何晓春
商务英语文选
Unit1
WhyChinaWorks
Exercis
thequestionsonthetext:
1)HowdoestheauthorviewtheChineeconomy?
Itisthemostimportantbrightspotintheworldeconomyundertheglobalrecession,
theonlymajoreconomythatislikelytoshowsignificantgrowththisyear,andthe
onlyonethatroutinelybreakveryruleintheeconomictextbook.
2)Accordingtotheauthor,whycantheChineeconomyperformsowell?
Becauof:
(1)thecapacityforstatecontrolbytheChinegovernment.
(2)itsrejectionofexoticfinancialinnovationsthatarethemeltingcoreofthe
globalcreditcrisis.
(3)theintegrationofitconomicpoliciesbetweentraditionalmarkettoolsand
statecontrolmeasures.
3)Inwhatwaydoestheauthorimplythatwesterneconomistsareerroneousin
theirbiastoward“China’smarketeconomicsystem”?
TheUnitedStatesandEuropearemovingtowardstatecontrolbynationalizing
theirbankingandcarindustries,andimposingheavynewregulationonthe
financialindustry.
4)WhatistheviewofStephenRoachontheChineeconomysystem?
InvestmentisthebackboneofsustainablegrowthintheChineeconomy,which
worksmoreeffectivelythanothermarketbadsystemsintimesofeconomic
stress.
5)WhycanChinaworkintheeyeoftheauthor?
Ithasfollowedaradicalpragmatismfocusingonaslowbutsteadyshifttoward
freermarkets.
6)WhatisregardedasthestrategicthinkingoftheChineleadersinmarket
reforms?
Theyunderstandevenundertheriousfinancialcrisisthatitcanstabilizethe
Chinemarketandeconomytointroducemoresophisticatedformsof
curitization,includingstockindexfunds,corporatebondsandotherdebt
sorealizethat,inthecourofdoingthis,theyshouldlearnfrom
themistakesthewesternershavemade.
7)WhatistheexamplegiventoillustratethesteadinessoftheChineleadersin
theirpolicyexecution?
TheycontinuetoallowthevalueofyuantoridespiteoftheAmericancharges
andtheneedforexportcompetitivenessbytheirownenterpris.
8)Whatis“shocktherapy”?
ItistheeconomicpolicyadoptedinRussiafrom1991to1992thattotally
edtobeallshockandno
therapy.
9)InwhatwaysdoestheChineeconomicsystemworkefficiently?
Itcangetthingsdonequickly,moveinacoherentmanner,andmarshalitspeople
andresourcestoacommontarget:economicgrowthandprosperity.
11)WhataretheInternetandpublicopinionudfor?
Forputtingpressureonlocalofficialsandinfluencingpolicydecisions.
eachblankofthefollowingntenceswithoneofthephrasinthelist
angeswhennecessary.
1)Atatimewhentheneedisgrowingformentalhealthrvices,manycountries
areunfortunatelycuttingbackonitsspending.
2)westernmediaoften
unfairlylabelthemaslazyandreliable.
3)NowthattheflowofoilhasbeenstoppedbyBP,theimpactofallthespilledoil
andnaturalgasisstillbeingmeasured.
4)Onceagainitsabilitytosteereconomicpolicywillbetestedagainstthe
abilitytodeliveronrvicesandprojectsaimedatgrowingtheeconomy
andjobs.
5)oughthishouforasong
aboutfiveyearsago.
6)Aspeoplearecomplaininghighprices,especiallythorelatedtodaily
necessities,thegovernmentfeelsratherurgenttoholddowninflationrate
immediately.
7)Undertheneweconomypolicyinvestorsareinvitedtobuyintostate-owned
enterpris.
8)SinceariousgunshootingoccurredinArizonalastweek,curityconcerns
havetrickleddowntoallplaces,includingresidentialbuildings.
9)thelastplace
whenitcomestoinvestmentformultinationalcompanies.
10)ainsmokersnever
thinkofquittingwhilemanyothershavebattledinvaintoquit.
hetermsincolumnAwiththedefinitionsincolumnB:
A_______________________B__________________________________
1)financialinnovationA)Areductioninthegeneralavailabilityofloans(or
credit)orasuddentighteningoftheconditions
requiredtoobtainaloanfromthebanks.7
2)stimuluspackageB)Anon-bankentityororganizationsuchas
investmentcompaniesandmutualfundsthat
investsinlargequantities.8
3)overheatingC)Alegalentitycreatedbyagovernmenttoundertake
commercialactivitiesonitsbehalf.6
4)stamptaxD)Thetradingofacorporation'sstockorother
curities(rstockoptions)by
individualswithpotentialaccesstonon-public
information.9
E)Anindustrythatrequireslargeamountsofcapital,
machineryandequipmenttoproducegoods.5
5)capital-intensivectorF)Generationofnewandcreativeapproachesto
curities,moneymanagementorinvesting.1
6)state-runfirmG)Aneconomythatixpandingsorapidlythattoo
muchmoneyischasingtoofewgoodsand
economistsfearariininflation.3
7)creditcrisisH)taxleviedoncertainlegaltransactionssuchasthe
transferofapropertysuchasbuilding,copyright,
land,patent,andcurities.4
8)institutionalinvestorI)Aplanorariesofmeasurestakenbya
governmenttojump-startitsailingeconomy,
generallyasapartofitsfiscalpolicy.2
9)insidertrading
atethefollowingpassageintoChine.
我们所面临的来自中国的真正挑战并不是他们向我们大量销售的货物，而恰
恰相反，是他们正在提升的价值链。这在将来可能会对美国经济构成最严重的新
挑战。
在过去三十年的大部分时间里，中国集中精力建设基础设施，这主要靠廉价
的劳动力和勤劳苦干的工人就行了。但工厂也都现代化、交通世界一流、港口大
型化、机场高效化了，而且所有这些都是以人类历史上从未有过的速度和规模完
成的。
现在中国又想跨入更高质产品和服务的时代。这意味着由政府官员确定的经
济发展的下一步是要以建设高速网般的决心投资发展人力资本。自1998年来，
中国政府已启动了大规模的教育发展计划，投入的资金按GDP比例计算增加了两
倍，在而后的十年，中国的大学增加了一倍，大学生增加了四倍，从1997年的
100万增长到2007年的550万。中国列出了顶级的9所大学为其常青藤大学联
盟。欧洲各大学以及美国的州立大学因受大规模经费削减影响而处于崩溃状态，
而中国的大学大发展趋势则恰恰相反。耶鲁大学校长理查德·雷文在今年年初的
一次演讲中指出：“这次中国大学的扩展是前所未有的，在仅十年的时间里就建
起了世界上规模最大的高等教育。实际上，2000年以来中国大学扩招的大学生
人数超过了美国大学招生的总数。
那么这一史无前例的教育投资对中国和美国有何意义呢？诺贝尔经济学奖得
主罗伯特·福格尔预测了训练有素工人的经济影响。在美国，高中毕业的工人的
生产率是只受过9年教育的人的1.8倍，而大学毕业的则要高出两倍。中国正在
大规模地扩大高中和大学生的人数。尽管目前中国在服务业上仍远远落后他国，
但中国企业将会很快进入这一巨大市场。福格尔相信高技能工人的增多将在今后
大大刺激中国的经济增长率，使其GDP在2040年之前达到惊人的123万亿美元。
不管这一难以想象的数字是否准确，但有一点是很清楚的，中国正开始提升
其价值链，进入一直来只有西方国家独占的产业和工种，这才是来自中国的真正
挑战。应对这一挑战的最佳和最有效的方法不是威胁和关税，而是深层次的结构
改革和大规模的投资，使美国经济重新获得活力，使美国工人再具竞争力。
efollowingtextandchoothebestntencefromthelist(A-E)below
tofillineachofthegapsinthetext.
1)Itasmblesmoretoys,stitchesmoreshoesandwsmoregarmentsthanany
othernationintheworld.
2)Chinaishometo1.3billionpeopleandhas100citiesofmorethanamillion
people.
3)Evenat25centsanhour,Chineworkerscostmorethanlaborersinthepoorer
countriesofSoutheastAsiaorAfrica.
4)Indeed,thecountry'mbraceofmarketeconomyoverthelastdecadeandthe
government'sinsistencethatfarmersfendforthemlvesarecombiningforcesto
all.
5)Thatdisparityhastinmotionthelargesthumanmigrationinhistory.
SupplementaryReading
China:Thenextbrandingsuperpower?
ree________.
rtheChineshouldbuymore
odominatesthebilateraltrade
rthevalueofRMBisdeliberatelyhelddown
attheChineconsumersshouldbuy
ricansassumethatChinawillremain________sothatitwillcontinueto
importAmericanhighervalueaddedproductsandrvices.
acturingsuperpower
opingcountry
ce-badeconomy
naleconomicpower
ngupthevaluechain,Chinaintendstobecomea________.
cturinggiant
ngsuperpower
itivenation
calsuperpower
ingtotheauthor,theworkofbrandinginChinawoulddependmoreon
________.
iccompanies
ninvestors
ernment
ationalcompanies
tteraccesstoChinemarketforforeigncompanies,whatdoChine
policymakersfear?
econsumerswillpreferfamousforeignbrands.
ebrandsareunabletomoveuptothehighendofthebrand
chain.
analsoaddvaluesthroughmarketinganddistribution.
illhavetospendbillionsbuildingbrands.
SovietUnionismentionedtoreflect
________.
rycompetitionduringthecoldwar
ietyoftheAmericansinthespacerate
aleconomiccurityinChina
ionalanxietyofChinaovertheirbrandcompetitiveness
horbelievesinlessthanacenturytheconsumertrendsintheworldwillbe
overwhelminglydominatedby________.
erconsciousness
itivemarket
andsasCoca-cola,Google,andToyota
ebrands
Unit2
AChangedGlobalReality
Exercis
thequestionsonthetext:
1)Whatarethefeaturesofthetwomajoreconomiesthattheworldhasenfor
morethan200years?
Onehasdominatedtechnologicalinnovationandtradeandamasdgreatwealth.
Thecond—muchofitpoliticallyunderthethumbofthefirst—hasremained
poorandtechnologicallydependent.
2)Howmuchdidlow-and-middle-incomecountriescontributetoworldgrowth
in2010?
Almosthalf(46%)
3)Takingalongtermview,whyisitgoodnewsthatdevelopingcountriesare
growingfast?
Asbillionsofpoorpeoplebecomemoreprosperous,theywillbeabletoafford
comfortstheircounterpartsintherichworldhavelongconsideredthenormal
appurtenancesoflife.
4)Whataretheworst-cascenariosthatEuropehassofaravoided?
Acollapoftheeuro,adebtcrisisthatspillsfromsmalleconomiessuchas
GreeceandIrelandtomuchbiggeroneslikeItalyandSpain,andbittersocial
unrestinthonationsthatarehavingtomassagewagesdownwhilecutting
publicbudgets.
5)WhydoesJimWalkerthinkthat2011willbea“yearofreckoning”?
BecauJimWalkerthinksthatthereboundintheUSisamiragecreatedby
ctstheUStoslipintothedoubledipitdodgedin
2010.
6)Whyhastheprivate-ctordebtcrisisof2008-2009morphedintoa
public-ctordebtcrisisin2010-11?
Ithasbeentheresultofthedebtanddeficitsamasdintheprocessofstimulating
economiesandbailingoutbanksduringthedownturn.
7)Whataretherisksthatemergingeconomiesface?
iininflation
oilprices
gfoodprice
8)WhatdidChinaandIndiadotocopewithinflationandrisingfoodprices?
Chinaraidthererve-requirementratio;
IndiaresortedtodiplomaticmeanswhenPakistantemporarilycutoffsome
exportsofonionstothecountry.
9)Howcanthedisaffectionwithglobalcapitalisminthedevelopedworldbe
preventedfromturningintoabacklashagainstit?
Itwouldhelpifthereweremechanismsinplacetomanagethestressinthe
internationaleconomy.
10)Whatisthemostriousdivisionbetweencountriesthatpolicymakershave
tocontendwith?
Economicdisparity
eachblankofthefollowingntenceswithoneofthephrasinthelist
givenbelow:
1)Thearchforthechildwasscaledbacksharplytoday,withalmostathirdofthe
volunteersheadinghome.
2)TheformerFederalRerveChairmansaysthereisariskthattheUScouldslip
intoarecessionbyyear’nd.
3)TheCEOofthefirmsaidthattheywouldswitchpriorityfromtraditional
labor-intensiveproductstomorehi-techandvalue-addedones.
4)Intheaftermathofthefinancialcrisisthegrouphasputonholdsomeofits
ambitiousregionalexpansionplans.
5)ringwidespreadjobbuyoutstoitsUSworkersforthe
firsttimeandcuttingtheworkweekatsomeofitsAmericanplantsby10%to
contendwithfallingsales.
6)Eventually,itmustmorphintoasystemthatfunctionsonstability,oritwillfail
andcauanunstoppablebreakdownandwidespreadhardship.
7)Unfortunatelymostofthecentralbanksintheworldtodayarestillfirmlyunder
thethumbofpoliticians.
8)Thestockmarket’ndurancecoulddependheavilyonwhethereconomicand
corporateperformanceremainsuncertain,orbeginsindicatingthattheeconomy
trulyisoutofthewoods.
9)Survivorswereencouragedtotalkabouttheirhorribleexperiencestohelpthem
cometotermswiththeflooddisaster.
10)Othercountries—notablyAustralia—havealsoavoidedabustintheirhousing
markets,andhaveinsteadenpricesincreasflattenout.
hetermsincolumnAwiththeexplanationsincolumnB:
AB______
1）double-diprecessionA)Aphysicalsubstance,suchasfood,grains,andmetals,
whichisinterchangeablewithanotherproductofthe
sametype,andwhichinvestorsbuyorll,usually
throughfuturecontracts7
2)creditratingB)Ameasurethatexaminestheweightedaverageof
pricesoffoodstuffs,oftenudasanimportantfactor
toasssthecostofliving.9
3)austerityC)Agovernmentpolicyofdeficit-cutting,lowerspending,
andareductionintheamountofbenefitsandpublic
rvicesprovided,sometimescoupledwithincreas
intaxestopaybackcreditorstoreducedebt.3
4)privatectorD)Acentralbankregulationthattstheminimum
rerveachcommercialbankmustholdtocustomer
depositsandnotes.10
5）protectivetariffE)Thepartoftheeconomythatisnotstatecontrolled,
andisrunbyindividualsandcompaniesforprofit.4
6）beggarthyneighborF)Anexpressionineconomicsdescribingpolicythat
eksbenefitsforonecountryattheexpenofothers.
Suchpoliciesattempttoremedytheeconomic
problemsinonecountrybymeanswhichtendto
worntheproblemsofothercountries.6
7)commodityG)Apublishedrankingbadondetailedfinancial
analysisbyacreditbureau,ofone’sfinancialhistory,
specificallyasitrelatestoone’sabilitytomeetdebt
obligations.2
8）sovereign-debtcrisisH)Acrisisinwhichanationalgovernmentowessomuch
debtthatitisunabletorepayorontheedgeof
bankruptcy.8
9）food-priceindexI)Atariffwhichtriestobanimportstostopthem
competingwithlocalproducts5
10）rerverequirementJ)Asituationwhereeconomicgrowthslidesbackto
negativeafterashort-livedgrowthandtheeconomy
maymoveintoadeeperandlongerdownturn.1
atethefollowingintoChine:
星期五，世界上20个主要经济体的领导人结束了在这座东北亚首都城市举
行的为期两天的峰会。各国争论不休，然而却没有就避免破坏性货币和贸易战争
的具体措施达成一致意见。会议遭遇的挫折远多于收获，而奥巴马总统最为沮丧，
其采取统一方法推动全球经济的努力未能成功。20国集团成员国突然拒绝支持
美国迫使中国提高币值的尝试，延续了这场痛苦的争端，很多人认为争端最终会
导致全球贸易战。
在离开这座城市之前，各国领导人发表了一项打了折扣的声明，仅仅同意避
免货币的“竞争性贬值”。这份联合声明大致描述了他们推动增长，并平衡贸易
和汇率以及避免贸易保护主义政策的意图。美国官员称此为一份重要协议，将会
帮助减轻一些承受巨额贸易逆差的国家的压力。但是各国并没有义务遵守这些协
议。
在最后的讲话中，奥巴马对这次令人失望的峰会持积极态度，说世界上的发
达国家和发展中国家已经成功地把世界经济引入通往复苏的道路。但是他也承认
参与峰会的各国可能重陷一种险境：引起本次全球经济危机的经济失衡。尽管如
此，他不会承认在后门会议上遭遇的失败。这样的会议经常被认为是处于陷入敌
对状态的边缘。
“我们在此所做的工作并不一定那么激动人心、始终能改变世界，但我们确
实是在稳步地增强国际管理机制和机构，减少世界各国间的摩擦”，奥巴马说。
他强调二十国集团领袖们作出了巨大的努力，包括建立国际社会所要求的裁定当
事国是否对贸易伙伴采取不公平做法的仲裁机制。“有时我觉得人们本能地聚焦
于分歧也是很自然的，”美国总统说，但实际上“我们在每次这样的峰会上都取
得实质性的进展。”
但在首尔，世界领袖们一再显示他们无意妥协，只愿做出空泛的许诺，难以
遮盖他们在寻求共识果敢行动上的无能。不能达成共识有时则会促使世界各国去
追求各自的利益，而会损害有协调的全球均衡增长。
eachofthefollowinggapswithoneofthentencesgivenbelow:
1)ThisweektheIMFpredictedthatglobalGDPshouldexpandby4.8%thisyear.
2)Mostobviously,thereisthegapbetweenthevitalityofthebigemergingeconomies,
someofwhichhavebeensprintingalongatcloto10%,andthesluggishnessof
manyrichones.
3)Poorcountries,especiallyyoungones,oughtintheorytoinvestmorethanthey
save,andsobeanetsourceofdemandforricher,olderones,allthemoresowhen
thelatterareinbadshape.
4)Richcountriesareplanningtaxrisandspendingcutsworth1.25%oftheir
collectiveGDPin2011,thebiggestsynchronidfiscaltighteningonrecord.
5)EveninAmericatheageingofthebaby-boomerspointstoaslower-growing
workforce.
SupplementaryReading
TheSurvivaloftheSafest
1.1WhichofthefollowingisanimportantreasonfortheAmericaneconomy’s
persistentweakness?
ks
tomorale∨
stinoneanother
ynardKeynes’theory
ingtothepassage,thebook“WhyWagesDon’tFallDuringaRecession”
focuson:
essionof1999
essionof1990-1999
essionof1990-1991∨
essionof2008-now
unusualaboutthemarketforlaborcomparedwithotherproductive
factors?
erproductivefactorssuchaswheat,thepriceusuallydropsuntilthe
excesssupplyismostlygone.
supplyoflaborshowsupasunemployment.
factorsofproductionssuchaswheatortrucks,humanbeingsdon’t
havemoraleissues.
ormarket,excesssupplycanbeprominentandpersistent.∨
agersthatProfessorBewleyinterviewedconsistentlytoldthat:
econcernedaboutboththeemotionalandphysicalstateoftheircore
employees.
econcernedabouttheemotionalstateoftheircoreemployees∨
econcernedaboutthephysicalstateoftheircoreemployees
econcernedabouttheemotionalstateofalltheiremployees
erlinedpartinthentence“…theysteelthemlvesagainst
ntimentality…”means:
hard-hearted∨
emlveswithsteel.
ppedwithsteel
gainst
anagersoftenlayoffmorepeoplethannecessary?
rethattheydon’thavetorepeattheordealanytimesoon.∨
rethattheremainingworkersworkharder.
owncost
etheremainingworkerswanttotakeextrawork.
fthefollowingisTRUEaccordingtothepassage?
d-offemployeescandirectly“poisontheatmosphere”intheirformer
workplaces.
d-offemployeescannever“poisontheatmosphere”intheirformer
workplacesoncetheygetfired.
d-offemployeescanindirectly“poisontheatmosphere”intheir
formerworkplaces.∨
d-offemployeesareforbiddentogetintouchwiththoremaining
employees.
fthefollowingwillemployeeswhostayemployednotexperience?
or’sguilt
ywiththelessfortunate
agantvocations∨
fthefollowingisNOTaconquenceofthereticenceofemployees?
vingjobsinone’sowncompany∨
gagainstjobgrowthelwhere.
inginalossofvigorintheaggregateeconomy.
gtothesappingofcreativity.
horsuggeststhatthecurrentunemploymentmaybesolvedby:
ingcreativityinprivatector.
tingbiggovernmentprogramstocreatejobs∨
ngworkmoralinbusiness.
gwagesforemployees.
Unit3
Timetorebalance
Exercis
thequestionsonthetext.
1)HowdidSteveHiltonfeelwhenLehmanBrotherscollapd?
Theworldwascomingtoanend.
2)dotosavehiscompany?
(1)Givingupoptionstobuythousandsoflots.
(2)Layingoff3/4ofhimployees.
(3)Redesigninghishoustocutconstructioncost.
(4)Servingcustomerswithguaranteedpayment.
3)’scompany?
Dismissingworkersinthewholecountryandexperiencingoneoftheworst
economicrecessionsinhistory.
4)Whatdoes“thebiggesttransformations”mean?
Macroeconomically,theUSwillchangefromdebtandconsumptiontosavingand
exports.
Microeconomically,Americanswillhavedifferentlifestylesanddodifferentjobs
indifferentplaces.
5)AccordingtotheMcKinyGlobalInstitute,whatisthecommonpracticeof
consumersduringeconomiccris?
Consumersgenerallytrytocuttheirdebttomoremanageablelevels.
6)Whatisthemajordifferencebetweencreditcardsandchargecards?
editcard,thecustomercanchoo
yingpartially,the
oplejust
keepmakingpartialpaymentsandpayinterestoncreditcardsforyearsandyears.
Butforachargecard,thecustomerhastopaytheentireamountoffeachtime
he/tallowedtomakeapartialpaymentandnointerest
isinvolved.
7)Howisthecurrentrecessiondifferentfromthepreviousones?
Itwastriggeredbyafinancialcrisisthatmadeitimpossibletochannelsavingsto
productiveinvestmentandleftcustomersandenterprisstrugglingwiththings
fromtheboom.
8)WhatisthedilemmatheObamaadministrationinconcerningthestimulus?
Ontheonehand,ther
hand,itworriesthatthewithdrawingthestimulusmaypushtheAmerican
economybackintorecession.
9)Whatarethereasonsforeconomicrestructuringaccordingtothereport?
Tightercredit,lowerconsumerborrowing,andhigherenergyprices.
10)Whatissaidaboutbusinessinvestment?
Itixpectedtoberobust,anneversubstitute
consumerspending.
11)WhatchangeshaveoccurredintheUnitedStatesintermsofconsumption?
(1)Americanconsumersspendlessbutsavemore.
(2)Americancompaniesthuslooktoanexportboomabroad.
(3)TheUShaschangedfromaconsumingnationtoanexportingeconomy,
accountingforonly27%ofglobalconsumptionthisyear,muchlessthanthatof
emergingmarkets.
12)WhatmakesthereportoptimisticabouttheAmericaneconomy?
(1)TheUShasbeenincreasingexportsabroad,particularlyemergingmarkets.
(2)America’scurrent-accountdeficitdroppedfrom6%to3%.
(3)Americanfirmsarebusypreparingfortheirinvestment.
eachblankofthefollowingntenceswithoneofthephrasinthelist
angeswhennecessary.
1)Investorsfrombigcitiesarequicktosnapuprealestatesinthisboomingtown
fortheirrisingfuturevalues.
2)Therearealreadyclearsignalsthattheinvestorswillshiftawayfromthe
financialfirminlegaltrouble.
3)Highinputcostsarelikelytoputpressureonsteelpricesinthedomesticmarket
evenifdemandstillremainshigh.
4)TheprimeministersaidThursdaythatanewinternationalairportwillbebuiltin
thesoutherncitytocatertotherisingnumberofpasngersandaircargoesthere.
5)Manyeconomistsfearthatthecontractionofmoneysupplymaydryupfinancing
neededforvariouconomicactivities.
6)ProfessorNilwas,however,quicktowarnthepublictobeontheirguardagainst
thocounterfeitsalreadyincirculation.
7)AcademyAwards,EmmyAwardsanddozensofprestigiousawardsfrom
prominentfilmfestivalsaroundtheworldattesttothestellarqualityofthefilms
beingfeaturedattheannualWorldCommunityFilmFestival.
8)Aneighborhoodgroupinthedistrictplanstoholdafundrairtohelpchildren
payoffoverduebookfinessothattheycanresumeusingtheirlibrary.
9)Thewriter’sfameshranklastyearbecauthepublicthoughthewasknocking
outsomanythings.
10)Businessleadershaveurgedthegovernmenttosnapupfarmlandoverasto
growbasicstaplesasabufferagainstsoaringfoodprices.
11)TheVancouverteamvowedtogetbacktodoingthelittlethingsrightandknewit
wouldadduptobigthings.
12)Whathashappenedoverthepastfewyearsindicatesthatgreatpolitical,social
andeconomictransformationsareinthemaking.
hetermsincolumnAwiththedefinitionsincolumnB.
A_______________________B________________________________________
1)emergingmarketA)Acontractthatpermitstheowner,dependingon
thetypeofoptionheld,topurchaorllan
astatafixedpriceuntilaspecificdate.6
2)profitmarginB)Atheoreticalconstructthatreprentconomic
processbyatofvariablesandatoflogical
andquantitativerelationshipsbetweenthem.10
3)consumerspendingC)Aneconomy,withfastgrowthratebutlowto
middlepercapitaincome,hasopenedupits
marketandintegrateditlfintotheglobal
economy.1
4)consumerismD)Theprocessofmovingfromaperiodofloss
orlowprofitabilityintoamoreprofitablestage
forafirm,industryoreconomy.8
5)disposableincomeE)Ratioofprofitaftertaxestocost-of-sales,often
expresdasapercentage,measuringthe
profitabilityofafirmandindicatingitscost
structure.2
6)optionF)Portionofthebalanceofpaymentsconsisting
ofexportsandimportsofgoodsandrvices,as
wellastransferpaymentssuchasforeignaid
grants.9
7)economicrestructuringG)Theamountofmoneyspentbyhouholds,
measuredmonthly,makingupanimportantpart
ofaneconomy.3
8)turnaroundH)Thephenomenonofaneconomyshiftingfrom
amanufacturingtoarvicectoreconomic
ba.7
9)currentaccountI)Amovementequatingpersonalhappinesswith
purchasingmaterialposssionsand
consumption.4
10)economicmodelJ)Theamountofincomelefttoanindividual
aftertaxeshavebeenpaid,availablefor
spendingandsaving.5
atethefollowingpassageintoChine:
目前石油价格飞涨，接近110美元一桶，食品和其他货物的成本也随之上涨。
然而不仅仅只是石油价格上升，实际上还有美元的贬值，去年在国际上对其他主要货币
就贬值了18%。
美元变得一文不值，而与通常的经济衰退不同，美国经济的GDP却仍在增长，2007年
美国的GDP增长了2.2%，达到13.8万亿美元。但2007年究竟发生了什么，使美国经济遭
受了毁灭性的打击呢？其答案并不简单。
房产和信贷危机损坏了美元的币值。想象一下，假如有人把成千上万的美元
假币投入到美国经济中，而又被媒体发现了，这肯定会导致经济混乱，触发社会
骚动，百姓不再信任现钞，从而摧毁美元的币值。
不过，美国的情况并不是假币，而是泛滥的信贷。美国人的按揭抵押、信用
卡和国债太多了。他们依赖来自中国和其他国家的进口，本身的经济则过于强调
服务业，而缺乏制造业的支撑。
其结果是美元实际上已不太值钱，只是一张纸币而已。可因其稳定和坚挺，
过去数十年世界各国银行一直将美元作为储备货币，其币值是由海外强劲的需求
支撑的。然而在布什政府时代，乔治·布什心不在焉，不重视经济发展与繁荣，
经济基本上完全被他忽视了，而将精力放在国际反恐上。
在历史上，货币实际上曾经是由象黄金这样的贵金属支撑的，但那样的时代
早已一去不复返了。现在货币的比值是由政府和市场说了算，它们允许各国货币
根据国际市场的需求浮动，但当一国的多数买卖是由信贷支付而没有足够的实体
经济来支撑这些买卖时，那该国的货币最终就会暴跌。
因此，美国现在所处的正是这种景况。商品价格飞涨，这意味着美国的GDP
仍在增长，但这种增长是由于通货膨胀抬高商品价格而促成的。不过，假如你调
整我们的GDP，把货币贬值的因素考虑进去，那么你马上就知道真相了。美国
现在处于经济衰退之中，美国人还未意识到是因为我们的GDP数字看起来仍在
上升，但他们并不知情的是：我们的GDP价值实际上已下降了。
由于上述状况再加上按揭抵押和信贷危机，美国势必经历一段失控而危险的
经济旅程。
efollowingtextandchoothebestntencefromthelistA-Ebelow
tofillineachofthegapsinthetext.
1)Theywouldliketodrivemoremoneyintotheeconomynowtopumpupthe
recoveryasahedgeagainstthefeareddoubledip.
2)Inplaceofthat$154billionbill,theWhiteHoupromptedtheHoutopassa
narrower$54billionplaninMay.
3)ButSenateDemocratscouldn'tpassthatbilleither.
4)InsomecasthatmeansarenewedpushforideasObamahasbeentoutingsince
late2009.
5)Forinstance,itismoreaggressivelypromotinga$13billionbusiness-hiringtax
creditthatCongresshasalreadypasd.
SupplementaryReading
ThecreditcrunchhasshatteredAmerica's'neoliberaldream'
________thatcaudtheendofthedominanceoffree-marketcapitalism.
anbudgetdeficit
balfinancialcrisis∨
ationalMonetaryfund
-marketmovement
writersarguedintheirbookthatinmostofthe20thcenturytheworld
________.
hetimefightingwars
ofindoutwhattheAmericandreamwasabout
uptheAmericandreamandallitsproducts∨
intotheAmericansandtheirwaylife
an$800billionnationaldebtintheformoftreasurybondswasdueto
________.
e-longborrowingbingebytheAmericans∨
erofpower
crunchintheUnitedStates
ledfree-marketcapitalism
efeconomistOlivierBlanchardbelievesthatazerointerestrate
________.
oreroomformonetarypolicytobeead
inlessdeteriorationoffiscalpositions
ourhandsduringtimesoftrouble
ererestrictiononmonetarypolicy∨
horofthisarticlefeelsitis________fortheIMFtoimpoitspolicies
withconditions.
able
l
∨
rnerisregardedasahatefigureintheIMFbecauhe________.
ngedthefinancializationoftheworldeconomy∨
dtheneoliberaldream
withmanyofthefinancialinnovations
edthetruevalueofunderlyingasts
einferredthat________isoneofthecreditderivativesthatwereclaimed
toenhancethetransparencyofthefinancialmarket.
strate
intervention
ltransfer
ditdefaultswap∨
lowingarethereasonswhyIndiaavoidedtheworstsituationofthe
financialcrisisEXCPTthat________.
otblindlyaccepttheneoliberalorthodoxy
edwoefullybackward∨
somecontroloverthegrowthofcredit
otfollowfinancialliberalization
estheterm“spiritualhomes”meaninthearticle?
wherepeoplecanliveliketheirownhomes.
alswherementallyillpatientsaretreated.
sofneoliberalcapitalismwhereitsproponentsfeeltheybelongandcan
dependonpsychologically.∨
swherechildrenreceivespiritualeducation.
horthinksit’sstilltooearlytosaythatwehavehad________though
manycountriesintheworldhavetakendivergentpathstodevelopment.
ssindealingwiththeglobalwarmingissue
thought-throughalternativeeconomicorthodoxy∨
ngroleforgovernmentsandregulation
cementforCoke,denimorhamburgers
Unit4
TheIncredibleShrinkingEurope
Exercis
stothequestionsonthetext:
1)WhatwasthedreamthattheEurophileswerefamiliarwith?
emboldenedworldpowersteppingupto
calmtroublespots,usingaidandpersuasionwhereitcould,butpreparedtondin
troopswhenithadto.
2)WhydoesthepassagesaythatEuropeisaremarkablygoodplacetolive?
BecauEuropeismorestable,safe,greenandculturallydiverthanmostpartsof
.
3)DoesthegoodlifeathomemakeEuropestrongabroad?Why?
No,agoodlifeathomedoesn’etheE.U.
mayhaveallthesoft-powercredentialsintheworld,butonthegrandstageithas
lackedtheweightandinfluenceofothersonsomebigissues.
4)WhatdoCriticsthinkofthelectionofHermanVanRompuyandCatherine
AshtonasEurope'sPresidentandForeignMinister?
Theyconsiderthelectionassymbolicofalackofvisionanditmeansthe
groupingwillhavetoreconcileitlftofiveyearsofunderperformance.
5)WhatcanbelistedasE.U.’sachievementsintheyearsaround1980s
accordingtothepassage?
Byextendinganareaofpeaceandliberalgovernmenttotheeast,e
muchtocalmapartoftheworldthatnotlongagowasthecockpitformurderous
rivalries.
6)InwhatwaycanEuroperealizeitsowndreamsandthoofothersaccording
tothepassage?
Ithastoactasatruesingleblocandwinotherstoitsside.
7)WhydoestheGermangovernmentfaceenormousdomesticchallengesin
admittingitsforcesinAfghanistanaretheretofight,nottobehumanitarian
workersinuniform?
BecauoneofmodernEurope'smostcherishedconvictionsisthattheforceof
armsrarelyttlespoliticaldisputesforlongandEuropeanpublicopinioninthe
20thcenturyemsunwillingtocommittothewarinAfghanistanforthelong
haul.
8)WhatrolesdidGermanyplayinEuropeinthe20thcentury?
Forthelasthalfofthe20thcentury,GermanywasattheheartoftheEuropean
cetheendoftheColdWar,ithassteppedbackfromtheE.U.
andbegunstrengtheningtieswithRussia.
onastheWhiteHou’spartner?
TheadvantagesarethatEuropeisrichanddemocratic,anditsvaluesareclorto
oofanywhereel.
eachblankofthefollowingntenceswithoneofthephrasinthelist
angeswhennecessary.
1)Chinawilladheretotheprincipleofdevelopinghightechnologyandrealizing
industrializationtostepupthecommercialization,industrializationand
internationalizationofscientificandtechnologicalachievements.
2)Intherecentcrisisnobankscouldmanagetobailoutthecompaniesinfinancial
pressure.
3)IntermsoftheinformationfromtheUniverheisapatheticandsometimes
irritable,heislikeanostrichstickinghisheadinsand.
4)ItwillbeuptotheboardtodecideiftheCEOshouldberemoved.
5)Allourhopesrestuponthearrivaloftheshipment.
6)Theplanhasalreadybeenworkedout,andcouldbeputintooperationata
moment'snotice.
7)Thewholemachineryofcivilizationwillbreakdownifthisdoctrinewinsinthe
war.
8)Hisremarkshithomewhenhesaidthatwedidnotworkenough.
9)SomeanalystssuspectedthatToyotahadpulledstringstostifleprobesintoits
autoqualityproblems.
10)Mercyisreachingouttothowhohavenothingtogivebacktoyou.
hetermsincolumnAwiththeexplanationsincolumnB:
A____________________B_____________________________________
1)freemarketA)Effectsonthebehaviorofindividualscaud
byobrvationoftheactionsofothersandtheir
conquences.3
2)coalitiongovernmentB)Aneconomicturmoilwherecompaniesgobankrupt,
peoplearelaidoff,andmarketsaresluggish.
Thereisalotofpanicinbothbusinessand
dailylives.9
3)demonstrationeffectsC)Amarketinwhichthereisnoeconomic
interventionbythestate,excepttoenforce
privatecontractsandtheownershipofproperty.
1
4)healthinsuranceD)Aqualifiedretirementplantupbya
corporation,laborunion,government,orother
organizationforitmployees.6
E)Aformofcollectivismbymeansofwhich
peoplecollectivelypooltheirrisk,inthisca
theriskofincurringmedicalexpens.4
5)nationalinterestF)Theabilitytoobtainwhatonewantsthrough
wsnationsto
exerttheirinfluencewithoutusingmilitary
meansorcoercion.8
6)pensionschemeG)Afightorcontentionforterritory,power,
control,orresourcesbetweentowmoreparties
inaplaceorarea..7
7)turfwarH)Thingsofgreatimportancetoanation,
includingitsgoals,visionsandambitionsin
political,economic,culturalfields,
actions,circumstances,anddecisionstoachieve
them.5
8)softpowerI)Acabinetofaparliamentarygovernmentin
whichveralpartiescooperate.2
9)economiccrunch
atethefollowingintoChine.
有什么能让欧洲振奋起来吗？
当然：如果欧洲领导人能像20年前那样抓住时机，欧盟就将繁荣昌盛。
欧洲人担心工作不保和储蓄减少，各国政府和公司无法轻易借款，银行倒闭，
单一货币摇摇欲坠，此时，欧盟面临的不仅仅是经济危机，还有政治危机。到目
前为止，欧洲各国面临的威胁有所不同。在过去的18个月里，它们常因金融市
场表现低迷而饱受争议或遭到指责，大多在被否定与威吓中寻求庇护。尽管采取
了新一轮的紧缩政策，并且向最脆弱的经济体启动了11小时庞大经济救援，欧
洲在世界上的实力似乎已经削弱。
不屑一顾地看着欧洲对金融危机束手无策已成为亚洲和美洲的时尚。人们
说，欧洲时代已成历史。日渐衰老而又故步自封的欧洲人已无战胜逆境的决心。
然而病态的欧洲对谁都没有益处。即使如此，目前欧盟仍是世界最大经济体。如
果它的经济运行健康的话，那么最严重的全球经济危机也许早已结束。在政治上，
人人都与关乎欧洲命运的宏伟理想息息相关，即敌对国家之间可以进行战略协作
取得双赢而非发动战争。在社会上，所有的民主国家最终都必须应对欧洲的难题，
即政府和社保体系不断膨胀，可能阻碍为其提供资金的经济增长。
所以，不要耻笑欧洲的无能为力，全世界都应探询欧洲能否恢复活力，如果
能，该怎样做。本报的回答不合时宜，但却积极乐观。欧洲的失败并非注定。如
果欧盟领导人表现出一点点勇气，那么，此次危机就能转化为自20世纪80年代
以来经济繁荣发展的最好机会。
在那个时代，欧洲遭遇了因两次石油危机而引起的低增长和高失业。当时被
称为“欧洲硬化症”，但在杰出而又脾气暴躁的法国政治家欧共体主席雅克德洛
尔的领导下，欧洲于1992年建立了单一市场，并恢复了活力，获得了新生。这
些改革为欧盟进入最具活力的时代打下了坚实的基础。现在的政客们从此应该能
得到点启示。
在过去的数十年中，欧洲享有特权的“圈内人”一直阻止欧洲的改革。但德
洛尔先生克服重重困难，联手主张自由市场的自由派人士和欧洲一体化的倡导
者，继续了这一改革进程。现在这一危机又为欧洲领袖们提供了继续改革联盟的
机会，又重新聚焦到单一市场上。他们应该抓住这一机会。
eachofthefollowinggapswithoneofthentencesgivenbelow:
1)Notonlyistheregionlaggingintheglobalrebound,itisalsofacingdaunting
long-termchallenges.
2)WhetherornotEuropecanresolvetheproblemsmatterstoeveryone,whether
theyliveinEuropeornot.
3)Neithergoalhasbeenachieved.
4)AtstakeistheentireEuropeaneconomicsystemitlf.
5)Manyfinancialanalystsbelievetheeuromaycontinueitsdescent,perhapsto
paritywiththedollar,whichwouldreprentafurtherdepreciationofnearly20%.
SupplementaryReading
Europestrugglestocontaindebtturmoil
1)Portugalgovernmenttookradicalausteritymeasuresinorder_______________.
helpfromIMF
keinvestors
offthespeculativetrades∨
ovethegovernment’simage
2)________________.
ndIreland
alandSpain∨
alandIreland
dandGreece
3)Thedebt-reducingpackageapprovedbythePortugueParliamentinclude______.
ingmoreinternationalloans
bondyields
offworkers
esandpayandwelfarecuts∨
4)sforcePortugaltoconsiderabailout?_________.
etheywereafraidthattherecessionwouldthreatenthe16-nationeuro
currency.∨
etheywouldliketoethecountrieswhichweremostinthespotlightto
acceptassistance.
etheywantedtoavoidasharperdeteriorationinbondmarkets.
etheywantedtobuytime.
5)WhodeniedpressureonPortugaltotakefinancialaidaccordingtothe
passage?________.
opeanCommission,theEuropeanCentralBankandtheGerman
government∨
opeanCommission,theEuropeanCentralBankandIMF
opeanCommission,IMFandtheGermangovernment
opeanCommission,theEuropeanCentralBankandtheFrenchgovernment
6)Howlongdoesportugalhavetotoshowmarketsitisabletobringitsspending
undercontrol?
r.
ths.∨
nmonths.
n’tmention.
7)TheAthensgovernment’stougherreformsfor2011resultedin__________.
calturmoil
btandlowgrowth
slumpedacrosstheboard
outrageandaplannedgeneralstrike.∨
8)WhyisPortugalespeciallyvulnerabletomarketjittersaccordingtothepassage?
_______.
al’sbanksaresaidtobesound.
al’shighdebtloadcomparedtoitsgrossdomesticproductanditsmeagre
growth∨
al’sbudgetdeficitlastyearwaslowerthanthoofGreece,Irelandand
Spain
al’spoorfinancialmanagement
9)WhichofthefollowingisnottheproblemthatPortugalfacesinalongterm?
__________.
stedlegalsystemandeducationlevelsamongthelowestinEurope.
ry’sreluctancetoriskadoptingmoremodernworkpractices.
alhopestocutthedeficitto4.6percent,belowtheEUaverage.∨
lawsthatmakePortugalhardtofireworkers.
10)Whichofthefollowingcountriesarenotamongthefourhighestbudgetdeficit
countriesintheeurozone?__________.
andSpain
yandIreland∨
nandFrance
alandSpain
Unit5
JapanGoesFromDynamictoDisheartened
Exercis
thequestionsonthetext:
1)WhatwerethetwomajorfactorscomprisingJapan’conomicbubbleinthe
1980’s?
speculativestock
#propertybubbles
2)WhatwerethemethodsJapanegovernmentadoptedtostimulateits
economy,butturnedouttobeafailure?
#budgetdeficits
#floodofeasymoney
3)Whatdoes“economicGodzilla”meaninthetext?
quotedbecauitisa
Japanculturalicon.
4)otfollowJapan’ssuit,according
tosomeeconomists?
#thegreaterresponsivenessoftheAmericanpoliticalsystem
#Americans’greatertoleranceforcapitalism’screativedestruction
5)Whatarethespecifiedstepsinthe“deflationarytrap”?
Demanddecreas→supplydecreas→unemployment/reluctancein
investing→lessspending→lessdemand.
6)WhatarethefactorscontributingtoJapan’vendimmerfuture?
#theworld’slargestgovernmentdebt(around200%ofGDP)
#ashrinkingpopulation
#risingratesofpovertyandsuicide
7)WhydopeopletodayrefertotheJapaneyouthas“herbivores”?
Becau:underthebackgroundoflong-termeconomicstagnation,younger
generationofJapanbecomepessimisticandfatalistic,andtheylackambitions
thattheirparentsoncevaluedandbecomemildlytemperedandbehavedinboth
careerandx.
8)WhatdoyouthinkofJapan’srealestateindustry?
Duringtheperiodofdeflation,propertykeepslosingitsvalue,andpeoplethen
refutobuynewhousandhou-ownersareburdenedwithlargesumsofloan.
Theyhavetocomeupwithdifferentwaystocutexpens,whichsabotages
people’xpectationstowardsabetterfuture.
9)expectinginflationtocomebackagain?
inflationcomesbackheexpectstoevibrancyoftheJapaneeconomyagain.
10)Accordingtothearticle,howwouldyouexplain“destructivedestruction”?
Onthecontrarytocreativedestruction,whichdescribesthechaoticchangesthat
occurwhenanewproduct(i.e.,technology)orrviceisintroducedintothe
market,andentrepreneurscanmakegreatprofitbyinnovation,destructive
destructionheremeanspeople’spessimisticexpectationrendersthemmaking
theirlivingbycuttingexpensandllingcurrentpropertyratherthanrisking
creatingnewfortune.
eachblankofthefollowingntenceswithoneofthephrasinthelist
givenbelow:
1)Ihavediscoveredthatpayingdownyourloancanresultinbeingcashpoorwhen
aneedoremergencyaris.
2)Theroadtorecoveryisalongone,sothepoliticiansmustwakeuptothe
recession,acceptitandgetuswhereweneedtogo.
3)AllsignspointtoApple’siPadsalesastherecoveryoftabletPCsandfuture
spendingboom.
4)Duringthisurgentperiod,journalistsweretoldtoholdbackonsomestoriesin
catheymightdodamagetothedelicateadministration.
5)Accordingtosomeanalysts,BPPlc'soilspillintheGulfofMexicowilldrive
downrentalpricesfordeep-adrillingveslsbyabout20percent.
6)Consolidationislikelytoincreasincenooneplayercontrolsmorethan10
percentofthemarket,there’sagoldenopportunityforbigfishtogobbleup
smallerbusiness.
7)Accordingtoasurvey,teachersandlawyersareputinthemostovertime,they
toilfortenhoursaweekunpaid.
8)Theyalsoaddedthattheywouldnotsurrenderthefutureoftheirchildrentoa
fewpeoplewhoarebentonenslavingthemforlife.
9)China'stoplegislatureistodeliberateaboutthedraftamendmenttothepersonal
incometaxlaw,amajormovethatismeanttonarrowthewideninggapbetween
thecountry'srichandpoor.
10)Wemustbridgethegapbetweenthesupplyanddemandofpowerifweareto
achievehigherratesofeconomicgrowthonasustainablebasisinthenext
decade.
hetermsincolumnAwiththeexplanationsincolumnB:
AB
1)budgetdeficita)Aprocedurewhich,incertainjurisdictions,
allowsanindividualtodeclarebankruptcy.10
2)stagnationb)Thehighest-rankingcorporateadministrator
inchargeoftotalmanagementofan
organization.9
3)pricewarc)Theamountbywhichagovernment,
company,orindividual'sspendingexceedsits
incomeoveraparticularperiodoftime.1
4)speculativestockd)Aprocedurewithrapidincreasin
valuationsofrealestateuntiltheyreach
unsustainablelevelsrelativetoincomesand
othereconomicelements,followedbya
reductioninpricelevels.8
5)deflatione)Commercemoneythatcanbeborrowedat
alowinterestrate.7
6)grossdomesticproductf)Aperiodoftimeinwhichaneconomy
experiencesdifficultiesandachieveslittleor
nogrowth.2
7)easymoneyg)Marketsituationinwhich(usuallytwo)
Powerfulcompetitorstrytousurpeach
other'smarketsharebyprogressively
reducingpricesuntiloneofthemretreats,at
leasttemporarily.3
8)propertybubbleh)Themonetaryvalueofallthefinished
goodsandrvicesproducedwithina
country'sbordersinaspecifictimeperiod.6
9)chiefexecutiveofficeri)Ageneraldeclineinprices,oftencaudbya
reductioninthesupplyofmoneyorcredit.5
10)personalbankruptcyj)astockwithhighriskrelativetoanypotential
positivereturns.4
atethefollowingintoChine:
自2008年经济震荡以来酋长国城市迪拜遭受了媒体的负面宣传。假如该城市国的统治
者们在这时退缩的话，他们只能怪自己了。不管怎么说，是他们自己首先招徕了媒体的关注。
只在二十来年之前，迪拜还只不过是空旷的沙漠而已，没有任何理由建曼哈顿式的高楼
大厦，更不用说世界最高楼了。也就是说，除了浮华的抱负外没有任何其他理由
能使荒芜之地变为世界上最具活力的城市之一。
当迪拜塔（世界最高塔最初的名称）开建时，迪拜正处于由国外投机商促
成的划时代繁荣之中，奢华发展项目接连不断。1月4日迪拜塔正式开张时虽烟
花绚丽多睬，但实际上这种哗众取宠的表现已开始衰减了。在这数周之前，迪拜
最大的国有开发公司就已宣布无力偿债。官方公布的数据显示迪拜欠债主800
亿美元，但阿拉伯地区最大的投资银行EFG-Hermes估计其债务可能高达1700
亿美元。后来为了避免这一十分尴尬的局面，石油资源丰富的阿布扎比的统治者
SheikKhalifaal-Nahyan注入了100亿美元，而且该摩天大楼的主人把该楼改名
为哈利法塔。对于一个习惯于华丽辞藻的城市来说，这已是相当的落魄了。
不过，在接踵而来的恐慌、指控和幸灾乐祸之中，人们可能很容易忘记，海
湾不仅仅只有迪拜。临近的竞争对手们从金融危机中恢复的状态比其伤痕累累邻
居要好，其中有些因更丰富的石油天然气资源比迪拜要富得多。根据里雅得沙特
法国银行和巴黎农业信贷银行首席经济学家JohnSfakianakis的预测，海湾地区
今年不光能从全球衰退中复苏，而且可能成为继东南亚经济后第二个最重要的全
球经济增长中心。他说：“世界一直来只关注迪拜，但迪拜不是海湾合作委员会，”
他指的是比较松散的海湾国家政治和经济联盟。“从短期看，迪拜的问题可能会
影响世界对该地区的看法。但从长远看，海湾地区一定会展现强劲的增长势头。”
eachofthefollowinggapswithoneofthentencesgivenbelow:
1)Thisisanightmareforallbutthemostinnovativebusiness.
2)Well,theJapanearestartingtodothat.
3)Theymightbelivingwiththeirparents,savingtheirsalariesfordesigner
handbags.
4)Alwaysconsciousthatithasnooilofitsown,Japanisnowthemost
energy-efficientlargeeconomy.
5)Thecapital'spublic-transportsystemalsomakesiteasyandcheaptogetaround.
SupplementaryReading
AsianEconomiesReboundinSpiteoftheWest
d"decoupling"inthefirstparagraphreferstotheprocessthat
__________.
yisstillreliantonAsiacountries’exportsoastoreviveina
shorttime.
ydoesn’tnecessarilyhavetodependonAsiancountries’export.
ptionandboomallby
themlves.∨
erspending.
ingtothecontext,whatdoes“R.I.P.”in“decouplingR.I.P.”inthecond
paragraphmean?
Peace.∨
gInformationProtocol.
ImmenPower.
ryIsPossible.
fthefollowingistrueasthesignsofAsianeconomyrecovery?
’xporthasincreadby17%everymonththisyear.
’s5.8%growthisnotasgoodastimated.
siahasachievedaquickandsmoothgrowthof4.4%.
’sperformancehaxceededpreviouxpectation.∨
thecoreofthedecouplingthesis?
twillconsumethemajorityofproductsthatAsianeconomies
produce.
conomiescanachievegrowthamongthemlvesbydomestic
demands.∨
erspendinginAsiacan'tfillthegapleftbyfallingexportstothe
U.S..
dupitconomybydomesticdemand.
oneimportantreasonofAsianrevivalaccordingtoMerrillLynch?
tisgettingricherandbeginstoconsumemoregoodsfromAsia..
asalargerdomesticdemandwhichresultsinajumpinimportfrom
therestoftheregion.∨
smoreeconomicallyinterrelatedwithotherAsiancountries.
linedtheimportfromEuropeandJapan,instead,itimportmore
fromAsia.
sChinegovernmentspendlargesumofmoneytocover90%
populationwithhealth-care?
dagoodimageininternationalcommunity.
illitscommitmenttoupholdinghumanrights.
uadeChinepeopleintobuyingheathinsurance.
vethepoorpeople’conomicburdenandencouragethemto
consumemore.∨
astparagraph,whatdoes“TheAmericaneconomymattersalotlessthan
peoplethought.”mean?
aneconomyislessdevelopedthanAsia.
aneconomydoesn’tmattertoAsiaanylonger.
thoughtthatAmericaneconomyisnotasgoodasAsia’s.
aneconomyisfarlessimportantthanitwasconsideredtobe.∨
isarticle,itcanbeinferredthat__________?
lingtheoryhasalreadyshiftedfromanideatopromi.
sbeguntolookintoitlfforfuturegrowthratherthanoutside
economies.∨
sleadingAsiatodevelopwithitshightechnologyandexport.
sleadingAsiatodevelopwithitsproductivityandexport.
Unit6
Goodbye,FreeTrade?
Exercis
thequestionsonthetext.
1)WhatwastheresultwhentheHouofReprentativespasdthe
Hawley-SmootTariffActin1930?
TheeconomicrecessionintheUnitedStatesbecameevenwor.
2)Accordingtotheauthor,whathappenswhenacurrencyappreciates?
Itdiminishestheexportadvantageofthecountryandmakesitdifficulttoincrea
exportsorevenmaintainthestatusquo.
3)HowdidAmericanpoliticianstakeadvantageofthepublic’sstrong
anti-free-tradentimentintheUnitedStates?
Theycreatedatalkingpointinchargesofunfairtradesothattheythoughtthey
couldbenefitinthemid-termelections.
4)WhatdidAmericanpoliticiansandeconomistsagreeanddisagreeoverthe
Hawley-SmootTariffAct?
Almostallofthemagreedthatitwasabadlaw,buttheydisagreedwhetherit
triggeredtheGreatDepressioninthe1930s.
5)WhatdidMiltonFriedmanthinkwerethemoreimportantreasonsforthe
GreatDepression?
Themalfunctioninggoldstandardsystemandineptmonetarypolicyofthe
FederalRerve.
6)WhatwastheforeignreactionunexpectedbytheAmericanlawmakersafter
theHawley-SmootTariffActwanacted?
Thetradingpartnerswereangeredandimpoddiscriminatorytariffson
inparticular,asthelargestexportmarketfortheUS,
reactedfiercelyandhandeditsmarketovertotheBritishcompetitors.
7)WhyisitunlikelyfortheUStoadoptanotherSmoot-Hawleytodayintheeye
oftheauthor?
(1)(1)TheUSismuchmoreintegratedintotheworldeconomytodaythanitwas
inthe1930s.
(2)(2)Importrestrictionsldomachievetheirintendedgoals,instead,oftenend
uphurtingAmericanindustriesandconsumers.
(3)(3)TheAmericanshavelearnedtoconsiderthepossiblestrongforeign
retaliationagainstUSexporters.
8)Whatweretherespectiveresultsforthocountrieswithdrawingfromthe
goldstandardandthoclingingtoitduringthe1930saccordingtothe
author?
Thocountriesgoingoffthegoldstandardallowedtheircurrenciestodepreciate,
avoidedprotectionisttradepoliciesand,instead,udmonetarypolicytoend
pricedeflationandstimulateeconomicgrowth.
Thocountrieschoosingtostayonpursuedprotectionisttradepoliciesby
imposinghightariffs,importquotasandexchangecontrols,whichdidlittlein
eysufferedalongereconomic
depression.
9)Howdoestheauthorjustifyhissupportforthepolicyof"quantitative
easing"?
(1)Historically,themostimportanttoolforresistingprotectionistntimentinthe
1930swasamonetarypolicythatwouldpromoteeconomicgrowth.
rightmonetarypolicycanalleviate
thepressureonWashingtontoadoptprotectionisttradepolicyandcanhelpto
raioutputbeforeitleadstoahighinflation.
(2)HealsoquoteswhatCharlesEvenssaid:AdditionalmeasurestakenbytheFed
tostimulategrowthshouldcondoned,notcondemned.
(3)anwrote1997aboutJapan:Thesurestroadtoahealthy
economicrecoveryistoincreatherateofmonetarygrowth,toshiftfromtight
moneytoeasiermoney.
10)WhatdoestheauthorimplyabouttheUSCongress?
IncomparisonwiththeFed,theUSCongressisfollowingatradeprotectionist
policyinblamingothercountriesforitsunemploymentandmaycaurious
traderetaliationsfromtradingpartners.
eachblankofthefollowingntenceswithoneofthephrasinthelist
angeswhennecessary.
1)Asthefinancialscandalinvolvessomanypeople,theprobeintoitcoulddrag
onforanotheryear.
2)Intheageofglobalizationmoreindividualsareforcedtointegrateinto
multinationalworkteams.
3)ManyinEuropearenowverymuchworriedthatitmaysinkintoaJapan-style
economicrecession.
4)Butthebusinessleadersyesterdaywarnedagainstinterestrateris,arguingthat
inflationwasbeingdrivennotbyconsumerspending,butbyrisingcommodity
prices.
5)Afterthecallscandal,theAmericanautomakersandsomepoliticianstherewere
soeagertokeeptheirrivalToyotaatbayintheautomarket.
6)Underthecurrentlaborlaw,twocategoriesofemployeesareexemptfrom
minimumwageandovertimerequirements.
7)Thoughthelocalpartnermadearevidoffer,theforeignerinvestorrefudand
revertedbacktotheoriginalagreementconditions.
8)LastFridaythetwopartiesmetformorethanfivehoursonlytoendupwalking
awayfromthetableonceagain,reachingnoagreementatall.
9)Whenthegovernmentsupervisbanks,itshouldtakeintoaccounttheirpay
andbonusstructureswhichmayoftenbethesourceofcorruption.
10)Thecustomersverelyaffectedintheincidentdemandedthatthecompanyput
inplaceeffectivemeasurestoavoidoccurrenceofsuchthingsinthefuture.
11)It’scriticaltotakeholdofanyopportunitycomingyourwaybecauitwill
nevercomebackagainoncelost.
12)Attimesofeconomicdepression,peoplearemoreinclinedtounethicalmeansin
theirbusiness.
hetermsincolumnAwiththedefinitionsincolumnB:
A__________________________B____________________________________
1)unfairtradeA)Restrictionsthatgovernmentsputinplace
onthepurchaorsaleofaforeignorlocal
currency,particularlybythoinshortage
ofhardcurrencies.6
2)realestateB)Escalationofprotectionismbetweentwoor
morecountriesthatimpopunitivetariffs
andbarriersinretaliationforeachother.8
3)businesscycleC)Ageneraldeclineinpricesoftencaudby
areductioninthemoneysupplyoradecrea
inspending.5
4)tradeprotectionismD)Unjustifiableanddiscriminatorypolicies
andsupportsbyagovernmenttoitsown
firms,rangingfromexportsubsidiestoanti-
competitivepractices.1
5)pricedeflationE)Land,buildings,homesoranythingfixed,
immovable,orpermanentlyattachedthatcan
betradedinthemarket.2
6)exchangecontrolF)Thepolicyofimposingdutiesorquotason
importsinordertoprotecthomejobs,
marketsorindustriesfromoveras
competition.9
7)competitivecurrencydevaluationG)Acompanyorcountrywithwhomyouhave
anongoingbusinessrelationshipandengage
inimportingorexportingactivities.10
8)tradewarH)Apredictablelong-termpatternof
economicactivitythataneconomy
experiencesfourstagesincludingdecline,
recession,recoveryandboom.3
9)importbarriersI)Thecurrencydevaluationbyagovernment
tomakeitsgoodsmorecompetitiveinthe
internationalmarkets.7
10)tradingpartnerL)Theeconomicpolicyofrestraining
businessbetweenstatesthroughavarietyof
governmentactionstodiscourageimports
andpreventforeigntake-overofdomestic
marketsandcompanies.4
atethefollowingpassageintoChine.
按官方的说法，中美间过去三天日益严重的贸易纠纷涉及轮胎、鸡肉和汽车，
但实际上远远超出此范围。
双方政府都面临着压力，需要在经济问题上向对方采取更为强硬的立场。尽
管双方都试图进行合作以期恢复全球经济并共同去应对所面临的安全威胁，但贸
易摩擦却使其政治关系越来越紧张。
本周五奥巴马宣布美国将对中国轮胎征收高达35%的关税，中国商务部对美
国的行动做出快速反应，提出了程式化的批评，并在周日晚间宣布它将采取第一
批措施，对美国出口的汽车配件和鸡肉征收关税。
中国政府的严厉反制措施是在周末中国网站出现民族主义怒潮后宣布的。有
个网民说，“美国真无耻！”，另一个网民则要求中国政府把持有的所有美国国债
抛售掉。在中国兴起的民族主义使中国政府官员更难掩饰对美国的批评。
“所有的政策制订，不光贸易政策，都需更多地考虑网民的意见，”经济政策
制订方面的美国专家VictorShih说。
奥巴马对中国轮胎征求关税的决定说明，他打算实现其向工会所做的许诺：
更严格地实施贸易法，尤其是对中国，因为中国已成为世界的加工厂而美国则已
失去了数百万个制造业的就业机会。2008年与中国的贸易赤字达到创纪录的
2680亿美元。
多年来美国政客只要对中国显示强硬立场，对其严格分类的出口产品提出象
征性的惩罚措施就能在国内政治中得分获益。在过去5年内，美国限制进口的中
国货物种类繁多，包括胸罩和油井设备。
在多数情况下，中国官员会抱怨但很少采取实际行动，更愿意维持一种
不平衡的贸易关系，美国向中国销售每1美元的货物就得从中国购买4.46美
元的中国货物。
现在这种微妙的平衡正在被打破。中国商务部周日宣布它将对来自美国
的一些汽车配件和鸡肉产品的进口展开调查，以确认这些产品是否得到了补
贴或是否在中国市场上以低于成本的价格进行倾销。如果这些产品被发现有
补贴或倾销，那中国就可以对其征收关税。
商务部在这一宣布中没有提及轮胎纠纷一事，把其展开的调查描述为是“根
据国内法律和世界贸易组织规则”进行的。但是这一宣布的时间选择（是在华盛
顿宣布轮胎决定后的周末）发出了一个明显的信号：进行贸易报复。官方的新华
社网站则在其报道中很明显地将轮胎纠纷和中国的调查联系在一起。
efollowingtextandchoothebestntencefromthelistA-Ebelowto
fillineachofthegapsinthetext.
1)ItisalsopromptingconcernamongUSbusinessreliantontherestoftheworld
forgrowth.
2)Thatisupfrom46percentthreeyearsagoand32percentin1999.
3)Therefore,theyhaveshiftedtheiropinionandarenowexpressingsignificant
concernaboutthenotionoffreetrade.
4)Therhetoricabouttheeffectsmaybeheatedbyapproachingcongressional
elections.
5)TheyevenbelievethatChinahasreplacedWallStreetasthevillaindujour.
SupplementaryReading
GlobalTrade'sNewDirection
ReadingComprehensionQuestions:
1)WecaninferfromthefirstparagraphthatSingaporePortisvery________
mainlybecauofitstraderelationswith________.
;l;SaudiArabia
;China∨able;theUnitedStates
2)WhyareRamadan,DiwaliandChineNewYeargivenmoreattentiontonow?
eAsiahasgrowntobethetradingcenterininternationaltrade.∨
epeoplearegettingmoreinterestedintheircultures.
etheyarenotsofamousoutsideAsia.
epeoplewanttofindoutwhattheyreallyare.
3)BoomingtradeamongAsiancountriesischallenging________.
rentinternationaltradesystem
nomicdominanceintheworld
ditionalwayoftrading
inantpositiontheUSdollaringlobaltrade∨
4)Accordingtothearticle,Chinahasbecome________forAsiancountries.
exportmarket∨
Idestination
nedbyYap,hiscompany’xporttoChinawillincreato________in
thenextfiveyears.
A.30%∨B.20%
C.10%D.40%
enttimes,itwas________thatlinkedthewholeAsiaintrading.
sianderts
ad∨nroutes
ommercialbankingofficialsaysthattradetransactionsbetweenAsian
countrieswill________inthefuture.
attractivetothem
ttledinyuan∨
ledonlyinUSdollar
ledonlyinyuan
catedbytheauthor,thepurchaofAPLbySingapore’sNeptune
symbolizes________.
softheUSasthesuperpower
inantpositionofSingaporeinglobalshipping
ancialpowerofSingaporeinconsolidation
ingofAsiainglobaltrade∨
Unit7
CanDetroitBeRetooled—BeforeIt'sTooLate?
Exercis
thequestionsonthetext:
1)whatistheproblemthewould-becarbuyersmayfaceaccordingtoRod
Buscher,CEOofSummitAutomotivePartnersinDenver?
Thewould-bebuyerslackeithertheincomeortheaccesstocreditthatwould
allowthemtodriveanewcaroffthelot.
2)WhyisGMsaidtohaveastarkandsteepjobtodowhenthePresident’s
autotaskforceprentedtheto-dolist?
AccordingtothelistGMhastoshrinklaborcosts,includingretireehealth-care
expens;slashdebt;killorlllow-performingbrands;andreducethenumberof
alltheparties
concernedfailtoaccomplishthatbythedeadlineofJune1,GMmaygointo
bankcruptcy.
3)kerstakeadvantageofthecomingcarboom?
Companiesthatcanmeetconsumers'needsforfuel-efficientyetstylishcars—
andthathaveflexiblemanufacturingplantstoturnoutthehotproductson
demand—arelikelytofindhugeopportunitiesforgrowthinthecomingcar
boom.
4)WhatdoestheWhiteHou’sauto-task-forceworkinggroupplantodowith
Chrysler?
ItplanstoclothedealonChrysler'om,oneheadofthe
group,hastakentheleadintryingtonegotiatethesaleof20%(atleastinitially)
ofChryslertoFiat.
5)WhatisVEBAapproachtosolveGM’sproblemofretireehealthand
pensionbenefits?
InaVEBA,theunionagreestoacceptacashpaymenttofundanewhealth-care
systemthattrusteesadminister,thustakingfutureliabilitiesoffthecompany's
books.
6)WhydoestheUAWfeelparticularlyaggrievedaboutthetaskforce's
approach?
Becauithasagreedtoanunendingriesofgivebacksoverthepast20years.
Evenbeforethislatestcrisis,theUAW’sagreementtothe2007contractwould
haveputDetroit'slaborcostpercarwithinacoupleofhundreddollarsofToyota's
andtheotherforeignautomakers’.
7)Whyareanalystssooptimisticaboutthefuturecarsales?
BecauAmericanshavebeenputtingoffbuyingcarsfornearlytwoyearsand
showroomtrafficisincreasing,
prospectofcarsalesissuretobegreatwhencreditstartstoloonashistory
indicates.
8)WhataretheelementsthatmakeanalystsbelieveNorthAmericandemand
forcarswillapproach16millionunitswithinfiveyearsfromtheyear2009?
Theelementsincludethereplacementdemand,scrappagerates,demographic
changesandaneconomicrecovery.
9)WhatarethecompetitiveGMbrandsmentenedinthepassage?
Theyareaward-winningChevyMalibuandthe2009BuickLaCros,which
recentlytoppedallmidsizecompetitorsindependabilityratings.
10)WhatcompetitionwilltheUScarindustryfaceinthenearfuture?
TheUScarindustrywillhavetowinmillionsofbuyers’recognitionfortheir
brands,andtrytoplaybetterinthecompetitionwithcompaniesinAsia,suchas
China'sCheryAutomobileandIndia'sTataMotors,aswellastheestablished
playerslikeVolkswagenandHyundai-Kia.
eachblankofthefollowingntenceswithoneofthephrasinthelist
givenbelow:
1)Withhixpandingwirelessbroadbandplan,Obamawantstousherevery
Americanintothe'DigitalAge'.
2)Schoolactivitiesstartwindingdownabouttwoweeksbeforetheendof
mester.
3)Themansaidhecouldn'tcomeupwithanappropriateanswerjustatthetime.
4)Everybodyissurethatthecealessdrippingofwaterwillintheendhollowout
astone.
5)Theprogressivemovement,whichhadalreadybroughtimportantchangesin
federalpolicies,stoodonthevergeofculminationandfulfillment
6)gglersshouldneverbeallowedto
getoffeasy.
7)Afterproductionexpansion,thiscompanynowcanturnoutamilliontelevision
tsamonth.
8)Thepreeminentwriter'spersonalappearancepickedupthesalesofthebook
considerably
9)Thenewlyannouncedcreditpolicymayhelpmanyfamily-ownedbusinessget
throughthetoughtimesatprent..
10)Thegovernmenthasimpoddrasticeconomiccontrolstochokeoffinflation.
11)Toexecutefull-costaccounting,companiesmustaccountforthetruecostoftheir
products.
12)Economistsarenotsooptimisticbecauthereisnosignthattherecessionhas
bottomedout.
hetermsincolumnAwiththeexplanationsincolumnB:
AB
1)bondholdera)Ameasureofacompany'sfinancialhealth,which
equalscashreceiptsminuscashpaymentsovera
givenperiodoftime.6
2)creditorb)Afinancialastwhovaluehasfallen
significantlyandwhichfailsgeneratecashflow
andisworthmuchlessthanexpected.7
3)dealershipc)Anentity(personorinstitution)thatextends
creditbygivinganotherentitypermissionto
borrowmoneyifitispaidbackatalaterdate.2
4)health-careexpensd)Aunitspeciallyorganizedtoworkonasingle
definedtask10
5)manufacturingcapacitye)Abusinesscompanythatisownedorcontrolled
byanotherlargercompany9
6)netcashflowf)Apersonowningabondorbondsissuedbya
governmentorapubliccompany1
7)badastg)Moneyudfortheprervationofmentaland
physicalhealthbypreventingortreatingillness
throughrvicesofferedbythehealth
profession4
8)hotproductsh)Volumeofproductsorrvicesthatcanbe
generatedbyaproductionplantorenterpriin
agivenperiodbyusingcurrentresources.5
9)subsidiary#i)Abusinesstablishedoroperatedunderan
authorizationtollordistributeacompany’s
goodsorrviceinaparticulararea3
10)taskforcej)Productsthatareextremelypopulousamong
consumersandnormallylllikehotcakesin
themarket.8
atethefollowingintoChine:
凭借这股势头，现代集团正加快从生产线上推出新车型的速度。美国的消费
者在12月份已经看到了簇新的2011款索纳塔，比先前的投放计划提早了两个月，
这是因为现代公司以超凡的速度提前了生产进程。
汽车厂商通常不愿干扰工厂的生产计划，因为那样做会影响零部件供应链，
导致装配问题，代价高昂。但是，现代却决定提前动工，因为公司早期的产品质
量控制良好，加之供应商储备充足，工程师们也做好了筹建阿拉巴马州工厂的准
备，于是速度成为了一种竞争优势。
现代汽车公司行动迅速果敢，已成为世界上发展最快的重要汽车厂商。当今
全球汽车销售低迷，现代却在9月30日结束的第三季度中创造了8亿3200万美
元的销售记录。分析人士预计今年现代的净利润会上涨近40%。
尽管现代公司只成立了43年，相对比较年轻，但是据环球通视咨询公司(IHS
GlobalInsight)统计，它的产量已经排在全球第五位，2009年又超过了有着107
年历史的福特公司（财富500强企业）晋升至第四位。几年前，丰田公司曾认为
现代是它最惧怕的公司，如今所有的忧虑已成为噩梦。
尽管公司业绩斐然，现代的高管们仍在努力争取更辉煌的成功。现代和起亚
目前的生产能力为580万辆轿车和卡车。现代的总裁兼首席执行官梁承锡说：“我
们要在两年内把产量提升至650万辆。”他当时正在首尔的一家小餐馆吃传统
韩式午餐。
现代计划2009年生产520万台汽车，那就意味着公司要满负荷运转才能大
幅提高产量。西方的汽车专家对如此宏大的扩张计划颇感惊惧，因为产量的剧增
势必会以降低质量、削弱品牌为代价。但是梁却淡然一笑，做出保证，仿佛他只
是在客气地闲谈而已。现代公司的人都知道，实现不可能的目标就是现代办事方
式的一部分。
超速发展容易引发事故。1986年，现代以一款售价仅为4995美元的“卓越”
（Excel）打入美国市场，此价格立即征服了想买廉价车的美国消费者。于是，
现代创下了第一年销售12万6千辆车的记录。
第二年，现代提出了“概念车”的口号，售出26万4千台“卓越”，又创了
纪录。在飞速发展的过程中，现代犯了两个近乎致命的错误。其一，汽车质量差
劲；其二，买主资信糟糕。当车辆因贷款人无法还贷而被收回时，因其质量太差
竟不值尚未偿还的贷款。
eachofthefollowinggapswithoneofthentencesgivenbelow:
What'swrongwithToyota?
1)tnotfromanengineering,mechanicalorevenaquality
pointofview.
2)Tocreateamoderncar,acompanyhastodesign,engineer,build,buyand
thenasmblesome10,000parts.
3)Thoughthoareerrorsthatwillcostitmorethan$2billioninrepairsand
lostsalesthisyear.
4)Althoughtherecallsemedsudden,theevidencehasbeenpilingup.
5)ThatwasfollowedbythefirstofveralNationalHighwayTrafficSafety
Administration(NHTSA)investigations,in2003,andtwosmallrecallsin
2005and2007.
SupplementaryReading
Readingcomprehensionquestions:
1）WhatdoesJamesGorman,thenewchiefexetutive,trytodotoreshapeMorgan
Stanleyafterthecrisis?________
etgovernmenthelpandsometimelyinvestmentsfromAsia.
ndomuchofthefirm’spre-crisixpansion.∨
repeopletocontrolcosts.
remergersandacquisitionsintheworldmarket.
2）WhoisMorganStanley’smainrival?
arney
lturalBankofChina
nSachs∨
3）WhichofthefollowingstatementabouttheSmithBarneydealistrue?________
goodfirsthalfoftheyear,thefirmmadeprofitsofonly$313m,downfrom
almost$1billionayearearlier.
lmadenodifferencetothetroubledsituation.
MorganStanleyasuperiorpositioninretailbrokerage.∨
articularlydisappointingbecauitsrevenuesslumpedtothelowestsince
early2009.
4）WhatisnottheprobleminMorganStanleySmithBarney(MSSB)accordingtothe
passage?__________
salotofmoneytobemade.∨
leadingperformersleftafterthemerger.
kers’compensationratiowastoohigh.
asafearoflosingmoretalent.
5）Whatdoesthentence“Itwouldtakeanuclearweapontosinkabrandasstrong
astheirsintraditionalinvestmentbanking.”suggest?_________
Stanleyispopularwithgovernmentslookingtollshares.
Stanley’snear-deathexperienceandearlierturmoilarecontroversial.
Stanleyhasbeeninfamoussincetheturmoil.
Stanley’sreputationhasremainedstrong.∨
6）IsiteasyforMorganStanleytochangethesituationfromanalso-rantoavictorin
fixedincome?_________
is.
lneedsalongwaytogo.∨
’shardtosay.
’sabigproblem.
7）WhatdoyouknowaboutJohnMack,MorganStanley’sformerchiefexecutive?
_______
reatbondsalesman.∨
ownforhisstrategicflair.
artimeleader.
eacetimebuilder.
8）WhichfigureisroughlyfittoMrGorman’sgoalonequityinnormalmarkets?
________
A.20%
B.25%
C.18%∨
D.12%
9）WhatefforthasMrGormanmaketoregainMorganStanley’svenerable
institutionalbusiness?________
ncreademphasisontheretailbusiness.
iredabatchofexperiencedrelationshipmanagers.∨
orkedhardertokeepbigclientssweet.
onalistofhedge-fundcontacts.
10）WhatdoesMorganStanleyplandointhefutureaccordingtoMrGorman?
_______
showmoredisciplineinitsbusinessdealings.∨
definemoreclearlythesandboxesitplaysin.
.
lookbackontheGreatRecessionfromtimetotime.
Unit8
ThedecadeofSteve
Exercis
thequestionsonthetext.
1)WhatmakesthestoryofSteveJobssoincredibleandremarkable?
Soperverantinhisgoals;
Experiencingandovercomingsomanydifficultiesandfrustrations;
Dominatinginasmanyasfourdistinctindustries;
RunningApplesowell------creatively,competitively,andprofitably;
Miraculouslyreturningfromhisfataldias.
2)WhatarethefourmarketsthatSteveJobsreorganizedanddominated?
Music,movies,mobiletelephonesaswellascomputing.
3)Whyisheregardedastherarebusinessman?
Predilectionsuniquetohim.
Distinctivedesigntasteandelegantretailstores.
Outside-theboxapproachtoadvertising
Ashowman,bornsalesman,andamagician.
Legitimateworldwidecelebrity
Alwaysmakingproductscustomerswanttobuy.
Visionarybutgroundedinreality.
Motivatednotbymoney,butbyavisceralardorforApple.
4)WhatastoundingachievementshasSteveJobsmadeuptodate?
Increasingcorporateworthfrom$5billionin2000to$170billionnow.
Movingfromcashdrainandnearbankruptcyto$34billionincashandmarket
curities.
275retailstoresin9countrieswith73%shareofUSMP3playermarket,and
undisputedleadershipinmobilephoneinnovation.
Hispersonalnetworthabout$5billion.
5)WhatwasthefirstimportantsuccessofSteve’steam?
ItcreatedthefirstMacintosh(iMac),abreakthroughall-in-onecomputerand
asticcostcuttingandlucrativesales,itgreatlyimprovedthe
Apple’sbalancesheetandfinanciallygotApplewellpreparedforbig
investmentsandbusinessleap.
6)WhydidSteveobjecttoEllisonbuyoutApplein1997?
Becauhedidn’tlikepeopletocond-guesstheintentionofhisreturn(as
makingmoney)andwantedtotakehighmoralgroundsothathecouldeasyand
gracefuldecisions.
7)WhydidStevebuildApple-ownedretailstoresandsomehavedoubts?
Becauthroughthebuildingofretailstores,Stevecouldestablishdirectcontact
withcustomers,gettoknowwhattheyreallywant,andfillthestoreswithall
thoproducts.
Butsomepeopleatthetime,evenmembersoftheboardhadgreatdoubtsabout
eextremelynervousthatthestoresmight
becomeariskycashdrain.
8)WhataretheoutstandingqualitiesreflectedfromJobs’integrationof
micromanagementwithbig-picturevision?
#Micro-management:
Consciousness/dedication/concentration
volvedinsomanydetailsthat
detailedthathemighttellanadwriterthatthe
thirdwordinthefourthparagraphwasn’tright.
#Big-picturevision:
Acumenformarketchange
HerecognizedgorgeousdesignasdifferentiatorforApple.
Creative,innovativeandvisionaryinproductdevelopment
Clientsresponded“GivemethenextSteveJobs”
Knackfortakingopportunitiesattherightmoment
HemadeiTunescompatiblewithWindowsandexpandedApplemarkettoall
PCs.
HedevelopedApple’sowndigital-musicsalesstores.
9)HowdidSteveJobsmasterthemessage?
CarefullyconsiderwhatheandApplesayanddon’tsaytothepublic.
Reheartimeandagainbeforespeakingpublicly.
Authorizeonlyasmallnumberofexecutivestospeakpublicly.
Heiscarefultoavoidoverexposure.
NobodyissuppodtospeakwithoutthepermissionofApple’smediarelations
teamreportingdirectlySteveJobs.
10)HowdidSteveJobshandleApple’sstockoptionsbackdatingscandal?
HeremainedsilentinitiallybutlaterinthereporttoSECheadmittedand
it
wastotallyinappropriateforAppletodo.
11)WhomdidSteveJobsthankandwhywhenhereturned?
HethankedTimCook(Apple’schiefoperatingofficer)forexcellentrunningof
thecompanyduringhisabnce.
Healsothankedatwentysomethingwhodiedinacarcrashfordonatinghisliver.
12)HowdopeoplefeelaboutthefutureofApple?
ThoughsomeareworriedaboutitsfutureduetoSteve’shealthproblem,mostare
confidentaboutitsfuturebecau:
Heisafabulousbrandandirreplaceableperson.
HehaducatedandinfluencedAppleemployeeswellenoughtothinkand
behavelikehim.
HisinfluencehasgonebeyondAppleandbecomeaherofortheITindustry.
Hispursuitforcrecyandsurpriandprovenbrilliancewillensuregreater
successforAppleinthefuture.
eachblankofthefollowingntenceswithoneofthephrasinthelist
angeswhennecessary.
1)Whenthestarletwasaskedabouthernewboyfriend,shecouldn’thelpbutgush
abouthimandtheirintimateplansforValentine’sDay.
2)Theleakingofasmanyas251,000StateDepartmentdocuments,includingcret
embassyreportsfromaroundtheworld,isnothingshortofapoliticalmeltdown
forUSforeignpolicy.
3)Withverycriticalviewsonthegovernmenteconomicpolicies,sheoftenpals
aroundwiththoscholarswhoalsotakeratherradicalstanceoneconomic
issues.
4)Itishightimeforeveryoneinthedepartmenttokickintofullgearandfulfillour
salesquotabytheendoftheyear.
5)Themotherdidwhateverpossibletopreventhersonfromhangingoutwiththe
guywhoshethoughtwasuptonothinggood.
6)Obama’svictoryintheelectionwasviewedbymanyasprogressintheUnited
inkhithnicityisbesidethepoint.
7)Theneighborssaidwhathappenedwastotallyoutofcharacterforthewoman
theyknewasquietandfriendly.
8)8)Unfortunately,thefirmhasnotbeenabletopare)productioncosttothelevel
thatmatchesitscompetitorsinthemarket.
9)Onthebackofstrongcorporateearningsreportsfromanumberoffirmslastweek,
coupledwiththeimprovingunemploymentrate,investorntimentwasbolstered
onthefirsttradingdayoftheweek.
10)Theteamixpectedtotakeavotetonightthatcouldtinmotionanewplanto
revitalizethefinancialmarket.
11)Itwasalongtimebeforeourbusinesspartnerscouldcatchontowhatwereally
intended.
12)Asashrewdman,hesuccessfullypouncedattheopportunitylastyeartobecome
themarketingmanager.
hetermsincolumnAwiththedefinitionsincolumnB:
A______________________B________________________________________
1)marketshareA)Agroupofadvisors,originallytoapoliticalcandidate,
fortheirexpertiinparticularfields,butnowtoany
decisionmakers,whetherornotinpolitics.6
2)cashdrainB)Therateofnewproductdevelopment,whichis
gettingfasterwithmoreverecompetitionand
fastertechnologicaladvancement.10
3)shareholderwealthC)Percentageorproportionofthetotalavailable
marketormarketgmentthataproductor
companytakes.1
4)networthD)Agroupofexecutivemployedtomanagea
project,department,orcompanywiththeir
particularexpertiorskills.5
5)managementteamE)Aperson,project,businessorcompanythat
continuestoconsumelargeamountsofcashwith
noendinsight.2
6)braintrustF)Apersonorfirmthatinvestsinabusiness
venture,providingcapitalforstart-upor
expansion,andexpectingahigherrateofreturn
thanthatfortraditionalinvestments.9
7)balancesheetG)Thewealthshareholdersgettoaccruefromtheir
ownershipofsharesinafirm,whichcanbe
increadbyraisingeithersharepricesor
dividendpayments.3
8)captainsofindustryH)Afinancialstatementthatsummarizesa
company'sasts,liabilitiesandshareholders'
equityataspecificpointintime.7
9)VenturecapitalistI)Totalastsminustotalliabilities,animportant
determinantofthevalueofacompany,primarily
compodofallthemoneythathasbeeninvested
andtheretainedearningsforthedurationofits
operation.4
10)productcycleL)Abusinessleaderwhoispeciallysuccessful
andpowerfulandwhomeansofamassinga
personalfortunecontributessubstantiallytothe
countryinsomeway.8
atethefollowingpassageintoChine:
头已秃顶，留着胡须的他坐在其超大的华盛顿办公室内谈论着经济话题，从
眼神可看出显得疲劳。他并不是个令人着迷的演说者，毫无咄咄逼人的神气和让
听众陶醉的魅力，虽在华盛顿拥有超大办公室但却是再普通不过的一位男士。他
的观点不具党派性和意识形态倾向，而是有条有理的，引用大量的数据和最新的
学术文献。当谈到他不了解的事情时，他不会信口雌黄或虚张声势吓唬人。他看
上去更象教授，这倒很有道理，因为他大半身的职业都是在当教授。
也就是说，他不是一个典型的环城快道的政治掮客，他很腼腆，不参加特区
的各种宴会，喜欢与太太一起在家用餐，而他太太则仍要他做菜，处理垃圾。饭
后他们一起做填字游戏或阅读，因为本·伯南克是个书呆子。
他只是阴差阳错成了整个星球上最有权势的书呆子。
伯南克就是56岁的美国中央银行联邦储备署主席，是构建美国甚至全球经
济最重要但又最不被人理解的人。印有已故总统头像的美钞被称为联邦储备券是
有原因的：美联署控制着货币的供应。这是制订货币政策的独立政府机构，它具
体确定短期汇率，对通涨、失业、货币币值和百姓钱包充裕程度拥有巨大的影响。
自全球信贷市场开始萎缩以来，态度温和的美联署主席却戏剧性地扩展了那些权
力，使其重获新生。
普林斯顿大学的伯南克教授是研究大萧条的领物，他了解三十年代被动
的美联署是如何助推了那场灾难的发生的：坚拒扩大货币供应以及完全缺乏想象
力和实验研究。而华盛顿的伯克南主席则决心不当引发第二次大萧条的美联署主
席。所以当美国房产市场的动荡演变为七十五年来最严重全球金融危机时，他筹
集了数万亿美元的资金，一下子投入到经济中去，并策划了对面临倒闭的私营企
业的大规模公开抢救运动；将利率降至零，向共同基金、对冲基金、外国银行、
投资银行，制造商、保险公司和其他借贷者放贷，而它们以前从未梦想过能获得
美联署的现金；重启陷入困境的信贷市场，包括汽车贷款和公司票据等，通过抵
押债卷的惊人购买潮大刀阔斧地改革房产融资，使美联署的收支平衡表猛增至以
前的三倍，把中央银行业从基本稳健的时代转变到完全随心所欲的时代。他不仅
重构了美国的货币政策，而且领导了拯救世界经济的工作。
难怪他的眼神看上去那么疲惫。
efollowingtextandchoothebestntencefromthelistA-Ebelow
tofillineachofthegapsinthetext.
1)Itstartswithmakingthebestproductsintheworld.
2)Ford'smarketsharejumped1.4points,to17.5%,attheexpenofGMand
Chrysler.
3)TheCEOarrivedatFordinlate2006after37yearsatBoeing.
4)He'sabouttogetthechance.
5)Itisaspiffy-enough$13,300subcompact,availableinfour-doordanand
five-doorhatchbackmodels.
SupplementaryReading
ialChiefAvoidsPitfallsThatStymiedOthers
1)tartedattheMorganStanley1987as________.
ologybanker∨
artmentmember
2)Whydoanalystsrepeatedlyremindhertobecarefulineverythingshedoes?
eshedoesnotknowhowtoescapeunscathedfromtoughsituations.
etheUnitedStatesisnowinariousfinancialcrisis.
ehersurvivorskillswillnolongercomeinhandy.
ethereisahorribletrackrecordofwomenintheWallStreet.∨
3)ThefollowingarealltheresultsofMorganStanley’stransformationfroman
investmentbankintoasteadyproducerEXECPT________.
ssof$91millioninthethirdquarter
B.11percentstockfallsofarthisyear
erformanceinbusinessthisyear∨
eableturnoverinthesharebathisyear.
4)Accordingtothearticle,ota________.
ordegreeinbusinessadministrationfromStanford
degreeineconomicsfromtheWhartonSchool
degreeinbusinessadministrationfromStanford
ordegreeineconomicsfromStanford∨
5)WhatcompromididshehavetomakeuponherreturningtoMorganStanleyin
1996?
totakeademotionaspartofthedeal.∨
togotoLondontoleadtechnologybankingteam.
toapologizeforherquittingfromMorganStanley.
toacceptapayreductionforsixmonths.
6)Sheiswellknownfor________asthebestdealmakersinceQuattrone.
lationshipedge
veedge∨gleadershipedge
7)rehighlightedthathavehelpedhercareer
success?
ssworkerandchallengingfigure.
ssworkerandgoingoutonaclimbforclients.∨
utonaclimbforclientsandsparingnotimeinmakingmoney.
ssworkerandpatientbanker.
8)OneofthecompaniesMsPorathelpedgoingpublicwas________.
lmeCapitalManagement
toneGroup∨
9)andledinherlife?
AmazonandPricelinepublic.
erofFannieMaeandFreddieMac.∨
ingintheIPOofGenworthFinancialInc..
theprivateequityfirmBlackstoneGrouppublic.
10)WhichofthefollowingisNOTthechangethathashappenedinherjobaccording
fBlackstone?
ngmoretimehelpingclients.∨
yinternalfacingandquitetechnical.
nvolvingmanagingthousandsofpeople.
effinancialofficerofMorganStanley.
Unit9
BeyondBrettonWoods2
Exercis
thequestionsonthetext:
1)Accordingtothearticle,whatistheesnceof“quantitativeeasing”
restartedbytheFed?
Printingmoneytobuygovernmentbonds.
2)Whyisnoonesatisfiedwithtoday’sinternationalmonetarysystem?
Becau:
Reason1:DominanceofthedollarasarervecurrencyandAmerica’s
managementofitfailtoreflecttherealitiesoftheworldeconomyandleave
othersvulnerabletoAmerica’sdomesticmonetarypolicy.
Reason2:Thesystemhasfosteredthecreationofvastforeign-exchangererves,
particularlybyemergingeconomies,thuspoorcountrieslendtorichonesand
loinvestmentopportunities.
Reason3:Scaleandvolatilityofcapitalflowrenderunsteadinessforemerging
economies.
3)Whatis“trilemma”accordingtothetext?
Theindependenceofdomesticmonetarypolicies,stabilityofexchangerateand
perfectcapitalmobilitycan’tgiveupone
factortoupholdtheothertwo.
4)Whatisthereasonforafreercapitalflowinthedays?
Globalizationasmuchastotheremovalofrestrictions.
5)Whyarecountriesunwillingtohavetheircurrencyexchangeratetori
greatlyandhowdotheycontrolit?
Becauabruptriinexchangeratewouldcrippleexportandcountrieswantan
undervaluedcurrencytoencourageexport-ledgrowth,sotheybuyforeign
exchangetostemtheri.
6)Howis“BrettonWoods2”created,accordingtotheauthor?
EmergingeconomiesarecopingthebehaviorofChina,keepingtheirexchange
rateatalowlevelsoastomaintaintheirinternationalcompetitiveness,thusthey
enomenonthenresultsinBrettonWoods2.
7)Whatis“Triffindilemma”?
Theconflictbetweenthebenefitsandcostsofacountrywitharervecurrency
erve-currencycountryenjoysthe
consumptionbenefitofrunningatradedeficit,whiletherestoftheworldbenefits
fromtheadditionalliquidity,tcomesfrom
thedecliningvalueandcredibilityofanycurrencywhichrunsapersistenttrade
deficit-eventuallyleadingtoareluctanceofcreditorstoholdthererve
currency.
8)Whycan’tSDRsbecomeacentralrerveast?
BecauasMrEichengreenwrites:“Noglobalgovernment…meansnoglobal
centralbank,whichmeansnoglobalcurrency.
9)Accordingtothetext,whatisthemeasurethattheG20couldpossiblytake
torebalanceworldeconomy?
Itcandevelopaplanwithtargetrangesforcurrent-accountbalancesandreal
exchangeratesandmakeitsupportedbypeerpressureratherthanexplicit
sanctions.
10)Whatcanbeinferredfromthetitle“BeyondBrettonWoods2”inrelationto
theworldeconomy?
Thereareprobablytworesultsoftheworldeconomy:
OneisthatifAmerica’conomyrecoversanditsmedium-termfiscal
outlookimproves,thepaceatwhichcapitalshiftstotheemergingworldwill
hinamakesitscurrencymoreflexibleanditscapitalaccountmore
openingoodtime,theinternationalmonetarysystemwillbebetterabletocope
withcontinuedfinancialglobalisationandawidegrowthgapbetweenrichand
emergingmarkets.
Theotheristhatiftheworld’sbiggesteconomystagnatesandthe
cond-biggestdoesnotchangeitsmonetarypolicy,arigidmonetarysystemwill
eventuallybuckle.)
eachblankofthefollowingntenceswithoneofthephrasinthelist
givenbelow:
1)Thelateststatisticsindicatethatthisregion’conomicrecoveryistiedtohigher
education.
2)Accordingtofinancialnews,thisnation’scurrencywillappreciateagainsteuro
inrealterms.
3)ThecoupledescribedtheirnarrowescapefromtheearthquakeinNewZealandas
theywereinsidethechurchwhenitbegantofallapart.
4)Ifyounevertakeinitiativetomakeithappen,thisschemeisonlysomethingon
paper.
5)Attimesofcriticalmoment,onemustsubordinatepassionstoreasoningto
avoidanypossibleblunders.
6)OvertwomillionmigrantworkersfloodedintoBeijinglastyearfromallpartsof
Chinatoekpotentialopportunitiesforpersonaldevelopment.
7)Thousandsofcityschoolteachersstandtolotheirjobsunderatoughbudget
thatisttounveilthiscomingThursday.
8)Thecardealerguaranteesthatifcustomerisunhappywiththemodelhe
purchas,whetheronabillofsaleorhirepurcha,hecantotallyswapitfora
newone.
9)AuthoritiesinZimbabwehaveissuedanewmegabanknoteinanattempttocope
withthetroubledAfricancountry'srunawayinflation.
10)Economistsuthetermliquiditytodescribetheeawithwhichanastcanbe
convertedintotheeconomy'smediumofexchange.
hetermsincolumnAwiththeexplanationsincolumnB:
AB
1)rervecurrencya)Abilityofmoneytomoveacrossnational
boundariesfreelyinpursuitofhigher
returns.4
2)treasurybondb)Agovernmentmonetarypolicy
occasionallyudtoincreathemoney
supplybybuyinggovernment
curitiesorothercuritiesfromthemarket.
7
3)currencywarc)Theactionsofacentralbank,currency
boardorotherregulatorycommitteethat
determinethesizeandrateofgrowthofthe
moneysupply.5
4)capitalmobilityd)Amechanismudbycentralbankstoprovide
financialinstitutionswithaccesstofundsto
satisfyrerverequirementsandtoincrea
liquidityoverlongerperiods.8
5)monetarypolicye)Acurrencyheldbymanygovernmentsandas
partoftheirforeignexchangerervesand
alsoudastheinternationalpricing
currencyforproductstradedonaglobal
market.1
6)SpecialDrawingRight(SDR)f)Aconditionininternationalaffairswhere
countriescompeteagainsteachotherto
achievearelativelylowexchangeratefortheir
homecurrency.3
7)quantitativeeasingg)Amarketable,ment
debtcuritywithamaturityofmorethan10
years.2
8)lendingfacilityh)Aperiodoftimeinwhichloansare
lentbythe
governmentandbanksinan
unrestrainedway.9
9)creditbingei)Asituationwhereacountry'stotalimportof
goods,rvicesandtransfersaregreaterthan
itstotalexportofgoods,rvicesand
transfers..10
10)currentaccountdeficitj)Aninternationaltypeofmonetaryrerve
currencycreatedbytheInternational
MonetaryFundandudasasupplementto
theexistingrervesofmembercountries..6
atethefollowingintoChine:
如果国际组织间举行一场全球性的声望比赛，国际货币基金组织毫无疑问会
是最后一名。在过去30年里，这家位于华盛顿的机构以提供财政资助的方式给
多个政府强加苛刻的条件，在非洲、亚洲和拉丁美洲地区激起了人们的恐惧和反
感。随着世界经济强劲增长，当它的作用在近十年早期削弱到接近无关紧要的地
步时，几乎没人同情它。2007年当选为总裁的法国人卡恩（Dominique
Strauss-Kahn）警告它的董事们说：“国际货币基金组织的存在现在已经到了生
死攸关的时刻。”
然而，国际货币基金组织突然间又成为了瞩目的焦点，这次它扮演了一个人
们不熟悉的新角色：这家机构被认为是当今的救世主，有能力拯救正在崩溃的世
界经济。4月2日在伦敦召开的20国首脑会议的主要成果就是达成了一项协议，
将国际货币基金的资金额度提高三倍至七千五百亿美元，并且同意其自行额外发
行两千五百亿美元。这笔钱的一部分将用来资助那些突然陷入经济困难的国家，
另一部分则为衰退的世界经济提供更广泛更充裕的流动性。
但是这些额外的钱只是整个事件的一部分。随着新资金的注入，国际货币基
金的运作方式至少在理论上将发生重大变化。未来欧洲国家不再象现在一样拥有
推选总裁的自主权。同时通过对其秘密股权体制或配额体制的改革，美国和其他
发达国家对其政策的支配将让步于一个更为平衡的管理体系，其中如巴西，中国
和俄罗斯等发展中国家有更多发言权。国际货币基金的关注范围也待转变，20
国集团希望它能以全球经济警察的角色发挥更为积极的作用，监管主要发达经济
体及欠发达经济体的政策，当发现危险的行为时吹哨示警。从理论上讲，国际货
币基金组织应能反映出全球经济秩序的变化和因危机而实施的更严格的金融监
管。
eachofthefollowinggapswithoneofthentencesgivenbelow:
1)Byimportingsavingsfromabroad,poorcountriescaninvestmorethanthey
areabletotasidefromtheirownmeagreoutput.
2)Theyalsobenefitfrommoresophisticatedbanking.
3)Foreigninvestorsmayhaveabetternoforboardroomshenanigansanda
strongincentivetoprotectminorityshareholders.
4)Inpractice,opencountriesdoemtoachievelowerinflationthoughthereis
scantevidencethattheyrunsmallerbudgetdeficits.
5)Butifforeigncapitalpromotesthethreevirtues,thenthestudymayhave
inadvertentlystrainedoutmuchofthebenefitoffinancialglobalisation.
SupplementaryReading
WeighedDown
nsideredtobethesurestwaytolendtostatesbecau__________.
llecttaxnationwideassustainablerevenue
ministratetheircountriesandarelesslikelytocollap
n’tcloupshopsandfleetheircreditors
ndB∨
ingtothetext,governmentdefaultis__________.
enceofdutythatagovernmentshouldperform
bilityorrefusalofagovernmenttopaybackmoneyithasborrowed
∨
ittanceofdebtthatagovernmentowes
theabove
hefollowingaretheconquencesofGreekgovernmentdebtexcept
__________.
ilitiesinglobalfinancialmarkets
iationofeuro
downgradeandmajorpoliticalproblems∨
arketlwhereareimpacted
ingallthestatisticsofgovernmentdebtbyOECDinthethird
paragraph,theauthormainlyindentsto_________.
howthedebtsareshiftedfromprivate-ctortopublic-ctor
thepotentialcrisisthattheworldeconomyfacesinthenearfuture∨
eimpactcaudbytheGreatRecessiononglobalfinancialmarkets
thecurrentpressurerenderedbyunsustainablemountainsofdebt
heresultofmountingsovereigndebtNOTautomaticallydangerous?
entcountrieshavedifferentlevelsoftoleranceandabilitiestofinance
thedebt.∨
rybillsisasafehaventohelpfinancethedeficits.
'sampledomesticsourcesoffundsfindnotroublefinancingits
deficits.
heabove.
economistCarmenReinhartmeanbysaying,“…growthprospectsare
reallytakingahit”?
prospectsaretakinginitiativetolookforward.
prospectsaregettingpopularamonggeneralpublic.
prospectsaresufferingadefeat.∨
prospectsaredrawingmoreandmoreattention.
entBarackObama’sattitudetowardsgovernmentdebt?
iveandpositive.
sanddecisive.∨
calbutpessimistic.
erentbutreluctant
themeasurethateurozonetakestocopewithGreekcrisis?
tiveassistancetoGreeceandgreatefforttostabilizeEU’conomy.
∨
ationofimpactbydismissingGreeceasanEUmember.
ningeuroasacommoncurrency.
ngthewaytheeurozoneworksbyalternatingpresidency.
PrimeMinisterGeorgePapandreou’spolicycanbedescribedas
__________.
-pressured
ed
ble
∨
econtext,wecaninferthat“skiptown”inthelastntenceprobably
means__________.
cheappromis
earingwithoutnotifyinganyone∨
ngtheneedsofcertaintownsandcities
hardchoices
unit10
TheAlchemistsofFinance
Exercis
onsonthetext
11)What’sthemaindifferencebetweencommercialbanksandinvestment
banks?
Intoday'sbusinesnvironment,themainbusinessofcommercialbanksisto
collectdepositsandmakeloans,whilethatofinvestmentbanksistounderwrite
stocksandbondsandadvicompaniesonmergersandacquisitions.
12)Whydoinvestmentbankstrytokeepquietabouttheirbigprofits?
Investmentbankstrytokeepquietabouttheirbigprofitsfortwomajorreasons:
first,theyareundermorescrutinybyregulatorsandinvestors;cond,private
equityandhedgefundshaveovertakentheminraisingmoneyandmaking
excessivebets.
13)Whatchangeshavetakenplaceinthefinancialmarketssincethe1980s?
Themainchangessince1980shavebeentherapidgrowthoffinancial
instrumentswithunprecedentedbreadth,depthandrichness,broughtoutby
esofthofinancialinstrumentsarepublic
andprivatedebtcuritiesandderivatives.
14)Whydobankersandregulatorsworryaboutapossiblecollapofan
investmentbank?
Theyworryaboutapossiblecollapofaninvestmentbankbecausuchan
eventwillhaveriousimplicationsforthewholefinancialsystem,anditisvital
toknowhowsuchinstitutionvolve,howtheyhandlerisksandhowwelltho
risksarespreadaroundthefinancialsystem.
15)Whichthreefactorscanexplainthehugeprofitforinvestmentbanks?
Thofactorsare:first,thealchemist'strickofturningdebt(mostlyleaden)into
derivatives(mostlyliquid);cond,theemergenceofanewclassofleveraged
client(hedgefundsandprivateequity);third,ekingoutnewcapitalmarkets
ile,inallthepursuitsthebanksarenow
usingtheirownmoney,todifferingdegrees.
16)Whatdoestheexpression“thewildeast”referto?
introductionoftheeuroin1999andtherapidgrowthofeconomiesintho
regionshaveattractedinvestmentbanks.
17)WhatmakesLondonanimpressiverivaltoNewYorkasaglobalfinancial
center?
LondonhasbecomeanimpressiverivaltoNewYorkasaglobalfinancialcenter
becau:first,Londontradesawiderangeofastsandisregulatedonthespot;
cond,LondonisahubforEuropeandcontinentEuropeancountriescanrai
capitalthere;third,Londonisalsoregardedasaspringboardforemerging
marketssuchasChinaandRussia.
18)Howdoinvestmentbanksmanagetherisks?
Investmentbankstrytofindthemosttalentedpeopletohandletheintricateasts;
theymeasurethecorrelationsbetweendifferentfinancialinstrumentsinan
attempttospreadrisk;theyinvesthundredsofmillionsofdollarsayearin
technologiestomeasureandstress-testrisks;theyalsotrytoboosttheir
risk-weightedcapital.
19)Accordingtothetext,what’stherelationshipbetweenrevenueandriskin
finance?
-taking
koftenmeanslessrevenue.
However,inordertogainmorerevenue,uld
carefullycalculatetheriskandbalanceitagainstrevenuebeforehand,oryouwill
payahighpriceforfoolishinvestmentbet.
20)Whichoneismoreimportanttothegrowthofthefinanceindustry,
innovationorregulation?
Badonthetext,bothinnovationandregulationarevitaltothehealthygrowth
tinnovation,investorshavefewerplacestogain
returnsontheirmoneyandthoekingmoneywouldhavemuchmore
novationbooststherapidgrowthoffinance
industryandbringsbenefitstomorepeoplebothindevelopedcountriesand
r,innovationwithoutproperregulation,suchasthe
curitiesthatnooneknowshowtoexactlymeasuretheirrisk,couldleadthe
growthofthefinanceindustrytoadisastround.
eachblankofthefollowingntenceswithoneofthephrasinthelist
givenbelow:
11)Thegovernmenthastakenmanymeasurestobringdownthepricesofoil.
12)Employeesareaskedtokeepquietabouttheiryear-endbonus.
13)Regulatorsdemandthemonopolycompanytosplitintosmallerentities.
14)It’sreportedthatChinaTelecomplanstospinoffitsnetworkrvicesunitinHK.
15)Thetraffichadizedupformilesbecauoftheaccident.
16)Accordingtothoreprentatives,newforcesareatworkintherefining
industry.
17)Weshallneverknowhowshemanagedtoacquireherpromotion;thereisnoway
toaccountforit.
18)Anationwidelawaimedatstampingoutpassivesmokinginpublicspacesin
SwitzerlandcameintoforceonSaturday.
19)Innovationswillbringaboutdramaticchangesinthisindustrialctor.
20)Iwouldsaythat,onbalance,ithasn'tbeenabadyear.
hetermsincolumnAwiththeexplanationsincolumnB:
AB
1)liquiditycrisisa)abankthatprovidescheckingaccounts,
savingsaccounts,andmoneymarketaccounts
andthatacceptstimedeposits.6
2)leveragedbuy-outb)acompanyissuescommonstockorsharesto
thepublicforthefirsttime.5
3)creditcrunchc)thesituationinwhichabusinesxperiencesa
lackofcashrequiredtogrowthebusiness,pay
forday-to-dayoperations,ormeetitsdebt
obligationswhentheyaredue,causingitto
default.1
4)over-the-countercuritiesd)theacquisitionofanothercompanyusing
asignificantamountofborrowedmoney
(bondsorloans)tomeetthecostofacquisition.
2
5)initialpublicofferinge)afinancialinstitutionthatassistsindividuals,
corporationsandgovernmentsinraising
capitalbyunderwritingand/oractingasthe
client'sagentintheissuanceofcurities.8
6)commercialbankf)anaggressivelymanagedportfolioof
investmentsthatusadvancedinvestment
strategiessuchasleveraged,long,shortand
derivativepositionsinbothdomesticand
internationalmarketswiththegoalof
generatinghighreturns.9
7)stresstestg)asharpincreaintheinterestratesanda
strongdecreainallocatedcredits.3
8)investmentbankh)aprocessthatmeasureswhetherone
institutionhasadequatecapitaland/orasts
torespondeffectivelytovarious,adver
scenariosusuallyprentedbyacomputer
program.7
9)hedgefundi)curitiestradedinsomecontextotherthanon
aformalexchangesuchastheNYSE,etc.4
10)riskmanagementj)theidentification,asssment,and
prioritizationofrisksfollowedbycoordinated
andeconomicalapplicationofresourcesto
minimize,monitor,andcontroltheprobability
and/orimpactofunfortunateeventsorto
maximizetherealizationofopportunities.10
atethefollowingintoChine：
在去年信贷危机爆发的时候，联邦的监管者们向国内的各主要金融机构注入
了数以百亿计美元，而他们这么做的原因在于这些银行是如此之大以至于官员们
担心它们的破产将会拖垮整个金融体系。
如今，这些银行中最大的几家甚至变得更大了。这场危机对控制着美国金融
的不少巨头们而言很可能是件好事。由联邦政府安排的一系列兼并行动将陷入困
境的银行平安地并入了更为安全稳定的企业中。这场危机还让幸存者们得以乱中
重生，市场地位得到巩固，对消费者信贷拥有更大的控制权，并获得更多的盈利
空间。
如今，这个国家每十美元的储蓄中就有超过一美元是由摩根大通银行（J.P.
MorganCha）掌控的，该银行则由华尔街的一些老字号机构组成。美国银行
（BankofAmerica）和西海岸最大的银行------富国银行（WellsFargo）的情况也
是如此，而前者在收购美林证券（MerrillLynch）时遭受重大损失，又因金融危
机被政府部分收购。联邦政府数据显示，现在每两笔抵押贷款中就有一笔和每三
张信用卡中就有两张是由以下银行发放的：上述三家银行，再加上由政府救助并
拥有的花旗银行（Citigroup）。
在去年九月金融体系几乎完全崩溃一年后，联邦政府的应对措施重新界定了
美国人获得抵押贷款、学生贷款和其他信贷的方式，并高调主导了一场关于高管
薪酬的全国性讨论。不过，在这场危机带来的所有后果中最让高层监管者们不安
的是那些超大型银行却变得更大，而且它们之间的联系更为紧密。
监管者们有两方面的担忧：一是消费者对服务的选择余地最终会越来越小，
二是银行会认为如果事情弄砸了它们总会得到政府的支持。这一假设的保证意味
着如果大公司认为联邦官员总会替它们收拾烂摊子的话，它们就会重操旧业，再
次从事那些曾引起此次危机的高风险行为。
这个名为“道德风险”的问题可以在一定程度上说明政府官员为何要严密监
控那些获得了救助的银行------监督其高管的薪酬并审查其重要部门或分支机构
的出售。除此外，此问题还促使奥巴马政府采取措施建立新的监管体系以防新危
机的再现。此项计划还对大型金融机构设置了更高的资本标准，并授权政府可以
接管各类陷入困境的金融机构以便逐步而有序地停止其业务。
eachofthefollowinggapswithoneofthentencesgivenbelow:
1)Yetinvestmentbankshaverecentlychangedoutofallrecognition.
2)Iftheydecidedthepropertywasabargain.
3)Inshort,investmentbankinghasmigratedfromanagencymodeltowardsa
principalone.
4)Itismakingbiggerbetswithitsowncapital,too.
5)Themainengineoftransformationhasbeencompetition.
6)Othershavegonefornichemarkets.
SupplementaryReading
TheSecret'sOut:CanSwissBankingAdapttoScrutiny?
ingtothearticle,what’sthekeytothesuccessofSwissbanks？
story.
cations.
tionfordiscretion.∨
etoreducetax.
neofthefollowingstatementsaboutBradleyBirkenfeldisNOTtrue?
orkedinGeneva.
iledforhiswrongdoing.
als.∨
formerbankerofUBS.
ingtothearticle,itismainly__________thatbuiltSwitzerland’swealth.
llocalfood
-developedtourismindustries
governmentadministrationandmanagement
kingindustry∨
hefollowingstatementsarefeaturesofSwissbankxcept_________.
themareprivatebanks.
ytogainasmanyregularclientsaspossible.∨
eferwealthypeople.
uallyhavemanyforeignclients.
alsdetailsof4,450
American-heldaccounts,_________.
alsstoppedtheirinvestigation.
onshavebeentakenagainstUBS.
issfeltthattheywereoffended.∨
.
ingtothearticle,allofthefollowingcountrieshaveinitiatedtax
investigationsbadoninformationfromSwissbanksorbankslocatedin
Switzerlandexcept__________.
∨
y
BirkenfeldwenttoplaceslikeCentreCourtatWimbledonandthefilm
festivalsatCannesandBangkok?
sportsgames.
goodfoodandtraveling.
anoffilmstars.
theretolookforwealthypeople.∨
hetaxscandal,UBShastakenthefollowingactionxcept__________.
goneofitsunit
inginnewmarkets
ganywrongdoing∨
pingpartnershipwithFormulaOne
itudeofSwitzerlandtowardactionstakenbyothercountrieswithregardto
itsbankscanbedescribedas__________.
erent
ative∨
e
ve
earticle,itcanbeinferredthatSwissbanksarelikelyto__________.
hemlvestomorepublicscrutiny∨
eirtraditionofcrecyunchanged
telylotheircompetitionadvantageoverotherEuropeanbanks
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