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Globalization.docx
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I. Vocabulary

A. Translate the following words and word combinations into Russian:

Efficacy; to result in poverty scenarios; to promote steady growth; to stabilize exchange rates; to facilitate currency exchange; to worsen standards; to fund rebuilding; to exacerbate smth; to devastate ecology; indigenous communities; to focus on monetary and fiscal issues; to address inflation; market liberalization; to loan money; in return for smth; begging-Finance ministers; attendant effects; dumpling of products; to flood markets; for one; to take off; to get rid of smb/smth; to condition smth; running costs of; interest rates; paper money profit; stagnation; the cut in government expenditure; to harm the welfare; to shelter products;

B. Find in the text English equivalents for:

подвергаться серьезной критике; предоставлять безусловные займы (займы без каких-либо условий); сокращать пакет социальных гарантий; агрессивные (рисковые) сделки с развивающимися государствами; кризис выплаты долговых обязательств; программы по стабилизации (например, экономики); проблемы платежного баланса; сокращение государственных расходов; товарная культура; слаборазвитая с экономической точки зрения страна; молодая (неокрепшая) отрасль промышленности; нехватка частного капитала; спекулятивные инвестиции; производственная мощность (продуктивность); обесценивание валюты; твердая цена в иностранной валюте; захватывать внешние рынки; иностранная валюта;

II. Answer the questions:

  1. Why are the IMF and the World Bank criticized?

  2. When were the IMF and the World Bank created?

  3. What was the original purpose of creating the IMF?

  4. What do policies of these financial institutions lead to?

  5. Why was the World Bank established?

  6. Did the focus of the World Bank’s activity remain unchanged?

  7. Do the adjustment programs of the IMF and the World Bank differ?

  8. What counties exercise control over the IMF and the World Bank?

  9. How does this tell on their activity?

  10. What are the after-effects of trade liberalization for under-developed countries?

  11. What is the impact of high interest rates?

  12. Do cuts in government expenditure play a positive role?

  13. In what way can devaluation of currency influence economy?

III. Comment on the following quotations:

  • I don't think anyone sets out to malign poor people but certainly that's what we do through organizations such as the World Trade Organization, the World Bank and the International Monetary Fund. (Bob Geldof)

  • My sense is that the IMF does not have a proper modus operandi for the current conditions in the world. They misjudge rhetorically. They misjudge tactically. They misunderstand the dangers of financial panic, and the results are terrible. (Jeffrey Sachs)

  • One should not assume that going to the IMF is a magic potion that will solve all your problems. (Joydeep Mukherji)

  • Information and communication technology can play a critical role in making aid and development programs more effective. The World Bank's continued support and partnership is helping us bring new tools to governments and development professionals worldwide. (Mark Feeton)

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