Миловидов В.А. Английский разговорный язык. Практическое пособие по развитию устной речи
Подождите немного. Документ загружается.
A central premise of the GATT is nondiscrimination: countries should give all GATT members
the same access to their markets. The main exemption to that rule is free trade areas. Partners
to free trade agreements are allowed to exempt one another's goods from import duties while
maintaining tariffs and/or quotas on products from other GATT countries. The European
Economic Community (EEC), the most prominent example of a free trade area, actually is what
economists call a customs union. Whereas member nations in a free trade area remove all
barriers to trade among themselves, in a customs union they also adopt uniform tariffs on goods
and services from outside the union.
The EEC is currently attempting to transform itself from a customs union to a true common
market in which capital and labour, and not just goods, are allowed to flow freely from one
country to another. The EEC's impact has been significant. In 1960 more than 60 percent of the
trade of the Community's twelve members was with other parts of the world. Now more than 60
percent stays within the European grouping. Where the EEC contented itself initially with
removing internal barriers to trade, it has since expanded into the regulation of domestic
markets and monetary unification.
:
access –
adopt –
barrier – ,
community –
content – )
currently –
domestic – ,
exempt –
exemption –
expand – ), )
grouping –
impact – , ,
import duties –
initially –
maintain –
multilateral –
negotiations –
nondiscrimination –
premise –
prominent – ,
quota –
tariff –
unification –
uniform –
General Agreement on Tariffs and Trade (GATT) –
free trade areas –
customs union –
Exercise 1
Answer the questions:
1. How have countries been reducing barriers since World War II?
2. What is the GATT's central premise?
3. What is the main exemption to the rule of nondiscrimination?
4. What are partners to free trade agreements allowed to do?
5. How do economists call the European Economic Community?
6. What is the main difference between a free trade area and a customs union?
7. What is the EEC currently attempting to transform itself into?
8. How much of the Community twelve members' trade was with other parts of the world in
1960?
9. How much of the European Community trade stays within the EEC's countries now?
10. What has the EEC been preoccupied with since it removed internal barriers to trade?
Exchange Rates
Under the Bretton Woods system of fixed exchange rates, which lasted from 1946 to 1973,
exchange rates (for example, the number of dollars it takes to buy a British pound or German
mark) were fixed at levels determined by governments. In 1973 «floating» exchange rates were
introduced. Since then exchange rates are determined by people buying and selling currencies
in the foreign-exchange (Forex) markets.
Floating rates tend to be unstable at times. Thus, the pound sterling / U.S. dollar rate did not
change at all from 1949 to 1966. In 1967 the pound was devaluated by 14 percent. Since the
end of fixed rates in 1973 to 1991, however, the pound, on average, either appreciated or
depreciated by 14 percent every two years.
The experience with floating exchange rates in the twenties had been marked by massive
instability. Currency markets were subject to destabilizing speculation, which created pointless
and economically damaging fluctuations.During the fifties and sixties, however, both economists
and policymakers began to see exchange rate flexibility in a more favourable light.
The main advantage was that nations could pursue independent monetary policies and adjust
easily to eliminate payments imbalances and offset changes in their international
competitiveness. Some of the changes in exchange rates can be attributed to differences in
national inflation rates, as well as in different growth rates in various countries' money supplies.
:
appreciate – , ,
attribute –
competitiveness – ,
currency –
depreciate – ), ,
destabilizing speculation – – ()
devaluate – ), )
eliminate –
fix – ,
flexibility –
float –
fluctuation –
mark –
offset – ,
pointless –
pound – ()
pursue – ,
tend – (), ()
unstable –
Bretton Woods system –
exchange rate –
it takes… – …
Forex – . foreign exchange
by 14 percent – 14
on average –
favourable light–
payments imbalance –
inflation rate –
growth rate –
Exercise 2
Answer the questions:
1. How long did the Bretton Woods system of fixed exchange rates last?
2. Who determined the levels of exchange rates within the Bretton Woods system?
3. When were the «floating» exchange rates introduced?
4. Who determines at what price to buy and sell a currency under the «floating» exchange
rates?
5. What is a Forex market?
6. How has the pound sterling been fluctuating since 1967?
7. How do currency markets behave when they are subject to destabilizing speculation?
8. How did the economists's attitude towards exchange rate flexibility change in the sixties?
9. What is the main advantage of floating exchange rates?
10. How do exchange rates relate to differences in national inflation rates?
What is Fluctuations?
A tourist from China was traveling to New York City for a two week vacation. He went to the
bank as soon as he arrived in order to exchange his Chinese money for American money. He
gave the teller 1000 yuan, and the teller in turn gave him 150 dollars.
A week went by, and the tourist had used up his money, so he returned to the bank. He gave
the teller another 1000 yuan, but this time the teller only gave him 125 dollars. Seeing the
difference, the man angrily asked the teller in his broken English why last week he received 150
dollars for the same amount of money. The teller replied, «Fluctuations.»
Flustered, the tourist responded, «Well fluck you crazy Americans too!»
:
fluctuations – ()
fluster – ,
teller –
yuan –
China –
in turn –
Exercise 3
Answer the questions:
1. For how long did the Chinese tourist come to New York?
2. What was the exchange rate of the dollar to the yuan on the first week of his vacation?
3. By how much had the yuan depreciated in two weeks?
4. What is fluctuations, in the Chinese's point of view?
International Business
Companies that want greater control over their product have to manufacture it at home and then
export it to the foreign countries. In this case exporters must examine the market.
Some firms can sell their products to an export/import merchant who takes all the selling risks.
In other cases the company may use an export/import agent who sells the product to
wholesalers or retailers in the foreign country. Sometimes the exporter may set up its own sales
offices and branches abroad. This is more expensive, and only large firms can afford it.
US Imports in 2001 in $ Million
96.4 – Petroleum
34.5 – Motor vehicle parts
18.6 – Iron and steel
12.8 – Electrical machinery parts
14.7 – TV, radio and sound products
10.6 – Clothing
9.1 – Natural gas
8.8 – Chemicals
To go international a large firm can also set up a joint venture with a company in another
country. In this case two companies pool their resources to design, manufacture and sell the
product. Both firms profit by the results of this arrangement. They also share responsibility. One
of the firms provides the necessary funds and know-how for producing goods. In return it gets a
foothold in the foreign market. The other firm obtains financial aid and technical assistance. And
it takes responsibility for handling red tape and organizing sales in the local market.
:
afford – ()
assistance – ,
branch – , ,
chemical –
clothing –
design – ,
foothold –
joint –
machinery – ,
motor – , ;
petroleum –
pool – «» ()
responsibility –
retailer –
share – ,
vehicle –
venture – ,
wholesaler –
control over product –
sound products – )
go international –
in this case –
export/import merchant –
take the selling risks – ,
sales office –
know-how – «»
in return – ,
red tape –
Exercise 4
Answer the questions:
1. What do companies do if they want greater control over their product?
2. Who takes all the selling risks if companies sell their products to an export/import merchant?
3. Who in the foreign countries do export/import agents sell the product to?
4. What do exporters sometimes set up in foreign countries?
5. How much petroleum did the USA sell abroad in 2001 (in $ million)?
6. What is a joint venture?
7. What do companies that set up a joint venture pool?
8. What does a foreign company provide?
9. What does it get in return?
10. What is the home company responsible for?
The International Corporate Boat Race
An American automobile company and a Japanese auto company decided to have a
competitive boat race on the Detroit River. Both teams practiced hard and long to reach their
peak performance. On the big day, they were as ready as they could be.
The Japanese team won by a mile.
Afterwards, the American team became discouraged by the loss and their morale sagged.
Corporate management decided that the reason for the crushing defeat had to be found.
A Continuous Measurable Improvement Team of «Executives» was set up to investigate the
problem and to recommend appropriate corrective action.
Their conclusion: The problem was that the Japanese team had 8 people rowing and 1 person
steering, whereas the American team had 1 person rowing and 8 people steering. The
American Corporate Steering Committee immediately hired a consulting firm to do a study on
the management structure.
After some time and billions of dollars, the consulting firm concluded that «too many people
were steering and not enough rowing.» To prevent losing to the Japanese again next year, the
management structure was changed to «4 Steering Managers, 3 Area Steering Managers, and
1 Staff Steering Manager» and a new performance system for the person rowing the boat to
give more incentive to work harder and become a superb performer. «We must give him
empowerment and enrichment.» That ought to do it.
The next year the Japanese team won by two miles.
The American Corporation laid off the rower for poor performance, sold all of the paddles,
cancelled all capital investments for new equipment, halted development of a new canoe,
awarded high performance awards to the consulting firm, and distributed the money saved as
bonuses to the senior executives.
:
afterwards – ,
appropriate –
award – ;
boat –
bonus – ,
canoe –
competitive – ,
corrective –
defeat –
empowerment –
enrichment –
halt –
investigate –
morale –
paddle –
peak – ; ,
race –
row – ()
rower –
sag – ,
steer – ,
superb – ,
whereas –
by a mile –
crushing defeat –
A Continuous Measurable Improvement Team of Executives –
The American Corporate Steering Committee –
prevent losing – ,
Steering Manager –
Area Steering Manager –
Staff Steering Manager –
performance system –
That ought to do it. – .
lay off –
senior executives –
Exercise 5
Answer the questions:
1. What did the two companies decide to have?
2. What did the teams do to perform at their best?
3. Who won and by how far?
4. What happened to the American team's morale after the defeat?
5. What was made to investigate the problem?
6. What was the conclusion?
7. Who did the Americans hire to perform a study of the managerial structure?
8. How much money could it actually take to make the conclusion which the consulting firm had
made?
9. What structural improvements were made in the American team?
10. Who of the Americans profited mostly from the whole thing?
Japanese Management Lecture
Four corporate presidents, one English, one French, one Japanese and one American, were on
their way to an international business conference when they were kidnapped by terrorists and
taken to a secret hideout.
«You, your companies, and your countries are enemies of the Revolution,» screamed the
terrorist leader, «and you're going to be executed! Do you have any last requests?»
The Englishman spoke first.
«Before I die, I want to honour my country and protest this barbaric act by singing 'God Save
the Queen' to all you men.»
«That can be arranged,» said the terrorist.
The Frenchman said, «And I want to honour my country before I die by singing 'The Marseilles'
to your men.»
The Japanese said, «Before I die, I wish to honour my country by giving the lecture I was going
to present on the Japanese style of industrial management.»
The terrorist turned finally to the American.
«What is your last request?»
The American replied, «I want you to kill me right now so I don't have to listen to another lecture
on the Japanese style of industrial management!»
:
barbaric –
enemy – ;
execute –
hideout –
honour – ,
kidnap – ()
reply – ;
request – ;
terrorist –
on their way – )
"God Save the Queen" – «, »
)
"The Marseilles" – «»)