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现代大学英语精读第四册 8a

时间:2011-01-06 02:06来源:互联网 提供网友:tianshun   字体: [ ]
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    (单词翻译:双击或拖选)

  At the edge of a new century, globalization is a double-edged sword: a powerful vehicle that raises economic growth, spreads new technology and increases living standards in rich and poor countries alike, but also an immensely controversial process that assaults national sovereignty, erodes1 local culture and tradition and threatens economic and social instability.
A daunting2 question of the 21st century is whether nations will control this great upheaval3 or whether it will come to control them.
In some respects globalization is merely a trendy word for an old process. What we call the market is simply the joining of buyers and sellers, producers and consumers and savers and investors4. Economic history consists largely of the story of the market's expansion: from farm to town, from region to nation and from nation to nation. In the 20th century, the Depression and two world wars retarded5 the market's growth. But after World War II ended, it reaccelerated, driven by political pressures and better technology.
The Cold War, from the late 1940s through the 1980s, caused the United States to champion trade liberalization and economic growth as a way of combating communism. A succession of major trade negotiations6 reduced average tariffs7 in industrialized countries to about 5 percent in 1990 from about 40 percent in 1946.
After two world wars, Europeans saw economic unification as an antidote8 to deadly nationalism. Technology complemented9 politics. Even before the Internet, declining costs for communication and transportation — from jet planes, better undersea telephone cables and satellites — favored more global commerce. By the early 1990s, world exports (after adjusting for inflation) were nearly 10 times higher than they had been four decades earlier.
Globalization continues this process but also departs from it in at least one critical respect. Until recently, countries were viewed as distinct economic entities10, connected mainly by trade. Now, this is becoming less true. Companies and financial markets increasingly disregard national borders when making production, marketing11 and investment decisions.
As recently as 1990, governments — either individually or through such multilateral institutions as the World Bank — provided half the loans and credits to 29 major developing countries (including Brazil, China, India, South Korea and Mexico), according to the Institute for International Finance, a banking12 industry research group in Washington.
A decade later, even after Asia's 1997-98 financial crisis, private capital flows dwarf13 governmental flows. In 1999, private flows (bank loans, bond financing, equity14 investment in local stock markets and direct investment by multinational15 companies) totaled an estimated $136 billion to these 29 countries, compared with government capital flows of $22 billion, according to the institute.
Meanwhile, multinational companies have gone on an international acquisition binge. In the first half of 1999 alone, the value of new cross-border mergers17 and acquisitions passed $500 billion in both advanced and developing countries.
The total roughly matched the amount for all 1998 ($544 billion) and was almost seven times larger than the 1991 levels ($85 billion), according to the World Investment Report by the United Nations. The recent takeover struggle between British and German wireless18 giants — Vodafone AirTouch PLC and Mannesmann AG — is exceptional only for its size and bitterness.
Behind the merger16 boom lies the growing corporate19 conviction that many markets have become truly global. By trying to maximize their presence in as many nations as possible, companies seek to achieve economies of scale — that is, to lower costs through higher sales and production volumes — and to stay abreast20 of technological21 changes that can now occur almost anywhere.
In addition, companies increasingly organize production globally, dividing product design, component23 manufacturing and final assembly among many countries.
But it is not just multinational companies, seeking bigger sales and profits, that drive globalization. Governments do, too. In Europe, the relentless24 pursuit of the "single market" is one indicator25. This reflects a widespread recognition that European companies will be hard-pressed to compete in global markets if their local operations are hamstrung by fragmented national markets.
Among poorer countries, the best sign of support is the clamor to get into the World Trade Organization. Since 1995, seven countries — Bulgaria, Ecuador, Estonia, Kyrgyzstan, Latvia, Mongolia and Panama — have joined. And 32 (the largest being China) are seeking membership. There is a belief that global trade and investment can aid economic development by providing new products, technologies and management skills.
It's no myth. Countries succeed or fail mainly based on their own workers, investment and government policies. But engaging the wider world economy can help.
Consider Asia. Despite its financial crisis, rapid trade expansion and economic growth sharply cut the number of the desperately26 poor. From 1987 to 1998, those in the region, including China, with incomes of $1 or less a day dropped to 15 percent from 27 percent of the population, the World Bank estimates.
Meanwhile, Latin America and sub-Saharan Africa — whose embrace of the world economy has been late or limited — fared much less well. In Africa, for example, the World Bank reckons that 46 percent of the population lived on less than $1 a day in 1998, exactly what the percentage was in 1987.
Well, if globalization is so good, why is it also so risky27? The answer is that two problems could neutralize28 its potential benefits.
The first is economic instability. The global economy may be prone29 to harsher boom-bust cycles than national economies individually. The theory that international trade and investment raise living standards works only if investment funds are well used and if trade flows do not become too lopsided.
The Asian financial crisis raised questions on both counts. In the early 1990s, most of Asia thrived because it received vast flows of foreign capital as bank loans, direct investment in factories or stock-market investment in local companies.
The ensuing spending boom in turn aided Europe, Japan and the United States by increasing imports from them. Then the boom abruptly31 halted in mid-1997 when it became apparent that as a result of "crony capitalism," inept32 government investment policies and excess optimism, much of the investment had been wasted on unneeded factories, office buildings and apartments.
What prevented the Asian crisis from becoming a full-scale global economic downturn has been the astonishing U.S. economy.
Its relentless growth helped the rest of the world by purchasing more and more of their exports. Since 1996, the U.S. current-account deficit33 in its balance of payments — the broadest measure of the country's international trade — has more than doubled, from $129 billion to an estimated total of $330 billion in 1999.
The world economy, as Treasury34 Secretary Lawrence Summers has repeatedly said, has been flying on one engine. The trouble is, as Mr. Summers has also warned, this cannot go on forever.
The great danger is that the world has become too dependent on American prosperity and that a slowdown or recession — reflecting a decline in the stock market, a loss of consumer confidence or higher interest rates — might snowball into a international slump35.
By economic forecasts, Europe and Japan are going to do better. In 2000, the European Union's gross domestic product will grow 2.8 percent, up from 2.1 percent in 1999, according to projections36 by the Organization for Economic Cooperation and Development in Paris.
Japan is projected to grow 1.4 percent, the same as the OECD is predicting for 1999 but a big improvement from the 2.8 percent drop in 1998. If the forecasts materialize— and the OECD's growth estimates for Japan exceed most private forecasts — they will restore some balance to the world economy and relieve fears of a global recession.
Asia and Latin America can continue to recover without relying solely37 on exports to the United States. But until that happens, no one can be certain that Asia's financial crisis has truly ended. It remains38 possible that abrupt30 surges of global capital, first moving into Asia and then out, will have caused, with some delay, a larger instability.
Globalization's other problem is political, cultural and social. People feel threatened by any kind of economic change — and change from abroad naturally seems especially alien and menacing.
The street protesters at the Seattle meeting of the World Trade Organization in early December may have lacked a common agenda or even a coherent case against trade. But they accurately39 reflected the anxiety and anger that globalization often inspires. So do European fears of genetically40 modified food or nationalistic opposition41 to cross-border mergers.
What is local and familiar is suddenly being replaced or assaulted by something that is foreign and unfamiliar42. And even if trade helps most people, it will usually create some losers. In the United States, workers in some high-cost industries — steel and autos, most conspicuously43 — suffered from intensified44 import competition.
Just because globalization is largely spontaneous — propelled by better communications and transportation — does not mean that it is inevitable45 or completely irreversible. Governments can, in subtle and not-so-subtle ways, shield local industries and workers against imports or discriminate46 against foreign investors. If only a few countries do, their actions will not matter much.
Global capital and trade will go where they are most welcome and productive. Indeed, it is precisely47 this logic22 that has persuaded so many countries to accept globalization. If they don't, someone else will. Judged by their behavior, most governments believe they have more to gain than to lose.
But this does not mean that a powerful popular backlash, with unpredictable consequences, is not possible. In a global recession, too many sellers will be chasing too few buyers. A plausible48 presumption49 is that practical politicians would try to protect their constituents50 from global gluts51. If too many countries did, globalization could implode52.
It's a scary prospect53. Economic interdependence cuts both ways. Under favorable conditions, it helps everyone; under unfavorable conditions, it hurts everyone. Globalization's promise may exceed its peril54 — but the peril is still real. Both await the new century. One of the great dramas will be to see which prevails.


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1 erodes ed690890c0570e3de33e0fcc420375d2     
侵蚀,腐蚀( erode的第三人称单数 ); 逐渐毁坏,削弱,损害
参考例句:
  • The sea erodes the rock. 海水侵蚀岩石。
  • The sea erodes the land. 海洋侵蚀陆地。
2 daunting daunting     
adj.使人畏缩的
参考例句:
  • They were faced with the daunting task of restoring the house.他们面临着修复房子的艰巨任务。
  • Starting a new job can be a daunting prospect.开始一项新工作有时会让人望而却步。
3 upheaval Tp6y1     
n.胀起,(地壳)的隆起;剧变,动乱
参考例句:
  • It was faced with the greatest social upheaval since World War Ⅱ.它面临第二次世界大战以来最大的社会动乱。
  • The country has been thrown into an upheaval.这个国家已经陷入动乱之中。
4 investors dffc64354445b947454450e472276b99     
n.投资者,出资者( investor的名词复数 )
参考例句:
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
5 retarded xjAzyy     
a.智力迟钝的,智力发育迟缓的
参考例句:
  • The progression of the disease can be retarded by early surgery. 早期手术可以抑制病情的发展。
  • He was so slow that many thought him mentally retarded. 他迟钝得很,许多人以为他智力低下。
6 negotiations af4b5f3e98e178dd3c4bac64b625ecd0     
协商( negotiation的名词复数 ); 谈判; 完成(难事); 通过
参考例句:
  • negotiations for a durable peace 为持久和平而进行的谈判
  • Negotiations have failed to establish any middle ground. 谈判未能达成任何妥协。
7 tariffs a7eb9a3f31e3d6290c240675a80156ec     
关税制度; 关税( tariff的名词复数 ); 关税表; (旅馆或饭店等的)收费表; 量刑标准
参考例句:
  • British industry was sheltered from foreign competition by protective tariffs. 保护性关税使英国工业免受国际竞争影响。
  • The new tariffs have put a stranglehold on trade. 新的关税制对开展贸易极为不利。
8 antidote 4MZyg     
n.解毒药,解毒剂
参考例句:
  • There is no known antidote for this poison.这种毒药没有解药。
  • Chinese physicians used it as an antidote for snake poison.中医师用它来解蛇毒。
9 complemented ef190f44a2dd6967f0c5c8104e74e707     
有补助物的,有余格的
参考例句:
  • The excellent menu is complemented by a good wine list. 佳肴佐以美酒,可称完美无缺。
  • In vitro analysis must be complemented by studies of the virus replication cycle in plants. 体外的分析必须辅之以植物体内病毒复制周期的研究。
10 entities 07214c6750d983a32e0a33da225c4efd     
实体对像; 实体,独立存在体,实际存在物( entity的名词复数 )
参考例句:
  • Our newspaper and our printing business form separate corporate entities. 我们的报纸和印刷业形成相对独立的企业实体。
  • The North American continent is made up of three great structural entities. 北美大陆是由三个构造单元组成的。
11 marketing Boez7e     
n.行销,在市场的买卖,买东西
参考例句:
  • They are developing marketing network.他们正在发展销售网络。
  • He often goes marketing.他经常去市场做生意。
12 banking aySz20     
n.银行业,银行学,金融业
参考例句:
  • John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
  • He possesses an extensive knowledge of banking.他具有广博的银行业务知识。
13 dwarf EkjzH     
n.矮子,侏儒,矮小的动植物;vt.使…矮小
参考例句:
  • The dwarf's long arms were not proportional to his height.那侏儒的长臂与他的身高不成比例。
  • The dwarf shrugged his shoulders and shook his head. 矮子耸耸肩膀,摇摇头。
14 equity ji8zp     
n.公正,公平,(无固定利息的)股票
参考例句:
  • They shared the work of the house with equity.他们公平地分担家务。
  • To capture his equity,Murphy must either sell or refinance.要获得资产净值,墨菲必须出售或者重新融资。
15 multinational FnrzdL     
adj.多国的,多种国籍的;n.多国籍公司,跨国公司
参考例句:
  • The firm was taken over by a multinational consulting firm.这家公司被一个跨国咨询公司收购。
  • He analyzed the relationship between multinational corporations and under-developed countries.他分析了跨国公司和不发达国家之间的关系。
16 merger vCJxG     
n.企业合并,并吞
参考例句:
  • Acceptance of the offer is the first step to a merger.对这项提议的赞同是合并的第一步。
  • Shareholders will be voting on the merger of the companies.股东们将投票表决公司合并问题。
17 mergers b4ab62fffa9919cbf1e93fcad6d3150c     
n.(两个公司的)合并( merger的名词复数 )
参考例句:
  • Mergers fall into three categories: horizontal, vertical, and conglomerate. 合并分为以下三种:横向合并,纵向合并和混合合并。 来自辞典例句
  • Many recent mergers are concentrated within specific industries, particularly in retailing, airlines and communications. 现代许多合并企业集中进行某些特定业务,在零售业、民航和通讯业中更是如此。 来自英汉非文学 - 政府文件
18 wireless Rfwww     
adj.无线的;n.无线电
参考例句:
  • There are a lot of wireless links in a radio.收音机里有许多无线电线路。
  • Wireless messages tell us that the ship was sinking.无线电报告知我们那艘船正在下沉。
19 corporate 7olzl     
adj.共同的,全体的;公司的,企业的
参考例句:
  • This is our corporate responsibility.这是我们共同的责任。
  • His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。
20 abreast Zf3yi     
adv.并排地;跟上(时代)的步伐,与…并进地
参考例句:
  • She kept abreast with the flood of communications that had poured in.她及时回复如雪片般飞来的大批信件。
  • We can't keep abreast of the developing situation unless we study harder.我们如果不加强学习,就会跟不上形势。
21 technological gqiwY     
adj.技术的;工艺的
参考例句:
  • A successful company must keep up with the pace of technological change.一家成功的公司必须得跟上技术变革的步伐。
  • Today,the pace of life is increasing with technological advancements.当今, 随着科技进步,生活节奏不断增快。
22 logic j0HxI     
n.逻辑(学);逻辑性
参考例句:
  • What sort of logic is that?这是什么逻辑?
  • I don't follow the logic of your argument.我不明白你的论点逻辑性何在。
23 component epSzv     
n.组成部分,成分,元件;adj.组成的,合成的
参考例句:
  • Each component is carefully checked before assembly.每个零件在装配前都经过仔细检查。
  • Blade and handle are the component parts of a knife.刀身和刀柄是一把刀的组成部分。
24 relentless VBjzv     
adj.残酷的,不留情的,无怜悯心的
参考例句:
  • The traffic noise is relentless.交通车辆的噪音一刻也不停止。
  • Their training has to be relentless.他们的训练必须是无情的。
25 indicator i8NxM     
n.指标;指示物,指示者;指示器
参考例句:
  • Gold prices are often seen as an indicator of inflation.黃金价格常常被看作是通货膨胀的指标。
  • His left-hand indicator is flashing.他左手边的转向灯正在闪亮。
26 desperately cu7znp     
adv.极度渴望地,绝望地,孤注一掷地
参考例句:
  • He was desperately seeking a way to see her again.他正拼命想办法再见她一面。
  • He longed desperately to be back at home.他非常渴望回家。
27 risky IXVxe     
adj.有风险的,冒险的
参考例句:
  • It may be risky but we will chance it anyhow.这可能有危险,但我们无论如何要冒一冒险。
  • He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。
28 neutralize g5hzm     
v.使失效、抵消,使中和
参考例句:
  • Nothing could neutralize its good effects.没有什么能抵消它所产生的好影响。
  • Acids neutralize alkalis and vice versa.酸能使碱中和碱,亦能使酸中和。
29 prone 50bzu     
adj.(to)易于…的,很可能…的;俯卧的
参考例句:
  • Some people are prone to jump to hasty conclusions.有些人往往作出轻率的结论。
  • He is prone to lose his temper when people disagree with him.人家一不同意他的意见,他就发脾气。
30 abrupt 2fdyh     
adj.突然的,意外的;唐突的,鲁莽的
参考例句:
  • The river takes an abrupt bend to the west.这河突然向西转弯。
  • His abrupt reply hurt our feelings.他粗鲁的回答伤了我们的感情。
31 abruptly iINyJ     
adv.突然地,出其不意地
参考例句:
  • He gestured abruptly for Virginia to get in the car.他粗鲁地示意弗吉尼亚上车。
  • I was abruptly notified that a half-hour speech was expected of me.我突然被通知要讲半个小时的话。
32 inept fb1zh     
adj.不恰当的,荒谬的,拙劣的
参考例句:
  • Whan an inept remark to make on such a formal occasion.在如此正式的场合,怎么说这样不恰当的话。
  • He's quite inept at tennis.他打网球太笨。
33 deficit tmAzu     
n.亏空,亏损;赤字,逆差
参考例句:
  • The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
  • We have a great deficit this year.我们今年有很大亏损。
34 treasury 7GeyP     
n.宝库;国库,金库;文库
参考例句:
  • The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
  • This book is a treasury of useful information.这本书是有价值的信息宝库。
35 slump 4E8zU     
n.暴跌,意气消沉,(土地)下沉;vi.猛然掉落,坍塌,大幅度下跌
参考例句:
  • She is in a slump in her career.她处在事业的低谷。
  • Economists are forecasting a slump.经济学家们预言将发生经济衰退。
36 projections 7275a1e8ba6325ecfc03ebb61a4b9192     
预测( projection的名词复数 ); 投影; 投掷; 突起物
参考例句:
  • Their sales projections are a total thumbsuck. 他们的销售量预测纯属估计。
  • The council has revised its projections of funding requirements upwards. 地方议会调高了对资金需求的预测。
37 solely FwGwe     
adv.仅仅,唯一地
参考例句:
  • Success should not be measured solely by educational achievement.成功与否不应只用学业成绩来衡量。
  • The town depends almost solely on the tourist trade.这座城市几乎完全靠旅游业维持。
38 remains 1kMzTy     
n.剩余物,残留物;遗体,遗迹
参考例句:
  • He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
  • The remains of the meal were fed to the dog.残羹剩饭喂狗了。
39 accurately oJHyf     
adv.准确地,精确地
参考例句:
  • It is hard to hit the ball accurately.准确地击中球很难。
  • Now scientists can forecast the weather accurately.现在科学家们能准确地预报天气。
40 genetically Lgixo     
adv.遗传上
参考例句:
  • All the bees in the colony are genetically related. 同一群体的蜜蜂都有亲缘关系。
  • Genetically modified foods have already arrived on American dinner tables. 经基因改造加工过的食物已端上了美国人的餐桌。 来自英汉非文学 - 生命科学 - 基因与食物
41 opposition eIUxU     
n.反对,敌对
参考例句:
  • The party leader is facing opposition in his own backyard.该党领袖在自己的党內遇到了反对。
  • The police tried to break down the prisoner's opposition.警察设法制住了那个囚犯的反抗。
42 unfamiliar uk6w4     
adj.陌生的,不熟悉的
参考例句:
  • I am unfamiliar with the place and the people here.我在这儿人地生疏。
  • The man seemed unfamiliar to me.这人很面生。
43 conspicuously 3vczqb     
ad.明显地,惹人注目地
参考例句:
  • France remained a conspicuously uneasy country. 法国依然是个明显不太平的国家。
  • She figured conspicuously in the public debate on the issue. 她在该问题的公开辩论中很引人注目。
44 intensified 4b3b31dab91d010ec3f02bff8b189d1a     
v.(使)增强, (使)加剧( intensify的过去式和过去分词 )
参考例句:
  • Violence intensified during the night. 在夜间暴力活动加剧了。
  • The drought has intensified. 旱情加剧了。 来自《简明英汉词典》
45 inevitable 5xcyq     
adj.不可避免的,必然发生的
参考例句:
  • Mary was wearing her inevitable large hat.玛丽戴着她总是戴的那顶大帽子。
  • The defeat had inevitable consequences for British policy.战败对英国政策不可避免地产生了影响。
46 discriminate NuhxX     
v.区别,辨别,区分;有区别地对待
参考例句:
  • You must learn to discriminate between facts and opinions.你必须学会把事实和看法区分出来。
  • They can discriminate hundreds of colours.他们能分辨上百种颜色。
47 precisely zlWzUb     
adv.恰好,正好,精确地,细致地
参考例句:
  • It's precisely that sort of slick sales-talk that I mistrust.我不相信的正是那种油腔滑调的推销宣传。
  • The man adjusted very precisely.那个人调得很准。
48 plausible hBCyy     
adj.似真实的,似乎有理的,似乎可信的
参考例句:
  • His story sounded plausible.他说的那番话似乎是真实的。
  • Her story sounded perfectly plausible.她的说辞听起来言之有理。
49 presumption XQcxl     
n.推测,可能性,冒昧,放肆,[法律]推定
参考例句:
  • Please pardon my presumption in writing to you.请原谅我很冒昧地写信给你。
  • I don't think that's a false presumption.我认为那并不是错误的推测。
50 constituents 63f0b2072b2db2b8525e6eff0c90b33b     
n.选民( constituent的名词复数 );成分;构成部分;要素
参考例句:
  • She has the full support of her constituents. 她得到本区选民的全力支持。
  • Hydrogen and oxygen are the constituents of water. 氢和氧是水的主要成分。 来自《简明英汉词典》
51 gluts 6ce5c1cd3f7491980b9a296488c70848     
n.供过于求( glut的名词复数 );过量供应;放纵;尽量v.吃得过多( glut的第三人称单数 );(对胃口、欲望等)纵情满足;使厌腻;塞满
参考例句:
  • As a result there are localised gluts. 因此出现了供过于求的现象。 来自互联网
  • Asia is a land of saving gluts flip side to US and European deficits. 亚洲是一个储蓄过剩之地,与美国和欧洲的储蓄不足刚好相反。 来自互联网
52 implode 5cnzH     
v.内爆,剧减
参考例句:
  • The engine imploded.发动机内爆了。
  • He has nightmares about the tanks imploding.他老是做油箱爆炸的噩梦。
53 prospect P01zn     
n.前景,前途;景色,视野
参考例句:
  • This state of things holds out a cheerful prospect.事态呈现出可喜的前景。
  • The prospect became more evident.前景变得更加明朗了。
54 peril l3Dz6     
n.(严重的)危险;危险的事物
参考例句:
  • The refugees were in peril of death from hunger.难民有饿死的危险。
  • The embankment is in great peril.河堤岌岌可危。
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