Unit 11

Казақстан Республикасы Білім және Ғылым Министрлігі
Шәкәрім атындағы Семей мемлекеттік университеті
3 деңгейлі СМЖ құжаты
«Медициналық мәтіндерді
аудару» пәнінің оқуәдістемелік
Басылым № 1 2014
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«Медициналық мәтіндерді аудару» пәні бойынша
5В020700 «Аударма ісі» мамандығына арналған
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1. Глоссарий
2. Практикалық сабақтар
3. Студенттердің өздік жұмысы
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Unit 1.
The American economy is a dynamic, free-market system that is constantly evolving out of the
choices and decisions made by millions of citizens who play multiple, often overlapping roles as
consumers, producers, investors and voters. The United States is generally described as a mixed
economy, which is to say that even though the great majority of productive resources are privately
owned the federal government does play an important part in the marketplace.
By and standard, the American economy that has evolved over less than 250 years has been
immensely successful. With less than 5 percent of the world’s population, the United States in the
early 1990s produced about 25 percent of the world’s output. The U.S. economy is more than twice as
large as the next largest economy, that of Japan. By conventional measures, U.S. productivity and
standard of living remain among the highest in the industrial world although other nations have
experienced higher rates of growth in recent decades.
Although the American economy has transformed itself over the years, certain issues have
persisted since the early days of the republic. One is the continuing debate over the proper role for
government in what is basically a marketplace economy. An economy based oil free enterprise is
generally characterized by private ownership and initiative, with a relative absence of government
involvement. However, government intervention has been found necessary from time to time to ensure
that economic opportunities are fair and accessible to the people, to prevent flagrant abuses, to dampen
inflation and to stimulate growth.
Ever since colonial times, the government has been involved some extent, in economic decisionmaking. The federal government, for example, has made huge investments in infrastructure – from
canals and post roads in the 19th century, to interstate highways and orbiting Earth satellites in the 20th
century. The government has provided social welfare programs that the private sector was unable or
unwilling to provide. In a myriad of ways and over many decades, it has supported and promoted the
development of agriculture.
The «New Deal» programs of the 1930s brought the greatest expansion of the government’s role.
New laws were passed regulating many economic activities – from sales of stock to the right of
workers to form unions. Moreover, the government began to provide workers with a measure of
economic security in their old age. The Social Security program, enacted in 1935, still ensures that
retired people have a regular income each month, and has been expanded to help them meet their
medical costs.
But the pendulum has also swung the other way. In the 1970s and 1980s, with taxes steadily
rising and the U.S. economy stagnating, new national leaders spearheaded a drive to cut government
spending and levels of taxation, and in other ways to reduce government influence over the private
sector. Their goal was to stimulate the private-sector initiative and investment which is the engine that
drives free-market economies.
Another recurrent theme has been the transformation of the U.S. economy by emerging
technologies. Once a nation of farmers, the United States was changed dramatically by successful
adaptation of the machinery and production processes of the Industrial Revolution – and then
transformed again by what amounts to a «second» Industrial Revolution.
Beginning in 1870 and lasting for around a century, the United States became the world’s
manufacturing powerhouse – leading the world in the production of steel, automobiles and other
products. Since the 1960s, another transformation has been taking place, as new service-based and
information-processing industries gradually replace some of the old stalwarts of the traditional
industrial base. By the 1990s, advances made in such fields as chemistry, electronics and
biotechnology were producing goods and services ranging from semiconductor circuits to laser
surgery. Similarly, new farming technology has transformed the American agricultural sector, allowing
more food and fiber to be produced by a constantly dwindling number of farmers.
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A third theme has been the continuous debate over international trade policy and, thus, over the
degree of integration of the United States into the world economy. Trade was in many ways the
linchpin of the colonial system; the export of American commodities made possible the import of
capital and machines for expansion. But support for protectionist measures, such as those advocated by
statesman Alexander Hamilton just after the American Revolution, has often been strong. Until the end
of World War 2, the United States conducted international trade under the shield of high or modified
tariffs. But protectionism contributed to the Great Depression of the 1930s, and after World War 2 the
United States became an advocate of freer trade. Although the nation’s policy has remained generally
pro-free trade, by the 1970s and 1980s many U.S. manufacturing industries felt increasingly
beleaguered by powerful new competition from abroad. Moreover, as U.S. trade deficits mounted,
concerns that other countries indulged in unfair trade practices also increased.
Each of these themes underscores certain fundamental characteristics of the American economy.
First, the economy is changing continuously, as citizens freely express their economic preferences
directly in the marketplace and indirectly in the voting booth. At the same time, the persistence of
these themes over time reveals threads of continuity in the dynamic U.S. economy.
In any event, Americans have often been described as pragmatists. The pragmatic test is that in
addition to everything else, an acceptable theory must actually work. Clear evidence of the American
people’s pragmatism is demonstrated by their actions: to establish and maintain an economy soundly
based on the principles of free enterprise. At the same time, Americans accept an important role for
government to help create an environment with the widest possible opportunities for individual
opportunity, and economic growth and progress.
Please answer the following questions (with complete sentences):
1.Who makes choices and decisions thus moulding the US economy as a dynamic and
free-market system?
2.The United States is generally described as a mixed economy. Why?
3.Why do you think the American economy plays an important role in the world?
4.What is typical of the American economy, which as we know is based on free
5.What was the purpose of the «New Deal» programs of the 1930s initiated by the US
president F.D. Roosevelt?
6.What way did the pendulum swing in the 1970s and 1980s?
7.What transformation has the US economy undergone since the 1960s?
8.Protectionism and free trade. Which direction did the United States take before and has
been taking after World War 2?
9.Why have Americans often been described as pragmatism?
2. Find in the text the English counterparts of these bits of the Russian translation:
1) система свободного рынка, которая постоянно эволюционирует на основе;
2) решения, принятые миллионами граждан;
3) которые играют сложные, часто совпадающие роли;
4) США обычно считаются страной со смешанной экономикой;
5) большая часть средств производства принадлежит частным лицам;
6) по любым меркам;
7) двадцать пять процентов от мирового выпуска продукции;
8) экономика США превосходит в два раза;
9) по обычным меркам;
10) хотя другие страны обеспечили более высокий темп роста;
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11) определенные проблемы сохранились с первых дней существования;
12) экономика, основанная на свободном предпринимательстве;
13) вмешательство правительства время от времени считается необходимым;
14) чтобы помешать возникновению явных злоупотреблений;
15) еще с тех времен, когда США были колонией;
16) правительство в некоторой степени участвовало в решении экономических проблем;
17) правительство делало крупные капиталовложения в инфраструктуру;
18) правительство обеспечивало социальные программы;
19) оно поддерживало сельское хозяйство и содействовало его развитию;
20) программа «нового экономического курса» 1930 годов;
21) были приняты новые законы;
22) программа социальной защиты;
23) когда налоги стали постоянно возрастать;
24) новые руководители государства возглавили кампанию по сокращению
правительственных расходов;
25) их целью явилось стимулирование частного сектора;
26) новые отрасли, основанные на оказании услуг и обработке информации;
27) открытия, совершенные в таких областях, как химия;
28) международная торговая политика;
29) степень интеграции США в мировую экономику;
30) экспорт американских товаров потребления;
31) но поддержка протекционистских мер;
32) но протекционизм способствовал Великой Депрессии;
33) торговый дефицит возрастал;
34) экономика постоянно развивается;
35) и косвенно при голосовании;
36) в любом случае;
37) американцев часто называют прагматиками;
38) приемлемая теория должна действительно сработать;
39) построить и развивать экономику;
40) на принципах свободного предпринимательства;
41) американцы возлагают важную роль на правительство;
42) самые широкие возможности;
43) рост экономики и прогресс.
Insert the right word from the list given below:
-Producer; -consumer; - inflation; -technology; -stock; -competition; -abuse; -evolved; overlap; -accessible; -dwindle; - described; -taxes; -commodity; -involvement.
1. The United States is generally … as a mixed economy.
2. I think that this policy must have … over time.
3. There is considerable … between the two systems.
4. This computer is cheap enough to be … to virtually everyone.
5. You may be able to offer … and shares as security.
6. The number of people going to the cinema seems to … steadily.
7. Labor is bought and sold like any other … .
8. He avoids … in the political life of his community.
9. There is no freedom that is not open to … .
10. A cut in … will mean a cut in government spending.
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11. The present economic situation combines a high rate of … with a high level of
12. Part of the reason for the drop in sales is … from overseas suppliers.
13. The Middle East remains the world’s leading crude oil …
Unit 2.
Basic ingredients of the U.S. economy
The marriage between the United States economy and the free enterprise system has been a
hugely successful one, but not one without problems. From The time of early American statesman
Alexander Hamilton, there has been conflict over what should be the proper role of government in the
economy; at various times government has intervened to stimulate the growth of certain industries, to
regulate business when abuses began to appear, to provide protection in the form of tahlls for
industries hurt by imports, and sometimes to redistribute wealth. Government’s role has ebbed and
flowed, according to the needs of the time.
The United States has what is usually described as a capitalist economy. But capitalism is a
term coined by Karl Marx that referred to the concentration of control of the most important parts of
the economy by a small group of capitalists. By contrast, most Americans think of capitalism as
meaning “free enterprise”, a system that benefits millions, not just a few. Free enterprise as an idea can
be simply described, but it is how this idea is applied to real life that is important. This chapter
attempts to describe how free enterprise works in the United States as evidenced by the historical
Every economic system tries to anticipate and then meet human needs through the production
and distribution of goods and services. The economic system is the mechanism that brings together
natural resources, the labor supply, technology, and the necessary entrepreneurial and managerial
talents. Although the type of economic system used by a nation is the result of political decision, it is
also in even larger part the result of a historical experience that over time becomes a national culture.
The first ingredient of an economic system is the natural resources from which goods are
produced. The United States is a land rich in mineral resources and fertile farm soil, together with a
moderate climate.
Second, the amount of available labor helps determine the health of an economy. Generally,
the United States has been fortunate in having enough people to provide the labor necessary for a
constantly expanding economy. Until shortly after World War I, most of these workers were either
immigrants (or their immediate descendants) who came to America from Europe, or African
Americans whose forebears were brought to the Americas as slaves. When too many laborers arrived
to be absorbed on the East Coast, they could usually move on to farmland in the interior and be
productively absorbed in that part of the economy.
In the early years of the 20th century, large numbers of Asian (Chinese, Japanese, Filipino)
immigrants came to the United States, while large numbers of Latin American immigrants came in the
later years. Economic opportunity also attracted black Americans from Southern farms to Northern
cities in the first half of the 20th century.
Although the United States has sometimes experienced periods of acute unemployment or the
reverse, labor shortages, on the whole, immigrants came when work was plentiful. The U.S. economy
usually grew fast enough to absorb the newcomers, provided they were willing to work productively at
slightly less than the wage rates paid to acculturated workers. Overall, immigrants prospered, earning
far more than they would have in their native lands, and the economy of the nation prospered as well.
Another factor in any economic system is the quality of available labor – how hard people are
willing to work and how skilled they are. In the United States, the frontier demanded hard work, and
the Protestant work ethic supported that demand. The strong emphasis placed on education, including
technical and vocational education, also contributed to America’s economic success. Likewise the
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willingness to experiment, to change and to invest in technology was significant in a land that had
prided itself on being a new experiment in freedom.
But the existence of abundant natural resources and a skillful and willing labor force accounts
for only part of the structure of an economic system. The resources must be directed as efficiently as
possible into the area, where money will be most productive. In the American economy, managers of
enterprises responding to signals from markets perform this function.
Large blocks of resources must be available for major investments. In America interpreters
accumulate money and then invest in projects – buy supplies, hire workers and sell products – that
seem likely to give a high return on the original investment. This is determined on the basis of an
assessment of the wants and needs of those who buy goods and services – what is known as consumer
In the U.S., the corporation has proved to be an effective device for accumulating funds for
investment. This is a voluntary association of owners, known as stockholders, who form a business
enterprise that is marked by limited liability.
Once the first entrepreneurial investment of capital has been made, someone must be hired to
manage the new business, factory or other endeavor. Modern America has developed a chain of
managerial command, from the foreman at the loading dock to the chief executive in the boardroom,
whose job is to see that the business runs smoothly and efficiently. Good management often can make
the difference between a successful or unsuccessful operation. In early 20th – century America,
management was said to be based heavily on systematic analysis; “scientific management” became a
veritable movement. But later in the century, views on management became more diverse.
Please answer the following questions (with complete sentence):
What is the role and place of economic system in any society?
Basic ingredients of the U.S. economy. What are they? Elaborate on them:
the natural resources
available labor (in different periods of the U.S. history)
the quality of available labor;
technology and the necessary entrepreneurial and managerial talents.
Find in the text the English equivalents of these bits of the Russian translation:
1) пытается предвидеть, а затем удовлетворить потребности человека
2) необходимые предпринимательские и управленческие знания и опыт
3) является результатом политических решений
4) который со временем становится важным элементом национальной культуры
5) полезные ископаемые, из которых производятся товары
6) страна , богатая полезными ископаемыми
7) плодородные земли для сельского хозяйства в сочетании с умеренным климатом.
8) Количество имеющейся рабочей силы
9) Необходимое для постоянно растущей экономики
10) До недавнего времени
11) Чьи предки были привезены в Америку в качестве рабов
12) Их обычно использовали на фермах
13) Экономические возможности привлекали так же
14) Испытывали в разное время острую безработицу
15) Нехватка рабочей силы
16) Обычно росла достаточно быстро
17) При несколько меньшей зарплате
18) И экономика страны так же развивается успешно
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19) Другим фактором в любой экономической системе
20) Насколько они квалифицированы
21) Включая техническое профессиональное образование
22) Так же способствовало экономическому росту США
23) Столь же важным было желание экспериментировать
24) Объясняют только частично устройство экономической системы
25) Настолько эффективно насколько это возможно
26) Сигналы о состоянии рынка
27) Для больших капиталовложений
28) А затем финансируют проекты
29) Что , очевидно , обеспечивает высокий оборот капитала
30) На основе оценки запросов и потребностей тех , кто покупает товары и услуги
31) Корпорация доказала что она является эффективным орудием
32) Добровольное объединение собственников
33) Которое основывается на ограниченной ответственности
34) Чтоб руководить новой компанией
35) Чьей обязанностью являет обеспечить эффективное управление компанией
36) Может увидеть разницу между
37) Основывается в значительной степени на системном анализе
38) Но в конце века
39) Взгляды на менеджмент изменились
Insert the appropriate word from the list given below
Anticipate available mechanism ingredient labor fertile distribution determine provide descendant
forebear shortage prosper emphasis contribute abundant accumulate assessment stockholder endeavor
Her father was one of the … in an oil company
Entrepreneurs… money and then invest in projects.
“Do you really want to study philosophy?” the professor asked, slowly and placing… on each
More information becomes … through the use of computers
They were …of a forest-living ape.
Economic factors … the progress, which a society can make.
Those were the lands from which their … had been driven
This process is called photosynthesis and one of the … it requires is hydrogen.
His job is to organize the… of goods to customers
The valleys in the south of the country are so … that three crops a year can grow.
Incomes rose faster than we could…
The economic system is the… that brings together all the basic ingredients of economy.
A shortage of skilled … in some industries makes the economic situation in the country even
Up to the late nineties there was no … at all of good students.
We must wish ourselves good fortune in our…
There has to be a clear … of the country’s social needs.
Immigrants… earning far more than they would have in their native lands.
Soaring land prices … to the high cost of housing
An… supply of food helped to solve the humanitarian problem in the region
The government cannot … all young people with a job
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Translate these sentences into English using the words from the list given in the
previous exercises.
Постепенно он собрал впечатляющую коллекцию картин
Каково ваше мнение о её шансах на успех?
Россия имеет богатые запасы нефти и газа.
Акционер – это тот, кто имеет акции какой-либо компании
Многие животные обеспечивают пищей своих детенышей
Он был прямым потомком старинного рода
Её предприятие процветает с каждым днем
Их предки основывали этот город
На заводах фирмы пока нет недостатка в квалифицированных рабочих
10. Представления многих людей об окружающем мире определяются религией
11. Большое внимание придается этим научным исследованиям
12. Она многое сделала для развития национального балета
13. Во главе компании, завода или другого предприятия должен быть опытный управляющий
14. Плодородная почва и теплый умеренный климат Новой Зеландии делают сельское
хозяйство этой страны высокоэффективным.
15. Сбыт и доставка товаров потребителям являются важными элементами в системе бизнеса.
16. Перемешайте все ингредиенты вместе в большой сковородке, перед тем как поставить на
17. Рабочая сила является одним из основных факторов производства
18. Транспортный сектор Европейского сообщества является важным механизмом свободного
передвижения людей и товаров
19. Невозможно предвидеть, когда это произойдет
20. Эти книги имеются в библиотеке
Translate the text into Russian and analyze grammatical and lexical problems of the
Write a 250 word mini-essay on basic ingredients of the U.S. economy in Russian and its
version in English
Speak on subject of your mini-essay in English.
Unit 3
A mixed economy: the U.S.system
The economic system of the United States is principally one of private ownership. This system,
often referred to as a “free enterprise system”, can be contrasted with a socialist economic system,
which depends heavily on government planning and public ownership of the means of production.
Yet government has to some extent always been involved in regulating and guiding the U.S.
economy.At the same time,U.S. citizens have always had the freedom to choose for whom they will
work, and what they will buy. Most importantly, Americans vote for officials who set economic
In the U.S. economic system, consumers, producers and the government make decisions on a
daily basis, mainly through the price system. The dynamic interaction of these three groups makes
the economy function. The market’s primary force, however, is the interaction of producers and
consumers; this has led analysts to dub the U.S. economic system a “market economy”.
As a rule, consumers look for the best values for what they spend, while producers see the best
price and profit for what they have to sell. Government, at the federal, state and local levels, seeks to
promote the public safety, assure reasonable competition, and provide a range of services believed to
be better performed by public rather than private enterprise. Some of these public services include the
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administration of justice, education (although there are many private schools and training centers), the
postal (but not the telephone) service, the road system, social statistical reporting and,of course,
national defense.
In thic system, when economic forces are unfettered, supply and demand establish the prices of
goods and services. Entrepreneurs are free to develop their businesses. In theory, unless they can
provide goods or services of a quality and price to compete with others, they are driven from the
market, so only the most efficient and those who best serve the public remain in business.In practice,
government regulations can interfere with pure competition in order to promote other national policy
objectives such as price and income stability, regional development or environmental preservation.
Similarly, businesses can interfere with pure competition, through price fixing or other monopolistic
practices, in order to maximize profits.
In the United States, most people are simultaneously consumers and producers;they are also
voters who help influence the decisions of government. The mixture among consumers, producers and
members of government changes constantly, resulting in a dynamic rather than a static economy. In
recent years consumers have made their concerns known, and government has responded by creating
agencies to protect consumer interests and promote general public welfare.
The U.S. economy has changed in other ways as well. The population and the labor force have
moved dramatically from farms to cities, from fields to factories and, above all, to service industries.
In today’s economy, the providers of personal and public services far outnumber producers of
agricultural and manifactured goods.Statistics also reveal a rather startling shift away from selfemployment to working for others.
Generally there are three kinds of businesses: single-owner operated businesses, partnerships and
corporations. The first two are important, but it is the latter structure that best permits the amassing of
large sums of money by combining the investments of many people who, as stockholders, can buy or
sell their shares of the business at any time on the open market. Corporations make large-scale
enterprise possible.
I.Please answer the following questions (with complete sentences):
1.What is the economic system of the United States and how can it be contrasted with a socialist
economic system?
2.How is the government involved in regulating and guiding the U.S. economy and is U.S.
citizens economic freedom restricted anyhow by this involvement?
3.What are three basic elements of the U. S. economic system and what makes the economy
function? What’s the market’s primary force?
4.What do consumers and producers look for?
5.What does the government at different levels seek to promote and provide?
6.What establish the prices of goods and services in a “market economy”?
7.What do you think is the purpose of government interference with pure competition?
8.Through what can businesses interfere with pure competition?
9.What does the mixture among consumers, producers and members of government result in?
What is characteristic feature of the U.S. economy today?
There are three kinds of businesses in the United States. What are they?
II.Find in the text the English equivalents of these bits of the Russian translation:
1) в основном частное владение;
2) система свободного предпринимательства;
3) которое зависит в значительной степени;
4) общественная собственность на средства производства;
5) которые определяют экономическую политику;
6) принимают решения ежедневно;
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7) посредством системы цен;
8) динамическое взаимодействие;
9) основная сила рынка;
10) взаимодействие производителей и потребителей;
11) содействовать общественной безопасности;
12) обеспечить разумную конкуренцию;
13) отправление правосудия;
14) почтовая служба;
15) статистические данные в социальной сфере;
16) государственная оборона;
17) когда факторы, определяющие экономическое развитие, ничем не скованы;
18) спрос и предложение определяют рыночные цены;
19) теоретически и практически;
20) товары и услуги высокого качества;
21) цены, способные конкурировать с другими;
22) цели государственной политики;
23) устойчивые цены и доходы;
24) развитие регионов и защита окружающей среды;
25) для того чтобы увеличить доходы;
26) являются одновременно потребителями и производителями;
27) оказывают влияние на политику правительства;
28) содействовать благосостоянию народа;
29) производители сельскохозяйственных и промышленных товаров;
30) довольно неожиданное смещение.
III. Find appropriate Russian equivalents for these bits of the original text:
is principally one of private ownership;
this system, often referred to as a “free enterprise system”;
can be contrasted with;
government planning and public ownership;
to some extent always been involved;
had the freedom to choose;
who set economic policy;
makes the economy function;
to dub the economic system of the U.S.;
consumers look for the best values for what they spend;
producers seek the best price and profit for what they have to sell;
at the federal, state and local levels;
provide a range of services;
by public rather than private enterprise;
are free to develop their business;
they are driven from the market;
can interfere with pure competition;
through price fixing;
in order to maximize profits;
resulting in a dynamic rather than a static economy;
to promote general public welfare;
to protect consumer interests;
have moved dramatically from farms to cities;
far outnumbered producers of agricultural goods;
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statistics also reveal;
permits the amassing of large sums of money;
buy or sell their shares;
make large-scale enterprise possible.
IV. Render these sentences into english usig the suitable words given below:
depend on
demand and supply maximize promote
1. Стабильность в экономике может быть достигнута, если спрос и предложение находятся
в относительном равновесии.
2. Некоторые аналитики считают недавнее падение курса временным.
3. Главной целью нашей компании является увеличение доходов.
4. Правительство США в какой-то степени всегда участвовало в регулировании
экономики страны.
5. Благосостояние граждан страны является целью любого правительства.
6. Экономическая система США является преимущественно системой частной
7. Правительство использует все свое влияние, чтобы сделать переговоры успешными.
8. Снижение занятости населения стало причиной серьезного беспокойства правительства.
9. Существует необходимость тесного взаимодействия менеджеров и служащих.
10. Доллар упал в цене.
11. Переговоры способствовали лучшему пониманию между двумя странами.
12. Промышленность Великобритании в значительной степени зависит от импортируемого
V. Render the text into Russian and analyze grammatical and lexical problems of the
translating process.
VI. Write a 250-word mini-essay on the economic system of the United States in Russian
and its version in English.
Speak on subject of your mini-essay in English.
Unit 4
While consumers and producers obviously make most decisions that mold the economy,
government activities have at least four powerful effects on the U.S. economy.
Direct services. Each level of government provides direct services. The postal system, for
example, is a federal system serving the entire nation, as is the large military establishment. By
contrast, the construction and maintenance of the most highways is the responsibility of individual
state governments. The public education systems are primary paid for by the state, country or city
governments. In general, police and fire protection are the responsibilities of local government.
Regulation and control. The government regulates and controls private enterprise in many ways
in order to ensure that business serves the best interests of the people as a whole. Regulation is usually
considered necessary in areas where private enterprise has been granted a monopoly, such as in
electronic or local telephone service, or in areas where there is limited competition, as with the
railroads. Public policy permits such companies to make reasonable profits, but limits their ability to
raise prices “unfairly” (as defined by the regulators) because the public depends on their services.
Often control is exercised to protect the public, for example, when the Food and Drug Administration
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bans harmful drugs, or requires standards of quality in food. In other industries, government sets
guidelines to ensure fair competition without using direct control.
In the 1970s and 1980s, Americans become increasingly divided on the issue of government
regulation of the economy. Proponents argued that government regulation was needed to protect
consumers, workers and the environment; critics insisted that regulations interfered with free
enterprise, increased the costs of doing business and thus contributed to inflation. These factors,
coupled with rapid technological change, prompted President Jimmy Carter to reduce regulation of the
transportation and communication industries in the 1970s. Also, at this time, federal agencies were
encouraged to be more flexible in applying regulations.
In the 1980s, President Ronald Reagan’s legislative agenda, based largely on his belief that an
unfettered private sector would assure economic prosperity and growth, pushed deregulation efforts
still further. Regulations or the implementation of regulations designed to protect workers, consumers
and the environment were cut back. In addition, during the Reagan administration, a voluntary
approach was taken to some regulations. For example, the Consumer Product Safety Commission
adopted a voluntary compliance program, allowing individual companies to design their own remedies
for targeted safety programs.
In the early 1990s, the drive to push still further deregulation in a board, across-the-board manner
appeared to have slowed considerably. Although proponents of deregulation continued to stress its
benefits, criticism of how deregulation had actually worked in practice mounted. Airline deregulation,
for example, initially fostered increased competition that lowered the cost of flying. But, within a few
years a wave of airline mergers and consolidations shrank the number of airlines, and critics argued
that the benefits of deregulation had either disappeared or become minor. On the other hand,
deregulation of telecommunications unquestionably brought increased competition to certain parts of
the telephone services industry.
At the same time, by the 1990s the number of federal government officials occupied with
regulatory matters was on the increase again after having been cut back during the 1980s According to
an analysis of regulatory institution staffing by the Center for the Study of American Business, in 1992
the number of federal government regulatory officials was expected to be around 122,000, which
surpassed the previous record set in 1980. The study particularly noted increases in staffing at agencies
concerned with such activities as protection of the environment and regulation of the financial sector.
These were areas where increasing numbers of Americans appeared to be troubled by disturbing events
or trends.
Stabilization and growth. Branches of government, including Congress and such entitles as the
Federal Reserve System, attempt to control the extremes of boom and bust, and of inflation and
depression, by adjusting tax rates, the money supply and the use of credit. They can also affect the
economy by changing the amount of public spending by the government itself. Normally, the aim is a
balanced federal budget. But since 1960 a deficit has prevailed in the federal accounts in every year
except 1969, and it has generally widened, reaching a high of some $200 thousand-million in the mid
1980s, before dropping back again.
Direct assistance. The government provides many kinds of help to businesses and individuals.
For example, tariffs permit certain products to remain relatively free from foreign competition; imports
are sometimes taxed or limited by volume so that American products can better compete with foreign
goods. Government also provides aid to farmers by subsidizing prices they receive for their crops.
In quite a different area, government supports individuals who cannot adequately care for
themselves by making grants to low-income parents with dependent children, by providing medical
care for the aged and indigent, and through social insurance programs that assist the unemployed and
retirees. Government also supplies relief for the poor and help for the disabled.
Please answer the following questions (with complete sentences):
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What direct services does each level of government provide?
What’s the purpose of the government’s regulation and control of private enterprise?
In what areas and why is regulation usually considered necessary by the government?
When and for what purpose is government control exercised?
On what issue did Americans become increasingly divided in the 1970s and 1980s?
What was the Reagan administration’s policy relating to regulation and control in the 1980s?
What changes in the policy of the government took place in the early 1990s?
At what agencies did the study note increases in staffing?
What’s the role played by the government and the Federal Reserve System to control the
extremes of boom and bust, and of inflation and depression?
What sort of help does the government provide to businesses and individuals?
II. Find in the text the English equivalents of these bits of the Russian translation and compare
решения, которые создают экономику
сильное влияние на экономику США
почтовая служба
принадлежит государству и обслуживает все население
мощные вооруженные силы
строительство и ремонт большей части шоссейных дорог
в основном финансируются за счет средств штатов
разными способами
чтобы бизнес служил интересам всего населения
обычно считают, что регулирование необходимо
где имеется ограниченная конкуренция
получать допустимую прибыль
ограничивает их возможность необоснованно поднимать цены
контроль осуществляется в интересах защиты населения
запрещает вредные для здоровья лекарства
требует соблюдения установленного стандарта качества продуктов питания
без использования прямого контроля
регулирование сдерживало развитие свободного предпринимательства
и таким образом способствовало развитию инфляции
основанное в значительной степени на его убеждении
обеспечит экономический рост и процветание
предназначенные для защиты рабочих
продолжали подчеркивать ее преимущества
преимущества дерегулирования или исчезли, или стали незначительными
с другой стороны
несомненно, вызвало рост конкуренции
снова начало увеличиваться
что превысило предыдущий рекорд
отметило повышение уровня в укомплектовании персоналом
защита окружающей среды и регулирование финансового сектора
контролировать отрицательные последствия быстрого подъема и спада деловой
путем установки размеров налогообложения
использование кредита
воздействовать на экономику
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сбалансированный федеральный бюджет
импортируемые товары облагаются налогом
конкурировать с иностранными товарами
для престарелых и нуждающихся
посредством программ социального обеспечения
III. Find suitable Russian counterparts for these bits of the original text:
government activities have at least four powerful effects on the U.S. economy
each level of government provides direct services
police and fire protection are the responsibilities of local government
country or city governments
regulates and controls private enterprise
in areas where private enterprise has been granted a monopoly
public policy permits such companies
because the public depends on their services
government sets guidelines to ensure fair competition
on the issue of government regulation of the economy
argued that government regulation was needed critics insisted that regulations interfered with
free enterprise
were encouraged to be more flexible in applying regulations
an unfettered private sector would assure economic prosperity and growth
a voluntary approach was taken to some regulations
adopted a voluntary compliance program
to resign their own remedies
to drive to push still further deregulation
lowered the cost of flying
shrank the number of airlines
after having been cut back
according to an analysis of regulatory institution staffing
with such activities as protection of the environment
appeared to be troubled by disturbing events
branches of government, including Congress
the money supply and the use of credit
the amount of public spending
before dropping back again
by subsidizing prices
who cannot adequately care for themselves
by providing medical care
that assist the unemployed and retirees
IV. Insert the appropriate word from the list given below
♦ establishments ♦ maintenance ♦ ensure ♦ interfere
♦ compliance ♦ flexible ♦ insist ♦ implementation ♦ aim
♦ permit ♦ harmful ♦ interaction
I… on a contract that gave me some sort of security
He did not do enough to secure the … of desired reforms
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The competition was started with the … of encouraging new young writers
His health had improved enough to … him a beer or two before dinner
The rays of the sun, in excess, can be very …
She has done nothing that directly … with the actions of the others
There is a need for more … between our staff and the public
Who is responsible for the … and care of the buildings?
We need a more … decision-making system
The government opened up its research … to industry
I was surprised by their … with these terms
The first duty of the state is … that law – abiding people are protected from crime.
V. Translate the text into Russian and analyze grammatical and lexical problems of the
VI. Write a 250-word mini-essay on the U.S. government’s role in the economy in Russian and
its version in English.
VII. Speak on subject of your mini-essay in English.
Unit 5
The United States was greatly affected by the Industrial Revolution talking place in Europe
during the 18th and 19th centuries.New invention and capital investment led to the creation of new
industries and the spread of the economic growth. Much trade, for example, was made possible by
developments in the field of transportation.
Beginnging in 1825 with the complection of the Erie Canal, wich connected New York City
with the Great Lakes region, various state governments began to play an active role in stimulating the
construction of an internal system of transporation. State government subsidies and loans to
businesses for the building canals and Turnpikes became commonplace between 1830 and 1860. These
early effors were often marked by corruption and economic disaste, yet more were successes than
River traffic also improved when the steam engine was fitted to boats. The steamboat could
travel up-river,against the flow, markedly reducing the amount of time involved in shipping goods to
Like canals and turnpikes, railroads received large amounts of governmens assistance in the
early years. However, unlike other forms of transportation, railroads also attracted a good deal of
domestic and European private investment.
Railroad buildingrequires an emormous sum of capital, and there is long period of time before
any profits are realized. Yet conservative people in rural areas were tremedously enthusiastic about
buying shares of railroad stock, often mortgaging their farms or businesses to do so. Attracted by
visions of profits and playing a role helping to build a better nation, they also voted for state and local
taxes to support the railroads. Later,as part of the Civil War legasy, the federal government gave
extensive tracts of land to those who promised to build the missing links in the national railroad
system. An astonishing total of 53 million hectares of land were eventually granted to railroad
builders.Nothern Pacific received 17 million hectares; Southern Pacific, 10 million hectares; and
Union Pacific, 8 million hectares.In this way, America gott is "sea to shining sea" connection.
Europe also caught the excitement of investing in American railroads. At one time foreign
investors owned the majority of stock in six major railroads. With the discovery of gold in 1849, the
United States became more able to finance additional imports of railroad machinery and materials. The
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excitement of railroad building also brought abuses.Often,
unsuspecting buyers paid exorbitant prices for their railroad stock, or were cheated with stock
that was artificianlly inflated. Get-rich-quick schemes abounded, and many people lost their savings.
Fortunes were made overnight by financial manipulators.
Nevertheless, through a combination of vision and foreign investment, discovery of gold, and a
major commitment of America's public and private wealth, the nation was able to develop a largescale rainroad system, providing the base for the industrialization that followed.
1.Please answer the following questions (with complete sentences):
1) How did the Industrial Revolution in Europe affect U.S.?
2) What were the developments in the field of transporation?
3) How did state government stimulate the construction of an internal system of transporation?
4) How did river traffic improve?
5) How did railroad building affect people in rural areas?
6) What made them buy shares of railroad stock?
7) How did the discovery of gold, influence railroad building?
8) What abuses did the excitement of railroad building entail?
9) What happened the U.S. develope a large-scale railroad system?
2. Find in the text the English eguivalents of these bits of the Russian translation:
1) испытывали влияние промышленной революции;
2) изобретения и инвестиции;
3) привели к созданию новых отраслей промышленности;
4) экономический рост;
5) благодаря достижениям в области транспорта;
6) играть активную роль в поддержке строительства;
7) национальная траспортная система;
8) субсидии и ссуды;
9) для строительства каналов и магистралей;
10) стали обычным делом;
11) были отмечены коррупцией и банкротствами;
12) доставка товаров на рынок;
13) получили большую помощь от правительства;
14) привлекали внутренние инвестиции и инвестиции частных лиц из Европы ;
15) сельские районы;
16) покупка акций железнодорожных компаний;
17) закладывая свои фермы и предприятия;
18) владели большей частью акций;
19) финансировать дополнительный ввоз техники и материалов;
20) ажиотаж вокруг строительства железных дорог;
21) злоупотребление;
22) платили чрезмерную цену;
23) акции, цены на которые были искусственно взвинчены;
24) потеряли свои сбережения;
25) способная развивать широкую сеть железных дорог.
3. Insert the appropriate word from the list given below:
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~ profit ~ mortrage ~ subsides ~ finance ~ domestic ~expantion ~ savings ~ abuses ~ import
~ shares ~links ~construction ~ exorbiant ~ inflate ~ capital investment ~ government assistence
~ loans
1) New inventions always attract ... ... and stimulate the development of new industries.
2) The ... of a system of transformation results in economic growth.
3) Small business development requires ... ... .
4) One way to support railroads it to sell ... of railroad stock.
5) The government has provide massive ... and ... to cover deficits.
6) He will have to ... his land to raise a loan.
7) A private company will ... and building the missing ... in the railroad system.
8) The company charged them an ... rent.
9) The rices of all houses ... at approximatery the same rate.
10) She went to the bank and drew out all her ... .
11) This book is about ... of power.
12)The company needs to acquire ... sources og oil.
13) The industry has just undergone a period of rapid ... .
14) They blamed the closure on cheap ... and the recession.
15) The telephone companies are marking handsome ... every day.
4. Translate these sentences into English using the words from the list given in the previous
1) Развитие новых отраслей промышленности требует больших капиталовложений.
2) Компания переживает период быстрого роста.
3) Помощь правительства малым предприятием заключается в предоставление им субсидий и
4) Эти товары пользуются большим спросом как на внутреннем, так и на внешнем рынке.
5) Этот отдел занимается расследованием злоупотреблений со стороны чиновников.
6) Цены на акции были искусственно взвинчены.
7) Строительство национальной транспортной системы привлекло множество иностранных
8) Они получили огромную прибыль от продажи своего предприятия.
9) Люди покупали акции,чтобы поддержать развитие новых предприятий.
10) Мы потеряли все свои сбережения во время экономического спада.
5.Translate the text into Russian and analyze grammatical and lexical problems of the
6. Write in Russian a 250-word mini-essay on the main events that caused development of the
U.S. system of transporation on a large-scale and then give its version in English.
7.Speak on the subject of your mini-essay in English.
Unit 11
The Sole Proprietor
Many businesses are sole proprietorships, firms owned and operated by a single person. When a
person decides to open an independent business, that’s person is then entirely responsible for its
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success or failure. Any profits go to the owner; any losses are his or her responsibility as well. If the
losses prove to be greater than the investment, the individual is responsible for paying them, even if
this depletes all personal assets.
One of the advantages of a sole proprietorship is that an owner can make decisions quickly and
decisively without having to consult others. And an individual proprietor, by law, pays fewer taxes and
at a lower rates than does a corporation.
There are disadvantage to his form of business organization, however. A sole proprietorship
ends with the incapacity or death of the owner. The assets can be inherited by a person who may then
become the operator, but legally the business dies with its owner. Also, since it is dependent upon the
amount of money the owner has saved or can borrow, usually it does not develop into a large-scale
In spite of its limitation, the sole proprietorship is well adapted to many kind of small
businesses and suits the temperament of many persons who like to exercise initiative and be their own
bosses. Some economic contributions of small business are:
A small business is often the starting point for developing a new product or service. One person
tries out an idea. If it is successful, the business grows, or the product may be bought by a large firm.
The small business can give an individual a chance to gain experience, which may use later on a
large scale.
Small businesses are particularly well suited for meeting specialized local needs.
Artisans can provide individualized product for customers who have grown weary of massproduced goods.
Small businesses provide a service where knowing one’s customers is important.
Sole proprietors are reassuring to customers who believe an individual who is accountable will
do a good job.
Small businesses often grow into large ones, adding to the economic vitality of the nation.
Small business advocated contend that 55 percent of American technical innovation comes from smalland medium-size businesses. Certainly, many of the creative innovators in the American computer
industry, including those who built successful companies on what is now known as Silicon Valley,
California started out as “tinkerers” working on hand-assembled machines in their garages. They
have become part of American business lore. By any measurement, small businesses are an important
part of the ferment, the creativity, and the competition that provide new strength to the American
Of course, it is true that small businesses often fail. But in the United States “failure” of a small
business venture does not carry with it the social stigma of opprobrium for the failed entrepreneur that
it does in the some countries. Often, Failure of a small business venture turns out to be more successful
the second or third time. Unsuccessful attempts to start a business become part of the large process of
sorting out the market and making it more efficient, according to small business experts.
The Business Partnership
When a proprietor wants to expand a business, one way to do so is to form a partnership, a business
formed for profit by two of more co-owners. The rights and duties of a partnership are regulated by
laws of the state where it is formed and by a legal agreement of money each is investing and the duties
each partner assumes. A partnership agreement also may provide for a “silent partner” who does not
take part in the management, but who invests money in the business.
The partnership has the advantage of pooling managerial talent. One partner may be qualified in
production, another in marketing. The partnership, like individual ownership, is exempt for most of the
reporting that the government requires of corporation. Furthermore, it has a favorable tax position
when compared with the corporation. Federal taxes are paid by individual partners on their share of
earnings; beyond that the business is not taxes.
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A major disadvantage of the partnership is that each member is liable for all debts of the
partnership; the act of any partner is legally binding upon all the others. If one partner takes a large
amount of money from the business and squanders it, the other must pay the debt. Partnerships suffer
another major disadvantage: decision making is shared. If partners have serious and constant
disagreements, the business is bound to suffer.
Nonetheless, the partnership remains a vital part of the overall business economy. The Internal
Revenue Service reported that between 1970 and 1982, there were approximately half as many
business partnerships as corporations.
Franchising and Chain Stores
Franchising, a practice adaptable to small business, has increased greatly in recent years. A
common practice in the restaurant business, franchising combines the economic efficiencies of the
large corporation with the benefits of local ownership. In this transaction, a large company allows an
individual or small group of entrepreneurs to use its name (often a distinct advertising advantage) and
sometimes its products in exchange for a percentage of the profits. The entrepreneur, who is usually
not an employee of the parent company, is responsible for the management and operation of one or
several units of the larger chain. The individual owner or owners must also assume most of the risks
connected with the enterprise.
Franchising has costs as well as benefits for the economy. The rise of the chain store inhibited the
development of single proprietorship and partnership. Chain stores use mass methods-buying in large
quantities, selling a high volume and stressing self-service-that make it possible to sell goods at lower
prices to attract customers, have driven out many independent small grocers.
Nonetheless, many independents do survive. Some individual proprietors join forces with others to
form chains of independents or cooperatives. They pool their buying power or become independent
franchises, and they often serve specialized or “niche” markets.
Large Corporations
Also there are many small- and medium-size corporations, bigger business units are needed to
perform certain services in the vast American economy. Large corporations can supply goods and
services to a greater number of people across a wider geographic area than small businesses. They
serve customers across the nation and across the world. Corporate products tend to cost less because of
the large volume and small overhead costs per unit sold. Moreover, consumers benefit from the
availability of corporate “brand names”, which they recognize as guaranteeing a certain level of
quality wherever purchased.
Large corporations also have the financial strength to research, develop and produce new goods.
Their scientific know-how, innovation and technical capability are critical to maintaining the nation’s
competitiveness and productivity.
In the United States, a corporation is specific legal form of organization of persons and resources
chartered by one of the 50 states for the purpose of conducting business. When people and resources
are brought together to form of a corporation, the result – in the eyes of the law – is a person. (Indeed,
the Latin word corpus means “body” or “person.”) An U.S. corporation, distinct from nay individual
human being, may own property, sue or be sued in court and make contracts. For this reason, a
corporation is an ideal vehicle for the conduct of business by many smaller enterprises as well as large
Some 500 major corporations occupy an important role in American business, although in some
respects it has been a declining one. From 1978 to 1990, the profits of these 500 firms taken together
have risen from $61.5 thousand-million to $93.3 thousand-million and assets have risen from $898.5
thousand-million to $2,298.6 thousand-million. In 1990 some 12.4 million people were employed by
these firms, 1 million fewer than in 1986.
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Advantages and Disadvantages of Corporations
The corporate form of business is a more flexible instrument for large-scale economic activity than
the sole proprietorship or partnership.
First, because the corporation itself has legal standing, it safeguards its owners, relieving them of
individual legal responsibility when they act as agent of the business.
Second, the owners of shares of stock have limited liability; they are nit responsible for corporate
debts. If a shareholder paid $100 for 10 shares or stock and the corporation goes bankrupt, he or she
can only lose the $100 invested.
Third, corporate stock is transferable. Thus, the corporation is not damaged by the death or
disinterest of a particular person. An owner of stock can sell his or her holdings at any time or pass the
stock along to their.
One disadvantage relates to taxation. As a separate legal entity, the corporation must pay taxes.
Unlike the treatment of interest on bonds, dividends paid to shareholders are not a tax deductible
business expense for the corporation.
When the corporation passes along profits to individuals in the form of dividends, the individuals
are taxes again on these dividends. This is known as “double taxation”.
Another cost results form the fact that ownership becomes separated from management. While this
makes management easier, some managers are tempted to act more in their own interests than those of
the stockholders.
1. Please answer the following questions (with complete sentences):
1. What are sole proprietorships?
2. What are advantages of a sole proprietorship?
3. What are disadvantages of a sole proprietorship?
4. What are economic contributions of small business?
5. What’s a business partnership?
6. What are its major advantages and disadvantages?
7. Franchising and chain stores. What are they?
8. What are large corporations?
9. What are their advantages and disadvantages?
2. State, which parts of the original text, might be the counterparts of these
bits of the Russian translation:
1.фирмы являющиеся собственностью одного лица;
2.открыть самостоятельное дело;
3.любая прибыль становится собственностью владельца;
4.без консультации с другими;
5.уплачивает более низкие налоги;
6.так как оно зависит от денежных средств;
7.несмотря на свои недостатки;
8.проявлять инициативу;
9.быть самому себе хозяином;
10.шанс приобрести опыт;
11)хорошо подходит для удовлетворения особых местных запросов;
12)где важно знать своего потребителя;
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13)тот, на кого можно положиться, сделает свою работу хорошо;
14.экономическая мощь страны;
15.технические новшества;
16.по любым меркам;
17.которые придают новую силу;
18малые предприятия часто разоряются;
19.становится ценным опытом познания;
20.попытки открыть свое дело;
21.расширить дело;
22.права и обязанности;
23.регулируются законами того штата;
24.определяет количество средств;
25. который вкладывает деньги в бизнес;
26.один из партнеров может быть специалистом по производству;
27.освобождаются от;
28.отвечает за все долги своих партнеров;
29.действие любого из партнеров;
30.решения принимаются сообща;
31.остается важным элементом;
32.значительно возросла в последнее время;
33.сочетает экономическую эффективность;
34.имеет как издержки, так и преимущества;
35.закупка в больших количествах;
36.это делает возможным;
37.по низким ценам;
38.используя низкие цены;
39.могут поставлять товары и предлагать услуги;
40.они обслуживают потребителей по всей стране и по всему миру;
41.стоимость продуктов корпорации обычно снижается;
42.как гарантию определенного уровня качества;
43.у них так же есть финансовые возможности для проведения
44.их научная технология, новаторство и технические возможности;
45.исключительно важны для поддержания на высоком уровне
конкурентоспособности и производительности экономики страны;
46.специфическая юридическая форма;
47.установленная одним из пятидесяти штатов;
48.глазами закона;
49.идеальное средство для проведения бизнеса;
50.играют важную роль;
51.хотя в некоторых отношениях.
3. Translate into English using the words from the list below:
* owner * independent * amount * limitation * fail
* expand * invest * liable * decision-making * remain
* vital * exempt * tend * know-how * innovation * vehicle
* flexible * legal*
1. Многие бизнесмены вкладывают деньги в сельскохозяйственный бизнес.
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2. Павел был освобожден от военной службы по состоянию здоровья.
3. Очень важно вести точный отчет каждой сделки.
4. Такие новшества, как спутниковая связь и Интернет, вошли в жизнь
в двадцатом веке.
5. Правовая система Древнего Рима является одной из старейших в мире.
6. Они полностью зависят от японских технологий.
7. Я обычно просыпаюсь рано утром.
8. Язык является средством передачи мысли.
9. Всегда важно знать свои собственные недостатки.
10. Нам нужна более гибкая система принятия решения.
11. В этом кооперативе все решения принимаются сообща.
12. Если он не будет осторожен, то понесет ответственность за долги фирмы.
13. Попытка подкупить служащего не удалась.
14. Результаты этого эксперимента остаются секретом.
15. Каждый месяц мы подсчитываем общую сумму наличных денег, которые
нам потребуются.
16. В период с 1980 по 1990 годы население города выросло на 12 процентов.
17. Их дети еще молоды, но совершенно независимы.
18. Кто владелец этого участка земли?
4. Find suitable Russian counterparts for this bits of the original text:
1) that person is then entirely responsible;
2) if the losses prove to be greater than the investment;
3) even if this depletes all personal assets;
4) can make decisions quickly and decisively;
5) ends with the incapacity or death of the owner;
6) can be inherited by a person;
7) a large-scale enterprise;
8) is well adapted to;
9) is often the starting point;
10) may be bought by a larger firm;
11) to gain experience;
12) are particularly well suited for;
13) are reassuring to customers;
14) working on hand-assembled machines;
15) does not carry with it the social stigma;
16) sorting jut the market;
17) one way to do so;
18) the duties each partner assumes;
19) also may provide for a “silent partner”;
20) the advantage of pooling managerial talent;
21) it has a favorable tax position;
22) the business is bound to suffer;
23) adaptable to small business;
24) a common practice;
25) who is usually not an employee;
26) must also assume most of the risks;
27) the rise of the chain store;
28) are needed to perform certain services;
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29) across a wider geographic area;
30) small overhead costs per unit sold;
31) sue or be sued in court;
32) for this reason;
33) the corporate form for this business;
34) it safeguards its owners;
35) pass the stock along to heirs;
36) one disadvantage relates to taxation;
37) a separate legal entity;
38) not a tax deductible business expense;
39) passes along profits to individuals;
40) result form the fact;
41) some managers are tempted to act.
5. Translate the text into Russian and analyze grammatical and lexical
problems of the translation.
6. Write a 250-words mini-essay on the legal structure of American business
in Russian and its version in English.
7. Speak on subject of your mini-essay in English.
Unit 13
In the 1980s U.S. industry underwent a wave of restructuring as corporations tried to position
themselves to better compete. Mergers, takeovers, divestitures, joint ventures – films rushed to use
these and other procedures, usually to discard unrelated product lines, to marry or buy up competitors
and to rearrange finances in response to changing economic conditions (including new and more
formidable foreign competitors) and in hopes of restoring growth and prosperity.
The tools of restructuring can be used to diversity or concentrate product lines. A merger is the
fusion of two or more companies into one when both the merging companies wish to join together, as
distinct from a takeover which occurs against the wishes of one company. Management’s rationale
when moving to diversity is that it is unwise to have “all it eggs in the basket”. If the demand for one
product slackens, another line of business can provide balance.
A firm becomes a conglomerate when it expands into the production and sale of products quite
different from those with which it was initially involved. A conglomerate is a business organization
generally consisting of a holding company and a group of subsidiary companies engaged in dissimilar
In recent years, a number of conglomerates have found that they have over-extended themselves,
financially or by moving into fields where they lack competency. As a result, they have moved to
divest themselves of losing acquisitions.
Much of this corporate activity is a response to the diversification trend that swept U.S.
corporations in the late 1960s and early 1970s. At that time many ambitious companies acquired
unrelated businesses at least in part in response to the strict enforcement of antitrust laws, which
tended to make mergers between companies in the same field difficult. Over time however, business
leaders found that managing such diverse enterprises was often difficult, less productive and less
profitable than corporations with more narrowly defined product lines.
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Many recent mergers are concentrated within specific industries, particularly in retailing, airlines
and communications. In 1986 alone, May Department Stores acquired the Associated Dry Goods
Corporation; General Electric Company purchased the RGA Corporation, and the Burroughs
Corporation purchased the Sperry Corporation (a combination that was renamed Unisys).
Many firms also have tried to improve the competitiveness of their products through joint ventures
with competitors. A joint venture between rivals does not involve a complete consolidation of their
operations. Because joint ventures eliminate competition between firms in the field in which they
decide to cooperate, it poses some of the same problems of potential monopoly. But joint ventures also
yield benefits. For example, when the Federal Trade Commission voted to allow General Motors (GM)
and Toyota to carry out a joint venture would enable GM to observe and absorb Japanese
manufacturing technology and therefore to become a stronger competitor.
In addition, many American companies are joining together to cooperate in joint research and
development activities. In the past, cooperative research, usually conducted through trade
organizations, concentrated on ways of meeting environmental and health regulations. But now
product development and manufacturing processes are being examined. Many U.S. firms are
beginning to think they cannot afford the time and money to do all the research themselves, especially
when manufacturers in other nations are cooperating with each other. Some of the major research
consortiums include Semiconductor Research Corporation (33 members) and Software Productivity
Consortium (14 members). A spectacular example of cooperation among fierce competitors occurred
in 1991 when IBM Corporation, the world’s largest computer company, agreed to work with Apple
Computer, Inc., one of the leading producers of “personal” computers to create a new computer
software operating system that could be used by a variety of different computers.
Despite an of the mergers and consolidations that have taken place in American business in resent
years, the size of the average company has been declining. The reason is the huge number of new
business formed each year, particularly those with fewer than 20 employees. Many fail, especially in
times of recession, but other take their place.
Development of service and informational industries
Over time the U.S. economy has become increasingly involved in the production of services, rather
than goods. service industries do not produce tangible objects, such as automobiles or refrigerators.
Rather they provide services such as transportation, banking, insurance, tourism, communications,
entertainment, data processing and consulting. In fact, many services – such as computer, engineering,
legal, accounting and advertising services – are used in the production goods.
Between 1950 and 1990, total U.S. employment grew from 48.5 million workers to 118 million
workers. Most of the increase was in services; in the decade of the 1980s alone the service-producing
sector had a net increase of 20 million jobs, which exceeded the net 19 million job increase in the
overall economy. The two industries adding the most jobs were business services, including the
advertising and computer and data processing industries, and health services. Twenty-seven percent of
the net employment gain during the 1980s was in those two categories. Computer and data processing
industries added nearly half a million jobs during the 1980s.
The growth in service-sector employment has absorbed labor resources freed by rising
manufacturing productivity. Manufacturing productivity increased at an average rate of 4.5 percent
from 1982 to 1990, which allowed manufacturing to retain a roughly constant share of U.S. gross
national product (slightly over 20 percent), even though only about half of the 3 million manufacturing
jobs lost during the severe recession of 1981-1982 were regained by 1990.
Most experts now dismiss the idea of a rapidly eroding U.S. industrial base. Instead they believe
the statistics demonstrate that the structural shift in the U.S. economy, from goods-producing to
service-producing industries, has been a relative one, which has occurred primarily in employment.
For example, the goods-producing sector accounted for 41 percent of … employment in 1948, 28
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percent in 19… and only 23 percent in 1990. Of course, many of the new service jobs did not pay as
highly as did manufacturing jobs, nor did they carry the same benefits. This put a squeeze on many
family incomes and forced large numbers of women into the work force during the 1980s. This trend is
likely to continue.
I. Please answer the following questions (with complete sentences):
What did U.S. industry undergo in the 1980s?
What changes took place in U.S. industry as a result of restructuring?
What tools of restructuring can be used to diversity or concentrate product lines?
What firm can be defined as a conglomerate?
What trend swept U.S. corporations in the late 1960s and early 1970s?
Within what specific industries were many recent mergers concentrated?
Through what business enterprises have many firms tried to improve the competitiveness of
their products?
8. Why do you think many American companies are joining together to cooperate in joint
research and development activities?
9. Why has the size of the average company in American business been declining despite all
the mergers and considerations that have taken place in recent years?
10. In what production has the U.S. economy become increasinly involved over time?
11. Why did total U.S. employment grow between 1950 and 1990?
12. How did manufacturing productivity increase from 1982 to 1990 and what sector has
absorbed freed labour resources?
13. What structural shift in the U.S. economy do the statistics demonstrate?
II. Find in the text the English counterparts of these bits of the Russian translation:
1) подверглись волне реструктизации;
2) пытались занять такое положение;
3) слияния;
4) совместное предприятие;
5) поспешили использовать из;
6) скупать конкурентов;
7) перераспределять финансы;
8) изменяющиеся экономические условия;
9) в надежде;
10) слияние двух или более компаний;
11) в отличие от;
12) неразумно;
13) если спрос на один продукт уменьшается;
14) состоящей из холдинговой компании;
15) где они не компетентны;
16) строгое соблюдение антитрестовых законов;
17) однако с течением времени;
18) пытались улучшить конкурентоспособность;
19) не приводит к полному слиянию;
20) устраняют конкуренцию;
21) также приносит выгоду;
22) производственная технология;
23) стать более сильным конкурентом;
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24) сотрудничать в совместных исследованиях;
25) процессы производства;
26) не могут позволить тратить время и деньги;
27) особенно когда производители;
28) яркий пример сотрудничества;
29) для того, чтобы создать новый программный продукт – операционную систему;
30) несмотря на все слияния;
31) которые имели место;
32) огромное количество новых предприятий;
33) особенно во времена экономического спада;
34) стала все более вовлечена;
35) предприятия, работающие в сфере обслуживания;
36) банковское дело;
37) обработка данных;
38) юридическая консультация;
39) бухгалтерское дело;
40) общая занятость населения США;
41) сектор производства услуг;
42) оказание медицинских услуг;
43) чистого прироста занятости населения;
44) поглотил трудовые ресурсы;
45) производительность труда;
46) валовой продукт страны;
47) не допускают мысли;
48) статистические данные указывают на;
49) был относительным;
50) не оплачивались так высоко, как;
51) это сократило доходы во многих семьях;
52) эта тенденция, вероятно, будет прослеживаться и дальше;
III. Insert the appropriate word from the list given below:
restructuring  prosperity  rush  diversity  fusion 
unwise  yield  slacken  dissimilar  competence  competitiveness
 eliminate  carry out  competitor 
 joint afford  despite  recession  trend absorb 
strict 
1. He came to the meeting … his illness.
2. The rise in violent crime is a disturbing new….
3. The … caused sales to drop off.
4. President Bush had promised more American money to help Israel… Soviet immigrants.
5. His business … big profits.
6. He had…instructions not to tell anyone.
7. Mobil and Conoco are not really direct…in any significant markets.
8. The presentation was a …effort.
9. It is not safe to… all fat and starches from the diet.
10. We can’t … to upset such an important customer.
11. “Woman” magazine has just… a survey into women in wedlock.
12. Our speed… as we approached the station.
13. It would be … to expect too much.
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14. His methods were not … to those used by Freud.
15. I can’t stand the pace, I suppose, and the …, and the unfriendliness.
16. The President called on educators and politicians to help him in… American education.
17. Her works is a … of several different styles of music.
18. For him it was a time of unprecedented wealth and…
19. I’ve got to…. Got a meeting in a few minutes.
20. As demand has increased, so manufacturers have been encouraged to… and improve
21. I am only worried about his attitude to the job; his…is not in question.
IV. Translate these sentences into English using the words from the list given in the previous
Было бы очень неразумно с его стороны жениться на этой женщине.
Они совершенно отличались друг от друга.
Переговоры между двумя сторонами не привели ни к какому результату.
Дождь, который шел целый день, начал ослабевать.
Оппозиция потребовала проведения более строго контроля над ценами.
Он показал большое профессиональное умение как экономист.
В результате конкуренции небольшие фирмы часто поглощающие более крупными.
Многие компании пытаются улучшить свою конкурентоспособность путем
повышения качества продукции.
9. Этот банк функционирует не так хорошо, как некоторые его конкуренты.
10. С бедностью нужно покончить раз и навсегда.
11. Несмотря на разницу в возрасте, они были близкими друзьями.
12. Первые эксперименты были проведены успешно.
13. Я не могу позволить себе снять эту квартиру.
14. Тенденция повышения деловой активности очевидна.
15. Экономические санкции могут быть достаточно эффективны, особенно в период
спада деловой активности.
16. Мы открыли общий счет в банке.
17. Было положено начало повышению производительности труда и изменению
структуры промышленности.
18. Слияние этих двух компаний значительно улучшило финансовое положение обеих.
19. Все беды компании начались, когда она стала вкладывать капитал в производство
новой продукции.
20. Все взрослое население города поспешило приобрести этот номер газеты.
21. Послевоенные годы явились периодом экономического процветания Японии.
V. Translate the text into Russian and analyze grammatical and lexical problems of the
VI. Write a 250-word mini-essay on the subject of unit 13 in Russian and its version in English.
VII. Speak on subject of your mini-essay in English.
Unit 14
Stocks, commodities and markets
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The efficiency of the U.S. capital market is legendary. Historically, virtually every major city once
had a stock market, but by the 1990s there were only three major markets: New York, New York;
Chicago, Illinois; and San Francisco, California. Local markets persisted in such cities as Boston,
Massachusetts, and Philadelphia, but trading was limited.
Capital markets in the United States have provided much of the money – the lifeblood of capitalism
– to finance the building of thousands of factories and plants, research laboratories and office
buildings, airplanes and ships. It is fair to say that if capital markets did not exist in the United States,
they would have had to be invented. Although in recent years much capital has been raised through
bond markets and in other ways, stock markets have often proved to be useful money- raising tools for
new strugling companies.
Capital markets are said to be efficient when they can match quickly vast numbers of stocks put
forth by sellers with vast demands for stocks put forth by buyers. In part, it is a matter of technology.
The modern markets, particularly those in New York and Chicago, rely heavily on computerization
each day to process millions of transactions. But also, in part it is a matter of tradition and experience.
The stock market works largely on one broker’s trust in another broker’s word. The brokers, in turn
depend on the faith of the customers they represent. Occasionally this trust is abused. But during the
last half century, the federal government has played an increasingly important role in insisting on clean
dealing and unambiguous language.
This chapter is an attempt to explain how the stock market works. In large measure it is written from
the standpoint of the small buyer and seller of stocks. But it is not hard to see how these small
customers are able to interact to provide a quickly responding market.
The principles of this market are similar to all others. For every buyer there has to be a seller. When
more people wish to buy than to sell, the price tends to rise; when fewer people wish to buy and many
wish to sell, the price tends to fall.
So broad is the ownership of stock shares that owners can easily follow the fortunes of the market
on a daily or even hourly basis. Investors get their information in a variety of ways. If they are willing
to wait until the markets close, they can simply look at the markets pages of large daily newspapers to
find out what happened in the previous trading session. There are a variety of indexes that measure
market activity broadly, and individual stocks are also listed, showing the number of shares traded, the
closing price, and high and low prices reached during the trading session. Certain television programs
devoted to business report immediate developments in market movements. For those who insist on
getting up-to-the-minute information about price movements of individual stocks, computerized
services will deliver this information almost instantaneously to their homes over telephone lines.
Also, investors often subscribe to magazines and newsletters devoted to analyzing movements in
individual stocks and the markets in general, and speculating about the future.
Once a company has sold its original stock to the public and it is traded freely in the market, the
price will be determined continuously during the trading day by what buyers will pay and what sellers
will take. It is simply a matter of supply and demand. Thus, the price is the composite opinion of all
the people who buy and sell that stock. Factors that influence how much people will pay include:
 The general business climate or trend, depending on the state of the overall national
economy, and the amount of confidence the publis has in it;
 The amount of profit the company that issued the stock has been marking, or is predicated to
make, and its financial condition;
 The rate at which the company is growing or declining;
 The ability of a company to complete successfully with its rivals over a period of time;
 Whether the product or service is one that is popular, and whether the market for that product
or service is growing or decreasing;
 The general interest rate, or the market price for bonds;
 The rate of return the company offers compared to the rate of return on alternative
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The Stock Exchanges
While there are literally thousands of stocks, the ones bought and sold most actively are usually
listed on the New YorkStock Exchange (NYSE). The exchange dates back to 1792 when a group of
stockbrokers gathered under a buttonwood tree on Wall Street in New York City to make some rules
about how buying and selling was to be done. The NYSE has become the leading exchange in the
United States, but the American Stock Exchange also operates in the same Wall Street area, nd in
much the same way, but on a smaller scale.
The NYSE, housed in a large building on Wall Street, does the bulk of trading in listed securities.
On the trading floor more than 2,200 common and preferred stocks are traded. The NYSE has some
1,600 members, most of whom represent brokerage houses involved in buying and selling for the
public. They buy “seats” on the exchange at considerable expense. They are paid comissions by the
buyers and sellers who execute their orders. Almost half a million kilometers of telephone and
telegraph wire link the NYSE with brokerage offices around the nation and across the globe.
Direct stockholders in American business number approximately 42 million, in addition, there are
over 133 million indirect stockholders who share in the ownership of American corporations through
their contributions or participation in pension funds (public and private), insurance companies, mutual
funds, banks, foundations, colledges and universities.
How are stocks bought and sold? Suppose a schoolteacher in California wants to go on an ocean
cruise. To finance this trip she decides to sell 100 shares of her General Motors stock. The
schoolteacher calls her stockbroker and directs him or her to sell the shares at once at the best price.
The same day an engineer in Florida decides to use the savings he has accumulated to buy 100 shares
of General Motors Stock. The engineer calls his broker and puts in a buy order for 100 shares at the
market price.
Both brokers wire their orders to the floor of the New York Stock Exchange. The two brokers, one
representing the teacher and the other the engineer, negotiate the transaction. One asks, “How much do
I have to pay for a hundred shares of General Motors?” The highest bid is $50.00 and the least amount
for which anyone has offered to sell is $52.00. Both want to get the best price, so they compromise
and agree on a buy|sell at $51.00.
The NYSE itself neither buys nor sells stocks; it simply serves as a mechanism by which brokers
buy and sell for their clients. Each transaction is carried out in public and the information is sent
electronically to every brokerage office in the nation.
I. Please answer the following questions (with complete sentences):
1. What is the role of the U.S. capital market in building the nation’s economy?
2. When are capital markets efficient?
3. What things do the modern markets rely on?
4. How does the stock market work?
5. How do investors get their information about developments in market movements?
6. What are the factors that influence how much buyers will pay and sellers will take?
7. New York Stock Excange. What do you know about it?
8. How are stocks bought and sold?
II. Find in the text the Englisn equivalents of these bits of the Russian translation:
Рынок ссудного капитала;
Фондовая биржа;
Были только три основные фондовые биржи;
Обеспечили большие финансовые потоки;
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5) Источник жизненной энергии капитализма;
6) Для финансирования строительства;
7) Будет справедливым сказать;
8) Их нужно было бы придумать;
9) Рынок облигаций;
10) С большим спросом на акции;
11) Предложенным покупателями;
12) Это вопрос техники;
13) Чтобы обработать миллионы сделок;
14) Это вопрос традиции и опыта;
15) На доверии брокеров друг другу;
16) Брокеры в свою очередь зависят от того, насколько им доверяют клиенты;
17) Честные деловые отношения;
18) В значительной степени;
19) Способны взаимодействовать;
20) Быстро реагирующий рынок;
21) На каждого покупателя должен быть продавец;
22) Цена начинает подниматься;
23) В течение дня или даже часов;
24) Различными способами;
25) Узнать что случилось;
26) Имеется множество указателей;
27) Количество акций на бирже;
28) Заключительная цена;
29) Цена будет определяться;
30) Это вопрос спроса и предложения;
31) Общее состояние рынка;
32) В зависимости от общего состояния экономики страны;
33) И ее финансовое положение;
34) Успешно конкурировать;
35) Процентная ставка;
36) Рыночная цена облигаций;
37) Фондовая биржа была основана в 1792 году;
38) Чтобы выработать некоторые правила;
39) Но в меньшем масштабе;
40) Большой объем продаж;
41) Им выплачиваются комиссионные;
42) По всему земному шару;
43) Насчитывают приблизительно;
44) Посредством своих взносов или участия;
45) В страховые компании;
46) В совместные фонды;
47) Совершить круиз по океану;
48) Обсуждают условия сделки;
49) Таким образом, они приходят к компромиссу;
50) Служит в качестве механизма;
51) Информация передается электронными средствами.
III. Insert the appropriate word from the list given below:
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~invent ~put forth ~process ~tradition ~trust ~measure ~interact ~variety ~climate ~depending ~
successfully ~scale ~bulk ~commission
1. They get … on top of their basic salary.
2. They constitute the overwhelming … of the population.
3. The agricultural district grew peas on a large … .
4. All their objectives have been … achieved.
5. There are, … on the individual, a lot of different approaches.
6. In the present economic … more progress may be made than previously.
7. He was the man who … the combine harvester.
8. They discussed the matter and … their suggestions.
9. They rely heavily on computerization each day to … millions of transactions.
10. We must have respected for … .
11. They all like and … him.
12. In large … the brokers depend on the faith of the customers.
13. Mothers and babies … in a very complex way.
14. The institute library has a wide …of books.
IV. Translate these sentences into English using the words from the list given in the previous
1. Нельзя доверять этому человеку.
2. Покупатель и продавец акции способны взаимодействовать таким образом, что
создается быстро реагирующий рынок.
3. Он успешно справился с задачей.
4. Все события в этой книге в значительной степени вымышлены.
5. Большая часть работы была уже сделана.
6. Он получает 10% комиссионных с каждой продажи, а также зарплату.
7. Об англичанах говорят, что они любители традиций.
8. Имеются различные альтернативные методы получения энергии в малом масштабе.
9. Американский ученый Белл изобрел телефон в 1876 году.
10. Они встретились, обсудили этот очень важный вопрос и предложили свои выводы.
11. Все данные о работе фондовой биржи обрабатываются с помощью компьютеров.
12. Некоторые слова имеют множество значений.
13. Нам нужны условия, благоприятные для развития малого бизнеса.
14. Все студенты были разбиты на четыре группы в зависимости от уровня их знаний.
V. Translate the text into Russian and analyze grammatical and lexical problems of the
VI. Write a 250-word mini-essay on the role and place of the U.S. capital market and New York
Stock Exchange in building the nation’s economy in Russian and its version in English.
VII. Speak on subject of your mini-essay in English.
Unit 15.
Market dynamics
Markets in stocks and commodities from a vital part of the American economic system. Millions
of individuals buy and sell small lots of stocks and commodities while mutual funds and trust trade in
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large lots. In good times, when it appears that prices will rise, money from other types of investment
flows into the market. When this happens, prices are driven higher. Often a period of speculation
follows in which the ‘bulls’, those who make money on a rising market, dominate the market. When
the market can no longer sustain the speculative fever, a reaction sets in, selling develops and prices
begin to fall. At this point the ‘bears’, or those who make money in a falling market, are the gainers.
During this process the Federal Reserve Board may be trying to curb excesses and stimulate or
dampen the market by raising or lowering the margin. The flurry of buying and selling also creates
temptation for some ‘insiders’ (those with access to special information) to try and manipulate the
market in a given stock. While this illegal activity was once commonplace, it happens much less
frequently now, owing to active policing by the SEC.
A new factor of significance in the market is the volume of funds from abroad that is being
invested. Not only has Middle Eastern oil money made its way into American securities, but many
people in Europe, Japan and other parts of the world feel that their best opportunity for securing their
wealth is to invest in American stocks. This preference for investment in the U.S. economy partially
explains the extraordinary strength of the American dollar in the early 1980s. it also, of course, is
partly responsible for the gradual upward climb of stock price in the decades towards the end of the
The Securities and Exchange Commission.
The Securities Acts of 1933 and Securities Exchange Acts of 1934were designed to help protect
investors, not only from fraud but also from the problems of misunderstanding associated with
inadequate or unusual data-reporting. Enacted during the Great Depression (1929-1940), these laws
and others passed in subsequent years are administered by the federal Securities and Exchange
Commission (SEC). Before the SEC was created in 1934, securities were regulated by the individual
states. Federal laws were created to supplement, rather than to replace, what were often inadequate
state laws.
The SEC has five commissioners who are appointed by the president. No more than three
commissioners can be members of the same political party: the five-year term of one of the
commissioners expires each year.
Companies issuing stocks, bonds and other securities to the public must file a detailed financial
registration statement with the SEC, and the SEC determines whether the registration statement is
complete and accurate. This ensures that buyers can make an informed and realistic evaluation of the
worth of available securities. The SEC oversees trading in stocks after their distribution as well,
administering regulations designed to prevent manipulation of the price of a stock traded on the
market. Brokers, dealers in the over-the-counter market, and even the stock exchanges themselves
must register with the SEC.
The SEC regulates interstate market securities and enforces laws against unfair and illegal
practices. It also requisites companies to provide information for the public about how many shares of
their stock are being bought or sold by officers of the company. The SEC believes that, because these
persons have privileged information about the company, which makes them ‘insiders’. Their buying or
selling can indicate to other investors their degree of confidence in the future of the company. The
laws have had some success in preventing fraud and secret dealing aimed at manipulating stock prices.
In its recent history the SEC has taken on the responsibility of overseeing corporate policies,
particularly by requiring reports designed to uncover illegal company payments to political figures or
others for the purpose of buying their influence. What may be common business practice i many
countries is in some cases unlawful in America. Congress has charged the SEC with seeing that
American corporations abide by American business ethics even when doing business in another
country. The SEC is a good example of an agency created to protect the American public through the
regulation of business enterprise.
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1. Please answer the following questions (with complete sentences):
1. What’s the place and role played by markets in stocks and commodities in American economic
system? How do they function?
2. What’s the role played by the Federal Reserve Board in the process?
3. What is a new factor of significance in the market?
4. What explains the extraordinary strength of the American dollar in the early 1980s?
5. What laws were designed to help protect investors during the Great Depression and in
subsequent years?
6. What is the structure of Securities and Exchange Commission and its purpose?
7. What does SEC determine and oversee?
8. What does SEC regulate and enforce?
9. What responsibility has SEC taken in its recent history?
2. Find in the text the English counterparts of these bits of the Russian translation:
1. важная составная экономической системы США;
2. малое количество акций и предметов потребления;
3. деньги, поступающие из сбережений или из других видов инвестирования;
4. цены поднимаются выше;
5. часто за этим следует биржевая игра;
6. те, которые спекулируют на повышении курса акций;
7. больше не может поддерживать биржевую лихорадку;
8. цены начинают падать;
9. на этой ступени;
10. те, кто играет на снижении курса акций;
11. путем повышения или понижения маржи;
12. также вызывает соблазн для некоторых « инсайдеров»;
13. тогда как эта незаконная деятельность была в то время совершенно обычной вещью;
14. сейчас это случается значительно реже;
15. новым важным фактором на рынке является;
16. не только ближневосточные нефтедоллары;
17. вкладывать деньги в американские акций;
18. частично объясняет исключительную мощь американского доллара;
19. были предназначены для оказания помощи в защите инвесторов;
20. принятые в качестве законов в период кризиса;
21. эти и другие законы, принятые в последующие годы;
22. действие ценных бумаг регулировалось каждым отдельным штатом;
23. феодальные законы создавались скорее для того, чтобы дополнить, нежели заменить
часто несоответствующие жизни законы штатов;
24. истекает каждый год;
25. компании, выпускающие акций, облигаций и другие ценные бумаги;
26. могут дать обоснованную и правильную оценку стоимости имеющихся бумаг;
27. осуществляя регулирование для того, чтобы предотвратить манипулирование курсом
акций на рынке;
28. проводить в жизнь законы, направленные против нечестных и запрещенных методов;
29. она также требует от компании предоставлять общественности информацию;
30. так как эти лица обладают важной информацией о состоянии дел компании;
31. их степень доверия и уверенности в будущем компании;
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32. эти законы в какой-то степени преуспели в борьбе с мошенничеством и незаконной
деятельностью, направленными на манипулирование курсом акций;
33. взяла на себя ответственность,
34. направленных на раскрытие незаконных выплат компанией политическим деятелям;
35. то, что может считаться обычной практикой во многих странах;
36. учреждение, созданное для защиты интересов граждан Америки.
3. Insert the right word from the list given below
aim at
1. They administer regulations designed to … manipulation of the price of stock traded on the market.
2. To… a country, company, institution, etc. means to be responsible for managing and supervising it.
3. The Ministry had to cancel plans to … government bonds.
4. The money they get from fruit-picking is often a … to incomes earned in the town.
5. A food of propaganda was … strengthening this sense of obligation.
6. The Government’s term of office … in 1999.
7. I have a lot of … in him.
8. He had the strength to resist further … .
9. Small children sometimes … grown-ups.
10. … is the crime of gaining money or other benefits by deceit or trickery.
11. An … is someone who is involved in a situation and who knows more about it than other people.
12. His income is … to meet his basic needs.
13. Shi … successfully on the stock exchange.
14. Air travel has now become … .
15. There has been heavy trading in government.
4. Translate these sentences into English using the words from the list given in the previous
1.Что мы можем сделать, чтобы помешать распространению этой болезни?
2.Полиция раскрыла заговор, целью которого было ограбление банка.
3.Правительство не удалось завоевать доверие народа к своим планам восстановления
4.Правительство США выпустило акций, облигации и другие ценные бумаги.
5.Целью этих законов было препятствовать мошенничеству и незаконной деятельности
6. он играл на бирже и потерял много денег.
7.Хватит ли у них сил устоять перед соблазном купить этот дорогой магнитофон?
8.Он совершенно свой человек в этой организации.
9.Эти банкноты были впервые выпущены 20 лет тому назад.
10.Он обвинил правительство в манипуляций общественным мнением.
11.Операции по пересадке сердца становятся обычной вещью.
12.Ее приговорили к пяти годам лишения свободы за мошенничество.
13.Иногда они едят рыбу в дополнение к своей обычной диете.
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14.Эти и многие другие законы, принятые в последующие годы, проводятся в жизнь
правительством США.
15.Их показания были неубедительными и путаными.
5. Translate the text into Russian and analyze grammatical and lexical problems of the
6. Write a 250-word mini-essay in Russian on markets in stocks and commodities as a vital part
of the American economic system and its version in English.
7. Speak on subject of your mini-essay in English.
Unit 20
Economic growth and stability
In the 1930s with the United States reeling from the Depression, the U.S. government began to
take an active role to promote economic growth and stability. An important influence was that of John
Maynard Keynes, an English economist who developed a way to analyze and explain economic
depressions. His influential work, The General Theory of Employment, Interest and Money (1936),
seemed for a time to revolutionize economic thinking in America. Keynes observed the
interrelationships among income, savings, consumption, investment and interest rates; he believed that
the amount of private investment taking place in an economy dictates whether or not the system
stagnates or expands. Keynes was one of the first to argue that it was the special duty of government to
actively influence the economy through fiscal policies. He saw government spending or tax reduction
as the primary instrument for meeting twin goals of expansion and stability.
Many of Keynes's ideas were included in President Franklin D. Roosevelt's New Dealprogram.
After World War II , Keynes's full-employment policies were accepted by the United States as well as
many other nations. During the Great Depression of the 1930s, Keynes said that nations should "spend
their way back to prosperity." He believed the unemployed should be put to work and that incomes
should be redistributed so the poor could have money to spend.
This perspective on how to deal with the economy proposed a much larger role for government
than had been acceptable up to that time. Since the 1930s, the cleavage dividing American economists
often has been related to the extent of validity they are willing to accord the Keynesian analysis. In the
1970s and 1980s Keynesian policies came under attack as allegedly responsible for contributing to the
era of "stagflation", which was an undesirable combination of high inflation and slow growth. In the
anti-big-government reaction that resulted, Keynesianism did not disappear, but began to play a much
less influential role in formulation of economic policies, particularly in times when conservative
administrations were in power.
Setting Economic Policy
When Congress passed the Employment Act of 1946, it declared that the promotion of maximum
employment, production and purchasing power was to be the policy of the federal government. It
authorized the president to appoint a three-member Council of Economic Advisers (CEA) to study
economic conditions and advise the president of needed action.
This act focused on full employment, but it did not specify how the goal was to be achieved. The law
recognized freedom and competition as important goals in themselves. The nation, the law stated,
should rely on free enterprise-not on government direction of business- for running the vast economy.
The CEA advises the president on economic problems and helps set the tone of government policy as
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it decides what kind of action is required. The CEA has no direct authority, but keeps constant watch
over changes in income, production and employment. It recommends economic policy to the president
and helps in the preparation of reports to Congress.
The federal government's chief economic policy official is the secretary of the treasury. Created by
Congress in 1789, the Treasury has responsibility for formulating and recommending fiscal (spending)
and tax policy for the economy; managing the public debt; carrying out law enforcement related to
federal taxes; serving as financial agent for the government; collecting the revenue from important
duties and enforcing customs laws; and manufacturing coins and currency.
I. Please answer the following questions (with complete sentences):
1. What were the measures taken by the U.S. government at the time of Depression?
2. What was John Keynes's contribution to the process of revolutionizing economic thinking in
3. What was the object of his research?
4. What were the main points of his work The General Theory of Employment, Interest and Money?
5. What was Franklin D. Roosevelt's New Deal program aimed at?
6. What were the main ideas of Keynes's full-employment policies?
7. What were the opinions of American economists on J. Keynes's theory?
8. What is ''stagflation''?
9. What are the functions of Council of Economic Advisers?
10.What did the Employment Act of 1946 declare?
11. What are the functions of the Treasury?
II Find in the text the English counterparts of these bits of the Russian translation:
1) когда Соединенные Штаты были потрясены депрессией;
2) который разработал методы анализа и объяснения причин экономического спада;
3) революционизировала экономическое мышление;
4) изучал взаимосвязь между доходами, сбережениями, потреблением, инвестициями и
процентными ставками;
5) он считал, что от объема частных инвестиций в экономику зависит, находится система в
застое или развивается;
6) что активное влияние на экономику было особой функцией правительства;
7) в качестве основного инструмента достижения двойственной цели: развития и стабильности;
8) идеи были включены в программу "Новый курс" президента Франклина Д. Рузвельта;
9) после второй мировой войны была принята программа полнойзанятости Кейнса;
10)что нация должна быть готова нести затраты, чтобы вернуться к процветанию;
11)точка зрения на то, как решать экономические проблемы, отводила правительству более
важную роль;
12)причину расхождения во взглядах американских экономистов часто видят в том, насколько
обоснованным они считают анализ Кейнса;
13)программа Кейнса подверглась критике как якобы способствующая становлению эры
14)представляла собой нежелательное сочетание высокой инфляции и медленного развития;
15)конгресс принял закон о занятости 1946 года;
16)содействие максимальной занятости, высокой производительности и повышению
покупательной способности;
17)основная цель закона- обеспечение полной занятости;
18)не предложил способов достижения этой цели;
19)государство по закону должно опираться на свободное предпринимательство;
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20)консультирует президента по экономическим вопросам и помогает определить направление
правительственной политики;
21)осуществляет постоянный контроль над изменениями в доходах;
22)в обязанности созданного конгрессом в 1789г. Министерства финансов входит разработка и
представление бюджетной и налоговой политики;
23)выполнение законов, касающихся федерального налогообложения;
24)чеканка монет и выпуск бумажных денег.
III. Insert the right word from the list given below:
thinking primary advise accord twin dictate
reelfrom vast stability interrelationship watch
consumption revolutionize validity depression
cleavages purchasing power stagnate combination
focus on
1. We... the shock of discovering that our company went bankrupt.
2. The world-wide economic... caused a lot of unemployment and poverty.
3. These time-saving techniques could...our working life.
4. We are so alike in our... .
5. ... between these two cases is evident.
6. Oil makes up 10% of our total energy... .
7. Landlords can... their own conditions when letting their houses.
8. The economy... as a result of these tax measures.
9. The government supported the comprehensive program to solve the... problems of poverty and
10.Internal arguments had threatened the... in the company.
11.The disabled were a ... concern of the government.
12.Increasingly deep... separate one age group from another.
13.I would question the... of this plan.
14.Newsmen ... her the kind of coverage normally reserved for film stars.
15.Perhaps it was a ... of all these reasons.
16.It was his doctor who... that he change his job.
17.A rise in income will create increased... ... .
18.We should ... the urban environment problems because they are the main concern of the public.
19.He was responsible for running a ... organization.
20.The closest... should be kept on any signs of industrial interest.
IV. Translate these sentences into English using the words from the list given in the previous
1. Партия все еще не может оправиться от недавнего поражения на выборах.
2. Экономический кризис сопровождался спадом деловой активности.
3. Предмет его исследования- взаимосвязь различных факторов, которые могут вызвать
экономический кризис.
4. Среднесуточное потребление человеком фруктов и овощей составляет около 200 граммов.
5. Устойчивость валюты зависит от политической и экономической стабильности в стране.
6. Наша основная забота- обеспечить беженцев питанием, жильем и медицинской помощью.
7. Разногласия между членами правительства вызвали долгие дебаты и множество проблем.
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8. Для выполнения этой работы необходимо сочетание глубоких знаний и специальной
9. Ее попросили проконсультировать фирму по поводу новой программы подготовки кадров.
10.Президент держит ситуацию под конторолем.
V. Translate the text into Russian and analyze drammatical and lexical problems of the
VI. Write a 250-word mini-essay in Russian on the U.S. economic policy in the 1930s and after
the Depression and its version in English.
VII. Speak on subject of your mini-essay in English.
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№ ____ басылым_______200
40 беттің
40 - сі