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Файл:Реферирование и аннотирование. Реферативный перевод. Учебное пособие
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Aggressive Growth Mutual Funds: Style Analysis
S.P.Umamaheswar Rao
University of Louisiana, USA
The main objective of this study is to apply returns-based Style Analysis to open-end
mutual funds with Aggressive growth objective. This study answers the question “Do
the investment managers in your mutual fund portfolios adhere to their stated style
biased objectives and guidelines?” and provides a comprehensive analysis of a
manager’s current and historical style.
(Journal of Business and Society)
The Power of State and Corporations – a Crucial Factor to Economic
Development
Malikh O.E.
The paper has broadly and methodologically examined the system of economic
power of the state, firms and corporations. The paper covers many aspects of the
problem in question and is deep in its content.
(Из журнала «Экономика и управление»)
Enterprise Self-government – an Efficient Form of Labour and
Capital Partnership
German L.A.
The paper deals with enterprise self-government as a tool to solve social and
economic issues of the fellow employees and improve production efficiency.
(Из журнала «Экономика и управление»)
Задание 10. Прочитайте главу из монографии “The Market System”. Выделите в
тексте:
а) основную (главную) информацию;
б) дополнительную информацию;
в) избыточную информацию.
Обратите внимание на подзаголовки; какую роль они играют в тексте.
Every nation has an economic system for dealing with the problem of scarcity and,
thus, for answering the four economic questions. No two economic systems are exactly
alike. Each one reflects the beliefs of a particular society.
In spite of the differences among economic systems, there are many similarities too.
This is so because among industrialized nations economic systems are principally a
mixture of two "pure" systems – the command and the market. In a pure command
system all economic decisions would be made by government. In a pure market
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system all economic decisions would be made through the interaction of buyers and
sellers in the marketplace.
In the real world there are no pure command or pure market systems. It is useful to
describe these imaginary systems, however, because they can serve as reference points.
We can think of them as opposite ends of a continuum and of all real economies as
lying somewhere in between the two extremes. Some real economies are nearer one end
of the continuum and some are nearer the other.
Since the American economy is mainly a market system, most of this book looks at
the market system at work. In this chapter we'll begin by considering the characteristics
of a pure market system.
Three Characteristics of a Pure Market System
Economic freedom, economic incentives, and competitive markets are all
characteristics of a pure market system. You'll read about those characteristics in this
section. In the section that follows you'll read about two more characteristics.
Economic freedom Most Americans are familiar with the freedoms of speech,
press, and religion. Another kind of freedom is economic freedom. This freedom is a
basic characteristic of a market system. Economic freedom means that consumers and
producers are free to make certain kinds of choices.
Freedom of Enterprise For the man or woman who wants to start a business (or
business enterprise), economic freedom means the opportunity to decide what
product to make, which resources to buy, what production techniques to use, how to
market the product, and what price to charge. If Ben Jacobs wants to produce slide
rules in a market economy, the freedom to do so exists. He can make the slide rules
of wood, plastic, or any other material he wants to use. He can advertise in
newspapers and magazines, on billboards, on radio, and television, or simply by word
of mouth. He can sell the slide rules strictly to friends, in a local market, or on a
national scale. He can set the price at $100 or 10tf. In a market system, these
decisions are made by individual producers rather than by central government
authorities.
Economic freedom does not guarantee success for a business owner. The slide
rules may be of high quality and may be worth every cent the manufacturer charges,
but consumers do not have to buy them. In this day of advanced computer technology,
they may prefer a $20 pocket calculator. A business can offer a product for sale, but
consumers do not have to buy it.
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Freedom for Consumers and Workers
In a market economy people are free to decide what type of job to seek and what
salary to accept. The money the person earns can be used to buy food, clothes,
housing, entertainment, and transportation in whatever combination he or she
chooses.
Just as there are no guarantees for the business owner, there are no guarantees for
the consumer or the worker. After purchasing a car, the new owner may decide that a
different model would have been a better choice. If one job doesn't work out, a
person can look for another. In a market system, people are free to choose what they
think is in their own best interest as long as their decisions do not interfere with the
rights of others.
Viewed separately, the decisions to produce slide rules or pocket calculators, to
cook at home or eat out, to be a clerk or a plumber, may not seem important to the
economy as a whole; but they are. They ultimately determine for the whole economy
the answers to the four economic questions.
Economic Incentives Incentives are rewards and punishments that encourage
certain actions and discourage others. Adults praise children to encourage them to take
out the trash, wash dishes, or make their beds. Police officers give traffic tickets to
discourage people from speeding. Economic incentives are a second characteristic of
market systems. Like other types of incentives, economic incentives can be either
positive (rewards) or negative (punishments).
Positive and Negative Incentives Positive economic incentives include profits,
wages, promotions, and pleasant working conditions. The business that makes products
people want at a price they are willing to pay should make a profit. A person who does
a job that is in great demand will probably receive a high wage.
Negative economic incentives work in the opposite way. The company that
produces slide rules for $100 each is likely to lose money. Twenty-five years ago, slide
rules were the cheapest and easiest way to make quick mathematical calculations.
Today inexpensive pocket calculators are quicker, perform a wider variety of
calculations, and are easier to operate.
Negative incentives also affect workers. The person who offers to work as a clerk
for $20 an hour will probably stay unemployed. Too many other people are willing to
do the same job for less money. The person can agree to work for less or try to find
another job that pays $20 an hour.
History provides many examples of how negative incentives affect the decisions of
workers. At the turn of the century many men worked as blacksmiths. As the
automobile became popular, the need for blacksmiths' services began to decline and so
did their earnings. Many blacksmiths gradually switched to other occupations.
33
Incentives and Resources In a market system, economic incentives help guide
resources into the production of the goods and services that people want most and away
from the things they do not want. How does this happen? The economic incentives
indicate which actions will be rewarded and which will not. Individuals then act in a
way that will bring them the rewards they want. For example, business owners are
rewarded by making products that bring in a profit. It is not in their best interest to make
a product that loses money. And which products earn profits? The products people want
most. It is, therefore, in the best interest of business owners to make products people
want.
Economic freedom and economic incentives can be seen at work in the
competitive markets of a market system. Competitive markets are a third characteristic
of market systems.
How Competition Works At the heart of competitive markets are voluntary
exchanges. It is through these exchanges that consumers and producers exercise their
economic freedom. These exchanges operate simply. When people own property, they
can decide when and under what conditions ownership is transferred to another person.
To do this, the owner offers the item for sale. Prospective buyers look it over and
consider the terms of trade. If the terms are acceptable to both, the exchange is made.
In a market system, then, people make their wants and needs known by the
purchases they make. When they buy an item, they are casting their vote for the good
or service they want. For example, if Carol Murphy regularly buys a cheeseburger for
lunch at Hamburger Heaven, she is telling Hamburger Heaven that she likes what they
are doing for the price they are charging.
The owner of May's Diner has several options open to her if she wants Carol
Murphy's business. She can try to make a cheeseburger of equal quality to the one sold
at Hamburger Heaven; she can lower her price; or she can improve her service.
Of course, it is unlikely that May's Diner is going to respond solely to what Carol
Murphy does. After all, Murphy is not the only person eating out. In a market
economy, it is through millions and millions of voluntary exchanges that people make
their overall preferences known.
When enough people buy a particular product, the company producing that item
will earn a profit. (This assumes, of course, that the company has set a price that covers
the cost of production and allows for profit as well.) The company will stay in business,
perhaps even expand, and continue to make the product as long as people are willing to
buy it. In contrast, if too few people buy a product, the company producing it will lose
money. This loss is a signal to the management of the company to make some changes.
If the losses continue, the company will eventually go out of business.
The Benefits of Competition In most political elections there is only one winner –
the candidate with the most votes. If the economic system operated under the same
34
principle, everyone who drinks soda pop would be drinking Coca-Cola because it is
currently the biggest seller ("winner") in its market. In a truly competitive market each
and every consumer should be able to get the product he or she wants. Anyone who
does not like Coke can choose from Pepsi, 7-Up, Dr. Pepper, R.C. Cola, Sprite, A & W
Root Beer, Tab, or a number of other alternatives.
One benefit of competition, then, is variety. From time to time, one brand may
become more popular than others. When that happens, the leading company will earn
larger profits. The other companies, in an effort to improve their positions, will do
everything they can to produce a product that consumers will prefer. Variety is the
result.
Competition benefits consumers in two other ways as well. The first has to do with
price. As you learned earlier, companies can compete by lowering their prices. For
example, at 40tf a can, some people may prefer Coke to 7-Up. In order to sell more 7Up, its producers might offer it for sale at a lower price. Of course, the price can be
lowered only so far. A company must be able to cover its costs and earn a profit. If it
does not, investors will switch their, money to a company where a profit is being made.
The price of the most popular brand of soda is also held down by competition. If
Coca-Cola were to raise its price, consumers would probably find other soft drinks more
appealing. Competition, then, keeps the price of products as low as possible while still
enabling producers to make a profit.
Competition can also work to improve quality. Have you ever bought something
because it was cheaper than other brands only to discover that it was poorly made? Did
you rush to buy another of the same brand? Probably not. The quality of a product is
important to the buyer. A company that makes a product of inferior quality probably
will not stay in business very long. Competition tends to keep prices low and quality
high.
The Need for Information Information is important to competitive markets.
Consumers need to be aware of the choices available when they make decisions. They
are like voters in this respect.
In a democracy, people enjoy political freedom, but that freedom includes the
responsibility to cast an informed vote. Ultimately, responsibility for decisions made by
the government lies with the people. Similarly, in a market system responsibility for
economic decisions rests with the people. For this reason, consumers should try to be
as informed as possible about their buying decisions. When consumers make choices,
they encourage manufacturers to make more of the product they choose. If they make
poorly informed choices, they may be encouraging producers to put out shoddy goods.
Consumers can get the information they need from many sources. Companies
themselves try to make consumers aware of their products through advertising. Other
sources of information include newspaper and magazine columnists who rate products.
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Organizations such as Consumers Union test and rate a variety of consumer
products, so that consumers can be informed when they buy those items.
Two more characteristics of a pure market system Private property is one
more characteristic of a market economy. Limited government is another.
Private property The term property means more than just a piece of land or a
house. It also includes furniture, clothes, food, money, and the public schools. Property
is anything that is part of a nation's wealth.
Under a system of private ownership, private individuals own property. With that
ownership goes certain privileges, or legal rights. For instance, the owner decides how
private property will be used, when to sell the property, and under what terms it will be
sold. The owner receives any income or other benefits derived from private property.
The owner of a house decides whether to live in it, rent it out to someone else, leave it
vacant, or tear it down. If the decision is made to rent a house, the owner decides how
much to charge for a deposit and how much the rent will be. Private property is one
more characteristic of a market economy.
In contrast with a system of private ownership, where individuals decide how
property will be used, is a system of public ownership. Under a system of public
ownership, property is owned by everyone and decisions about its use are made by all
the people together. In practice, it is impossible in a complex society to allow everyone
to decide how public property will be used. That is why the command system is used for
making those important economic decisions. In other words, government decides how
property will be used.
Limited government The government would play a very important role in a pure
market system, but it would be a limited role. Government would not determine the
answer to the four basic economic questions. That would be left entirely to people
buying and selling in the marketplace, instead, government would provide the structure
or framework within which the market system would operate.
Задание 11. Используйте вопросы к тексту главы в качестве плана и составьте:
а) резюме; б) аннотацию.
1. What does economic freedom mean for the business owner? The consumer? The
worker? Give an example for each.
2. Give three examples each of positive and negative economic incentives.
3. How do these incentives guide resources into the production of goods and services
people want? Give an example.
4. In which ways does competition benefit consumers?
5. Why is information in competitive markets important?
6. Comment on the statement: “Property is anything that is part of a nation’s wealth”.
7. What important economic decisions does the command system make?
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Примечание: При написании резюме и аннотации используйте материалы
Задания 9
Задание 12. а) Прочитайте статьи, отрывки и главы из монографий.
Проанализируйте их структуру и содержание.
б) Произведите необходимые действия с целью составления реферата-резюме и
аннотации каждого текста.
What is World Trade Organization?
There are a number of ways of looking at the WTO. It’s an organization for
liberalizing trade. It’s a forum for governments to negotiate trade agreements. It’s a
place for them to settle trade disputes. It operates a system of trade rules. (But it’s not
Superman, just in case anyone thought it could solve ‒ or cause ‒ all the world’s
problems!)
Above all, it’s a negotiating forum ... Essentially, the WTO is a place where
member governments go, to try to sort out the trade problems they face with each other.
The first step is to talk. The WTO was born out of negotiations, and everything the
WTO does is the result of negotiations.. The bulk of the WTO’s current work comes
from the 1986-94 negotiations called the Uruguay Round and earlier negotiations under
the General Agreement on Tariffs and Trade (GATT). The WTO is currently the host to
new negotiations, under the “Doha Development Agenda” launched in 2001.
Where countries have faced trade barriers and wanted them lowered, the
negotiations have helped to liberalize trade. But the WTO is not just about liberalising
trade, and in some circumstances its rules support maintaining trade barriers ‒ for
example to protect consumers or prevent the spread of disease.
It’s a set of rules ... At its heart are the WTO agreements, negotiated and signed by
the bulk of the world’s trading nations. These documents provide the legal ground-rules
for international commerce. They are essentially contracts, binding governments to
keep their trade policies within agreed limits. Although negotiated and signed by
governments, the goal is to help producers of goods and services, exporters, and
importers conduct their business, while allowing governments to meet social and
environmental objectives.
The system’s overriding purpose is to help trade flow as freely as possible ‒ so
long as there are no undesirable side-effects. That partly means removing obstacles. It
also means ensuring that individuals, companies and governments know what the trade
rules are around the world, and giving them the confidence that there will be no sudden
changes of policy. In other words, the rules have to be “transparent” and predictable.
And it helps to settle disputes ... This is a third important side to the WTO’s work.
Trade relations often involve conflicting interests. Agreements, including those
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painstakingly negotiated in the WTO system, often need interpreting. The most
harmonious way to settle these differences is through some neutral procedure based on
an agreed legal foundation. That is the purpose behind the dispute settlement process
written into the WTO agreements.
The WTO began life on 1 January 1995, but its trading system is half a century
older. Since 1948, the General Agreement on Tariffs and Trade (GATT) had provided
the rules for the system. (The second WTO ministerial meeting, held in Geneva in May
1998, included a celebration of the 50th anniversary of the system.)
It did not take long for the General Agreement to give birth to an unofficial, de
facto international organization, also known informally as GATT. Over the years
GATT evolved through several rounds of negotiations.
The last and largest GATT round, was the Uruguay Round which lasted from 1986
to 1994 and led to the WTO’s creation. Whereas GATT had mainly dealt with trade in
goods, the WTO and its agreements now cover trade in services, and in traded
inventions, creations and designs (intellectual property).
The WTO agreements are lengthy and complex because they are legal texts
covering a wide range of activities. They deal with: agriculture, textiles and clothing,
banking, telecommunications, government purchases, industrial standards and product
safety, food sanitation regulations, intellectual property, and much more. But a number
of simple, fundamental principles run throughout all of these documents. These
principles are the foundation of the multilateral trading system.
A closer look at these principles:
Trade without discrimination
1. Most-favoured-nation (MFN): treating other people equally Under the WTO
agreements, countries cannot normally discriminate between their trading partners.
Grant someone a special favour (such as a lower customs duty rate for one of their
products) and you have to do the same for all other WTO members.
This principle is known as most-favoured-nation (MFN) treatment. It is so important
that it is the first article of the General Agreement on Tariffs and Trade (GATT), which
governs trade in goods. MFN is also a priority in the General Agreement on Trade in
Services (GATS) (Article 2) and the Agreement on Trade-Related Aspects of
Intellectual Property Rights (TRIPS) (Article 4), although in each agreement the
principle is handled slightly differently. Together, those three agreements cover all three
main areas of trade handled by the WTO.
Some exceptions are allowed. For example, countries can set up a free trade
agreement that applies only to goods traded within the group ‒ discriminating against
goods from outside. Or they can give developing countries special access to their
markets. Or a country can raise barriers against products that are considered to be traded
unfairly from specific countries. And in services, countries are allowed, in limited
38
circumstances, to discriminate. But the agreements only permit these exceptions under
strict conditions. In general, MFN means that every time a country lowers a trade
barrier or opens up a market, it has to do so for the same goods or services from all its
trading partners ‒ whether rich or poor, weak or strong.
2. National treatment: Treating foreigners and locals equally Imported and locally-
produced goods should be treated equally ‒ at least after the foreign goods have entered
the market. The same should apply to foreign and domestic services, and to foreign and
local trademarks, copyrights and patents. This principle of “national treatment” (giving
others the same treatment as one’s own nationals) is also found in all the three main
WTO agreements (Article 3 of GATT, Article 17 of GATS and Article 3 of TRIPS),
although once again the principle is handled slightly differently in each of these.
National treatment only applies once a product, service or item of intellectual
property has entered the market. Therefore, charging customs duty on an import is not a
violation of national treatment even if locally-produced products are not charged an
equivalent tax.
Freer trade: gradually, through negotiation
Lowering trade barriers is one of the most obvious means of encouraging trade.
The barriers concerned include customs duties (or tariffs) and measures such as import
bans or quotas that restrict quantities selectively. From time to time other issues such as
red tape and exchange rate policies have also been discussed.
Since GATT’s creation in 1947-48 there have been eight rounds of trade
negotiations. A ninth round, under the Doha Development Agenda, is now underway.
At first these focused on lowering tariffs (customs duties) on imported goods. As a
result of the negotiations, by the mid- 1990s industrial countries’ tariff rates on
industrial goods had fallen steadily to less than 4%.But by the 1980s, the negotiations
had expanded to cover non-tariff barriers on goods, and to the new areas such as
services and intellectual property. Opening markets can be beneficial, but it also
requires adjustment. The WTO agreements allow countries to introduce changes
gradually, through “progressive liberalization”. Developing countries are usually given
longer to fulfil their obligations.
Predictability: through binding and transparency
Sometimes, promising not to raise a trade barrier can be as important as lowering
one, because the promise gives businesses a clearer view of their future opportunities.
With stability and predictability, investment is encouraged, jobs are created and
consumers can fully enjoy the benefits of competition ‒ choice and lower prices. The
multilateral trading system is an attempt by governments to make the business
environment stable and predictable.
39
In the WTO, when countries agree to open their markets for goods or services, they
“bind" their commitments. For goods, these bindings amount to ceilings on customs
tariff rates. Sometimes countries tax imports at rates that are lower than the bound rates.
Frequently this is the case in developing countries. In developed countries the rates
actually charged and the bound rates tend to be the same.
A country can change its bindings, but only after negotiating with its trading
partners, which could mean compensating them for loss of trade. One of the
achievements of the Uruguay Round of multilateral trade talks was to increase the
amount of trade under binding commitments (see table). In agriculture, 100% of
products now have bound tariffs. The result of all this:
a substantially higher degree of market security for traders and investors.
The system tries to improve predictability and stability in other ways as well.
One way is to administering quotas can lead to more red-tape and accusations of unfair
play. Another is to make require governments to disclose their policies and practices
publicly within the country or by notifying the WTO. The regular surveillance of
national trade policies through the Trade Policy Review Mechanism provides a further
means of encouraging transparency both domestically and at the multilateral level.
Promoting fair competition
The WTO is sometimes described as a “free trade” institution, but that is not
entirely accurate. The system does allow tariffs and, in limited circumstances, other
forms of protection. More accurately, it is a system of rules dedicated to open, fair and
undistorted competition.
The rules on non-discrimination ‒ MFN and national treatment ‒ are designed to
secure fair conditions of trade. So too are those on dumping (exporting at below cost to
gain market share) and subsidies. The issues are complex, and the rules try to establish
what is fair or unfair, and how governments can respond, in particular by charging
additional import duties calculated to compensate for damage caused by unfair trade.
Many of thr other WTO agreements aim to support fair competition: in agriculture.
Intellectual property, services, for example. The agreement on government procurement
(a “plurilateral” agreement because it is signed by only a few WTO members) extends
competition rules to purchases by thousands of government entities in many countries.
And so on.
Encouraging development and economic reform
The WTO system contributes to development. On the other hand, developing
countries need flexibility in the time they take to implement the system’s agreements.
And the agreements themselves inherit the earlier provisions of GATT that allow for
special assistance "and trade concessions for developing countries.
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