Обучение навыкам разговорной речи на английском языке. Страноведение США (120

•Providing financial services to depository institutions, the US government, and foreign official institutions, including playing a major role in operating the nation’s payments system.

The US Federal Reserve is a quasi-public corporation. It is generally regarded as one of the most independent central banks. Since the System was designed to be independent whilst also remaining within the government of the US, it is often said to be ‘independent within the government’ as it has the authority to act on its own without prior approval from Congress or the President. The members of its Board of Governors are appointed for long terms, limiting the influence of day-to-day political considerations.

The structure of the central banking system in the US is unique compared to others in the world, in that an entity outside of the Fed creates the currency. This other entity is the US Department of the Treasury, which also keeps a checking account with the Federal Reserve, through which incoming federal tax deposits and outgoing government payments are handled. The Fed sells US government securities such as savings bonds and Treasury bills, notes and bonds. It also issues the nation’s coin and paper currency. The US Treasury actually produces the nation’s cash supply and, in effect, sells it to the Federal Reserve Banks at manufacturing cost.

According to the Federal Reserve, there are presently five different parts of the Fed:

•The presidentially appointed Board of Governors of the Federal Reserve System, a governmental agency in Washington, D.C.

•The Federal Open Market Committee (FOMC), which oversees Open Market Operations, the principal tool of national monetary policy.

•Twelve regional privately-owned Federal Reserve Banks located in major cities throughout the nation, which divide the nation into 12 districts, acting as fiscal agents for the US Treasury, each with its own nine-member board of directors.

•Numerous other private US member banks, which subscribe to required amounts of non-transferable stock in their regional Federal Reserve Banks.

•Various advisory councils.

The function of the Fed is to strengthen US standing in the world economy by supervising and regulating banking institutions, managing

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the nation’s money supply through monetary policy to achieve maximum employment and stable prices and to prevent either inflation or deflation.

There are three main tools of monetary policy that the Federal Reserve uses to influence the amount of reserves in private banks: open market operations, discount rate and reserve requirements.

The consumer price index (CPI) is used as a measure of the value of money. It is defined as a measure of the average price level of a fixed basket of goods and services. The change in the consumer price index over time should be as small as possible. The unemployment rate is used as a barometer of the nation’s economic health and thus as a measure of economic policy success.

One of the keys to understanding the Federal reserve is its balance sheet (or balance statement) which is published by the Board of Governors.

The specific aims of financial regulators include prosecuting market misconduct, licensing providers of financial services, protecting clients and maintaining confidence in the financial system. This may be handled by either government or non-government organizations. In a short listing of regulatory authorities we can find SEC (US Securities and Exchange Commission), FDIC (Federal Deposit Insurance Corporation) and others.

Assignments to the text

1. Context and topical questions.

1.State the main purpose of a financial system.

2.Specify the ways how funds are supplied to ultimate borrowers.

3.Give three main reasons for importance of the financial structure.

4.Explain the idea of financial liberalization.

5.Specify the functions of the US Federal Reserve.

6.Speak on the institutions which protect credit rights of consumers.

7.Comment on the phrase ‘independent within the government’.

8.Comment on the entity which produces the nation’s cash supply in the US.

9.Specify the main tools of monetary policy.

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10.Refer to the term ‘consumer price index’.

11.Comment on the structure of the US Federal Reserve.

2. Scan the text and summarize it.

The New York Stock Exchange

The New York Stock Exchange (NYSE) is an equity (stock) exchange located at 11, Wall Street in New York. It is the largest stock exchange in the world by dollar value of its listed companies’ securities.

The origin of the NYSE can be traced to 1792. Now the NYSE is operated by NYSE Euronext, which was formed when NYSE Group merged with Euronext in 2007. The company operates the world’s most liquid exchange group, with nearly 4,000 listed companies, which represent a total market capitalization of approximately $30.5 trillion. The NYSE consists of hundreds of member firms which must meet high standards. The regulatory requirements to investor protection are also high.

The NYSE differs from other exchanges, its so called open outcry system is an auction market where specialists match buy and sell orders at the best possible price.

The most confusing parts of the stock market are the terms used to describe it. The motion of the market is usually defined in terms of bull and bear markets; the motion is extremely important in making investment decisions. The terms of bear and bull are used to actually define the real motion of the market, however, investors also use them to refer to how they ‘feel’ the stock market is performing. A bull market is when the market is increasing, the stock prices are growing over an extended period of time (like being pushed up by the horns of an attacking bull). In a bull market investors should buy up stock options they are interested in as the bull market starts and then sell just before the prices being to fall again. The tricky thing is in predicting this moment. A bear market refers to when the stock prices fall. Investors usually lose money in the bear market.

There are a number of Indexes created to reflect the value of stocks traded at the exchange. The Dow Jones Industrial Average — a price-

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weighted average of 30 significant stocks, like General Electric, Disney, Exxon and Microsoft. Standard&Poor’s 500 Index — S&P 500 — of 500 stocks chosen for market size, liquidity and industry grouping.

The NYSE Composite Index (NYSE:NYA) created in 1965 covers over 2,000 stocks of which approximately 1600 are US corporations and more than 360 are foreign listings.

3. Render the text into English.

Фондовый рынок

Фондовый рынок — это публичный рынок для торговли акциями фирм и производными ценными бумагами по согласованной цене.

В США важнейшим фондовым рынком является Нью-йоркская фондовая биржа. Она является физически существующей площадкой, куда через членов биржи поступают (биржевые) приказы. Когда сделка совершена, о подробностях сообщается на «ленте», а также в брокерскую фирму, которая затем извещает инвестора, отдавшего это распоряжение.

NASDAQ является виртуальной биржей для котируемых ценных бумаг, на которой все торги совершаются в компьютерной сети. Процесс торговли аналогичен тому, который происходит на Нью-йоркской бирже. Однако пара покупатель — продавец подбирается в электронной среде.

Несколько десятилетий назад покупателями и продавцами были индивидуальные инвесторы, такие, как обеспеченные бизнесмены. Со временем рынки стали более «институционализированными», т. е. покупателями и продавцами являются в основном организации, например, пенсионные фонды, страховые компании, взаимные инвестиционные фонды, индексные фонды, хеджевые фонды, инвестиционные группы, банки и другиефинансовые организации.

Фондовый рынок является для компаний одним из наиболее важных источников получения денег.

История показывает, что цена акций и других активов является важной частью динамики экономической активности и что она может влиять на общественные настроения или быть их индикатором. Биржевой рынок практически часто рассматривают как пер-

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вичный индикатор экономического развития и мощи страны. Поэтому Федеральная резервная система постоянно следит за работой биржевого рынка в целях обеспечения спокойного функционирования финансовой системы. Движение цен на рынке или на каком-либо сегменте рынка фиксируется индексами цен, которые называются биржевыми индексами.

Unit 4

EDUCATION IN THE US

The Educational Ladder

Educational institutions in the US reflect the nation’s basic values especially the ideal of equality of opportunities.

In 1825, when Americans established their basic system of public schools, they reaffirmed the principle of equality by making schools open to all classes of Americans. By 1880 free public elementary schools (grades 1–8) were firmly established and during the next century public schools were expanded to include secondary or high schools (grades 9–12) and colleges and universities.

Americans view their public school system as an educational ladder, rising from elementary school to college undergraduate and graduate programs. The abilities of the individuals, rather than their social class background, are expected to determine how high each person will get. But the educational ladder does not, however, achieve complete equality of opportunities. There have always been private schools at all levels. Tuition expenses are much lower at public universities than those at private ones. For some elitist colleges such as Harvard, Yale, Princeton, Stanford and Columbia applications usually far exceed the number of students who are accepted.

Approximately one-fourth of all college and university students attend private institutions. The rest study at state or municipal, publicly financed colleges and universities.

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Colleges and Universities

Today more than 60 percent of graduates attend over 2500 colleges and universities. High school graduates may enter a junior college, a technical institution, a 4-year college or university, or a professional school.

A junior college normally offers the first 2 years of a standard 4-year college program and a broad selection of terminal vocational courses. A technical institute offers technical training not leading to a bachelor’s degree. Only the four-year programs of a college study lead to a bachelor’s degree. College students are called undergraduates and their four years of study are divided into the freshman, sophomore, junior and senior years. In most colleges the first two years are designed to provide a broad general education and during this time the college student is required to take courses in general areas of study, such as English, science, foreign languages and social science. By the junior year the student begins to major in one particular field of study or discipline.

Some institutions of higher education offer only the four-year college program. A university offers graduate (post-college) programs. Graduate degrees are granted by graduate schools, which offer oneor two-year programs leading to a master’s degree (M.A.), while the degree of Doctor of Philosophy (Ph.D.) requires a minimum of 5 or 4 years.

Candidates for a Ph.D. must meet certain course requirements in their field, pass written and oral examinations, and present a written dissertation based on original research. Some universities offer postdoctoral programs.

Many universities also have what are called professional schools for study in such fields as law, medicine, engineering, architecture, business. Professional schools differ widely in requirements for admission and in length of programs. Medical students, for example, must complete at least 3 years of premedical studies at a college or university before they can enter the 4-year program at a medical school. Engineering students, on the other hand, can enter an engineering school immediately upon completion of a secondary school program, various disciplines or fields of study are organized by departments.

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Assignments to the text

1.Speak on the American ideal of equality of opportunities.

2.Compare private and public universities in the U.S.

3.Comment on the program for a bachelor’s degree.

4.Refer to the degrees granted by universities

2. Read the text then answer these questions.

1.What do MIT and BMSTU have in common?

2.What is different in their approaches to education?

3.State the purpose of the academic program at MIT.

4.Specify the subjects in the first year of study.

5.Refer to the history of MIT.

The Massachusetts Institute of Technology

The Massachusetts Institute of Technology (MIT) opened its doors to admit students in 1865. The MIT is in Cambridge, Massachusetts, it is an independent, coeducational, private institution.

It is organized into five schools and the Witaker college of Health Sciences, Technology and Management. Within these schools are 22 academic departments as well as many interdepartmental laboratories, centers and divisions. The various schools are: School of Architecture and Planning, School of Engineering, School of Humanities and Social Science, Sloan School of Management, School of Science.

The total enrollment is nearly 10,000 almost evenly divided between undergraduate students and graduate students.

MIT students come from all 50 states of the USA and 97 foreign countries.

The MIT faculty numbers approximately 1000, with a total teaching staff about 1900. Most faculty at MIT teach both graduate and undergraduate students. All graduate students and many undergraduate students participate in research.

Organization of the Institute

The Institute’s board of trustees (the corporation) includes approximately 75 distinguished leaders of science, engineering,

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industry and education and also the President, Treasurer and Secretary of the Corporation.

The 22 academic departments are under the leadership of department heads. Educational policy for the Institute is determined by the faculty. The MIT faculty meets monthly.

The major undergraduate governmental body is the MIT Undergraduate Association.

Graduate Student Council represents all graduate students.

Academic Calendar

The academic calendar provides a framework for educational programs and cultural events and influences the patterns of campus life.

The fall term starts in September and ends before Christmas. Christmas vacation begins on December 19 through January 4.

The spring term starts the first full week in February and ends in mid-May.

The time during the January Independent activities Period (JAP) may be devoted to research, study, travel, relaxation, or investigation of new areas of interest. JAP is part of the academic program of the Institute. The JAP is followed by vacation (January 28 through January 31).

Academic Program

The purpose of the academic program at MIT is to give students a sound knowledge of basic principles, perspective concerning natural and social phenomena, the habit of continued learning,

Degrees are awarded on the basis of satisfactory completion of requirements in each program.

Undergraduate Courses at MIT lead to the Degree of Bachelor of Science Graduate degrees include Master of Science, Master of Architecture, Engineer, Doctor of Philosophy and Doctor of Science.

MIT students base their studies on a core of subjects in science, mathematics and the humanities, arts and social sciences and then go on to major in the fields of their choice, in the physical and life sciences, in management, in architecture or in an area in the humanities or social sciences.

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A typical program for the first year includes two terms of physics, two terms of calculus, one term of chemistry, plus one or more elective subjects. All those subjects are graded on a pass / no record basis.

In the third and the fourth years students concentrate on the departmental program that they selected as their major course of study.

3. Scan the text and summarize it.

Harvard University

Harvard University, which celebrated its 350th anniversary in 1986, is the oldest institution of higher learning in the US. Founded 16 years after the arrival of the Pilgrims at Plymouth, the University has grown from nine students with a single master to an enrollment of more than 18,000 degree candidates, including undergraduates and students in 10 principal academic units. An additional 13,000 students are enrolled in one or more courses in the Harvard Extension School.

Harvard University (incorporated as The President and Fellows of Harvard College) is a private university located in Cambridge, Massachusetts and a member of the Ivy League. Harvard College was named for its first benefactor, John Harvard of Charlestown, a young minister who left his library and half his estate to the new institution.

Harvard is consistently ranked at the top as a leading academic institution in the world. Seven presidents of the US: J. Adams, J.Q. Adams, Theodore and Franklin Roosevelt, R.B. Hayes, John Fitzgerald Kennedy and G.W. Bush — were graduates of Harvard. Its faculty have produced more than 40 Nobel laureates.

Harvard is governed by two boards, one of which is the President and Fellows of Harvard College, also known as the Harvard Corporation, and the other is the Harvard Board of Overseers. The President of Harvard University is the day-to-day administrator of Harvard and is appointed by the Harvard Corporation.

Harvard’s principal academic units are:

1)Faculty of Arts and Sciences;

2)Business School;

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3)Design School;

4)Divinity School;

5)Graduate School of Education;

6)John F. Kennedy School of Government;

7)Law School;

8)Faculty of Medicine includes: Medical School, School of Dental Medicine.

Harvard has a friendly rivalry with the Massachusetts Institute of Technology. Today, the two schools cooperate as much as they compete, with many joint conferences and programs, including the Harvard-MIT Division of Health Sciences and Technology, the Broad Institute, the Harvard-MIT Data Center and the Dibner Institute for the History of Science and Technology. In addition, students at the two schools can cross-register in undergraduate or graduate classes without any additional fees, for credits toward their own school’s degrees.

4. Render the text into English

Отделение непрерывного образования Гарвардского университета

Факультет гуманитарных и естественных наук имеет четыре крупных подразделения непрерывного образования, это — Гарвардская летняя школа, Гарвардская вечерняя школа, Гарвардский институт английского языка и Гарвардский институт для людей пенсионного возраста.

Летняя школа была основана в 1871 году и является старейшим в США учреждением такого типа. Каждое лето в школу зачисляют без экзаменов более пяти тысяч студентов всех возрастов со всей страны и из-за рубежа. Обучение ведут преподаватели из Гарвардского и других университетов по почти 200 предметам в течение восьми недель в дневное и вечернее время. Программа курсов соответствует первым курсам колледжа.

Вечерняя школа была основана в 1909 году для жителей Бостона и его окрестностей. С тех пор характер школы не изменился: это — свободное зачисление, совместное обучение учащихся всех возрастов, умеренная плата за обучение. Целью студентов является развитие личности, возможность карьерного роста, получение

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