered little. It is also true that governments have sometimes done the right things in the wrong order; liberalising cross-border flows of capital without updating regulation of the banking industry, for example, is one of the factors behind the recent series of financial crises in Asia.
Like Topsy
The best and simplest measure of a government’s involvement in the economy is public spending. In rich industrial countries this has followed a persistently upward trend since the latter part of the 19th century.
True, many governments have tried hard to cut their outlays and their budget deficits of late. By and large, however, they have succeeded only in slowing, not reversing, the rate of growth of spending. Where budget deficits have been reduced, this has been done more by raising taxes than by curbing expenditure.
Over the long term, a government’s ability to spend is limited by its ability to raise taxes. In the past 20 years, better international communications and freer movement of capital should have made it easier for taxpayers to avoid high-tax jurisdictions, putting downward pressure on public spending. Why does this appear not to have happened in a significant way?
The answer is partly that taxpayers remain less mobile than one might think. Financial capital, to be sure, now moves instantly from country to country. But once capital has been turned into physical assets such as buildings or equipment, moving it is costly. Governments may grant tax preferences to attract new capital to their countries, but they can continue to tax the profits from physical capital that is already in place.
Labour, in any case, remains far less mobile than capital -rooted by ties of family, culture and language. In recent years, therefore, many governments have reduced their rates of company taxation (as well as granting special concessions for new investment), and have shifted the burden on to people instead. Taxes on wages and salaries have risen. This has more than made up for the fall in revenues due to lower company taxes.
Extremely high rates of personal taxation in many countries, notably in Europe, confirm that people cannot readily escape the clutches of high-spending governments. It is true that competition among governments has changed the structure of personal taxes in many countries, as the extremely high rates paid by the highest-income taxpayers have been cut. So far, however, this has failed to reduce the overall tax burden.
Free to borrow
So much for taxes and spending. What about public borrowing and monetary policy? It is often argued that today’s global market for capital applies a particularly severe discipline in these areas. Again, this is misleading. In the first instance, greater mobility of capital gives governments more freedom of manoeuvre in fiscal policy, not less. By borrowing from abroad, they are able to let their spending exceed their revenues by more and for longer than would be possible if their economies were closed to international finance.
Of course, if they abuse this freedom, capital markets will turn against them, and raise the offenders’ cost of borrowing. But this is only like saying that people who run up too big a bank overdraft will be offered poor terms for further loans. The fact remains that an overdraft facility increases financial freedom, it does not reduce it.
Admittedly, living with financial freedom can be more complicated than living without it. In particular, the extreme mobility of modem financial capital makes monetary policy more difficult to conduct. For instance, it has become difficult for governments to peg their exchange rates indefinitely in the face of adverse circumstances.
The risk of “contagion”, when a crisis in one country leads the market to change its view of prospects in others, is a further complication, as recent events in Asia have emphasised. Nonetheless it remains entirely possible for a government to use monetary policy to steer the domestic economy, provided that it is willing to let its currency float. Today’s global capital market only rules out sooner what has always been impossible in the longer term - namely, treating interest rates and the value of the currency as entirely separate instruments matters. Globalisation has not altered the basic limits: monetary policy can be used to regulate the domestic economy or to regulate the exchange rate, but it cannot successfully accomplish both goals at once.
Finally, what of the argument that the new global economy makes it impossible for governments to mandate social protection, such as minimum-wage laws, rules on working hours, health-and-safety standards in the workplace, and so forth. According to this popular view, if governments grant such protection, they will make their firms uncompetitive and put workers on the dole. Globalisation is thus blamed for a “race to the bottom” in economic regulation.
There is no reason why this should be true. Certainly, social protection does carry economic costs, reducing the amount of output that can be squeezed from any given amount of capital, labour and other resources. This is not to say that social protection is wrong. Citizens may well decide the cost is worth paying. But the cost must be borne. The only question is how.
In an economy closed to flows of trade and finance, the cost will take the form of lower incomes. In an open economy, the same must ultimately be true. This basic logic is the same whether the economy is closed, partially open or globalised. The only difference is that open economies with floating currencies may experience that fall in incomes through currency depreciation - and thus higher prices for consumer goods-while a closed economy will suffer a decline in wages as expressed in the local currency.
The important thing to remember about social-protection rules is simply that, in economics, you rarely get something for nothing. That is the bad news. The good news is that social-protection rules are as feasible, and in the end no more costly, in a globalised economy than they are in a closed economy.
Much the same goes for financial regulation, public spending and macroeconomic policy. Governments, always eager to deflect political pressure, may prefer to justify unpopular decisions by pretending that their hands are tied. In truth, despite all the changes in global markets, they have about as much, or as little, control of their economies as they ever had.