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Uniet 1 1. Once seen as the bad habit of an immature economy, Chinas macro-economy control (state meddling) is now seen as a bulwark of stability. “Government control of the most capital-intensive sectors leaves me optimistic about Chinas prospects”, says.中国的国家干预曾被视为一个不成熟经济体的坏习惯,如今被视为稳定的防波堤。安迪罗斯曼(Andy Rothman)表示:“政府控制大部分资本密集型产业,这令我对中国的前景感到乐观。”2. Even more farsighted is the new, landmark land-reform program, which would make it possible for Chinese peasants to rent or lease their land to outsiders. Simply figuring out who owns which properties can be a Byzantine task in China, so land reform could take decades-but the idea is already generating excitement. In November, real-estate consulting firm Jones Lang LaSalle estimated that land reform could unlock rural property worth as much as $2.5 trillion. Land reform will be Chinas lasting legacy,” says JLL national research director Michael Klibaner. Turnning peasants into land-owning consumers could go a long way toward creating a consumer society, reducing Chinas dependence on exports, and rebalancing the world economy.更具远见的是新的、里程碑式的土地改革计划,让中国农民向外人(包括企业)出租土地或者租用土地成为一种可能。要搞清楚中国的财产所有权,可是一个错综复杂的问题,因此土地改革可能需要数十年时间,但这一想法已经让人兴奋。让农民变成拥有土地的消费者可以长时期大大推进创造一个消费型的社会 ,让中国减少对出口的依赖,让世界经济重获平衡。3. Once Chinese leaders signal a new direction, they rarely waver, says Rothman. Witness the political battle over American charges that China is deliberately holding down the value of the yuan to boost its exports, a charge that ignores the gradual 21.5% rise in the yuan that had already taken place between the summer of 2005 and 2008. While the yuan did fall a bit in recent months, most economists believe Beijing will continue to allow a modest appreciation, weighing its need for export competitiveness against the worlds need for more balanced trade flows.以推进出口,却看不到在2005年夏天到2008年间人民币逐渐升值21.5%。尽管人民币最近贬值了一些,但大多数经济学家相信北京会继续容许温和的升值,在出口竞争力与世界对更平衡的贸易流的Unit 21. Financial institutions that had seemed as solid as granite disappeared as if they were no more substantial than a bunch of flowers in the hands of an old-style magician.原本坚如磐石的金融机构也消失了,似乎还不如老套的魔术师变的花束看起来真实。2. As billions of poor people become more prosperous, they will be able to afford the comforts their counterparts in the rich world have long considered the normal appurtenances of life. 随着几十亿的贫苦人们开始变得富有起来,他们也将能够支付得起发达国家的人们所拥有过的享受,而这些享受长久以来在富人们眼中仅仅是普通的生活附属品而已。 3. The world is in a much better state than many expected it would be a year ago.现在世界的状况比一年前我们所想象的要好的多。4. Though Europe is wheezing under cascading sovereign-debt crises, it has so far avoided the worst-case scenarios a collapse of the euro, a debt crisis that spills from small economies such as Greece and Ireland to much bigger ones like Italy and Spain, and bitter social unrest in those nations that are having to massage wages down while cutting public budgets。尽管欧洲一直在一重接一重的主权外债危机下苟延残喘,但是它到目前为止已经避免了最糟糕的状况欧元崩溃、债务危机从希腊和爱尔兰这样小的经济体蔓延到意大利和西班牙这样大得多的经济体,以及一些国家剧烈的社会骚乱,这些国家在缩减公共预算的同时不得不减少薪资。5. Most economists expect the rebound to flatten out in 2011, with growth likely to be lower than in 2010. In mid-January, the World Bank estimated global GDP growth will slow to 3.3% in 2011 from 3.9% in 2010. 大多数经济学家预计2011年经济反弹会逐渐变平,经济增长也可能会低于2010年。一月中旬,世界银行估测全球GDP增长将由2010年的3.9%下降到2011年的3.3%。 6. In Britain, deep cuts in the budget mandated by Prime Minister David Cameron will most likely cost hundreds of thousands of public-sector jobs. In the U.S., the miserable condition of state and local governments budgets is likewise leading to a job-killing retrenchment. Europes imposition of austerity has led to heightened political conflict. Ballooning debts and feeble growth prospects for the advanced economies are reordering the investors perception of risk. 在英国,首相戴维卡梅伦大幅削减预算很可能会导致几十万人失业。在美国,国家和地方政府糟糕的预算同样也会导致工作岗位的紧缩。欧洲采取的财政紧缩政策也加剧了政治冲突。日渐高筑的债台以及发达经济体的疲软经济增长前景让投资者们开始重新审视风险。7. U.S. politicians, with an ear to their constituents, are lobbying for protective tariffs if China does not allow its currency to appreciate. U.S. businesses, which have in the past been supportive of free trade and engagement with China, are beginning to sing with different voices.如果中国不允许人民币升值,愿意听从选民意见的美国政客们将会游说保护性关税。而且,那些过去大力支持与中国进行自由贸易和合作的商业家们也开始唱反调。 8. In the U.S. and Europe, a certain helplessness in the face of huge economic forces is fueling a disaffection which makes itself felt in different ways in different societies with the global financial elites and the policymakers who are thought to have connived with them. 在美国和欧洲,面对巨大经济压力却无能为力的现象正激起着人们对全球的金融精英以及决策者的不满,认为金融精英与决策者们沆瀣一气,这种不满在不同社会表现形式不同。9. How can a disaffection with global capitalism in the developed world be prevented from turning into a backlash against it? . 如何阻止人们对发达国家倡导的全球资本主义的不满演变为强烈抵制? 。10. The spirit of camaraderie forged in the early days of the financial crisis all the hopeful meetings and optimistic communiqus of the G-20 has been replaced by every-country-for-itself thinking. As nations scramble to protect their own people from the continued fallout of the Great Recession, the threat of currency and trade wars has become very real. 早期金融危机铸就的互助友爱的精神20国集团所有的充满希望的会议和振奋人心的公告都被各国自私利己的想法替代了。由于各国面对日趋严峻的大萧条境况,都急于保护本国人民的利益,因此货币和贸易之战已成为非常现实的威胁。11. A minority is seen to have harvested a disproportionate amount of the fruits. Issues of economic disparity and equity at both the national and international levels are becoming increasingly important . Politically, there are signs of resurgent nationalism and populism as well as social fragmentation. “全球化带来的好处似乎分布不均衡,”报告表明,“小部分地区似乎付出与收获并不成比例。国内和国际水平的经济差距与公平越来越重要政治上,有民族主义,民粹主义以及社会分裂抬头的迹象。”。12. None of these divisions between and within nations are ones that have to last for ever. But it will take hard work and creativity both within discrete polities and in international forums if they are not to cloud what should be the happy prospect of a world in which many, many more people live lives that are fulfilling and comfortable. We can see that meadow at the end of the woods. But we arent in it yet.国际和国内的这些分歧,没有一个会永远存在。世界的前景是美好的越来越多的人们生活的非常充实与舒适,如果不想破坏如此美好的未来,他们就必须在解决国际与国内事务上努力工作,发挥创造力。我们已经可以看到灌木丛深处的草木了,但是我们仍旧未进入到那个世界。 Unit 3 1. He gave up options to buy thousands of lots that the firm had snapped up across Arizona, Florida, Nevada and California during the boom, taking massive losses. 他没有买下经济繁荣时期公司在亚利桑那州、佛罗里达州、内华达州和加州搜罗到的房产,因此损失惨重。2. Banks are also less willing to lend: they have tightened loan standards, with a push from regulators who now wish they had taken a dimmer view of exotic mortgages and lax lending during the boom.银行也不太愿意借贷银行已提高了他们的贷款发放标准,背后则是监管者的敦促。监管者们对于当初经济繁荣的时候没有更加谨慎的对待境外抵押贷款和实行宽松的借贷政策后悔不已。3. Normally, deep recessions are followed by strong recoveries as pent-up demand reasserts itself.一般情况下,经济萧条之后是强劲的复苏,因为累积已久的消费需求会重新发挥作用。或一般情况下,随着消费需求不断累积,重新发挥作用,经济萧条之后是强劲的复苏。4. In the recovery the economy might therefore be expected to grow by 6-8% and unemployment to fall steadily, as happened after two earlier recessions of comparable depth, in 1973-75 and 1981-82. 因此在经济复苏的过程中,经济总量可能会按照预估的6-8%的速度增长,失业率会持续下跌, 1973-75 和 1981-82的两次经济危机都与本次经济危机严重程度相似,也证明了这一点。5.But this particular recession was triggered by a financial crisis that damaged the financial systems ability to channel savings to productive investment and left consumers and businesses struggling with surplus buildings, equipment and debt accumulated in the boom. 但是由于本次经济萧条是由金融危机引发的,后者严重削弱了金融体制有效分流投资的能力,使消费者和企业疲以应对(费力挣扎)在经济繁荣期积累下的多余建筑、装备和债务(中)。6.So if America is to avoid the stagnation that afflicted Japan after its bubbles burst, where is the demand going to come from?所以美国若想避免日本经济泡沫破碎之后出现的经济停滞,应该到哪里寻找强劲的需求呢? 7.A strengthening dollar and ample supply kept oil cheap for most of the 1990s, feeding Americas addiction to imports. That began to change a few years before the crisis as the dollar fell and emerging markets growing appetite put pressure on global production capacity. 强势的美元和充足的供应使得二十世纪九十年代的油价维持在较低水平,使美国过分依赖进口,而由于美元的贬值和新兴市场的强劲需求共同给全球能源生产能力施加了压力,这一状况在此次危机爆发之前的几年里开始改变。8. For the present the rise of knowledge-intensive global industries favours centres rich in infrastructure and specialised skills. Some are traditional urban cores such as New York and some are suburban edge cities that offer jobs along with affordable houses and short commutes. 现在全球范围内不断崛起额知识密集型产业更加青睐那些拥有优良基础设施和熟练专业技能的城市中心。有一些是传统的城市核心比如纽约,另一些是近郊的城市,它们可以为市民提供就业机会和价格公道的房屋,上下班所需时间也不长。 9. Spending on equipment is expected to be fairly strong, having largely avoided excess in the boom period, and indeed in the fourth quarter of 2009 it raced ahead at an annual rate of 19%. 因为在经济繁荣期很大程度上已经避免了产能过剩的情况,对于仪器设备的消费应该会十分强劲。实际上在2009年第四季度,该项消费的年增长率达到了19%。 10. Competition from low-wage countries, mostly China, has increasingly taken over the markets of domestic industries such as furniture, clothing or consumer electronics. Yet shifts in the pattern of global growth and the dollar are laying the groundwork for a boom in exports. 来自低工资国家这一次,赤字更大,世界其他各国经济更加不景气。经济年增速如果能够稳定在3%的水平也属不易,因为这会使美国的对外负债率逐渐下降。11. This time the deficit started out a lot larger and the rest of the world is weaker. Still, even stabilisation around 3% would be a blessed relief because it would slow the growth in Americas indebtedness to foreigners.这一次,赤字更大,世界其他各国经济更加不景气。经济年增速如果能够稳定在3%的水平也属不易,因为这会使美国的对外负债率逐渐下降。Unit 41. If Europe wants to become a global power to rival the U.S. and China then it needs to stop acting like a collection of rich, insular states and start fighting for its beliefs. 若欧洲想成为可以匹敌美中两国的全球大国,那么欧洲各国就再不能表现得像一群富有而又不问世事的乌合之众,而要开始为自己的信念而奋斗。2. Europhiles dusted off their familiar dream: of a newly emboldened world power stepping up to calm trouble spots, using aid and persuasion where it could, but prepared to send in troops when it had to. 欧盟的支持者们的旧梦重焕光彩:以崭新的姿态成为一个更为果敢的世界超级大国,尽量采用援助或劝解的方式解决麻烦争端,不得已时也要准备动用武装力量。3. At the same time, U.S. President Barack Obama announced he would be skipping an E.U.-U.S. confab in Spain in May, frustrated, it appeared, with the endless summitry that goes with accommodating the E.U. 与此同时,美国总统奥巴马宣布他将缺席5月份在西班牙举行的欧盟-美国会议,似乎是因为讨论欧洲议题时没完没了的首脑峰会让他泄气。 4. The dream didnt last a month. At the climate change conference in Copenhagen in December, it was China and the U.S. who haggled over a final deal, while Europe sat on the sidelines. Instead of a foreign policy triumph, 2010 began with an unseemly squabble over whether or not to bail out Greece, whose debt has dragged down Europes currency. 好梦持续了不到一个月。 在12月份的哥本哈根气候变化大会上,中美两国促成了最后协议,而欧洲则袖手旁观。2010年欧洲外交政策并无建树,而是年初一开始就为了是否对希腊施以援手争吵不休,希腊债务已经拖累了欧元。5. The new setup looks like a parody of all that is wrong with the E.U., bureaucratic and complicated, built on least-bad options and seemingly designed to encourage turf wars rather than action. 从这个新机构的身上能找到 欧盟所有弊端的影子,办事官僚、机构复杂,作出的决定都是属于“最不坏的决定”,这种设计看上去就是有利于互相扯皮、推诿责任;而非鼓励采取行动。6. One senior European official frets that when it comes to the EU projecting itself, the choice of Van Rompuy and Ashton means the grouping will have to reconcile itself to five years of underperformance.一个高级欧洲官员感到烦恼的是,就欧盟要表达自身诉求而言,既已选择范龙佩和阿什顿,这样的组合就意味着欧洲不得不接受未来五年内表现不会如意。7. The modern conception of a united Europe was born in the embers of World War II and rested upon the notion that binding Germanys fortunes to those of France and the rest of Europe could end the violence that had regularly engulfed the continent for centuries.在二战的余烬中产生了一个联合的欧洲的现代构想,并认为将德国的命运与法国、以及欧洲其他国家的命运捆绑在一起,可以结束几个世纪以来绵绵不断的欧洲战乱 。8. Beyond its neighborhood, however, the EU has rarely punched its collective weight. The main reason for that, of course, is that member states still like to defend and pursue their own national interests, rather than subsume them in a multinational body. Theres also a caseand plenty in Europe make itthat Europe is better off continuing to aim low.然而,除了在周围地区出出声气,欧盟很少集体发力。当然主要的原因,是各成员国仍喜欢追逐本国利益、为本国利益辩护,而非将本国利益纳入多国机构体中考量。还有一个情况就是 这样想的欧洲人多的是欧洲目标降低点日子会更好过。9. In Africa, India, Latin America, leaders would fall over themselves to engage closely with a power that is neither the US nor Chinaboth nations can come across as too powerful, too proselytizing of their own values, too prone to see their interaction with others solely in terms of their own national interests.在非洲、印度和拉丁美洲,国家领导人不遗余力地拉拢美国中国以外的大国,美国和中国一样,都让人感觉太强大、太容易改变自己的信仰价值观,太明显地表现出与别国交往时只单纯考虑自己国家的利益。10. Europehad done much of the running on global climate-change policy, setting carbon-reduction targets, introducing the first markets in which carbon could be traded, leading the way on exploiting greener energy sources. 欧洲在制定全球气候政策上出了不少力,如设立碳削减目标、引入第一批碳交易市场和带头进行更环保能源的开发.11. European leaders arrived in the Danish capital giving the impression that setting an example would be enough to persuade others into making concessions. But the conference took a different turn. A group of developing countries threatened to walk out. With negotiations on the verge of collapse, Obama entered a room where delegates fromChinawere meeting those fromBrazil,IndiaandSouth Africa. They struck a deal and then presented it toEuropeand other participants. 欧洲各国首脑到达了丹麦首都,给人的印象是以身作则就足以说服别国进行让步。但是气候会议议程起了变化, 一些发展中国家威胁要退出会议,谈判处于崩溃边缘.此时中国代表们与巴西、印度和南非的代表们共室商讨,奥巴马走进加入,一起达成了协议并提交给欧洲及其他与会国.12. In a bitter irony, it is one of modern Europes cherished convictionsthat the force of arms rarely settles political for longthat inhibits it from being a more powerful player. 有点讽刺意味的是,现代欧洲人较为珍视的一个信念,是武装力量几乎无法永久解决政治争端的,正是这样的信仰使欧洲未能向更强政治大国迈进一步。 13. “The demilitarization of Europewhere large swaths of the general public and political class are averse to military force and the risks that go with ithas gone from a blessing in the 20th century to an impediment to achieving real security and lasting peace in the 21st.”在“去军事化”的欧洲,各民众团体和政治阶层都反对军事力量干预及其潜在危险。去军事化在20世纪是以阻碍军事行动为准绳,到了21世纪目的是获得真正的长久的安全、和平。14. But since the end of the Cold War, it has stepped back from the EU, regularly taking a different path when Europe attempted a unified policy notably during the financial crisis in 2008 and 2009), and strengthening ties with Russia, to the chagrin of Britain and France. 但是自从冷战结束后,它就从欧盟退却:在欧洲试图于2008-2009年经融危机实行统一政策时,它不时地另辟蹊径,并加强了与俄罗斯的关系,令英法懊恼不已 。 15. Others notice the failure of the EU to find a single voice. Instead of tackling that failingan obvious priority for this centuryEurope has spent much of the past few months obsessing over how Washington views it. 其余国家也注意到欧洲未能同声同气。但是欧洲并未去着手解决这个本世纪最首要任务,而是在过去的几个月花了很多时间纠结于美国如何看待自己。 Unit 61. Smoot-Hawley has become a reliable punch line because it is so regularlyand hyperbolicallyinvoked in the debate over international trade, a debate that has reignited recently as Americas jobless recovery drags on. 在国际贸易中,斯姆特-霍利关税法已经引发了诸多争论,最近更成为美国就业市场恢复缓慢的罪魁祸首。2. A newly released Wall Street Journal/NBC News poll found that 53% of the American public now believes that free-trade agreements have hurt the U.S., up from 46% three years ago and 32% in 1999. 华尔街日报和国家广播公司最近公布的民调发现,53%的美国公众认为,自由贸易协定伤害了美国,而2007年和1999年持这种观点的人分别为46%和32%。 3. If we want to avoid the sort of destructive, beggar-thy-neighbor trade wars that contributed to bringing down the world economy in the 1930s, we have to draw the right lessons from this chapter of our history.如果我们想要避免这种将全球经济拉下马、“以邻为壑”的贸易大战,我们必须从历史中好好地汲取教训。 4. That said, the Smoot-Hawley tariff fully deserves its notoriety. It was an ill-timed and ill-judged piece of legislation that backfired spectacularly. 斯姆特-霍利关税法臭名昭著,完全是一部在不合适时机提出的有欠思考的法案,完全起到了与初衷相反的作用.5. The tariff was originally proposed to help American farmers, who experienced a long downturn after enjoying high prices during the boom years of World War I. Low farm prices led to severe financial distress and mortgage defaults. Congresss first reaction was to pass agricultural price supports to boost farm income, but President Calvin Coolidge twice vetoed this legislation. 这部关税法起初是为了帮助在一战时经历了良好发展势头后长期遭受经济低迷的美国农场主,农业价格走低导致严重的财政困境和抵押违约情况。国会的第一反应是通过农业价格补贴法案以增加农民收入,但总统柯立芝两次否定了这部法案。6. It is highly unlikely that the U.S. will revert back to a Smoot-Hawley mindset. The country is much more integrated into the world economy than it was then, and it is widely understood that trade disruptions would be much more costly. 美国不可能再重拾斯姆特-霍利关税法,其与世界经济的联系更加紧密,众所周知,破坏贸易需要付出的代价也更高。7. Though some still claim that trade sanctions on China would create jobs in the U.S., the more likely effect would be to send those jobs to other developing countries with low wages. The Obama administrations punitive tariff on cheap tires from China, imposed late last year, has had no impact on domestic tire production and employment. The chief beneficiaries have been tire producers in Thailand and South Korea, whose exports to the U.S. have surged to replace those from China. 尽管一些人依然宣称对中国进行贸易制裁将在美国创造更多就业机会,但这些机会更有可能发生在低工资的发展中国家。奥巴马政府2009年末对中国廉价轮胎施行的惩罚性关税,对国内轮胎生产和就业市场未发生影响,受益最大的是泰国和韩国轮胎生产商,这两国的对美国出口大幅上升,取代了原来中国的份额。8. Indeed, recently imposed Chinese duties on American poultry are widely thought to be payback for the Obama administrations tire tariff. This makes using trade sanctions against China a risky strategy. 事实上,人们广泛地认为,近来中国对美国家禽提高关税,就是对奥巴马政府征轮胎关税的反击。由于会存在报复,对中国实行贸易制裁是一项危险的策略。9. Countries that clung to the gold standard were forced to maintain tight monetary policies. Because they could not print money to counteract the deflationary forces that had taken hold of the world economy, they imposed higher tariffs, import quotas and exchange controls to restrict imports.坚持金本位制度的国家被迫采取紧缩货币政策。因为他们没有能力印刷足够货币,抵消受全球现象影响的通货紧缩产生的压力,他们只能通过提高关税、施行进口配额和控制汇率来限制进口。 10. By contrast, countries that went off the gold standard and allowed their currencies to depreciate did not have to resort to protectionist trade measures. They used monetary policy to end the crippling price deflation and restore economic growth.与此相反,那些摆脱金本位制度、允许货币贬值的国家,不必采取贸易保护措施。他们利
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