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THE GLOBAL ECONOMY OF THE 21ST CENTURY

The last quarter century has seen rapid changes in the global economy. Barriers to the free flow of goods, (1) services, and capital have been coming down. The volume of cross-border trade and investment has been growing more rapidly than global output, indicating that national economies are becoming more closely integrated into a single, interdependent, global (2) _____. As their economies advance, more nations are joining the ranks of the developed world. A generation ago, South Korea and Taiwan were viewed as second-tier developing nations. Now they boast large economies, and their firms are major players in many (3) _____ from shipbuilding and steel to electronics and chemicals. The move toward a global economy has been further strengthened by the widespread adoption of liberal (4) _____ by countries that for two generations or more were firmly opposed to them. Thus, following the normative prescriptions of liberal economic ideology, in country after country we are seeing (5) _____ of state-owned businesses, widespread deregulation, markets being opened to more competition, and increased commitment to removing (6) _____ to cross-border trade and investment. This suggests that over the next few decades, countries such as the Czech Republic, Poland, Brazil, China, and South Africa may build powerful (7) _____ economies. In short, current trends indicate the world is moving rapidly toward an economic system that is more favorable for the practice of international business.

On the other hand, it is always hazardous to take established trends and use them to predict the future. The world may be moving toward a more economic system, but
(8) _____ is not inevitable. Countries may pull back from the recent commitment to liberal economic ideology if their experiences do not match their expectations. There are signs, for example, of a retreat from liberal economic ideology in Russia. Russia has experienced considerable economic pain as it tries to shift from a centrally (9) _____ to a market economy. If Russias hesitation were to become more permanent and widespread, the liberal vision of a more prosperous global economy based on free market principles might not come to pass as quickly as many hope. Clearly, this would be a tougher world for (10) _____ to compete in.

15.4. Translation Practice:

NOTE: Please pay attention to the synonymic row of the adjective global: 1) worldwide, international, world, intercontinental, universal; 2) comprehensive, overall, general, all-inclusive, all-encompassing, universal, broad.

15.4.1. Please give the English variants of the following Ukrainian words and word-combinations:

K / , , /, /, , (), , ( ), , , , /, , , , , , , , , , , , , , , , , /, , , (), /, , , .



15.4.2. Please translate the following sentences into Ukrainian:

1. Globalization is an inevitable phenomenon in human history thats been bringing the world closer through the exchange of goods and products, information, knowledge and culture. But over the last few decades, the pace of this global integration has become much faster and more dramatic because of unprecedented advancements in technology, communications, science, transport and industry.
2. Covering a wide range of distinct political, economic, and cultural trends, the term globalization has quickly become one of the most fashionable buzzwords of contemporary political and academic debate.
3. In popular discourse, globalization often functions as little more than a synonym for one or more of the following phenomena: the pursuit of classical liberal (or free market) policies in the world economy (economic liberalization); the growing dominance of western (or even American) forms of political, economic, and cultural life (westernization or Americanization); the proliferation of new information technologies (the Internet Revolution) as well as the notion that humanity stands at the threshold of realizing one single unified community in which major sources of social conflict have vanished (global integration).
4. In 2000, the International Monetary Fund (IMF) identified four basic aspects of globalization: (1) trade and transactions; (2) capital and investment movements; (3) migration and movement of people and (4) dissemination of knowledge. Further, environmental challenges such as climate change, cross-boundary water and air pollution, and over-fishing of the ocean are linked with globalization.
5. Two macrofactors seem to underlie the trend toward greater globalization. The first is the decline in barriers to the free flow of goods, services, and capital that has occurred since the end of World War II. The second factor is technological change, particularly the dramatic developments in recent years in communication, information processing, and transportation technologies.
6. During the 1920s and 30s, many nations erected formidable barriers to international trade and foreign direct investment. International trade occurs when a firm exports goods or services to consumers in another country. Foreign direct investment occurs when a firm invests resources in business activities outside its home country. Many of the barriers to international trade took the form of high tariffs on imports of manufactured goods.
7. Some economists have described globalization as a fast train for which countries need to build a platform to get on. This platform is about creating a foundation to make sure the country functions well. It includes property rights and rule of law, basic education and health, and reliable infrastructure (such as ports, roads, and customs administration).
8. When people criticize the effects of globalization, they generally refer to economic integration. Economic integration occurs when countries lower barriers such as import tariffs and open their economies up to investment and trade with the rest of the world. These critics complain that inequalities in the current global trading system hurt developing countries at the expense of developed countries.
9. Even supporters of globalization agree that the benefits of globalization are not without risks such as those arising from volatile capital movements. The IMF works to help economies manage or reduce these risks, through economic analysis and policy advice and through technical assistance in areas such as macroeconomic policy, financial sector sustainability, and the exchange-rate system.
10. International organizations, such as the World Bank, bilateral aid agencies and nongovernmental organizations, work with developing countries to establish this foundation to help them prepare for global integration.

15.4.3. Please translate the following sentences into English:

15.5. Reading Practice:

15.5.1. Please read the following texts and translate them into Ukrainian:

Text 1: THE GLOBALIZATION DEBATE

Is the shift toward a more integrated and interdependent global economy a good thing? Many influential economists, politicians, and business leaders seem to think so. They argue that falling barriers to international trade and investment are the twin engines driving the global economy toward greater prosperity. They say increased international trade and cross-border investment will result in lower prices for goods and services. They believe that globalization stimulates economic growth, raises the incomes of consumers, and helps to create jobs in all countries that participate in the global trading system. There are good theoretical reasons for believing that declining barriers to international trade and investment do stimulate economic growth, create jobs, and raise income levels. Despite the existence of a compelling body of theory and evidence, globalization has its critics. Some of these critics have become increasingly vocal and active, taking to the streets to demonstrate their opposition to globalization. Here we look at the rising tide of protests against globalization and briefly review the main themes of the debate concerning the merits of globalization.


Date: 2014-12-21; view: 1356


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