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Germany and Italy go to other European Union countries.
Moreover, these countries sell similar things to each other: cars
made in France are exported to Germany, while German cars
go to France, dependent largely upon consumers’ differing tastes
rather than differences in costs.
The importance of geography and the role of similar but different
products appealing to diverse tastes expand our understanding of
why trade occurs. But they do not overturn the fundamental
principle of comparative advantage.
Unit Three
III. Governments’ intervention in trade and their strategic trade
policy can protect their own producers. Protectionism exists in
many different forms, but the most common are tariffs, subsidies
and quotas. Traditionally trade was regulated through bilateral
treaties between nations. In the years since the Second World
War multilateral treaties like the General Agreement on Tariffs and
Trade (GATT) have attempted to create a globally regulated trade
structure. There have been eight rounds of GATT talks since
1947, in which countries have cut their import tariffs. Tariffs on
manufactured goods are now down to around 4% in industrial
countries.
The most recent GATT round, the Uruguay round, ended in
1993. It did much more than cut tariffs on goods. It heralded
a big institutional change, creating the World Trade Organisation
(WTO), which now boasts 132 members, as a successor to GATT.
It also made three big changes to the rules of world trade. First,
it began the process of opening up the most heavily protected
industries, agriculture and textiles. Second, it vastly extended the
scope of international trade rules. The rules were extended to
cover services, as well as goods. New issues, such as the use of
spurious technical barriers to keep out imports and the protection
of foreigners’ intellectual property, such as patents and copyrights
were addressed for the first time.
Of these new agreements, the one in services is especially
important. Now many services can be traded internationally:
a British construction firm can build an airport in Japan, and an
American insurance company can sell its products in Germany.
The third change was the creation of a new system for settling
disputes. In the past, countries could break GATT rules with
impunity. Under the new system countries, found guilty of breaking
the rules, are supposed to mend their ways. This system seems to
TRADE AND INVESTMENT
be working better than the old one, and is helping to build up
the new institution’s credibility.
IV. As nations engage in world trade, some of them end up with
a favourable balance of trade, in which exports exceed imports,
and others have an unfavourable balance of trade, in which imports
exceed exports.
Emerging or developing nations are generally heavy importers
especially of machinery, equipment, and various types of finished
goods. Exports in a nation’s early stages of economic growth
generally consist largely of raw materials from the nation’s natural
resources. A developing nation, lacking aid and investment capital,
must finance imports by diverting sufficient quantities of natural
resources and agricultural commodities from domestic to foreign
(export) uses. As a country develops and is able to produce more
of its own capital and finished goods, it will have less need for
imports and an even balance of trade may come about. Finally,
with its debts liquidated, a fully developed industrial nation tends
to be a large exporter of capital.
More important than balance of trade in international economics
is the balance of payments. Although the f low of merchandise
constitutes a major category of international transactions, it
constitutes only part of a nation’s balance of payments. The balance
of payments shows the balance between all the payments a country
receives from foreign countries and all the payments which it
makes to them. The balance of payments records all international
monetary transactions at a specific period of time. Usually, it
is calculated every quarter and every calendar year. All trades
conducted by both private and public sectors are accounted for in
the balance of payments in order to determine how much money
is going in and out of a country. If a country has received money,
the transaction is marked as a credit and recorded witha+sign.
If a country has paid or given money, the transaction is counted
as a debit and recorded witha–sign.Theoretically, the balance
of payments should be zero, meaning that assets (credits) and
liabilities (debits) should balance. But in practice this is rarely
the case and, thus, the balance of payments can tell if a country
has a deficit or a surplus and from which part of the economy
the discrepancies are stemming.
The balance of payments is a statistical account of the financial
transactions between nations and is subdivided into the current
account and the capital account.
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Unit Three
Most transactions in the current account involve the purchase
and sale of goods and services, investment income, interest,
dividends, corporate profits and military transactions. The final
item in the current account consists of unilateral transfers (foreign
aid, emergency relief etc.)
The capital account depicts the f low of capital investments
between nations: the purchase and sale of physical assets (such as
real estate) and financial assets (stocks and bonds). For example,
Honda or Nissan might acquire an automobile assembly plant in
the USA. Or, alternatively, the investment may be of a financial
nature, for example, a rich Arabian oil sheik might purchase
General Motors stock or Treasury bonds. In either event such
transactions generate supplies of foreign currencies for the United
States. So by selling real estate and exporting stocks and bonds
a country may earn foreign exchange.
Global trade allows wealthy countries to use their resources —
whether labour, technology or capital — more efficiently. Capital
flows in the form of foreign aid, private foreign investment, and
private bank lending are the principal ways by which resources
can come from rich to poor countries. The transmission of
technology, ideas and knowledge are other special types of resource
1
transfer
.
Vocabulary List
I
trade торговля
cross-border (international) trade международная торговля
domestic (home, internal) trade внутренняя торговля
foreign (external, overseas) trade внешняя торговля
intra-industry trade внутриотраслевая торговля
merchandise trade торговля промышленными товарами
retail trade, retailing розничная торговля
wholesale trade, wholesaling оптовая торговля
investment(s) инвестиции, капиталовложения
capital investment капитальные инвестиции, инвестиции в
капитальные товары (машины, оборудование)
direct investment прямые инвестиции (в реальные активы)
foreign investment иностранные инвестиции
indirect (portfolio) investment косвенные (портфельные) ин
вестиции (в ценные бумаги)
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TRADE AND INVESTMENT
f low поток, движение
a f low of trade торговый поток
a f low of capital between nations движение капитала между
странами
f low-in, inf low приток (ресурсов)
f low-out, outf low отток (ресурсов)
far-f lung 1. отдал¸нный 2. разветвл¸нный
a compound annual rate of growth средневзвешенный темп роста
(вычисленный за несколько лет)
export [!eksp
to export [eks!p
exporter экспорт¸р
import [!imp
to import [im!p
importer импорт¸р
value 1. ценность 2. стоимость 3. цена 4. значение
by value в стоимостном выражении
fall in trade barriers снижение, ослабление торговых барьеров
barriers to trade торговые барьеры, торговые ограничения
to lower (reduce) barriers to foreign trade снижать ограниче-
ния для внешней торговли
to remove trade barriers снимать торговые ограничения
to set up trade barriers создавать торговые барьеры
ratio 1. доля, норма, коэффициент 2. отношение, соотношение
ratio of world exports to GDP доля мирового экспорта в
ÂÂÏ
ɔ:t] 1. экспорт 2. предмет экспорта
ɔ:t] экспортировать, вывозить
ɔ:t] 1. импорт 2. предмет импорта
ɔ:t] импортировать, ввозить
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II
trade deficit дефицит торгового баланса
wherewithal [!w
to derive (from) получать, извлекать (из)
comparative advantage сравнительное преимущество (производ
ства товаров в одной стране по сравнению с производством
этого товара в других странах)
to specialize (in) специализироваться (в ч¸м-либо)
low cost(s) низкие издержки (производства)
low-cost production производство с низкими затратами
at low cost при небольших издержках (производства)
labour-intensive трудо¸мкий
labour-intensive goods трудо¸мкие товары
land-intensive земле¸мкий
land-intensive goods земле¸мкие товары (на производство
которых требуются большие площади земли)
εəwiðɔ:l] необходимые средства, деньги
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capital-intensive капитало¸мкий, фондо¸мкий
capital-intensive goods капитало¸мкие товары (требующие
больших капиталовложений)
ample вполне достаточный, обширный
ample supply of labour вполне достаточные трудовые ре
зервы
requisite [!rekwizit] (to) необходимый, требующийся (для чего-
ëèáî)
trade pattern структура торговли
diverse различный, разнообразный
diversification диверсификация (торговли, производства), раз
нообразие, многообразие
to diversify диверсифицировать (торговлю, производство), раз
нообразить
to overturn the theory опровергать теорию
Unit Three
III
government’s intervention in trade интервенция (вмешательство)
правительства в торговлю
to protect защищать, охранять
protection защита, охрана
protectionism протекционизм
tariff (on goods) тариф (на товар)
to cut (reduce) tariffs снижать тарифы
subsidy субсидия, дотация
to grant a subsidy (to) предоставлять субсидию
quota квота
the General Agreement on Tariffs and Trade (GATT [g
ральное соглашение по тарифам и торговле (ГАТТ)
the World Trade Organization (WTO) Всемирная торговая орга
низация (ВТО)
Uruguay [!ju:
to herald [!her
scope 1. рамки, границы 2. масштаб
spurious [!spju
spurious technical barriers искусственные технические барьеры
patent [!peit
copyright авторское право
impunity безнаказанность
to break rules with impunity безнаказанно нарушать правила
to mend исправлять, улучшать
credibility над¸жность
ərəgwai)] Уругвай
əld] сообщать, возвещать, объявлять
əriəs] поддельный, подложный
ənt] патент
t]) Ãåíå
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TRADE AND INVESTMENT
85
IV
balance баланс (равенство дéбетов и крé дитов, расходов и при
ходов)
balance of trade торговый баланс
balance of payments плат¸жный баланс, баланс платежей
a favourable balance of trade положительный (активный, бла
гоприятный) торговый баланс
an unfavourable balance of trade отрицательный (пассивный,
неблагоприятный) торговый баланс
an even balance of trade сбалансированный торговый баланс
to divert (resources, trade) отвлекать (ресурсы, торговлю на
другие цели)
investment capital инвестиционный капитал
transaction 1. сделка, (торговая) операция 2. (хозяйственная)
операция (отраж¸нная на счетах бухгалтерского уч¸та) 3. пла
т¸ж, перевод денежных средств
military transactions расч¸ты по поставкам продукции воен-
ного назначения
monetary transaction денежная операция
credit 1. êð
приходу 2. кред
debit ä
debit and credit ä
assets активы, средства, капитал, ресурсы (предприятия)
physical assets физические активы (материальные активы,
например земля, здания, оборудование и т.п.)
financial assets финансовые активы (например, деньги, цен
ные бумаги, банковские вклады, валюта и т.п.)
liabilities пассивы, долги, задолженность, денежные обязатель
ñòâà
deficit дефицит
trade deficit (deficit of balance of trade) дефицит торгового
баланса
deficit of balance of payments дефицит плат¸жного баланса
surplus [!s
discrepancy расхождение, несоответствие
to stem (from) происходить, возникать (из)
account 1. (банковский) сч¸т 2. сч¸т, бухгалтерская запись (статья
в бухгалтерской книге, отражающая операции в хронологи
ческом порядке)
capital account сч¸т движения капитала, сч¸т операций с
капиталом
éдит, поступление, приход; сумма, записанная по
Åт, ссуда, долг
éбет, расход; сумма, записанная на расход
éбетикрйдит, расход и приход
ə:pləs] излишек, избыток, превышение
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86
current account сч¸т текущих операций
statistical account статистический расч¸т
investment income прибыли, доход от инвестиций
item 1. пункт, параграф, статья 2. статья (экспорта, импорта)
3. товар, изделие, продукт, предмет
transfer [!tr
ñóìì)
resource transfer передача ресурсов
unilateral transfer односторонняя передача средств
to transfer [tr
нежные суммы)
emergency relief помощь при чрезвычайных обстоятельствах
real estate недвижимость
stock (share) акция
bond облигация
Treasury bond казначейская облигация (США)
foreign currency, foreign exchange иностранная валюта
lending 1. cсуживание, кредитование 2. ссуда, кредит, за¸м
to lend (lent) ссужать, одалживать
nsfə:] передача, перевод, перечисление (денежных
ns!fə:] передавать, перечислять, переводить (де
Unit Three
Comprehension and Discussion Questions
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I
1. What shows that national economies are becoming more
integrated? What are the statistics?
2. What goods dominated international commerce at the turn of
the 20th century? Can you name them? What goods dominate
the flow of trade now? How would you explain this change?
3. What do you think stimulated the growth of trade after the
Second World War? What do the figures show? What was the
economic situation in Europe at that time?
4. Why has the ratio of world exports to GDP increased and
why is the volume of merchandise trade so huge now?
II
1. How would you explain that the real benefits of trade lie in
importing rather than in exporting? Is it a good or bad thing
to be a heavy importer? What can it lead to?
2. What is the principle of comparative advantage? Why is it so
important for trade?
TRADE AND INVESTMENT
3. Do you agree with the idea that the specialization of countries
in making certain products makes the whole world wealthier?
If you do, explain how.
4. What allows countries to produce goods at low cost? Do they
always benefit from producing goods cheaply?
5. Why do you think trade occurs between countries which do
not have great cost differences? Why doesn’t it overturn the
fundamental principle of comparative advantage?
III
1. Why do governments intervene in trade? What are their ways
to protect indigenous producers?
2. How is world trade regulated? When was GATT created and
what problems was it to solve? Did it fulfill its historical role?
3. Why do you think the Uruguay rounds are so important? What
changes were made during the talks? Why was it necessary to
rename the trade organization?
4. What new rules were introduced at the Uruguay round and
how did they extend the scope of international trade regulations?
5. What was done concerning the settlement of disputes between
countries? Is the introduction of a new system the only way to
build up institution’s credibility?
87
IV
1. What is a favourable and unfavourable balance of trade?
2. Why do you think developing countries are generally heavy
importers? What do they usually import? What are their sources
for financing imports?
3. What is the balance of payments? Why is it more important in
international economics than balance of trade?
4. What is a credit and what is a debit in the balance of payments?
Which is better to have — a deficit balance or a surplus
balance?
5. What is the current account? What transactions does it involve?
What are unilateral transfers and why do you think they are
included in the final item of the current account?
6. What is the capital account? What are physical assets and what
are financial assets? Explain and give your examples.
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Unit Three
7. What are the ways by which capital comes from rich to poor
countries?
Exercises
Ex. 1. Read passage I.
a) Find in the text the verbs meaning increase in growth.
b) Explain what is a compound annual rate of growth and how it
is calculated. c) Give the terms which denote items of commerce.
d) Give your explanation of the term integration.
Read passage II.
a) Translate the word wherewithal and give its synonyms.
b) Explain the difference between competitive and comparative
advantage. c) Give examples of labour-intensive and capital-intensive
goods. d) Enumerate the derivatives of the word diverse.
Read passage III.
a) Find in the text the terms which denote different forms
of protectionism and explain their meaning. b) Give synonyms of
the word herald. c) Explain what is intellectual property. d) Give
examples of services that can be traded easily internationally
without transportation.
Read passage IV.
a) Find in the text word-combinations with the term balance
and translate them into Russian. b) Explain what is investment
capital. c) Translate the term credit, explain its different meanings
and use it in sentences of your own to show it. d) Think of other
contexts in which the terms deficit and surplus are used very
often, when we speak about what? e) Foreign investment may be
direct and indirect (or portfolio). What is the difference? f ) Give
a general word for stocks and bonds.
Ex. 2. a) Make up English-Russian pairs choosing the suitable
equivalents.
1. a compound annual rate of growth; 2. by value; 3. low-cost
production; 4. to herald; 5. physical assets; 6. Treasury bonds;
7. the ratio of world exports to GDP; 8. wherewithal; 9. unskilled
TRADE AND INVESTMENT
labour; 10. to overturn a theory; 11. domestic trade; 12. government’s
intervention in trade; 13. copyright; 14. unilateral transfer; 15. a fall
in trade barriers.
1. доля мирового экспорта в ВВП; 2. односторонняя пе
редача средств; 3. правительственная интервенция в тор
говлю; 4. неквалифицированная рабочая сила; 5. сниже
ние торговых барьеров; 6. физические активы; 7. извещать;
8. средневзвешенный темп роста; 9. в стоимостном выра
жении; 10. низкозатратное производство; 11. авторское пра
во; 12. опровергать теорию; 13. необходимые средства;
14. казначейские облигации; 15. внутренняя торговля.
b) Makeup Russian-English pairs.
89
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1. отдал¸нные районы; 2. международные торговые пото
ки; 3. урегулирование споров; 4. доходы от инвестиций;
5. физические активы; 6. капитало¸мкие товары; 7. производить товары с низкими затратами; 8. безнаказанность;
9. инвестиционный капитал; 10. разнообразные вкусы потребителей; 11. дивиденд; 12. квота; 13. патент; 14. передача
ресурсов; 15. общий объ¸м производства.
1. investment capital; 2. diverse tastes of consumers; 3. impunity;
4. to produce goods at low cost; 5. far-flung places; 6. cross-border
flows of trade; 7. a settlement of disputes; 8. investment income;
9. a patent; 10. capital-intensive goods; 11. total output; 12. resource
transfer; 13. physical assets; 14. a quota; 15. dividend.
Ex. 3. Give English equivalents of the following:
1. торговля промышленными товарами; 2. принцип срав
нительного преимущества; 3. трудо¸мкие товары; 4. струк
тура торговли; 5. специализироваться (в ч¸м-либо;) 6. про
текционизм; 7. снижать тарифы на товары; 8. субсидия;
9. положительный торговый баланс; 10. плат¸жный баланс;
11. сч¸т текущих платежей; 12. сч¸т движения капитала;
13. финансовые активы; 14. акция; 15. облигация.
Ex. 4. Translate the following text into English in writing. Make use
of the Vocabulary List.
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I. По мере того как возрастают международные потоки,
национальные экономики становятся вс¸ более и более ин
тегрированными. Потребители покупают больше импорт
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