The Economy, Business, and Work in the usa

The typical American, 1990s-style, wears a Japanese watch, drives a Japanese car, and plays videotapes through a Japanese VCR and watches them on a Japanese TV. A slight exaggeration, perhaps, but one with a nagging element of truth. As manufactured goods from Asian countries – particularly Japan – have increasingly overwhelmed American products in world markets, we have become aware of a major new source of economic competition. First Japan, and now Taiwan, Hong Kong, and South Korea have begun to challenge U.S. dominance of international trade, competing successfully with American manufacturers of cars, televisions, computers, electronic equipment, and the like. The USA’s gross national product, while still the largest in the world, is growing at a slower rate than the economies of many of our Asian competitors. Moreover, the USA imports more goods from Asian countries than it exports to them, resulting in a sizeable trade deficit. And Asian countries have moved ahead of the United States in exports to many other parts of the world. Not surprisingly, these and other economic developments will play a vital part in America’s future.

Why are Asian entrepreneurs threatening both our world economic leadership and our domestic economic stability? What social factors have enabled Asian countries to make such dramatic gains in their economic competition with us? The noted American economist Lester Thurow points to a wide range of possible answers, including: 1. cultural differences between Eastern and Western societies, such as a stronger Asian “work ethic”; 2. superior Asian business initiative and organization; and 3. lower wages and generous government subsidies for certain Asian industries. Still another significant factor is the changing structure of the world economy, which makes it difficult for any one country to remain dominant for very long in the face of so many competitors.

None of these answers is definitive, of course, but each points to the fact that no matter how the differences between Asian and American economies are explained, we can see that a nation’s financial status has a social basis. For example, Japan’s success may in part be linked to social homogeneity, a highly competitive educational system, a large proportion of intact families, or any number of other social factors. It is also clear that the state of a country’s economy has social consequences. The weakening American economy, for example, has resulted in unemployment, wage “givebacks” and other labor union concessions, an increasing need for two incomes per family, and a host of social problems related to the increasing scarcity of well-paid factory jobs.

The economy is the social institution that accomplishes the production and distribution of goods and services within a society. From a sociological viewpoint, the economy is a social system comprising social relations of all kinds and profoundly affecting all aspects of social life.

Exercise 7. Choose the right answer.

1. What is growing at a slower rate in America?

a) export;

b) gross national product;

c) competition;

d) dominance.

2. What country has moved ahead of the USA in exports?

a) Japan;

b) Hong Kong;

c) South Korea;

d) Asian countries.

3. How many possible answers did Lester Thurow point?

a) a wide range;

b) 1;

c) 2;

d) 3.

4. What makes difficult for any country to remain dominant for very long?

a) cultural differences;

b) the changing structure of the world economy;

c) superior Asian business initiative and organization;

d) government subsidies for Asian industries.

5. What basis has nation’s financial status?

a) economic;

b) domestic;

c) social;

d) financial.

Exercise 8.Fill in the gaps using the words given below, and translate the sentences into Russian.

marketplace pay lower corporations organization

higher wages dominant economy supply financial

1. Although there are many small and medium-sized companies, big business units play a … role in the American economy.

2. Large companies can … goods and services to a greater number of people, and they frequently operate more efficiently than small ones.

3. In addition, they often can sell their products at … prices because of the large volume and small costs per unit sold.

4. They have an advantage in the … because many consumers are attracted to well-known brand names.

5. In the United States, most large businesses are organized as … .

6. A corporation is a specific legal form of business …, chartered by one of the 50 states and treated under the law like a person.

7. Owners of a corporation also have limited … liability.

8. As distinct legal entities, corporations must … taxes.

9. Large businesses are important to the overall … because they tend to have more financial resources than small firms to conduct research and develop new goods.

10. And they generally offer more varied job opportunities and greater job stability, … , and better health and retirement benefits.

Exercise 9.Match the verbs on the left with the nouns on the right. Make up sentences with the phrases you’ve got.

1. to reduce	a) demand;
2. to come	b) with other corporations;
3. to create	c) competition;
4. to supply	d) a dominant role;
5. to play	e) the business;
6. to have	f) dominant for very long;
7. to enter	g) prices on products;
8. to remain	h)up with new product;
9. to collude	i) an advantage;
10. to cut	j) goods.

WRITING AND COMMUNICATION

Exercise 10.Write an essay on one of the given topics.

1. Business in the USA.

2. Corporations in the USA.

3. Corporations in Russia.