Тема: Проблемы капитализма

Паника, депрессия, рецессия.

Study the words and the word-combinations.

acute [ǝ'kju:t] - острый;

anticipation [æntɪsɪ'peɪ∫ǝn] - ожидание;

convulsion [kǝn'vʌl∫ǝn] - потрясение;

decline [dɪ'klaɪn] - спад;

cycle ['saɪkǝl] - цикл;

shortage ['∫ɔ:tɪdʒ] - нехватка;

bubble ['bʌbl] - дутое предприятие;

prelude ['prelju:d] - прелюдия;

extend - простираться;

extend - простираться;

capital goods - средства производства;

default [dɪ'fɔ:lt] - невыполнение обязательств;

outcome - результат;

economic expansion - экономический рост;

rock - трясти;

shatter – разрушать;

depression - депрессия;

recession / decline - спад, рецессия;

cessation [se'seɪ∫ǝn] - прекращение;

minor ['maɪnǝ] - незначительный;

contraction - сокращение;

cycle ['saɪkǝl] - цикл;

downward trend ['daunwǝd trend] - тенденция к понижению;

household – семья; домашнее хозяйство;

inventories ['ɪnvǝntrɪz] - материально-производственные запасы;

draw on - пользоваться;

extent [ɪks'tent] - размер;

extend – предоставлять;

reverse [rɪ'vǝ:s] - поворачивать в противоположном направлении;

excess - дополнительный

I. Read and translate the text.

Panic – in economics, acute financial disturbance, such as widespread bank failures, feverish stock speculation followed by a market crash, or a climate of fear caused by economic crisis or the anticipation of such crisis. The term is applied only to the violent stage of financial convulsion and does not extend to the whole period of a decline in the business cycle. Until the 19th century, economic fluctuations were largely connected with shortages of goods, market expansion, and speculation, as in the incident known as the South Sea Bubble (1720), when stock speculation reached panic proportions in both France and England. Panics in the industrialized societies of the 19th and 20th centuries, however, have reflected the increasing complexity of advanced economies and the changed character of their instability. A financial panic has quite often been a prelude to a crisis that extended beyond commercial activities into sectors of consumption and capital goods. The Panic of 1857 in the United States, for example, was the outcome of the railroads' defaulting on their bonds, hence the decline in the value of rail securities. The Panic’s effects were complex, including not only the closing of many banks but also a sharp increase in unemployment in the United States and a money-market panic on the European continent. The Panic of 1873, which began with financial crises in Vienna in June and in New York City in September, marked the end of the long-term economic expansion in the world economy that had begun in the late 1840s. The greatest panic, however, was the crisis in 1929, which rocked the U.S. economy, shattered world economic relations, and brought about the Great Depression.

II. Agree or disagree with the following statements.

1) Business cycle is periodic fluctuation in the rate of economic activity, as measured by the levels of employment, prices, and production. 2) Panic is a sudden strong feeling of fear or nervousness that makes you unable to think clearly or behave sensibly. 3) Expansion is the act or process of making a company or business larger by opening new shops and factories. 4) Bubble is something that lacks firmness or reality.

III. Translate the following words and phrases from Russian into English.

Простираться; по ту сторону коммерческой деятельности; потребление; средства производства; невыполнение обязательств по погашению облигаций; получающийся в результате спад; стоимость ценных бумаг; денежный рынок; острые финансовые беспорядки; широко распространенный; банкротство банка; лихорадочная спекуляция акциями; крах фондовой биржи; экономический кризис; ожидание; интенсивная стадия; финансовое потрясение; экономические колебания; в значительной степени; дефицит товаров; расширение границ рынка; дутое предприятие; страны с передовой экономикой; цикл деловой активности; спад; экономический рост.

IV. Translate the following statements from Russian into English.

1) Цикл деловой активности – это попеременное усиление или ослабление деловой активности. 2) Паника – это внезапный страх крушения национальной экономики. 3) Следствиями паники являются массовое изъятие банковских вкладов и массовые продажи акций. 4) Расширение границ рынка – это попытка фирмы увеличить сбыт за счет внедрения существующих товаров на новые рынки. 5) Дутое предприятие – это неустойчивое, не имевшее успеха и потерпевшее крах предприятие.

V. Complete the following statements. Retell the text “Panic”.

1) Panic in economics is … 2) The term “panic” is applied to … 3) Until … economic fluctuations were … 4) Panics in … reflected … 5) A financial panic has been a prelude to … 6) The Panic of 1857 was the outcome of … 7) The Panic of 1857 included … 8) The Panic of 1873 began with … 9) The Panic of 1873 marked … 10) The greatest panic was … 11) The greatest panic rocked … shattered … and brought …

VI. Read and translate the text.