15.4. Translation Practice:

1.

Globalization is an inevitable phenomenon in human history that’s been bringing the world closer through the exchange of goods and products, information, knowledge and culture. But over the last few decades, the pace of this global integration has become much faster and more dramatic because of unprecedented advancements in technology, communications, science, transport and industry.

2.

Covering a wide range of distinct political, economic, and cultural trends, the term “globalization” has quickly become one of the most fashionable buzzwords of contemporary political and academic debate.

3.

In popular discourse, “globalization” often functions as little more than a synonym for one or more of the following phenomena: the pursuit of classical liberal (or “free market”) policies in the world economy (“economic liberalization”); the growing dominance of western (or even American) forms of political, economic, and cultural life (“westernization” or “Americanization”); the proliferation of new information technologies (the “Internet Revolution”) as well as the notion that humanity stands at the threshold of realizing one single unified community in which major sources of social conflict have vanished (“global integration”).

4.

In 2000, the International Monetary Fund (IMF) identified four basic aspects of globalization: (1) trade and transactions; (2) capital and investment movements; (3) migration and movement of people and (4) dissemination of knowledge. Further, environmental challenges such as climate change, cross-boundary water and air pollution, and over-fishing of the ocean are linked with globalization.

5.

Two macrofactors seem to underlie the trend toward greater globalization. The first is the decline in barriers to the free flow of goods, services, and capital that has occurred since the end of World War II. The second factor is technological change, par­ticularly the dramatic developments in recent years in communication, information processing, and transportation technologies.

6.

During the 1920s and 30s, many nations erected formidable barriers to international trade and foreign direct investment. International trade occurs when a firm ex­ports goods or services to consumers in another country. Foreign direct invest­ment occurs when a firm invests resources in business activities outside its home country. Many of the barriers to international trade took the form of high tariffs on imports of manufactured goods.

7.

Some economists have described globalization as a fast train for which countries need to “build a platform” to get on. This platform is about creating a foundation to make sure the country functions well. It includes property rights and rule of law, basic education and health, and reliable infrastructure (such as ports, roads, and customs administration).

8.

When people criticize the effects of globalization, they generally refer to economic integration. Economic integration occurs when countries lower barriers such as import tariffs and open their economies up to investment and trade with the rest of the world. These critics complain that inequalities in the current global trading system hurt developing countries at the expense of developed countries.

9.

Even supporters of globalization agree that the benefits of globalization are not without risks – such as those arising from volatile capital movements. The IMF works to help economies manage or reduce these risks, through economic analysis and policy advice and through technical assistance in areas such as macroeconomic policy, financial sector sustainability, and the exchange-rate system.

10.

International organizations, such as the World Bank, bilateral aid agencies and nongovernmental organizations, work with developing countries to establish this foundation to help them prepare for global integration.