Lesson 17 The International Monetary System and Exchange
Rate
country pegged (fix挂钩) the value of its currency to gold to establish its par value (平价/票面价值) (face value). For most of the 19th century till the end of the First World War,
major trading countries followed this system and the British Pound was the most important currency in international business as a result of the economic, political and military power of the United Kingdom, hence the term sterling-based gold standard. (pound sterling)
The pressure caused by the First World War on economy coupled with(together with连同) the impact of the Great Depression
(大萧条)结束)the fixed exchange rate system. The Bank of England was no longer able to redeem (赎回，兑换)its
paper currency for gold at par value(以面值) (无力将其纸币以平价兑换成黄金) and allowed its value to be determined by supply and demand (market). With Britain abandoning (放弃)the gold standard, there appeared different areas in the world. Some countries pegged their currencies to the sterling(英镑), some countries to the US dollar and some to the French Franc, forming the ―sterling area‖, ―dollar area‖ and ―franc area‖. This period witnessed the degeneration(衰落)of the international monetary system as some major countries vied(vie -
compete)to(竞相)devaluate their currencies to make their export goods more competitive.(竞争性贬值) (这一时期，世界货币体系不断恶化，各主要贸易国家竞相将其货币贬值以提高他们出口物品的竞争力) The be nefits brought about by their devaluation were, needless to say (不用说), offset(抵消)by what their competitors did. International trade con t racted (shrink收缩) and economic conflict finally led to the Second World War.
Towards the end of the Second World War (1944) representatives
of 44 countries gathered at Bretton Woods (布雷顿森林)to renew(更新)the gold standard on a greatly modified basis(在修改较大的基础上). One important fruit of the conference is the creation (establishment创立) of the International Bank for Reconstruction and Development (IBRD)and the International Monetary Fund. (1944)
The Bretton Woods Conference established a US dollar based gold standard. Because of the dominating (主导性的) economic and political influence
of the United States, the dollar replaced the sterling(英镑)as the major vehicle(工具)for international settlement(国际结算). 由于美国在国际经济、政治中的统治性影响，美元替代英镑成了国际结算中的主要工具。Though all the Bretton Woods participants(与会国)agreed to peg their currencies to gold, only the United States pledged to r edeem the dollar for gold at the request of the central bank of a foreign country. Under the new fixed exchange rate system, each participant promised to maintain the par value(面值)of
its currency(与黄金的兑换价), allowing a fluctuation of only one percent.
The country concerned had to intervene(干预)if the market value (有别于账面价值的)市场价值，销售价格of its currency goes beyond the range(1%). Under special circumstances, a country was allowed to adjust the par value of its currency(与黄金的兑换价). Thus the Bretton Woods system is said to be using an adjustable peg (可调整的固定汇率). The new system was also called by some people the ―New Gold Standard System.‖ This
relative stability in exchange rates facilitated(promoted促进) international business till the beginning of 1970s.
Under the Bretton Woods System, people would hold (持有) dollars so long as(如果)they trusted the convertibility(可兑换性)of the dollar into gold. With the increase of foreign dollar holdings to finance(provide fund for)trade expansion(为贸易增长提供资金), the faith of dollar holders decreased in the ability of the United States to redeem the dollar for gold.(为了给其贸易增长提供
资金，外国人持有的美元越来越多。同时，他们对美国政府把美元兑换成黄金的信心却越来越低。)To reduce the demand for the dollar as a reserve currency(储备货
币), 特别提款权)was created (设立). Used to settle official transactions(结算官方交易)at the IMF, SDRs are sometimes called paper gold(纸黄金). Despite the new liquidity(流动性) injected by SDRs into the international monetary system, United States was still unable to meet the demands of foreign dollar holders for gold(把美元兑换成黄
金的需求). On August 15, 1971 the US Administration announced severing(sever: cut off)link between the dollar and gold, signifying(标志着) the collapse of the Bretton Woods system. (marking the end to BWS)Since then, international business has relied increasingly on the flexible exchange rate system. Most major currencies (hard currencies)began to float (浮动) in the foreign exchange market. Other currencies followed a fixed exchange rate by pegging(钉住)themselves to a major currency such as the dollar, or the French
Franc and float with it. From 1976 countries ceased to stipulate gold par value(金平价) to their paper currencies，leaving the price of their respective(各自的) currency to be decided by the interaction(相互作用)of supply and demand.
Factors influencing the exchange rate include the following:
1.International balance of payment (BOP) (国际收支).
It has a direct bearing(influence)on the supply and demand of foreign exchange. The value o f one’s own currency
will go up(货币升值)with favorable balance of payment (国际收支顺差) and drop with BOP deficit (国际收支逆差).
BOP deficit – unfavorable BOP BOP surplus – favorable BOP 2.Inflation. It is closely related to the real value of the currency and the competitiveness竞争力of the commodity. When inflation intensifies(加剧), the value of the currency will drop(其货币价值相对于外币将会下降)(贬值)relative to foreign currencies and vice versa.
3.Interest rate利率. Under specific
conditions, high interest rate will attract short term international fund, increasing the exchange rate of one’s own currency and vice versa. 2007.07 汉译英
The above factors may work alone or collectively(together). Sometimes their influences may offset each other. Generally speaking, however, international balance of payment is the most important factor in deciding the trend of exchange rate. In addition, foreign exchange policies, political events and speculation activities (投机活动) may also have a role to
play in the fluctuations of exchange rate.
The flexible exchange rate system has never been clean float (清洁浮动)or free float(自由浮动). The central banks take various measures to intervene in the price of its currency. So the current practice is often called a managed float管理浮动or dirty float(肮脏浮动). The common measures taken for intervention are:
1. foreign exchange reserves: When the price of a foreign exchange goes too high, the central bank may increase its supply by selling
it out of its foreign exchange reserves. And in the opposite case, it can buy the currency in the market to increase its reserves.
2. the discount rate: When the price of a foreign exchange goes too high, the government may raise the discount rate to absorb foreign fund to increase foreign exchange income/earnings of the country and vice versa.
3. foreign exchange control: In case of acute剧烈的exchange rate fluctuation波动, a government may have to resort to诉诸于；使
用foreign exchange control or raise foreign loans(collect筹集外来资金)to make up its balance of payment deficit(填补国际收支赤字)and lower the demand for foreign exchange. Foreign exchange income/earning Foreign exchange reverse Foreign exchange control Foreign exchange shortage
The two different exchange rate systems each has its own advantages. The fixed exchange rate system reduces the riskiness of international business and is also an important measure to c urb
(抑制) inflation. 2009-04 汉译英However the system is vulnerable to(容易受到伤害easy to be affected by) disorderly changes (无序变化) in currency value.The most recent example is the Asian Financial Crisis of 1997—1998 when the fixed exchange rate adopted by some Southeast Asian countries like Thailand and Indonesia collapsed and dealt a heavy blow to 重创the economy. Under the flexible exchange rate system fluctuations of the exchange rate within a definite period of time will not immediately affect
domestic money circulation 货币流通and is helpful to the stability of the economy. Flexible exchange rate can also protect domestic currency from the impact of foreign idle fund（闲置资金）（游资、热钱hot money)and helps to prevent the drain (流失) of foreign exchange reserve. But frequent wild swings (fluctuation)of the value of currencies will increase the riskiness of trade and affect international investment.
Exchange rates are published
foreign currency in terms of （根据）the home currency(用本币表示外币的价格). In a direct quote, an amount of foreign currency, usually one unit or one hundred units is taken as the standard and the equivalent amount of home currency(等量本币)is marked after
unit or one hundred units home currency is taken as the standard and the equivalent of foreign currency(等量外币)is given. For
instance 100 USD/826.57RMB (or 826.57RMB/100USD)is direct exchange rate from the Chinese perspective and indirect exchange rate from the American perspective. The two different quotes are used in different countries or regions mainly as a tradition or for convenience. Most countries or
regions including China use
but the United States
There are three types of
Lesson10 International Payment Generally speaking, it is not very difficult for buyers and sellers in domestic trade to get to know each other’s financial status and other information, and payment is likely to be made in a straightforward manner, say（for example）by remittance or by debiting the debtor’s account. In international trade, however, things are far more complicated. Purchase and sale of goods and services are carried out beyond national boundaries, which make it rather
difficult for the parties concerned in the transaction to get adequate information about each other’s financial standing and creditworthiness (资信；信誉). Therefore, mutual trust is hard to build. Both the exporter and importer face risks as there is always the possibility that the other party may not fulfill the contract. For the exporter there is the risk of buyer default（不按期付款）. The importer might fail to pay in full for the goods. He might go bankrupt.
Deems Taylor: The Monster 怪才他身材矮小，头却很大，与他的身材很不相称——是个满脸病容的矮子。他神经兮兮，有皮肤病，贴身穿比丝绸粗糙一点的任何衣服都会使他痛苦不堪。而且他还是个夸大妄想狂。他是个极其自负的怪人。除非事情与自己有关，否则他从来不屑对世界或世人瞧上一眼。对他来说，他不仅是世界上最重要的人物，而且在他眼里，他是惟一活在世界上的人。他认为自己是世界上最伟大的戏剧家之一、最伟大的思想家之一、最伟大的作曲家之一。听听他的谈话，仿佛他就是集莎士比亚、贝多芬、柏拉图三人于一身。想要听到他的高论十分容易，他是世上最能使人筋疲力竭的健谈者之一。同他度过一个夜晚，就是听他一个人滔滔不绝地说上一晚。有时，他才华横溢；有时，他又令人极其厌烦。但无论是妙趣横生还是枯燥无味，他的谈话只有一个主题：他自己，他自己的所思所为。他狂妄地认为自己总是正确的。任何人在最无足轻重的问题上露出丝毫的异议，都会激得他的强烈谴责。他可能会一连好几个小时滔滔不绝，千方百计地证明自己如何如何正确。有了这种使人耗尽心力的雄辩本事，听者最后都被他弄得头昏脑涨，耳朵发聋，为了图个清静，只好同意他的说法。他从来不会觉得，对于跟他接触的人来说，他和他的所作所为并不是使人产生强烈兴趣而为之倾倒的事情。他几乎对世间的任何领域都有自己的理
论，包括素食主义、戏剧、政治以及音乐。为了证实这些理论，他写小册子、写信、写书……文字成千上万，连篇累牍。他不仅写了，还出版了这些东西——所需费用通常由别人支付——而他会坐下来大声读给朋友和家人听，一读就是好几个小时。他写歌剧，但往往是刚有个故事梗概，他就邀请——或者更确切说是召集——一群朋友到家里，高声念给大家听。不是为了获得批评，而是为了获得称赞。整部剧的歌词写好后，朋友们还得再去听他高声朗读全剧。然后他就拿去发表，有时几年后才为歌词谱曲。他也像作曲家一样弹钢琴，但要多糟有多糟。然而，他却要坐在钢琴前，面对包括他那个时代最杰出的钢琴家在内的聚会人群，一小时接一小时地给他们演奏，不用说，都是他自己的作品。他有一副作曲家的嗓子，但他会把著名的歌唱家请到自己家里，为他们演唱自己的作品，还要扮演剧中所有的角色。他的情绪犹如六岁儿童，极易波动。心情不好时，他要么用力跺脚，口出狂言，要么陷入极度的忧郁，阴沉地说要去东方当和尚，了此残生。十分钟后，假如有什么事情使他高兴了，他就会冲出门去，绕着花园跑个不停，或者在沙发上跳上跳下或拿大顶。他会因爱犬死了而极度悲痛，也会残忍无情到使罗马皇帝也不寒而栗。他几乎没有丝毫责任感。他似乎不仅没有养活自己的能力，也从没想到过有这个义务。他深信这个世界应该给他一条活路。为了支持这一信念，他
新编国际商务英语阅读教程译文 第一单元国际贸易理论 重商主义 世界上第一个国际贸易理论——重商主义，产生于16世纪中期。重商主义宣 称金银是一国财富的支柱，是繁荣商业所不可或缺的。当时，金银是国家间的贸易 货币，出口国赚取金银，同样从他国进口货物，导致金银的外流。重商主义认为出 口大于进口从而保持贸易顺差是一国的根本利益。这样，一国积累金银，最终使国 家财富增加，国家地位得以提升。正如1930年，英国重商主义学者托马斯?孟所说: 增加一国财富的最普遍的做法是对外贸易，而且我们必须遵守这样的规则:每 年出口产品的价值要大于进口产品的价值。 遵循这一说法，重商主义提倡政府干涉，以确保贸易顺差。重商主义认为大量 的贸易额并没有什么益处。他们建议颁布政策以扩大出口，限制进口。具体做法可 以是对进口施加关税和对配额进行限制，对出口则给予补贴。 1752年古典经济学 家大卫?休谟指出了重商主义学说的缺陷。据休谟所说，如果英国对法国贸易顺差(即出口大于进口)，相应的金银的流入会导致英国国内货币供应充足，从而产生通 货膨胀。而法国会因为金银的外流产生相反的效应——通货紧缩，价格降低。英法 之间相对价格的变化将促使法国的进口商购买的英国货物数量减少(因为英国货物 变得昂贵)，英国的进口商将购买更多法国的货物(因为法国货物价格降低)。结 果，英国贸易收支状况不断恶化，法国贸易收支逐步得到改善，这种情况一直持续 到英国的顺差被抵消。因此，休谟认为，长期来看，没有国家能够如重商主义者所 想象的那样保持贸易顺差。 除了休谟指出的缺陷之外，重商主义的另一缺限在于其视国际贸易为零和博弈(零和博弈是指一国得益必导致另一国受损)。亚当?斯密和大卫?李嘉图指出了重商
Transaction 交易customs area 关税区 in compliance with 遵从conversion 货币兑换visible trade 有形贸易resale 转售 gross domestic product国内生产总值invisible trade 无形贸易for short 缩写为account for 占…比例headquarters 总部trap 陷阱，圈套 portfolio investment 证券投资stocks 股票 bonds 债券maturity （票据等）到期，到期日certificate of deposit 大额存单licensing许可经营 franchising 特许经营trademark 商标 advisable 可行的patent 专利royalty 专利使用费；copyright 版税licensor 给予许可的人 licensee 接受许可的人franchiser 给予特许的人franchisee 接受特许的人logo 标志；标记management contract 管理合同 expertise 专门知识bonus 红利；津贴；奖金 flat 一律的，无变动的value chain 价值链 contract manufacturing 承包工程 turnkey project “交钥匙”工程clue 线索 BOT（Build，Operate，Transfer）建设经营移交stand for 代表variant 变形/体potential 潜力national income 国民收入bulk 大量的；大宗的 GNP 国民生产总值per capita income 人均收入PPP 购买力平价consumerism 消费，消费主义income distribution 收入分布 Organization of Economic Cooperation and Development 经济合作与发展组织 infra structure 基础设施Commonwealth of Independent States 独立国家联合体 staple goods 大路货tap 开发hemisphere 半球observation（经观察而得到的）看法haven 避风港；安全之地spur 促进creditor country 债权国proximity 临近ASEAN 东南亚国家联盟witness 亲历economic integration 经济一体化liberalize 使自由put up barriers 设置障碍fall under分成几部分free trade area自由贸易区tariff rates 关税税率NAFTA 北美自由贸易协定customs union 关税同盟detour 迂回；绕行common market 共同市场adoption 使用，采用euro 欧元erode 侵蚀autonomy 自治sovereign state 主权国家political entity 政治实体set the stage of 为、、做准备；促成monumental 重要的，有纪念意义的landmark 地标；里程碑signatory 签字国；签字人settlement 结算banknotes 纸币；钞票circulation货币流通executive body 行政机构，执行机构European Commission欧盟委员会veto 否决commissioner 委员，特派员，专员council of ministers 部长理事会empower 授予权力 multi-polarization 多极化tenet 原则；宗旨Dual-Ministerial Meeting 双部长会议 cartel 卡特尔，联盟OPEC 石油输出国组织 globalization 全球化frequency 频繁，频率 interactive 相互作用的element 要素；组成成分；元 素value 价值观acclaim 欢呼；欢迎；喝彩 adverse 不利的；反对的controversial 引起争议的 instrumental 有作用的internationalization 国际化 facilities 设施；设备；工具label 把称为；把归类 employ 用；使用assets 资产incorporate 吸收；合并 purpot 声称；自称headquarters 总部 international economic environment国际经济环境 double digit 两位数字survival 继续生存 embark（on）开始；从事gigantic 庞大的；巨大的 intervene 干预；干涉technical improvements 技术进 步derivation 获得day-to-day running 日常管理 decentralize 分散；放下（权利）wield 操控；控制 jurisdiction 权利；管理范围vehicle 工具；手段 delegate power to…对、、、授权affiliate 分支机构； 附属机构mover 原动力，推动力define 下定义 services 劳务distri natural resources 自然资源 abundant 丰富的scarce缺少，缺乏primary commodities 初级产品incentive 刺激 specialization 专业化constitute 构成，形成remainder 剩余的，余数hold 认为in terms of 在…方面 illustrate 说明table 表格，图表assume 假设 efficient 有效的，效率高的occur 发生，产生law 规 则，法则even if 即使disadvantage 不利with respect to 关exploit 利用，开发static 静止的 endowment of nature 自然的赋予up-to-date 现代的， 新式的intuitive 直觉的，直观的appeal 吸引力 absolute adantage 绝对利益comparative advantage 比较利益strategic 战略的reduce 减少bulky 笨 重的，庞大的perishable 易碎的protectionist 保护主 义的barrier障碍typical 典型的tariffs 关税 quota 配额levy 征收，收取coincide 巧合；偶合 customs union 关税联盟import duties 进口关税 export duties 出口关税ad valorem 按价；从价 specific 从量的compound duties 复税，混合关税 drawback 退税refund 偿还；退还 most-favoured-nation（MFN）treatment 最惠国待遇 signatory 签字国concession让步tariff schedule 税率 表；税则non-tariff barrier 非关税壁垒impose 加强 unilaterally 单方面地label 标签，标记，标号 voluntary 自动的，主动的forthcoming 即将到来的 meaning of transport 运输工具inland water vessels 内 河船只maritime 海洋的cargo compartment 货仓 charter租fleet 舰队insurance保险 vulnerable 脆弱的collision 碰撞pilferage 偷窃 explosion 爆炸place of historical interest 古迹 accommodations 膳宿供应immigrant 移民 remittance 汇款undertake 承担 climate 环境气氛；风气degenerate 变坏；衰退 deal 交易draw up 制定；拟就respective 各 自的；分别的subsequent 随后的，后来的 interpretation 解释；说明trade terms 贸易术语； 交易条件trading practices 贸易惯例 litigation 诉讼，诉争entail 使人承担；使成为必要 amendment 修正案；修正条款 addition 增加部分revise 修正；修改 unitization 使成为一个单位maritime 海的；海上的 consolidate 统一，合并render使得；使成为 negotiable 可转让的；可流通的vital 极其重要的， 必不可少的whereby 凭借那个，借以premises 生产 场所；经营场所disposal 处理departure 离开，启程， 出发quay 码头substantive 实质性的 set forth 陈述；阐明binding 有约束力的 enforceable可实施的sue起诉trade fairs 商品交易 会trunk call 长途电话enquiry 询盘；询价 quotation 报价voluntarily 主动地，自愿地 indispensable 必不可少的validity period 有效期 offer还盘unbinding 无约束力的invalid 无 效的sales contract 销售合同 sales （purchase）confirmation 售货（购货）确认书 setting up 构成，结构，格式consignment 寄售 contracting parties 缔约方force majeure不可抗力 arbitration 仲裁cotton piece good 棉布 cotton yarns 棉纱hereby 于此hereunder 于下 article number 货号yard 码overleaf 反面 bleached 漂白的counter trade 对销贸易；反对贸易 allegedly被说成；据说phenomenon 现象 terminology 术语generic 总称的 net positions 实际寸头adduce 引证 empirical 以经验为根据的reciprocal 互惠的；互相 hyperinflation极度通货膨胀literally 照字地 disarray 混乱conceptually 概念上地European Payment Union 欧洲支付联盟pre-specify 预先说明 competitive devaluation 竞争性贬值in essence 实质上的intertemporal 不同时的be tied to 固定于 photocopying machine 复印机 intriguing引起兴趣的，有迷惑力的concurrently 同时 发生的 a fraction of一点儿；一部分 verify 一部分sophisticated 经验丰富的bypass 避开；置、、、于不顾expertise 专门知识leverage 杠杆 作用tap 开发；开辟conceal 掩盖；隐藏 perpetuate 使永久存在processing trade 加工贸易 consignment 寄售赁agency 代理domestic 国内的
Frankenstein's Monster Part 1 The story of Frankenstein Frankenstein is a young scientist/ from Geneva, in Switzerland. While studying at university, he discovers the secret of how to give life/ to lifeless matter. Using bones from dead bodies, he creates a creature/ that resembles a human being/ and gives it life. The creature, which is unusually large/ and strong, is extremely ugly, and terrifies all those/ who see it. However, the monster, who has learnt to speak, is intelligent/ and has human emotions. Lonely and unhappy, he begins to hate his creator, Frankenstein. When Frankenstein refuses to create a wife/ for him, the monster murders Frankenstein's brother, his best friend Clerval, and finally, Frankenstein's wife Elizabeth. The scientist chases the creature/ to the Arctic/ in order to destroy him, but he dies there. At the end of the story, the monster disappears into the ice/ and snow/ to end his own life. Part 2 Extract from Frankenstein It was on a cold November night/ that I saw my creation/ for the first time. Feeling very anxious, I prepared the equipment/ that would give life/ to the thing/ that lay at my feet. It was already one/ in the morning/ and the rain/ fell against the window. My candle was almost burnt out when, by its tiny light，I saw the yellow eye of the creature open. It breathed hard, and moved its arms and legs. How can I describe my emotions/ when I saw this happen? How can I describe the monster who I had worked/ so hard/ to create? I had tried to make him beautiful. Beautiful! He was the ugliest thing/ I had ever seen! You could see the veins/ beneath his yellow skin. His hair was black/ and his teeth were white. But these things contrasted horribly with his yellow eyes, his wrinkled yellow skin and black lips. I had worked/ for nearly two years/ with one aim only, to give life to a lifeless body. For this/ I had not slept, I had destroyed my health. I had wanted it more than anything/ in the world. But now/ I had finished, the beauty of the dream vanished, and horror and disgust/ filled my heart. Now/ my only thoughts were, "I wish I had not created this creature, I wish I was on the other side of the world, I wish I could disappear!” When he turned to look at me, I felt unable to stay in the same room as him. I rushed out, and /for a long time/ I walked up and down my bedroom. At last/ I threw myself on the bed/ in my clothes, trying to find a few moments of sleep. But although I slept, I had terrible dreams. I dreamt I saw my fiancée/ walking in the streets of our town. She looked well/ and happy/ but as I kissed her lips，they became pale, as if she were dead. Her face changed and I thought/ I held the body of my dead mother/ in my arms. I woke, shaking with fear. At that same moment，I saw the creature/ that I had created. He was standing/by my bed/ and watching me. His
Unit 1~2 Mercantilism 重商主义 Neomeicantilist 新重商主义者 Trade surplus 贸易顺差 Quota and tariff 配额和关税 Government intervention 政府干预 Zero-sum game 零和博弈 Positive-sum game 常和博弈 The theory of absolute advantage 绝对优势理论 The theory of comparative advantage 比较优势理论 Factor endowments 要素禀赋理论 Product life cycle 产品生命周期（+theory ……理论） Economies of scale 规模经济 Diminishing returns 收益递减规律 Green revolution 绿色革命 Voluntary restriction 自动出口限制 Deposit 佣金 First mover advantage 先占优势 Barrier to entry 进入(市场)壁垒 Porter’s diamond theory 波特的钻石理论 National competitive advantage 国家竞争优势 The department of commerce 商务部 Letter of credit 信用证 Draft /bill of exchange 汇票 bill of lading B/L 提单 Sight draft 即期汇票 Time draft 远期汇票 Banker ‘s acceptance 银行承兑（+bill …汇票） Trade acceptance 商业承兑汇票 Countertrade 对等贸易 Barter 易货贸易 Switch trading 转手贸易 Offset 抵消 Counter purchase 互购贸易 Compensation trade 补偿贸易 Mercantilism suggests that it is in a country’s best interest to maintain a trade surplus -- to export more than it imports（重商主义就是保持贸易顺差以实现一国的最大利益---出口超过进口） Mercantilism advocates government intervention(介入) to achieve a surplus in the balance of trade （重商主义主张政府介入以便实现对外贸易顺差） It views trade as a zero-sum game - one in which a gain by one country results in a loss by another （将贸易看成零和博弈，一个国家收益一个国家受损） Absolute Advantage 绝对优势 Adam Smith argued that a country has an absolute advantage in the production of a product when it is more efficient than any other country in producing it 亚当斯密认为一个国家生产一种商品比其他任何国家效率都高时存在绝对优势 According to Smith, countries should specialize in the production of goods for which they have an absolute advantage and then trade these goods for the goods produced by other countries 按照亚当斯密的说法，各国应该专门生产具有绝对优势的商品，然后用他们交换其他国家生产的商品 The Benefit（好处） of Absolute Advantage and Free Trade The Principle for International Division of Labor–Absolute Advantage 国际分工的原则---绝对优势 The Consequence（结果） of Division of Labor and Free Trade 分工的结果和自由贸易 1. To Production: the Flow of the Factor of Production 生产要素的流动； the Efficiency of Factor Distribution 要素分配效率；the Quantity of Production 产品质量。 2. To Consumer: Welfare from Free Trade自由贸易福利: low price of imports and more consumption 低价格的进口更多的消费 Comparative Advantage比较优势 Ricardo’s theory of comparative advantage suggests that countries should specialize in the production of those goods they produce most efficiently and buy goods that they produce less efficiently from other countries, even if this means buying goods from other countries that they could produce more efficiently at home李嘉图的比较优势理论认为一个国家分工生产最有效率的产品，而从别国购买自己生产效率相对较低的产品，
Lesson 21 WTO and China After 15 long years of hard negotiations, China became a formal member of the World Trade Organization on Dec. 11, 2001. People may wonder whether it pays(值得be worthwhile) for China to devote such a lot of time and efforts for accession to加入the organization. So some knowledge about the WTO as well as the opportunities it provides and the challenges it poses to China is
quite necessary. The origin of the WTO can be traced back to(date back) the early post World War II years. To guard against the threat of trade wars, major trading nations sent their representatives to Havana in 1947 to create an International Trade Organization for the promotion of international trade. That objective was, however, not realized for controversy（争议）over the extensiveness of the powers of the proposed ITO（拟成立的ITO）（这一目标由于对拟成立的ITO
Unit 7 The Monster Deems Taylor 1He was an undersized little man, with a head too big for his body ― a sickly little man. His nerves were bad. He had skin trouble. It was agony for him to wear anything next to his skin coarser than silk. And he had delusions of grandeur. 2He was a monster of conceit. Never for one minute did he look at the world or at people, except in relation to himself. He believed himself to be one of the greatest dramatists in the world, one of the greatest thinkers, and one of the greatest composers. To hear him talk, he was Shakespeare, and Beethoven, and Plato, rolled into one. He was one of the most exhausting conversationalists that ever lived. Sometimes he was brilliant; sometimes he was maddeningly tiresome. But whether he was being brilliant or dull, he had one sole topic of conversation: himself. What he thought and what he did. 3He had a mania for being in the right. The slightest hint of disagreement, from anyone, on the most trivial point, was enough to set him off on a harangue that might last for hours, in which he proved himself right in so many ways, and with such exhausting volubility, that in the end his hearer, stunned and deafened, would agree with him, for the sake of peace. 4It never occurred to him that he and his doing were not of the most intense and fascinating interest to anyone with whom he came in contact. He had theories about almost any subject under the sun, including vegetarianism, the drama, politics, and music; and in support of these theories he wrote pamphlets, letters, books ... thousands upon thousands of words, hundreds and hundreds of pages. He not only wrote these things, and published them ― usually at somebody else’s expense ― but he would sit and read them aloud, for hours, to his friends, and his family. 5He had the emotional stability of a six-year-old child. When he felt out of sorts, he would rave and stamp, or sink into suicidal gloom and talk darkly of going to the East to end his days as a Buddhist monk. Ten minutes later, when something pleased him he would rush out of doors and run around the garden, or jump up and down off the sofa, or stand on his head. He could be grief-stricken over the death of a pet dog, and could be callous and heartless to a degree that would have made a Roman emperor shudder. 6He was almost innocent of any sense of responsibility. He was convinced that
国际商务英语函电答案【篇一：世纪商务英语外贸函电(第二版)课后习题答案】 letter 1.at, of, with, in, for letter 2.from, into, with, of, to p40 https://www.doczj.com/doc/4e8116919.html,rming, interesting, dealing, sample, details, quality, prices, applied, items, inquiry unit 3 p55 letter 1.from, for, by, with, on letter 2.with, in, of, in, from p56 2.referring, established, cost, quality, opinion, responsibility, part, satisfied, information, decision unit 4 p71 letter 1. to, of, at, in, by letter 2.with, in, with, for, with p73 2.advertisement, leading, interested, details, dealers, line, market, replying, over, item unit 5 p88 letter 1.for, with, at, by, to letter 2.for, for, by, at, by/under p89 2.inquiring, quotation, receipt, subject, confirmation, discount, catalogue, brochure, separate, appreciate unit 6 p105 letter 1.of, on, in, with, to letter 2.of, in, by, for, at p106 2.offer, regret, price, sold, level, difference, transaction, counter-offer, samples, acceptance unit 7 p122 letter 1.to, of, of, in, for,
Unit 5 THE MONSTER He was an undersized little man, with a head too big for his body -- a sickly little man. His nerves were had. He had skin trouble. It was agony for him to wear anything next to his skin coarser than silk. And he had seclusions of grandeur. He was a monster of conceit.Never for one minute did he look at the world or at people, except in relation to himself. He was not only the most important person in the world,to himself;in his own eyes he was the only person who existed. He believed himself to be one of the greatest dramatists in the world, one of the greatest thinkers, and one of the greatest composers. To hear him talk, he was Shakespeare, and Beethoven, and Plato, rolled into one. And you would have had no difficulty in hearing him talk. He was one of the most exhausting conversationalists that ever lived. An evening with him was an evening spent in listening to a monologue. Sometimes he was brilliant; sometimes he was maddeningly tiresome. But whether he was being brilliant or dull, he had one sole topic of conversation: himself. What he thought and what he did. He had a mania for being in the right.The slightest hint of disagreement,from anyone, on the most trivial point, was enough to set him off on a harangue that might last for house, in which he proved himself right in so many ways, and with such exhausting volubility, that in the end his hearer, stunned and deafened, would agree with him, for the sake of peace. It never occurred to him that he and his doing were not of the most intense and fascinating interest to anyone with whom he came in contact.He had theories about almost any subject under the sun, including vegetarianism, the drama, politics, and music; and in support of these theories he wrote pamphlets,le tters, books? thousands upon thousands of words, hundreds and hundreds of pages. He not only wrote these things, and published them -- usually at somebody else's expense-- but he would sit and read them aloud, for hours, to his friends and his family. He wrote operas,and no sooner did he have the synopsis of a story, but he would invite -- or rather summon -- a crowed of his friends to his house, and read it aloud to them. Not for criticism. For applause. When the complete poem was written, the friends had to come again,and hear that read aloud.Then he would publish the poem, sometimes years before the music that went with it was written. He played the piano like a composer, in the worst sense of what that implies, and he would sit down at the piano before parties that included some of the finest pianists of his time, and play for them, by the hour, his own music, needless to say. He had a composer's voice. And he would invite eminent vocalists to his house and sing them his operas, taking all the parts.