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Файл:The world of business. Tutorial
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Speaking
Exercise 1. Complete the following sentences:
1. Inflation occurs when…
2. Increase in prices happens when…
3. Inflation results in…
4. Demand-pull inflation and cost-push inflation are…
5. The purchasing power of money…
6. Inflation has a big impact on…
Exercise 2. What do the following quotes mean? What is your opinion of
them?
1. Inflation is when you pay fifteen dollars for the ten-dollar haircut
you used to get for five dollars when you had hair. (Sam Ewing)
2. If inflation continues to soar, you’re going to have to work like a
dog just to live like one. (George Gobel)
3. In spite of the cost of living, it’s still popular. (Kathleen Norris,
American novelist)
4. I wasn’t affected by inflation, I had nothing to inflate. (Gerald
Barzan)
5. Remember when $25, 000 was a success? Now it is a garbage
collector. (Frank Dane)
6. One good thing can be said for inflation: without it there would be
no football. (Marty Ragaway)
7. Having a little inflation is like being a little pregnant. (Leon
Henderson)
8. Some idea of inflation comes from seeing a youngster get his first
job at a salary you dreamed of as the culmination of your career. (Bill
Vaughn)
9. Inflation is taxation without legislation. (Milton Friedman,
economist)
10. Inflation is the senility of democracies. (Sylvia Townsend Warner)
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Exercise 3. Answer the following questions.
1. What is purchasing power?
2. What is demand-pull inflation?
3. What is cost-push inflation?
4. What are the causes of inflation?
5. What factors have influence on inflation rate?
6. What is deflation?
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Unit 9
GLOBALIZATION
Exercise 1. Read and translate the text.
Globalization
Globalization is a process of interaction and integration among the
people, companies, and governments of different nations, a process driven
by international trade and investment and aided by information technology.
This process has effects on the environment, on culture, on political
systems, on economic development and prosperity, and on human physical
well-being in societies around the world.
Globalization is not new, though. For thousands of years, people –
and, later, corporations – have been buying from and selling to each other in
lands at great distances, such as through the famed Silk Road across Central
Asia that connected China and Europe during the Middle Ages. Likewise,
for centuries, people and corporations have invested in enterprises in other
countries. In fact, many of the features of the current wave of globalization
are similar to those prevailing before the outbreak of the First World War in
1914.
But policy and technological developments of the past few decades
have spurred increases in cross-border trade, investment, and migration so
large that many observers believe the world has entered a qualitatively new
phase in its economic development. Since 1950, for example, the volume of
world trade has increased by 20 times, and from just 1997 to 1999 flows of
foreign investment nearly doubled, from $468 billion to $827 billion.
Distinguishing this current wave of globalization from earlier ones, author
Thomas Friedman has said that today globalization is “farther, faster,
cheaper, and deeper.”
This current wave of globalization has been driven by policies that
have opened economies domestically and internationally. In the years since
the Second World War, and especially during the past two decades, many
governments have adopted free-market economic systems, vastly increasing
their own productive potential and creating myriad new opportunities for
international trade and investment. Governments also have negotiated
dramatic reductions in barriers to commerce and have established
international agreements to promote trade in goods, services, and
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investment. Taking advantage of new opportunities in foreign markets,
corporations have built foreign factories and established production and
marketing arrangements with foreign partners. A defining feature of
globalization, therefore, is an international industrial and financial business
structure.
Technology has been the other principal driver of globalization.
Advances in information technology, in particular, have dramatically
transformed economic life. Information technologies have given all sorts of
individual economic actors -consumers, investors, businesses-valuable new
tools for identifying and pursuing economic opportunities, including faster
and more informed analyses of economic trends around the world, easy
transfers of assets, and collaboration with far-flung partners.
Globalization is deeply controversial, however. Proponents of
globalization argue that it allows poor countries and their citizens to
develop economically and raise their standards of living, while opponents
of globalization claim that the creation of an unfettered international free
market has benefited multinational corporations in the Western world at the
expense of local enterprises, local cultures, and common people. Resistance
to globalization has therefore taken shape both at a popular and at a
governmental level as people and governments try to manage the flow of
capital, labour, goods, and ideas that constitute the current wave of
globalization.
Exercise 2. Find English equivalents of the following words and
expressions in the text:
взаимодействие, интеграция, процветание, на расстоянии, начало
войны, приграничная торговля, Шелковый путь, объем торговли,
свободный рынок, несметное число, существенное сокращение,
использование экономических возможностей.
Exercise 3. Translate the following expressions from the text into
Russian:
human physical well-being in societies, Middle Age, outbreak of the First
World War, volume of world trade, flows of foreign investment, free-market
economic systems, reductions in barriers, to promote trade in goods, to
establish production, driver of globalization, economic actors, advances in
information technology.
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Exercise 4. Put a tick next to the sentence if you think it’s true, and
correct it if it’s false.
1. Globalization doesn’t have effects on world economy.
2. Globalization is a new phenomenon.
3. Technological developments of the past few decades have spurred
increases in cross-border trade.
4. It will take the world a long time to enter a qualitatively new phase
in its economic development.
5. Since 1950 the volume of world trade has increased by 30 times.
6. The adoption of a free-market economic system is one of the
reasons for increase of globalization.
7. Governments reduced barriers in commerce.
8. Advances in information technology don’t have effect on economic
life.
9. Globalization is controversial.
10. Globalization is a positive phenomenon in the economic life.
Exercise 5. Find opposites to the following words:
a reduction, support, decrease, to promote, independence, development,
integration, customer, to raise, valuable, free-market, controversial, local,
productive.
Exercise 6. Choose the best answer.
1. Globalization is illustrated in aviation by commercial, marketing and
technical alliances amongst airlines, in some cases involving ownership and
control issues beyond national boundaries, while transnationalization means
airlines going “.....”, that is locating parts of their operations outside their
national base.
a) offshore
b) outside
c) overland
d) overseas
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2. One factor affecting civil aviation is the emergence of regional and sub-
regional blocs, which provide ..... for sharing of some of the safety
responsibility in a common localized geographic approach.
a) media
b) modicums
c) vehicles
d) viaticums
3. Another factor is the ..... of sectoral boundaries: developments in
economic activity have led to a lessened distinction between the boundaries
of responsibilities of regulatory authorities at national, regional and global
levels alike.
a) blotting
b) blurring
c) smearing
d) smudging
4. This can lead to ..... of labour, competition and, most importantly, safety
regulation, in the absence of adequate safeguards, particularly when the
international dimension is added.
a) evasion
b) invasion
c) perversion
d) subversion
5. One very significant trend in recent years is the commercialization of
service providers, including the handing over of airport and other air
navigation facilities and services by governments to ..... authorities or even
to the private sector.
a) autocratic
b) automatic
c) autonomic
d) autonomous
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6. The commercialization of such provision therefore necessitates both .....
delegation of operational functions of governments and changed regulatory
functions of governments.
a) prescribed
b) prioritized
c) prorated
d) proscribed
7. Civil aviation is unique in that it remains regulated at the international
level largely by ..... agreements between governments, but several regional
and subregional air services agreements are already in place and others are
under consideration.
a) bilateral
b) mutual
c) nominal
d) prenuptial
8. Economic liberalization is being ..... transnationally by the Organization
for Economic Co-operation and Development as well as globally by the
World Trade Organization which is responsible for the General Agreement
on Trade in Services.
a) forwarded
b) fostered
c) founded
d) funded
9. A factor which is having an increasing impact on civil aviation, and one
which is likely to grow in importance in the future is environmental ..... .
a) commitment
b) conscience
c) consciousness
d) consideration
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10. There is increasing recognition of and response to environmental
concerns, and a perception that the aviation sector may be contributing .....
to both existing and emerging problems.
a) abnormally
b) absolutely
c) unduly
d) unusually
Exercise 7. Fill in the gaps using words from the list:
transactions, world economy, stimulus, borders, developing nations, central
planning, inflation, division of labor, trading partners, innovation,
structural shift, global markets, market forces, “invisible hand”,
specialization, deregulation, exposed, comparative, low wage, downward,
outlook, transitional, incentive, function, risk-adjusted rates of return,
volatility, impetus, barriers, cross-border.
Globalization
Globalization has altered the economic frameworks of both
advanced and ..... in ways that are difficult to fully comprehend.
Nonetheless, the largely unregulated ....., with some notable exceptions,
appear to move smoothly from one state of equilibrium to another. Adam
Smith’s ..... remains at work on a global scale.
Because of ..... , increased innovation, and lower ..... to trade and
investment, ..... trade in recent decades has been expanding at a far faster
pace than GDP. As a result, many economies are increasingly ..... to the
rigors of international competition and ..... advantage. In the process, lower
prices for some goods and services produced by our ..... have competitively
suppressed domestic price pressures.
Production of traded goods and services has expanded rapidly in
economies with large, ..... labor forces. Most prominent are China and
India, which over the past decade have partly opened up to ..... , and the
economies of central and eastern Europe, which were freed from ..... by the
fall of the Soviet empire. The consequent significant additions to world
production and trade have clearly put ..... pressure on prices in the United
States and in the economies of our trading partners.
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Over the past two decades, ..... has fallen notably, virtually
worldwide, as has economic ..... . Although a complete understanding of
the reasons remains elusive, globalization and ..... would appear to be
essential elements of any paradigm capable of explaining the events of the
past ten years. If this is indeed the case, because the extent of globalization
and the speed of innovation are limited, the current apparent rapid pace of
..... cannot continue indefinitely. The ..... for the latter part of this decade
remains opaque because it is uncertain whether this ..... paradigm, if that is
what it is, is already far advanced and about to slow, or whether it remains
in an early, still-vibrant stage of evolution.
Globalization – the extension of the ..... and ..... beyond national
borders – is patently a key to understanding much of our recent economic
history. With a deepening of specialization and a growing capacity to
conduct ..... and take risks throughout the world, production has become
increasingly international.
The pronounced structural shift over the past decade to a far more
vigorous and competitive ..... than that which existed in earlier post-World
War II decades apparently has been adding significant ..... to world
economic activity. This ....., like that which resulted from similar structural
changes in the past, is likely a ..... of the rate of increase of globalization
and not its level. If so, such ..... would tend to peter out as we approach the
practical limits of globalization. Full globalization, in which production,
trade, and finance are driven solely by ..... and in which risk is indifferent to
distance and national ....., will likely never be achieved.
(Source: Remarks by Chairman Alan Greenspan Globalization at the
Council on Foreign Relations, New York, March 10, 2005)
Exercise 8. Translate into English.
Глобализация: за и против
Глобализация – это выбор пути, которым идут крупные
современные компании. Это форма процесса интренациализации
мировой экономики. Термин «глобализация» появился впервые в
статье американца Т.Левина, опубликованной в 1983 году в журнале
«Гарвард Бизнес Ревью».
Глобализация была подготовлена всей историей и пришла в
мировую экономику благодаря:
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1) устранению таможенных барьеров и переходу к
Advantages
Disadvantages
Cost reduction
Quality improvement
Customers’ preferences
increase
Broadening of competitive
influences, etc.
Reduction of some companies’ activity
Untimely market penetration (in some
companies)
Competitive position worsening (in
some companies)
Loss of national (local) colour, etc.
однополярному миру (в результате распада СССР);
2) развитию Интернета и, вследствие этого, возможности
проведения финансовых операций в режиме on-line.
Мировая экономическая система становится координируемой,
концентрированной, органически целостной и взаимозависимой; но
наряду с преимуществом, глобализация имеет и определенные
недостатки: создается эффект масштаба. «Глобальная стратегия
позволяет добиваться устойчивой конкурентоспособности путем
расположения предприятий в странах с наиболее благоприятными
условиями и координировать их стратегическую деятельность в
мировом масштабе. Конкурент, у которого предприятия находятся
только в своей стране, лишен таких преимуществ». (АЛ. Томпсон-мл.,
А.Дж. Стрикленд III. Стратегический менеджмент. 2000.)
Страны-лидеры стремятся создать мировой рынок «без
границ» с общими чертами и однородными товарами и держать в
руках экономические судьбы развивающихся стран, осложняя
проблему сбыта их продукции и создавая финансовые проблемы,
приводя национальную экономику в конечном итоге к дестабилизации
и разрушению, превращая некоторые страны в заповедники прибыли
для себя. Крупные компании насаждают в странах одну и ту же
конкурентную стратегию, не учитывая национальные особенности,
языковые и культурные барьеры. Идея М. Маклухана «мир – это
глобальная деревня» воплотилась в жизнь.
Speaking
Exercise 1. Read the table with the advantages and disadvantages of the
globalization and answer the questions.
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