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Файл:English of Global Economics. Учебное пособие
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Trade has become an integral part of world economies. World
exports have increased from $1.3 trillion in 1970 to $4.3 trillion
in 1995, in constant dollars. And globalization may be about to
move up to a new level. It has been estimated that the value of
the world economy that is globally contestable, which is to say
open to global competitors in product, service, or asset ownership
markets, will rise from about $4 trillion in 1995 (approximately
a seventh of the world’s output) to more than $21 trillion by
2000 (about half of world output). This growth will be driven
by global capital markets, reduced economic and trade barriers,
and perhaps technological change, which makes it easier to locate
enterprises and sell products and services almost anywhere.
It is now a competitive requirement that businesses invest all
over the globe to access markets, technology and talent. Foreign
direct investment (FDI) data are a clear indicator of the trend
toward globalization. FDI includes corporate activities such as
businesses, building plants or subsidiaries in foreign countries, and
buying controlling stakes or shares in foreign companies. Financial
markets are said to be more volatile as money moves across
borders with a mere computer keystroke
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List of Words
I
economy экономика
the New Economy новая экономика
a knowledge and idea-based economy экономика, основанная
на знаниях и творческих идеях
a high-tech, services and office economy экономика передо
вых технологий, услуг и офисов
a standard of living (a living standard) уровень жизни
innovation инновация, нововведение, новшество, новаторство,
рационализация
to innovate вводить новшества, рационализировать
innovative [!inou!veitiv] инновационный, новаторский, рациона
лизаторский
innovative ideas творческие (новаторские, инновационные)
идеи
innovativeness инновационность, новаторство
innovator новатор, рационализатор
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THE NEW ECONOMY
embedded встроенный, внедр¸нный
customization кастомизация или индивидуализация (изготовле
ние продукции по индивидуальному заказу согласно требо
ваниям клиента, не на массовой основе)
custommade сделанный по индивидуальному заказу
customize индивидуализировать (производство или изделия)
customized production производство по индивидуальным заказам
customer service обслуживание покупателей
a mix 1. структура, состав 2. ассортимент, номенклатура (то
варов)
an occupational mix структура занятости
a product mix ассортимент изделий
à knowledge-based job работа, требующая определ¸нных знаний
net total employment чистый прирост общей занятости
to bifurcate [!baif
a bifurcating trend раздвоенная тенденция, тенденция к раздво
åíèþ
an associates degree степень ассистента (присваивается после
окончания двухгодичного колледжа)
training обучение, подготовка
moderate-term training среднесрочный курс обучения
short-term training краткосрочный курс обучения
vocational training профессиональная подготовка
numerical числовой
cashier [k
janitor уборщик, дворник, сторож
to churn (out) производить в большом количестве
predictability предсказуемость
insecurity необеспеченность (работой, продуктами и т.п.)
security обеспеченность (работой, продуктами и т.п.)
turbulence бурное развитие
a driver движущая сила
to go out of business 1. уйти из бизнеса, оставить бизнес 2. обан
кротиться
to downsize уменьшаться в размере
downsizing даунсайзинг, уменьшение в размере, сокращение
f lux 1. течение, поток, движение 2. постоянное изменение
!ʃiə] кассир
a constant churning of job creation and destruction постоянное
создание и ликвидация рабочих мест
job insecurity необеспеченность работой (занятостью)
job security обеспеченность работой
a major driver основная движущая сила
to be in f lux постоянно изменяться
ə:keit] раздваивать(ся), разветвлять(ся)
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to contract [kən!trkt] сжиматься, сокращаться
to undergo подвергаться, претерпевать, перестраиваться
to undergo restructuring перестраиваться, реструктуриро
ваться
to outsource заключать соглашения с внешними организациями
на выполнение некоторых функций или работ
outsourcing аутсорсинг (заключение соглашений с внешними
организациями на выполнение некоторых управленческих
функций, напр. бухгалтерского уч¸та, связи, обработки ин
формации и др.)
to surpass превосходить, брать верх, перегонять
entrepreneur [!
entrepreneurial предпринимательский
entrepreneurship предпринимательство
dynamism [!dain
dynamic [dai!n
job protection защита занятости
f lexible factories and offices «гибкие» фабрики и офисы
a f lexible and agile [!
пания
to target new markets, to enter new market выходить на новые
рынки
to gain (win, conquer) new markets захватывать новые рынки
to gain access to the market, to access the market получать до-
ступ на рынок
testament доказательство, свидетельство
a mechanized industrial era [!i
стрии
a digital era эпоха цифр, цифровая эпоха
ɔntrəprə!nə:] предприниматель
əmizm] динамизм
mik] динамичный
dail] company гибкая и динамичная ком-
ərə] эпоха механизированной инду
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II
to spark зажигать, активизировать
a premium on innovation премия (вознаграждение) за новатор
ñòâî
innovative capacity инновационная способность
per se [!p
gazelle [g
объема продаж не менее 20% в год в течение четыр¸х лет
подряд)
net new jobs чистый прирост рабочих мест
to evolve развивать (способности, возможности), развиваться
ə: !sei] ñàìî ïî ñåáå, ïî ñóòè
ə!zel] «газель» (быстрорастущая компания с ростом
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THE NEW ECONOMY
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initial public offerings (IPOs) первичное размещение ценных бу
маг, пробный выпуск ценных бумаг
debut [!deibju:] дебют
companies’ stock акционерный капитал компаний
volatility неустойчивость, изменчивость
market volatility неустойчивость рынка
volatile неустойчивый, изменчивый
shareholder value акционерная стоимость (компании)
institutional investor институциональный инвестор (крупная ор
ганизация, которая может инвестировать значительные де
нежные суммы, напр. страховая компания, банк, профсоюз
и др.)
to insulate изолировать, ограждать
public goods общественные блага (товары и услуги, предостав
ляемые государством)
to shelter from competition ограждать (защищать) от конку-
ренции
(public) utilities коммунальные услуги
defense contracting контракты на поставку военной продукции
legal services юридические услуги
quarters of government правительственные сферы
an agentless competitor конкурент, работающий без посредни-
ков непосредственно с потребителями
a partnership товарищество, компания
collaboration взаимодействие (кооперация) с конкурентами
shared norms общие нормы вeд
consortium [k
объединение двух или нескольких компаний для осуществ
ления крупного проекта, напр. строительства электростан
ции)
array [
to ratchet up увеличивать, увеличиваться
to ratchet down уменьшать, уменьшаться
market introduction выпуск товара на рынок
determinant решающий (определяющий) фактор
obsolescence [!
a compressed product development cycle сжатый (сокращ¸нный)
a concept [!k
payoff награда, вознаграждение
consumer-business interaction взаимодействие бизнеса и потре
ə!rei] множество
цикл разработки продукта
бителя
ən!sɔ:tjəm] (pl consortia) консорциум (временное
ɔbsə!lesns] устаревание, моральный износ
ɔnsəpt] идея, концепция
éния бизнеса
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III
robust competition сильная конкуренция
an integral [!int
in constant dollars в постоянных ценах, выраженных в долларах
contestable подвергаемый конкуренции
asset ownership market, stock market фондовый рынок
foreign direct investments (FDI) прямые зарубежные инвестиции
(напр., инвестиции компаний в свои зарубежные филиалы)
controlling stakes, controlling block of shares контрольный пакет
акций
əgrəl] part неотъемлемая часть
Questions
I
1. What is new in the New Economy? What are its structural
principles?
2. How does the New Economy differ from the old economy?
3. What has changed the occupational mix in America and how?
4. Why do you think the share of both high- and low-skilled jobs
has increased?
5. What is job churning and how has it undermined the
predictability and stability of old economic arrangements?
6. How would you translate and explain the meaning of the
words “customization”, “downsizing”, “outsourcing” which do
not have adequate Russian equivalents?
7. What happens to inefficient and inf lexible companies? What
are the ways to bail them out?
8. Do we really live in a new digital era? If we do, how would
you support the idea?
II
1. What are “gazelles”? Why do you think their number is
increasing? What shows that they are successful?
2. What are the main factors of increased competition and what
are the ways to withstand it?
3. What do you think is the aim of mergers and acquisitions
if new firms do not cut costs and improve their financial
performance?
4. What is the difference between co-operation and collaboration?
THE NEW ECONOMY
5. What is necessary to be competitive? Why is the role of human
capital increasing and why do you think the character of a
person involved in business is becoming so important?
6. What are the requirements of an exacting consumer and what
are the ways to please him?
III
1. How does the expansion of trade increase competition?
2. What is the role of globalization in this process and what are
the preconditions for further expansion of trade?
3. Why do you think the ability to invest is a competitive
requirement for business?
4. What are foreign direct investments? What do companies
invest in?
5. Why are financial markets becoming more volatile?
Task 1. Read the following text and answer the questions given below.
The economic space has never been larger and is continuing
to grow with three billion people outside of the OECD in the
process of building lives and societies similar to those in the
West. These people have virtually all the commodities, technologies,
products, services and knowledge available to them as they are
available in Europe or in America. You may have there your
favourite brand of tea, do banking at home through the Internet,
access research being done in Silicon Valley or watch CNN’s
news. This is the reality in any developing country and in many
other up and coming nations.
This phenomenon has been termed techno-economic parity
which means that consumers are no longer concerned with notions
of national industry, country of origin or country of residence
when they go to the supermarket these days. They can also buy
specialty products over the Internet from cottage industry type small
self-organized operators dotted throughout the world. The social
and economic forces brought about by technology are turning social,
political and economic institutions into new and unrecognizable
forms. A triumvirate of a new breed of company, the state and
the knowledge workers promises to be a highly effective web of
value generations.
Companies that are able to think creatively and abandon
incrementalism in favour of business concept innovation are
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succeeding in the new economic order. Such companies have a
new vision of work, productivity and value generation. They create
value-added intelligent products through systematic policies of
knowledge creation and dissemination. It seems that the firm is
breaking up and is being replaced by effective individuals, working
on high performance team structures and integrated organizational
networks of clients and services. They reach out to customers,
suppliers, affinity groups and even competitors to change the way
products and services are created, marked and distributed. This
is the new model for the creation of wealth which forms the
foundation of the e-business model.
At the level of the state, its role has now evolved to become
a facilitator of knowledge work and the champion of the knowledge
based economy. It is the knowledge that has become the new
battlefield for countries, corporations and individuals. Natural
resources, labour and capital are rapidly diminishing in importance
and are being replaced by knowledge and creativity of individuals.
Nations will increasingly be working to create conditions facilitating
brain gain rather than brain drain.
The governments are developing a long-term strategy of new
orientations to build capabilities in a number of key areas to
successfully create and exploit scientific knowledge and technology,
to diffuse knowledge through greater inter-firm co-operation, to
make organizational systems more f lexible and effective, to enhance
the education and skills of the workforce on-the-job training.
The individual’s role in the triumvirate becomes one of
contributing innovation, knowledge and collaborative spirit. In the
fast paced world of the Internet, we also need to recognize that
our knowledge and skills can become redundant very quickly.
The need to continually learn is paramount and has become a
duty. The companies that individuals give life to — through their
creative energies and collaborative demeanour — will be the new
assets of a society and nation serving the world.
OECD — the Organization for Economic Cooperation and Development
ОЭСР — Организация экономического сотрудничества и развития
(ООH); parity равенство, паритет; specialty products особая, необычная
продукция; cottage industry надомное производство; a self-organized
operator самоуправляемая фирма; triumvirate [trai!
value generation создание ценностей; incrementalism расширение, увели
чение в размере; vision â
(знания, идеи); dissemination, diffusion распространение (знаний, идей);
Åдение; to disseminate, to diffuse распространять
mvirit] триумвират;
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THE NEW ECONOMY
affinity groups близкие, родственные группы; à facilitator сторонник,
поборник; demeanour [di!mi:n
ə] поведение.
Questions
1. What is techno-economic parity? Explain it by your examples.
2. Could you describe a new breed of company?
3. What is the role of individuals in the post-industrial economy?
and the governments?
4. What is e-business and what is its advantage over conventional
one?
5. Why do you think people are trying to build their lives and
societies similar to those in the West? If it is really so, what
makes them do it?
Task 2. Though we live in a “knowledge economy”, as many economists
say, employers are becoming less interested in well-educated young
people and very often hire people older than the state pension age.
Explain why, basing your answer on the following text.
To test their hypothesis that employers pay little attention
to educational qualifications, the Oxford researchers analyzed
5,000 recruitment advertisements and interviewed people doing
the hiring. Firms, they discovered, want recruits with skills that
formal education does not necessarily bring. Typical examples are
management jobs in fast-growing industries such as leisure and
retailing, as well as posts in public relations, in sales and customer
care.
What these posts do require are skills in communication and
team-working, and personal attributes such as “good appearance”,
“good manners”, “character”, and “presence”. Bad luck for those
who come across as tongue-tied, crass or nervous, regardless of
their academic achievements.
Assuming that job adverts reflect what employers really want,
this neatly explains why education matters less than believers in a
knowledge-based economy expected. If you are selling high-value
things like real estate, you will be interacting with middle-class
people and you will do better if you are familiar with their style,
manners etc. Since services have been growing at the expense of
manufacturing and, increasingly, the qualities that employers in
the service sector want are those the middle classes acquire at
home: articulacy, confidence and smartness. The attributes that
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those people have from their family background have some real
commercial use. It is not nepotism, it is reality.
A big retailer takes no account at all of the class or subject of
degree, or the university attended. There are a lot of people from
university who take three or six months to pick up the skills for
an office job. They could do that by the age of 19 and start
moving up. Instead they spend three years at university, running
many thousands of pounds in debt, and then take a job they would
have taken anyway. Over the past year, the number of people
aged 50 and over who are working has risen by 190,000. Much of
the growth is among people older than the state pension age —
60 for women, 65 for men — where employment rose by 73,000.
Some companies have deliberately sought older workers for good
business reasons. They say that many customers prefer dealing
with more mature and experienced people, and older workers tend
to be more loyal and committed. So companies have withdrawn
provisions in their final-salary schemes allowing people to leave
early on favourable terms. Older people saving for their retirement
through money-purchase plans have been hit by falling annuity
rates, caused by rising life expectancy and declining investments.
They can’t afford to retire because of the fall in the value of their
funds. The trend towards early retirement has halted in Great
Britain. Almost a million people now work beyond the traditional
retirement age.
hypothesis [hai!pɔθisis] гипотеза; recruitment набор на работу; custom
care обслуживание клиентов; an attribute качество, свойство; to come
across as казаться (судя по поведению); crass [kr
articulacy внятность, ч¸ткость речи; nepotism непотизм, протекция
родне, семейственность; to be more committed быть более обязатель
ным; a final-salary scheme окончательный расч¸т в случае преждевре
менного ухода на пенсию; a money-purchase plan, a money-purchase
pension scheme «купленная» система пенсионного обеспечения (при ко
торой пенсионные выплаты базируются непосредственно на денеж
ных взносах, сделанных в течение трудовой деятельности работника);
an annuity rate курс выплат страховой компании, с которой заключ¸н
договор; life expectancy средняя продолжительность жизни.
s] невежественный;
Task 3. Translate the following text into Russian in writing, compare
your translation with the one given below and test your knowledge
of the terms by backtranslation.
Perfectly formed and individually owned, the human brain is
overpowering the traditional means of production — raw material,
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THE NEW ECONOMY
hard labour and capital. Try to think of one major, successful
contemporary business organization that is brawn-based.
Not a car maker. Manufacturing cars competitively in the new
millennium is concerned with utilizing technology to manage
logistics; to design and manufacture great products; to provide
service support; and to communicate internally as well as with
networks of suppliers and consumers. Value no longer resides in
the metal or the engine. Instead, value lies with the intangible
elements. Some 70% of the value of a new car lie in intangibles.
The result is that the brawniest car producer will be the bankrupt
car producer. Car manufacturing is not about mindless, repetitive
tasks carried out on a production line.
Entire countries increasingly compete on the basis of knowledge.
If you think back, all countries became rich through a combination
of natural resources, labour and capital. Think forward and these
factors are no longer relevant. In our age you cannot earn money
from natural resources alone. Natural resources, labour and capital
are rapidly diminishing in importance. Primacy of knowledge is the
only thing we are left to compete with.
The role of knowledge in money-making activities is nothing
new. In 1455 mankind saw the dawn of the first knowledge
revolution. The invention of the printing press (by Johann Gutenberg)
made information more widely available than ever before. Some
500 years later we were hit by the second wave when radio and
television began to dominate our lives. Fantastically, the early 1990s
marked the beginning of the third wave. Instead of 500 TV channels,
we now have millions of websites.
The scale and speed of the third knowledge revolution is what
makes it so different. It is calculated that some 90% of all scientists
who have ever walked the face of the Earth are alive right now.
The scale of the changes, and of the opportunities, makes this
a genuine revolution. Today, knowledge spreads internationally and
instantly. Business best practices move faster than ever before.
The new competitive battlefield is not the engine or the air
conditioner — it is the design, the warranty, the service deal,
the image and the financial package. Intelligence and intangibles.
And, of course, people. People can make your organization, your
products, and your solutions unique. How you manage and lead
people, how you organize your operations, will determine whether
or not you succeed
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