Lesson 8Globalization’s Dual Power

PLAN•Background

Information

•Text Appreciation

•Language study

•Extension

•About the authorAbout the author•About the Great About the Great DepressionDepression•About the About the GlobalizationGlobalization

Author

Robert J.Samuelson

Born in December 23,

1945

( Robert Jacob Samuelson (born December 23, 1945) is a columnist for The Washington Post, where he has written about business and economic issues since 1977, and is syndicated by the Washington Post Writers Group. He was a columnist for Newsweek magazine from 1984 to 2011 .

• He began his career in journalism as a

reporter on the business desk of The Washington Post in 1969. He left the paper to become a freelancer in 1973. His work has appeared in The Sunday Times, The New Republic and the Columbia Journalism Review. He joined the National Journal in 1976, where he wrote the "Economic Focus" column. He was a contributing editor there from 1981 to 1984, when he left to write for Newsweek.[1]

• Samuelson was born in New York City and raised in nearby White Plains, New York.[2] He received his bachelor's degree in 1967 from Harvard University, where he majored in government.[3] He lives in Bethesda, Maryland, with his wife. They have one daughter and two sons.[1] He has written three books.

• Samuelson does not vote in any elections as he believes that voting interferes with his impartiality as a journalist.[4]

Awards on journalism• 1993 John Hancock Award for Best Business

and Financial Columnist • National Headliner Award for Feature

Column on a Single Subject in both 1992 and 1993; another in 1987 for Best Special Interest Column

• Gerald Loeb Awards for Commentary in 1993, 1986 and 1983; Loeb finalist in 1988 for his columns on the October 1987 Wall Street crash

Some of his works• “

The Great Inflation and Its Aftermath: The Past and Future of American Affluence” (2008 )

• “The Good Life and Its Discontents” (1995).

• Brief introduction

• Causes

• Process

• Effects

• The Great Depression was a severe worldwide economic depression in the decade preceding World War II.

• it started in about 1929 and lasted until the late 1930s or early 1940s .

• It was the longest, most widespread, and deepest depression of the 20th century.

• In the 21st century, the Great Depression is commonly used as an example of how far the world's economy can decline.

• The depression originated in the U.S., starting with the fall in stock prices that began around September 4, 1929 and became worldwide news with the stock market crash of October 29, 1929 (known as Black Tuesday). From there, it quickly spread to almost every country in the world.

• 股票市场崩溃是一场灾难深重的经济危机爆发的火山口。

• Mellon pulled the whistle, Hoover rang the bell, Wall Street gave the signal and the country went to hell.

• “ 梅隆拉响汽笛，胡佛敲起钟。华尔街发出信号，美国往地狱里冲！”

• the stock crash as a symptom, rather than a cause, of the Great Depression.

• N ： Andrew William Mellon （ Warren Gamaliel H

arding29 ， John Calvin Coolidge Jr.30 ， Herbert Clark Hoover31 ）

• Demand-driven

Keynesian

Breakdown of international trade

Debt deflation• Monetarist• New classical approach• Austrian School• Inequality• Productivity shock

• Recent work from a neoclassical perspective focuses on the decline in productivity that caused the initial decline in output and a prolonged recovery due to policies that affected the labor market.

• This study suggests that theories of the Great Depression have to explain an initial severe decline but rapid recovery in productivity, relatively little change in the capital stock, and a prolonged depression in the labor force.

• Theorists of the "Austrian School" who wrote about the Depression include Austrian economist Friedrich Hayek and American economist Murray Rothbard, who wrote America's Great Depression (1963). In their view and like the monetarists, the Federal Reserve, which was created in 1913, shoulders much of the blame; but in opposition to the monetarists, they argue that the key cause of the Depression was the expansion of the money supply in the 1920s that led to an unsustainable credit-driven boom.

• The New Deal is a series of economic programs implemented in the United States between 1933 and 1936.

• They were passed by the U.S. Congress during the first term of President Franklin D. Roosevelt.

• The programs were responses to the Great Depression, and focused on what historians call the "3 Rs": relief, recovery, and reform.

• That is, Relief for the unemployed and poor; Recovery of the economy to normal levels; and Reform of the financial system to prevent a repeat depression.

• The common view among economic historians is that the Great Depression ended with the advent of World War II.

• America's entry into the war in 1941 finally eliminated the last effects from the Great Depression and brought the unemployment rate down below 10%.

• government intervenes to economy

Keynesian['keinziən]

national macroeconomic adjust and control• economic nationalism—tariffs• Totalitarianism( 极端主义 )-Nazi Party 卍• Adolf Hitler&Benito Mussolini 贝尼托 · 墨索里尼，

indirectly lead to the WW II.• Literarily- Ernest Hemingway, the speaker o

f The Lost generation

The Globalization

• History of Globalization

Archaic

Proto globalization

Modern globalization• Aspects

Economic

Political

Cultiral

Archaic• The German historical economist and sociologist

Andre Gunder Frank argues that a form of globalization began with the rise of trade links between Sumer and the Indus Valley Civilization in the third millennium B.C.E.[6] This archaic globalization existed during the Hellenistic Age, when commercialized urban centers enveloped the axis of Greek culture that reached from India to Spain, including Alexandria and the other Alexandrine cities.

• There were trade links between the Roman Empire, the Parthian Empire, and the Han Dynasty. The increasing commercial links between these powers took form in the Silk Road, which began in western China, reached the boundaries of the Parthian empire, and continued to Rome

• From about the 1st century, India started to strongly influence Southeast Asian countries.

• The Islamic Golden Age added another stage of globalization, when Radhanite (Jewish) and Muslim traders and explorers established trade routes, resulting in a globalization of agriculture, trade, knowledge and technology

• Portuguese carrack in Nagasaki, 17th century Japanese Nanban art

• The advent of the Mongol Empire, though destabilizing to the commercial centers of the Middle East and China, greatly facilitated travel along the Silk Road.

• Italian city states embraced free trade and merchants established trade links with faraway places, giving birth to the Renaissance. Marco Polo was a merchant traveler[37] from the Venetian Republic in modern-day Italy. The pioneering journey of Marco Polo inspired Christopher Columbus[38] and other European explorers of the following centuries.

Proto-globalization • The next phase, known as

proto-globalization, was characterized by the rise of maritime European empires, in the 16th and 17th centuries, first the Portuguese and Spanish Empires, and later the Dutch and British Empires.

• The Age of Discovery added the New World to the equation,[40] beginning in the late 15th century. Portugal and Castile sent the first exploratory voyages[41] around the Horn of Africa and to the Americas, reached in 1492 by the Italian explorer Christopher Columbus.

Modern• 19th century Great Britain become the first

global economic superpower, because of superior manufacturing technology and improved global communications such as steamships and railroads.

• In the 19th century, steamships reduced the cost of international transport significantly and railroads made inland transport cheaper. The transport revolution occurred some time between 1820 and 1850.

• Globalization took a big step backwards during the First World War, the Great Depression, and the Second World War.

• After the Second World War, work by politicians led to the Bretton Woods conference, an agreement by major governments to lay down the framework for international monetary policy, commerce and finance, and the founding of several international institutions intended to facilitate economic growth multiple rounds of trade opening simplified and lowered trade barriers.

• Since the 1970s, aviation has become increasingly affordable to middle classes in developed countries. Open skies policies and low-cost carriers have helped to bring competition to the market.

• In the 1990s, the growth of low cost communication networks cut the cost of communicating between different countries.

• In late 2000s, much of the industrialized world entered into the Great Recession,which may have slowed the process, at least temporarily.

• Three components of Globalization

– The economic globalization

– The political globalization

– The cultural globalization

Economic globalization

• With the development of science a

nd technology, the economic globa

lization had been born and now it i

s developing in a rapid speed.

The performances of the economic globalization

• 1) Production globalization

• 2) The globalization of trade

• 3) Capital globalization

• SONY

Boeing747

Economic organizations• European Union

• North American Free Trade Area

Economic globalisationhas resulted in manybusinesses setting upor buying operations inother countries.

Companies that operate in several countries are called multinational corporations (MNCs) or Transnational corporations (TNCs).

Top 10 multinational companies• Wal-Mart ( 沃尔玛 )

• Exxon Mobil ( 埃克森美孚 )

• Royal Dutch Shell ( 皇家壳牌石油 )

• BP ( 英国石油 )

• General Motors ( 通用汽车 )

• Toyota Motor ( 丰田汽车 )

• Chevron ( 雪佛龙 )

• Daimler-Chrysler ( 戴姆勒克莱斯勒 )

• ConocoPhillips ( 康菲 )

• Total( 道达尔 )

The political globalizationPolitical globalization is evident in the growing importance

of international organization. These organizations are transnational and enable states to take concerted action without

sacrificing national sovereignty.

– WTO

– World Bank

– United Nations

Some political organizations• World Government Organization Coordinating Cou

ncil (WGOCC) 世界政府组织协调理事会 • Arab Summit Conference 阿拉伯国家首脑会议 • Group of 77 七十七国集团 • World Health Organization 世界卫生组织• Association of Southeast Asian Nations (ASEAN) 东

南国家联盟

The cultural globalization

• Cultural globalization is the process where by information, commodities and images produced in one part of the world enter into a global flow that 'flattens out' cultural differences.

3 The cultural globalization

Other components of globalization

• Technology

• Rule of law

• Management

• Interpersonal relationship

• International relations

• Natural environment

Definition of globalization

• Globalization is a process of interaction and integration among the people,companies and governments of different nations.

Home

Text Appreciation

Text AppreciationText Appreciation• Text Analysis • 1. Theme• 2. Text Structure• 3.

Further Questions on Appreciation• Writing Device • Word Study• Detailed study

I. I. Text AnalysisText Analysis

Theme At the edge of a new century, globalization Is a double-edged sword: A powerful vehicle

that raises economic growth, spreads new technology and raises living standards in rich and poor countries alike, but also an immensely controversial process that assaults national sovereignty; erodes local culture and tradition and threatens economic and social instability. So it’s important to analyze the dual character of this trend and deal with the new problem.

I. I. Text AnalysisText Analysis Text Structure• Part 1 (Paras. 1—2):Globlization is a doubl

e- edged sword.• Part 2 (Paras. 3—17):The positive effects of

globalization to the developed countries.

• Part 3 (Paras. 18—33): The negative effects and risky dangers of globalization

• Part4(Paras. 34) : Both sides of globalization await the new century.

I. I. Text AnalysisText Analysis

• Question: (1) Is globalization a good thing or a bad thing?

(2) Will globalization simply mean Americanization?

(3) Compare the recent economic situation with that in 1999, and find some difference and similarities?

• Writing styles: Argumentative

• Features: Argument is outstanding

Logical and seamless argumentation

• language features:

(1)Large amount of parallelism structures

(2)Many economic terms and concepts

II.II. Writing DeviceWriting Device

I.I. Word StudyWord StudyWord list:

1. alien

2. antidote

3. backlash

4. binge

5. boom

6. bust

7. clamor

8. complement

9. conspicuously

19. irreversible

20. maximize

21. merger

22. prevail

23. prone

24. propel

25. retard

26. slump

10. constituent

11. daunting

12. downturn

13. dwarf

14. ensue

15. erode

16. glut

17. implode

18. inept

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1. aliena. coming from a different country,

race or group; foreign

Examples:

It’s a country that has had an alien government and an alien language imposed on it by force.

I find the ideal of sending young children off to boarding school totally alien.

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alien n. a foreigner, esp. someone who lives in a country of which they are not

legal citizen

Example:

When war broke out the government

rounded up thousands of aliens and put them in temporary camps.

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I.I. Word StudyWord Studyalienate v.

a. to stop supporting

b. to cause to feel very distant from or not welcome to someone lese

Examples:

All these changes to the newspaper have alienated its traditional readers.

Ten years in prison have alienated him from his family.

n. alienation

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2. antidoten. a chemical, esp. a drug, which limits the effects of a poison, or a way of preventing or acting against something bad

Examples:

Anemone was at the time believed to be an

antidote for scorpion poison.

Regular exercise is the best antidote to

tiredness and depression.

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3. backlashn. a strong feeling among a group of people in

reaction to a tendency or recent events in

society or politics

Examples:

The new president encouraged the

backlash against “moral laxity”.

The accident has provoked/produced a

backlash among local people who claim

that the road is dangerous.

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4. binge

n. an occasion when an activity is done in an extreme way, esp. eating, drinking or spending money

Examples:

a drinking/eating/spending binge

Her illness involved periods of binge-eating and

then making herself sick.

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binge v. to eat in an uncontrolled way,

sometimes as a part of an illness

Examples:

I tend to binge on chocolate when I am

watching TV!

She went through periods of binging (also

binge-eating).

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n. a period of sudden growth, esp. one that results in a lot of money being made

Examples:

This year has seen a boom in book sales.

The insurance business has been

characterized by a vicious cycle of boom and

bust as companies go in and out of

businesses and prices rise and fall.

5. boom

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boom v.

Example:

Here, as elsewhere, the leisure industry is

booming.

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6. bust

n. a place where people are allowed to leave their rubbish (also a rubbish dump)

Examples:

I’m going to clear out the shed tomorrow

and take everything I don’t’ want to the

bust.

His room is a bust.

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I.I. Word StudyWord Studybust v.

a. to break something

b. to arrest somebody

Examples:

Oh no! I’ve busted his CD player.

Harry and his girlfriend busted up last

week.

The police busted him because they think

he’s involved with a terrorist group.

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bust n. an occasion when police arrest people

who are thought to have broken the

law

Example:

In their latest drugs bust police entered a

warehouse where cocaine dealers were

meeting.

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bust a. When a company goes bust it is

forced to close because it is

financially unsuccessful.

Example:

More than twenty companies in the

district went bust during the last three

months.

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n. a. a loud complaint about something or demand for something b. loud noise, esp. made by people’s voices

Examples:

After the bombing, there was a public clamor for vengeance.

He preferred solitary walks in the wilderness to the clamor of the city.

7. clamor = clamour

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I.I. Word StudyWord Studya. clamorous

Examples:

The newspaper devoted seven pages to a clamorous call for independence. The air was filled with clamorous, excited voices.

v. clamorExample:

The residents are clamoring against the dumping of chemical waste near their houses.

I.I. Word StudyWord Study8. complement

v. to match two different things together whose combined effect is greater than that of either separately

Example:Strawberries and cream complement each other perfectly.

a. complementary

Example:

My family and my job both play an important part

in my life, fulfilling separate but complementary

needs.

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9. conspicuously

ad. obviously; in a way that is easy to notice

Example:

The temple’s grand white arches rose

conspicuously over the dirty decaying city.

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I.I. Word StudyWord Studya. conspicuous

Examples:

In China, where black hair is the norm,

her blonde hair was conspicuous.

He tried not to look conspicuous and

moved slowly along the back of the room.

n. conspicuousness

Antonym

inconspicuous

I.I. Word StudyWord Study10. constituent

n. a voter in a particular area of the country

Example:

As a senator he was excellent—always talking

to his constituents and hearing their problems.

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constituency n. any of the official areas of a

country that elect someone to

represent voters nationally

Example:

The MP’s constituency covers the city’s poorest

areas.

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I.I. Word StudyWord Studyconstitute v. to form or make

a./ n. constituent

Examples:

Women constitute about 10% of the

Parliament.

What are the basic constituents of the

mixture?

Let’s consider separately the constituent parts

of this sentence.

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11. dauntinga. intimidating; disheartening

Example:

In spite of unification the country was still faced

with the daunting prospect of overcoming four

decades of division.

Antonym: dauntless

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daunt v. to make someone feel slightly frightened

or worried about their ability to achieve

something; to discourage

Example:

She was not at all daunted by the size of the

problem.

I.I. Word StudyWord Study12. downturn = downswing

n. a reduction in the amount or success of

something, such as a country’s economic

activity

Examples:the continuing economic downturnThere is evidence of a downturn in the building trade.

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upturn n. (esp. in economics) an improvement or advantageous change to a higher level or value

Example:

Investors should not expect a sharp upturn in

the economy.

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13. dwarf

v. to cause to appear small by comparison

Examples:

The new skyscraper will dwarf all those

near it.

This new financial crisis may well dwarf

most that have gone before.

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dwarf n. a person who is much smaller than the

usual size

Example:

They have campaigned for many years against the

discrimination experienced by dwarfs/ dwarves.

a. dwarf

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14. ensue

v. to happen after something else, esp. as a result of it

Examples:

The police officer said that he had placed the man under arrest and that a scuffle had ensued.

Boredom often ensues from inactivity.

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a. ensuing

Examples:

He lost his job and in the ensuing months became

more and more depressed.

An argument broke out and in the ensuing fight, a

gun went off.

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v. to rub or be rubbed away gradually

Examples:Wind and rain have eroded the statues into the shapeless lumps of stone. The cliffs are eroding by/ at several feet a year.His behavior over the last few months has eroded my confidence in his judgment.

a. erosion

15. erode

I.I. Word StudyWord Study16. glut

n. a supply of something that is much greater than can be sold or is needed or wanted

Examples:

The fall in demand for coffee could cause a

glut on/in the market, forcing some

producers to cut prices.

There is a glut of large, expensive houses

lying empty and unsold.

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17. implodev. to fall inwards with force

Examples:The vacuum inside the tube caused it to implode when the external air pressure was increased.Their economy is in danger of imploding because of massive foreign debts.

n. implosion

explode

Compare

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18. inept

a. not skilled or effective

Examples:Someone had made an inept attempt to iron the skirts.He was always rather inept at sport.He was criticized for his inept handling of the situation.

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n. ineptitude

Examples:

political/social/economic ineptitude

The newspaper editorial correctly pointed out the

government’s ineptitude in dealing with the ozone

crisis.

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19. irreversible

a. not possible to change

Examples: He listed some of the irreversible effects of

ageing. Technology has had an irreversible impact

on society.

ad. irreversibly

I.I. Word StudyWord Study20. maximize

v. to make something as great in amount, size or importance as possible

Example:To maximize our walking time, we should be ready to start at dawn.

n. maximization

Example:The company is striving for the maximization of profits.

minimize

minimization

minimum

minimal

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Compare

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n. maximumto the maximum: to the greatest possible degree

a. maximal

Example:Even when the brain has attained its maximal size and structure, signals from the body and the environment are still constantly changing it.

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21. merger

n. the union of two or more commercial interest or corporations

Examples:

Their merger of the two companies would create the world’s biggest accounting firm.

The German tyre company is holding merger talks with its Indian rival.

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v. merge

Examples:

The country’s two biggest banks are planning to

merge in order to fight off competition from

abroad.

After a while the narrow track merges with a

wider path.

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22. prevail

v. to exist and be accepted among a large number of people, or to get a position of control and influence

Examples:

This is a strange custom that still prevails.

Did greed prevail over generosity?

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a. prevailing/prevalent

n. prevalence

Examples:The prevailing mood is one of optimism.Under the prevailing law, the government cannot annul such marriages.These diseases are more prevalent among young children.The prevalence of drugs in the inner cities is alarming.

I.I. Word StudyWord Study23. prone

a. a. tending to suffer from an illness or show a particular negative characteristic b. lying on the front with the face downExamples:

You’re more prone to illnesses when you’re

tired and your body is run-down.

You have to bear in mind that Angela is rather

prone to exaggeration.

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The photograph showed a man lying prone on

the pavement, a puddle of blood about his

head.

a. -prone: combining form

accident-prone, injury-prone

I.I. Word StudyWord Study24. propel

v. to cause something to move forwardsExamples:

a rocket propelled by grenade

Mr. Henry said that the country was being

propelled towards civil war.

A propelling pencil or mechanical pencil is a

pencil in which the lead can be pushed forward

by turning or pressing a part of the pencil.

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25. retard

v. to make (something) slower

Examples:

Icy roads retarded their progress through the

mountains.

A rise in interest rates would severely retard

economic growth.

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I.I. Word StudyWord Studya. retarded

n. retardation

Examples:

The program offers long-term care for the elderly

and intermediate care for the mentally retarded.

The drugs taken by the women while they were

pregnant caused growth retardation in their

children.

I.I. Word StudyWord Study26. slump

n. recession

Examples:

There has been a slump in demand for beef ever

since the recent health scare.

The hotel industry, like most industries, is

currently in a slump.

There is fear that we are entering another

economic slump as bad as the 1930’s.

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slump v. (of prices, values or sales) to

fall suddenly

Examples:

The value of property has slumped.

Car sales have slumped dramatically

over the past year.

The end of word study.

1, At the edge of a new century, globalization is a double-edged sword: a powerful vehicle that raises economic growth, spreads new technology and raises living standards in rich and poor countries alike, but also an immensely controversial process that assaults national sovereignty; erodes local culture and tradition and threatens economic and social instability.

△The edge: the point just before sth very different and noticeable happens.

△Doubled-edged: Sth that is doubled-edged acts in two ways, both positive and negative

△Vehicle: sth you use to achieve sth else

△Assault: to attack

• Paraphrase:

As the new century approaches, globalization means two things. It can have both negative and positive effects. On the one hand, it can greatly increase economic production, spread new technology and improve the living standards in both rich and poor countries, on the other hand, it is highly controversial because it threatens national sovereignty, destroys local culture and traditions, and is likely to cause economic and social instability

• A daunting question of the 21st century is whether nations will control this great upheaval or whether it will come to control them.

Daunting: intimidating, disheartening; discouraging

upheaval: a great change, causing or involving much difficulty, activity or trouble

译文： 问题是各国将控制这一剧变，还是反过来被这一剧变所控制

• In some respects globalization is merely a trendy word for an old process.

Trendy: modern and unconventional; of the latest fad or fashion

Paraphrase: To some extent, globalization is not new. The world has always been in the process of market expansion. What is new is the term “globalization”, which became fashionable only recently.

• The cold war, from the late 1940s through the 1980s,caused the United States to champion trade liberation and economic growth as a way of combating communism.

To champion for: to fight for, to support or defend a principle, movement or person

To combat: to try to stop sth you don’t like from happening or increasing

e.g.: 政府正花费上百万美元努力与滥用药物的行为抗争。

The government is spending millions of dollars in its attempt to combat drug abuse.

• Europeans saw economic unification as an antidote to deadly nationalism.

Antidote: a chemical, a drug, which limits the effects of a poison. Fig. a way of preventing or acting against sth bad.

e.g. : 幽默是化解敌意最好的解药。 Humor can be an effective antidote to ho

stility.

工作解除痛苦的妙方。 Work is a wonderful antidote to misery.

• 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.

multilateral: involving more than two countries or two groups.

Credits: an amount of money placed by a bank at the disposal of a client, against which he may draw.

• In 1999, private flows (bank loans, bond financing, equity investment in local stock markets and direct investment by multinational companies) totaled an estimated $136 billion to these 29 countries…

Bond: n. an official document promising that a government or company will pay back money that it has borrowed, often with interest

Equity: ( 无固定利息的 ) 股票，证券

• Meanwhile, multinational companies have gone on an international acquisition binge. In the first half of 1999 alone, the value of new cross-border mergers and acquisitions passed $500 billion to these 29 countries…

go/be on a binge: to do too much of sth. such as eating,drinking,shopping 大吃大喝，狂欢取乐

他们昨晚到外面大吃大喝，直到凌晨三点才回来。

They went on a binge last night and didn’t get back until three in the morning.

• The recent takeover struggle between British and German wireless giants is exceptional only for its size and bitterness.

takeover: the act of assuming control or management of 接管；合并

Giant:(here) a large company

Exceptional: being an exception; uncommon; extraordinary

她有成为一个钢琴家的出色能力She has exceptional ability as a pianist.

• Behind the merger boom lies the growing corporate conviction that many markets have become truly global.

Paraphrase: The reason for the merger boom is that more and more business people now believe that many markets have truly become global. They are no longer producing just for the people in their own countries. They want to combine or merge with others to become multinational companies.

• Boom. n. A quick increase of business activity( 营业等的激增 ) ；（商业，经济等的）繁荣期

例：第二次世界大战给美国带来了空前的繁荣。

The Second world war brought the greatest boom in American society.

• Conviction: n. a very strong belief or opinion例：他深信必须尽一切努力维护世界和平。 It is his firm conviction that every effort must

be made to preserve world peace.

• In Europe, the relentless pursuit of the single market is one indicator. This reflects a wide spread recognition that European companies will be hard-pressed to complete in global markets if their local operations are hamstrung by fragmented national markets.

• relentless: steady and persistent; unremitting• To be hard-pressed: to be heavily burdened; to have

serious difficulties• To hamstring: to cripple; to destroy;E.g.: 他们为和平解决争端所做的种种努力呗偏见扼

杀了Their efforts towards a peaceful settlement were hamstr

ung by prejudice.

• Among poor countries, the best sign of support is the clamor to get into the World Trade Organization.

Clamor:n. a strong feeling expressed by a large group of people 提出要求的呼声

e.g.: 要求降低税率的呼声年复一年地持续着The clamor for lower taxes continued year after

year.Paraphrase: Many poorer countries want to join

the World Trade Organization. This shows that they support globalization

• Despite its financial crisis, rapid trade expansion and economic growth sharply cut the number of the desperately poor.

Paraphrase: In spite of the financial crisis, rapid increase of trade and economic growth drastically reduced the number of the very poor people.

To cut the number of : to reduce the number

Desperately poor: extremely poor

• Meanwhile, Latin America and sub-Saharan Africa---whose embrace of the world economy has been late or limited---fared much less well.

• Paraphrase: Meanwhile. Latin America and sub-Saharan Africa, whose integration with the world economy has been late and limited, were not so lucky.

• …two problems could neutralize its potential benefits.

Paraphrase: Two problems could offset the possible benefits.

To neutralize: to offset; to negate; to make ineffective

• The global economy may be prone to harsher boom-bust cycles than national economies individually.

• To be prone to sth:liable to sth; likely or inclined to do sth,

• 老年人比较容易感冒。 Aged people are prone to colds.

我比较同意你的意见。I feel rather prone to agree with you.

• The Asian financial crisis raised questions on both counts.

paraphrase: The Asian financial crisis brought these two questions to people’s attention: investment funds were not well used and trade flows became too lopsided.

On both counts: on both points under discussion.

• The ensuing spending boom in turn aided Europe, Japan, and the United States by increasing imports from them.

• to ensue: to happen as a result of sth.在接下来的战斗中，两名敌兵被捕。In the ensuing battle, two enemy soldiers were

arrested.• In turn: 然后又 ..Paraphrase: The growth in spending that follow

ed helped Europe, Japan, and the United States by increasing imports from them

• Then the boom abruptly halted in mid-1997 when, it became apparent that as a result of “crony capitalism”, inept government investment policies and excess optimism, much of the investment had been wasted on unneeded factories, office buildings and apartments.

• Inept: unsuitable, inappropriate excess: additional and not wanted or needed

because there is already enough 锻炼可以帮助人们消耗多余的热量 Exercises can help the body to burn off the ex

cess calories.

• What prevented the Asian crisis from becoming a full-scale economic down-turn has been the astonishing U.S. economy.

downturn: a reduction in the amount or success of sth, such as a country’s economic activity.

Upturn, downpour, downfall, uproar, input, output, outcome, outset, outlook, onrush

• Since 1996, the U.S. current-account deficit in its balance of payment…

• Current-account; of an account of credits, debits, receipts, and expenditures between two countries. 往来账户

• deficit: 逆差，赤字• Balance of payment: the difference between

a country’s import and exports

• The world economy, as Treasury Secretary Lawrence Summers has repeated said, has been flying on one engine.

• Paraphrase:

The world economy has been driven by only one country’s economy, namely the economy of the United States. In other words, the world has become too dependent on one country’s prosperity.

• ….a slowdown or recession –reflecting a decline in the stock market, a loss of consumer confidence or higher interest rates—might snowball into an international slump.

• To snowball into: 滚雪球般的迅速增长这个计划很快发展成全国性的运动。Soon, the project snowballed into a nationwide

campaign.

• 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.

• To materialize: to become actual fact; to come true

• 许多观察家预测的萧条并没有出现。• The depression that many observers anticipat

ed failed to materialize.• To relieve: to alleviate or reduce (fear, pain,

sufferings)

• It remains possible that abrupt surges of global capital, first moving into Asia and then out, will have caused, with some delay, a larger instability.

• Surge: n. a sudden increase in amount or number

在接下来的三天里，有四人死于暴力升级。Four people died in the next three days in a sur

ge of violence.