Vocabulary:

emerging markets	развивающиеся рынки
emerging countries	страны с развивающимися рыночными отношениями (часто новые индустриальные страны)
development economics	экономическая теория развития (для развивающихся стран)
a fraction of national income	доля (часть) национального дохода
trait(s)	характерные черты
macroeconomics	макроэкономическая теория
taming hyperinflation	обуздание гиперинфляции

TRANSLATION NOTES:

So what, if anything, is left of the development economics? – (См. часть Ш, раздел 3, § 12)

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. – С одной стороны/несомненно, правительства многих стран всячески старались сократить свои расходы и уменьшить дефицит бюджета, наблюдавшийся в последнее время. Однако в целом им удалось лишь замедлить, а не снизить темп роста государственных расходов.

Здесь наблюдается эллиптическая конструкция, подразумевающая противопоставление: « с одной стороны… с другой стороны…»

But once capital has been formed into physical assets… – Но раз уж… ( Но как только…) (См. часть Ш, раздел 3, § 9)

Text D

1. Translate the text.

2. Make a précis and an annotation on the text. Globalisation and tax

The mystery of the vanishing taxpayer

Globalisation, accelerated by the Internet, is exposing serious flaws in the world’s tax systems. So will we all be paying less tax in future?

Like the boy who cried “wolf”, governments have raised the alarm about globalisation so often that their credibility is in doubt. For all the talk of footloose capital heading for low-tax countries, starting a “race to the bottom” in which governments, slash taxes and services to lure global business, the taxman’s cut of world income is larger today than it has ever been. Yet in the story the wolf eventually did attack the sheep, and the boy’s shouts for help went unheeded. Is the same thing about to happen to the world’s governments?

It does not help that globalisation can mean many things to many people, but a minimum definition would probably include a diminishing role for national borders and the gradual fusing separate national borders and the gradual fusing of separate national markets into a single global marketplace. The term “globalisation” was probably first coined in 1980^s, but the idea has been around for a long time. Indeed, by some measures the world was more globalised a century ago than it is now: certainly people were far likelier to emigrate to find work. After an anti-trade backlash in the 1920^s and 30^s, globalisation has been accelerating during the past three decades. And thanks to innovations in communications and transport that let people and capital travel at great speed, it is now moving into a different gear altogether.

As globalisation ebbed and flowed, the taxman’s share of economic output went relentlessly up, despite warnings from politicians that globalisation would make it harder for governments to collect taxes and thus to provide public services. But now a new factor has entered the equation: the Internet. It epitomizes borderlessness, and the irrelevance of being in a particular physical location. By being everywhere at once, it seems certain to speed up globalisation. And in doing so, according to the Organisation for Economic Cooperation and Development, it might damage tax systems so badly that it could “lead to governments being unable to meet legitimate demands of their citizens for public services”.