Unit 6
firework什么意思Goodbye, Free Trade?
Exercis
1.Answer the questions on the text.
1) What was the result when the Hou of Reprentatives pasd the Hawley-Smoot Tariff Act in 1930?
The economic recession in the United States became even wor.
2) According to the author, what happens when a currency appreciates?
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It diminishes the export advantage of the country and makes it difficult to increa exports or even maintain the status quo.
3) How did American politicians take advantage of the public’s strong anti-free-trade ntiment in the United States?
They created a talking point in charges of unfair trade so that they thought they could benefit in the mid-term elections.
4) What did American politicians and economists agree and disagree over the Hawley-Smoot Tariff Act?
voiceofamericaAlmost all of them agreed that it was a bad law, but they disagreed whether it triggered the Great Depression in the 1930s.
5) What did Milton Friedman think were the more important reasons for the Great Depression?
hysteriaThe malfunctioning gold standard system and inept monetary policy of the Federal Rerve.
6) What was the foreign reaction unexpected by the American lawmakers after the Hawley-Smoot Tariff Act was enacted?peugeot 音标
The trading partners were angered and impod discriminatory tariffs on American goods. Canada in particular, as the largest export market for the US, reacted fiercely and handed its market over to the British competitors.
7) Why is it unlikely for the US to adopt another Smoot-Hawley today in the eye of the author?
(1)The US is much more integrated into the world economy today than it was in the 1930s.
(2)Import restrictions ldom achieve their intended goals, instead, often end up hurting American industries and consumers.
(3)The Americans have learned to consider the possible strong foreign retaliation against US exporters.
8) What were the respective results for tho countries withdrawing from the gold standard and tho clinging to it during the 1930s according to the author?american gothic
点读笔Tho countries going off the gold standard allowed their currencies to depreciate, avoided protectionist trade policies and, instead, ud monetary policy to end price deflation and stimulate economic growth.
Tho countries choosing to stay on pursued protectionist trade policies by imposing high tariffs, import quotas and exchange controls, which did little in boosting their economic growth. Thus they suffered a longer economic depression.
9) How does the author justify his support for the policy of "quantitative easing"?
(1) Historically, the most important tool for resisting protectionist ntiment in the 1930s was a monetary policy that would promote economic growth.
Today the US is in a similar situation. Taking right monetary policy can alleviate the pressure on Washington to adopt protectionist trade policy and can help to rai output before it leads to a high inflation.
(2) He also quotes what Charles Evens said: Additional measures taken by the Fed to sti商务英语辅导
mulate growth should condoned, not condemned.
(3) What Mr. Friedman wrote 1997 about Japan: The surest road to a healthy economic recovery is to increa the rate of monetary growth, to shift from tight money to easier money.
10) What does the author imply about the US Congress?
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In comparison with the Fed, the US Congress is following a trade protectionist policy in blaming other countries for its unemployment and may cau rious trade retaliations from trading partners.
2. Fill in each blank of the following ntences with one of the phras in the list given below. Make changes when necessary.
1)As the financial scandal involves so many people, the probe in to it could drag on for another year.
2)In the age of globalization more individuals are forced to integrate into multinational work teams.
3)Many in Europe are now very much worried that it may sink into a Japan-style economic recession.
4)But the business leaders yesterday warned against interest rate ris, arguing that inflation was being driven not by consumer spending, but by rising commodity prices.
5)After the call scandal, the American automakers and some politicians there were so eager to keep their rival Toyota at bay in the auto market.
6)Under the current labor law, two categories of employees are exempt from欧风小语种 minimum wage and overtime requirements.
7)Though the local partner made a revid offer, the foreigner investor refud and reverted back to the original agreement conditions.
