Types of Economic Systems

Summing up the done work, we came to the following conclusions. Economic texts, to which articles from specialized economic editions belong also, have the features which need to be considered when translating. These features are opened by the special theory of transfer which unlike the general theory of transfer opens features of translation process of texts of different genres, and also influence on nature of this process of speech forms and conditions of its implementation. We made attempt to give definition and the analysis to a discourse including economic and came to opinion that the discourse in our work is understood at the same time as two components: and dynamic process of the language activity entered in its social context, and its result (i.e. the text). We found out that the economic discourse represents the complex phenomenon. It differs from a scientific discourse and represents different types are and business spheres of economy, and conversation of the inhabitant on an economic subject, and also journalese articles, etc. The economic discourse is understood as such type of a discourse during which expansion speech process on the basis of certain economic ideas is carried out. As we already spoke earlier, in our work we hold that opinion that the economic discourse exists, first of all, in economic texts, articles, the Internet publications. and as participants of a discourse of this kind the scientists who are engaged in research of economy, so the nonprofessionals who are interested in economic reports, news, etc. can act as businessmen, heads of the enterprises, students of economic specialties of higher education institutions. On the basis of existence of an economic discourse there is also a special theory of economic transfer which is the special sphere which is beyond the scientific text. As in the work we consider concepts of adequacy and equivalence of the text, and we came to conclusion that adequacy of the text which is meant as transfer of the contents with orientation to the recipient, is the purpose of the translator. In chapter 2 we analyze economic texts which are articles, news, interview, messages, analytical economic reviews and other texts on an economic subject. We stopped on the features most often meeting in articles. Among grammatical features when translating from English into Russian we note word order change, transfer of headings, change of grammatical designs and a sentence structure, replacement of parts of speech and others. Lexical features of transfer, characteristic for texts of this sort is, first of all, specialized lexicon, terms and professional jargons, and as the standard lexicon, but used in the values not peculiar to nonspecific style. We noted and stylistic features, such as use of metaphors and set phrases for придачи emotional brightness to language and others.

Monopolies

Pure monopoly is a theoretical market structure where there is only one seller of a commodity or service, where entry into the industry is closed to potential competitors, and where the seller has complete control over the quantity of goods offered for sale and the price at which goods are sold. Monopolies may begin by the granting of a patent or a copyright, by the possession of a superior skill or talent, or by the ownership of strategic capital. The huge capital investment necessary to organize a firm in some countries is a barrier to entry in these monopolistic fields and, thus, provides established corporations in these industries with potential monopoly power. At the same time, in recent years, many large U.S. corporations, viewed by many as the chief instrument of monopoly, have become vulnerable to new forms of competition. U.S. consumers can buy goods from foreign producers, the case of automobile, they can purchase products made by Honda, Toyota, or Volvo, to name a few. The U.S. Government has tried to minimize the danger of monopolies through legislation.

Personal Finances

Many people regard financial security as the most important thing in family finances. This is not the same thing as being rich. It means being freed from the need to think about money, living within your means. For day-to-day living you need ready cash but you also need a bit in reserve for a rainy day. The first thing to think about is your cur­rent account and how much is in it. Credit cards can be a helpful way of handling unexpected expenses, but credit is always costly, and of course it's just another form of debt. For some people, the English and the Americans, however, living on credit is a normal way of life. They believe that credit enables them to enjoy the use of goods and services before they have fully paid for them. Such people are not afraid to use consumer credit (credit from suppliers, hire purchase and loans from banks) because they have an income. If they want to buy a house they almost always borrow the money in the form of a mortgage from a building society or a mortgage bank. They pay for expensive things in installments by means of a hire purchase plan. People earn money in different ways. First of all they get an income from employment, then from keeping money in a savings account with a bank, from renting property, and from investing in shares in the stock market. People who are paid by the hour get wages. People who are paid on an annual basis get salaries and people, paid for a particular service, get fees. The worst-off people are the unemployed and the homeless. For those living at subsistence level, even buying essentials is a strug­gle. People on low incomes sometimes take out loans, borrow money from banks, very often they are unable to cope with repayments and in­terest on loans. Banks are not willing to lend money to such people.

Types of Economic Systems

An economic system is the combination of the various agencies, entities (or even sectors as described by some authors) that provide the economic structure that defines the social community. These agencies are joined by lines of trade and exchange along which goods, money etc. are continuously flowing.

A traditional economic system

The work that people do, the goods and services they provide, how they use and exchange resource, all tend to follow long-established patterns. These economic systems are not very dynamic – things don’t change very much. Standards of living are static; individuals don’t enjoy much financial or occupational mobility. But economic behaviors and relationships are predictable. You know what you are supposed to do, who you trade with, and what to expect from others.

Today you can find traditional economic systems at work among Australian aborigines and some isolated tribes in the Amazon. In the past, they could be found everywhere – in the feudal agrarian villages of medieval Europe, for example.

In a command economic system or planned economy, the government controls the economy. The state decides how to use and distribute resources. The government regulates prices and wages; it may even determine what sorts of work individuals do. Socialism is a type of command economic system. Historically, the government has assumed varying degrees of control over the economy in socialist countries. In some, only major industries have been subjected to government management; in others, the government has exercised far more extensive control over the economy.

The classic (failed) example of a command economy was the communist Soviet Union. The collapse of the communist bloc in the late 1980s led to the demise of many command economies around the world; Cuba continues to hold on to its planned economy even today.

In market economies, economic decisions are made by individuals. The unfettered interaction of individuals and companies in the marketplace determines how resources are allocated and goods are distributed. Individuals choose how to invest their personal resources-what training to pursue, what jobs to take, what goods or services to produce. And individuals decide what to consume. Within a pure market economy the government is entirely absent from economic affairs.

A mixed economic system combines elements of the market and command economy. Many economic decisions are made in the market by individuals. But the government also plays a role in the allocation and distribution of resources.

The United States today, like most advanced nations, is a mixed economy. The eternal question for mixed economies is just what the right mix between the public and private sectors of the economy should be.

Questions to Unit 4

1. What types of economic system do you know?

2. What is traditional economic system?

3. What is the peculiarity of command economic system?

4. What is market economic system?

5. What is the main idea of mixed economic system?

Date: 2014-12-21; view: 1458