Практикум по развитию навыков устной речи на английском языке

considered valid. Non-payment of external debt were considered to be unacceptable for Russia, albeit with a dynamically variable power.

The uniqueness of the 1998 crisis in world history.

The default of 1998 was unexpected for Western investors, who are guided by the principle of «Russia is a big, she will not fall.» However, history knows of defaults in much wealthier countries, such as France. Directly before the crisis, on July 13, the international Monetary Fund has allocated Russia's emergency loan to twenty-two billion us dollars. However, the charges to the budget would not even cover the interest payments on the public debt.

Feature of the crisis was the fact that in the history of the world does not yet been cases, when the state declares a default on domestic debt, which in the national currency. In the case of Russia it was declared a default on GKO, profitability on which directly before the crisis reached a hundred and forty per cent per annum. The usual practice in other countries was the fact that the state began to print money and by devaluation of the national currency made repayment of the debt. Investors, who invest in the GKO market, would expect that such a scenario of events.

Foreign investors entered into negotiations with the Russian government, however, payments on GKO amounted to a tiny amount of about one percent of the amount of the debt.

The devaluation of the currency led to a significant lowering of the import and strengthening of export. The Russian enterprises carrying costs in rubles and exporting of goods, became competitive. The strengthening of the rouble's treal exchange rate has been for seven years until 2005, when the rate reached the level of 1997.

According to Russian economist, President of Institute of energy policy W.S. Milov, despite the negative impact on the welfare of the population, in the end, the crisis played a favourable role in the economic development of the country due to, first of all, the strengthening of budget discipline in the post default years.

Vocabulary:

Undermining – подрыв, раскол

Trinity – троица

Unattainability – недостижимость

Curbе – сдерживать

Answer the questions:

1.What were the main reasons for default in Russia?

2.Name the effects which the default had.

3.What caused the crisis from the point of view of international economics?

General understanding:

1.How was the default developing during 1998?

2.Why did the default have positive and negative sides?

41

Text 19

Read and discuss the text

The economy of Russia.

The economy of Russia is the ninth largest economy in the world by nominal value and the sixth largest by purchasing power parity (PPP). Russian economy is today considered by IMF and World Bank a developing one. Russia has an abundance of natural gas, oil, coal, and precious metals. Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy to a more market-based and globally integrated economy. Economic reforms in the 1990s privatized many sectors of the industry and agriculture, with notable exceptions in the energy and defense-related sectors. Nonetheless, the rapid privatization process, including a much criticized "loans-for-shares" scheme that turned over major stateowned firms to politically connected "oligarchs", has left equity ownership highly concentrated. As of 2011, Russia's capital, Moscow, now has the highest billionaire population of any city in the world.

In late 2008 and early 2009, Russia experienced the first recession after 10 years of experiencing a rising economy, until the stable growth resumed in late 2009 and 2010. Despite the deep but brief recession, the economy has not been as seriously affected by the global financial crisis, largely because of the integration of short-term macroeconomic policies that helped the economy survive.

In 2011 Russia’s gross domestic product grew by 4.2 percent, the world’s third highest growth rate among leading economies. The government expects it to grow 3.7 percent in 2012. "Following a 4.2 percent growth in 2011, we think the slowdown will lead to GDP growth of about 3.5 percent for the full year," S&P Chief Economist for Europe Jean-Michel Six said in a statement. Russian GDP growth for the first half of 2012 was 4.4%. It slowed at 3.8% in the month of September.

Vocabulary:

purchasing power parity – паритет покупательной силы валют integrated economy – интегрированная экономика

recession – спад

Answer the questions:

1.What natural resources does Russia have?

2.What place does Russia take in the world’s economy?

General understanding:

1.Give the information about the economic reforms in 1990s.

2.What happened in 2008 and 2009 in economic situation in Russia?

3.Describe the position of Russia in the world’s economy now.

42

Text 20

Read and discuss the text.

International trade.

International trade is the exchange of capital, goods, and services across international borders or territories. In most countries, such trade represents a significant share of gross domestic product (GDP). While international trade has been present throughout much of history (see Silk Road, Amber Road), its economic, social, and political importance has been on the rise in recent centuries.

Industrialization, advanced transportation, globalization, multinational corporations, and outsourcing are all having a major impact on the international trade system. Increasing international trade is crucial to the continuance of globalization. Without international trade, nations would be limited to the goods and services produced within their own borders.

International trade is, in principle, not different from domestic trade as the motivation and the behavior of parties involved in a trade do not change fundamentally regardless of whether trade is across a border or not. The main difference is that international trade is typically more costly than domestic trade. The reason is that a border typically imposes additional costs such as tariffs time costs due to border delays and costs associated with country differences such as language, the legal system or culture.

Another difference between domestic and international trade is that factors of production such as capital and labor are typically more mobile within a country than across countries. Thus international trade is mostly restricted to trade in goods and services, and only to a lesser extent to trade in capital, labor or other factors of production. Trade in goods and services can serve as a substitute for trade in factors of production.

Instead of importing a factor of production, a country can import goods that make intensive use of that factor of production and thus embody it. An example is the import of labor-intensive goods by the United States from China. Instead of importing Chinese labor, the United States imports goods that were produced with Chinese labor. One report in 2010 suggested that international trade was increased when a country hosted a network of immigrants, but the trade effect was weakened when the immigrants became assimilated into their new country.

International trade is also a branch of economics, which, together with international finance, forms the larger branch of international economics.

43

Vocabulary:

Outsourcing – аутсорсинг (передача независимому подрядчику некоторых бизнес – функций или частей бизнес-процесса предприятия)

Share – акция, доля Continuance – длительность

Answer the questions:

1.What is international trade?

2.What can serve as a substitute for trade in factors of production

General understanding:

1.Name the differences between international trade from domestic one.

2.Give the examples of international trade.

44

ИСПОЛЬЗОВАННАЯ ЛИТЕРАТУРА

1.Коваленко П. И., Агабекян И. А. Английский язык для экономистов. Издательство «Феникс», Ростов-на-Дону, 2001.

2.Голованев В.В. Английский для экономистов.

Учебное пособие для студентов ВУЗов.-Минск «ТетраСистемс», 2005.

3. Малюга Е.Н. Английский для экономистов.

Москва, Санкт-Петербург, Нижний Новгород, Воронеж, Ростов-на -Дону, Екатеринбург, Самара, Киев, Харьков, Минск. 2005.

http://www.factmonster.com/encyclopedia/history/great-depression.html http://www.economywatch.com/world_economy/united-kingdom/ http://yqyq.net/87599-Finansovye_piramidy.html http://ezinearticles.com

http://study-english.info http://en.wikipedia.org

45

Анна Юрьевна Новикова

ПРАКТИКУМ ПО РАЗВИТИЮ НАВЫКОВ УСТНОЙ РЕЧИ НА АНГЛИЙСКОМ ЯЗЫКЕ

Для экономических специальностей

Редактор: М.С. Жаравина Корректор: И.А. Загороднова

Подписано в печать 30.05.2013г.

Формат бумаги 60х84/16, отпечатано на ризографе, шрифт №10, изд. л. 2,9 заказ № 51, тираж 30. СибГУТИ

630102, Новосибирск, ул. Кирова,86

46