ECONOMICS REPORT - Making International Trade Happen

B OSTON U NIVERSITY Center for Energy and Environmental Studies Working Papers SeriesNumber 9501 September 1995 THE CAPITAL THEORY APPROACH TO SUSTAINABILITY:A CRITICAL APPRAISALbyDavid Stern675 Commonwealth Avenue, Boston MA 02215Tel: (617) 353-3083Fax: (617) 353-5986E-Mail: dstern@WWW: /sterncv.htmlThe Capital Theory Approach to Sustainability:A Critical AppraisalDavid I. SternBoston UniversityNovember 1995______________________________________________________________________________ Center for Energy and Environmental Studies, Boston University, 675 Commonwealth Avenue, Boston MA 02215, USA. Tel: (617) 353 3083 Fax: (617) 353 5986, E-Mail: dstern@The Capital Theory Approach to Sustainability:A Critical Appraisal______________________________________________________________________________ SummaryThis paper examines critically some recent developments in the sustainability debate. The large number of definitions of sustainability proposed in the 1980's have been refined into a smaller number of positions on the relevant questions in the 1990's. The most prominent of these are based on the idea of maintaining a capital stock. I call this the capital theory approach (CTA). Though these concepts are beginning to inform policies there are a number of difficulties in applying this approach in a theoretically valid manner and a number of critics of the use of the CTA as a guide to policy. First, I examine the internal difficulties with the CTA and continue to review criticisms from outside the neoclassical normative framework. The accounting approach obscures the underlying assumptions used and gives undue authoritativeness to the results. No account is taken of the uncertainty involved in sustainability analysis of any sort. In addition, by focusing on a representative consumer and using market (or contingent market) valuations of environmental resources, the approach (in common with most normative neoclassical economics) does not take into account distributional issues or accommodate alternative views on environmental values. Finally, I examine alternative approaches to sustainability analysis and policy making. These approaches accept the open-ended and multi-dimensional nature of sustainability and explicitly open up to political debate the questions that are at risk of being hidden inside the black-box of seemingly objective accounting.I.INTRODUCTIONThe Brundtland Report (WCED, 1987) proposed that sustainable development is "development that meets the needs of the present generation while letting future generations meet their own needs". Economists initially had some difficulty with this concept, some dismissing it1 and others proliferating a vast number of alternative definitions and policy prescriptions (see surveys by: Pezzey, 1989; Pearce et al., 1989; Rees, 1990; Lélé, 1991).In recent years, economists have made some progress in articulating their conception of sustainability. The large number of definitions of sustainability proposed in the 1980's have been refined into a smaller number of positions on the relevant questions in the 1990's. There is agreement that sustainability implies that certain indicators of welfare or development are non-declining over the very long term, that is development is sustained (Pezzey, 1989). Sustainable development is a process of change in an economy that does not violate such a sustainability criterion. Beyond this, the dominant views are based on the idea of maintaining a capital stock as a prerequisite for sustainable development. Within this school of thought there are opposing camps which disagree on the empirical question of the degree to which various capital stocks can be substituted for each other, though there has been little actual empirical research on this question.There is a consensus among a large number of economists that the CTA is a useful means of addressing sustainability issues.2 Capital theory concepts are beginning to inform policy, as in the case of the UN recommendations on environmental accounting and the US response to them (Beardsley, 1994; Carson et al., 1994; Steer and Lutz, 1993). There are, however, a growing number of critics who question whether this is a useful way to address sustainability (eg. Norgaard, 1991; Amir, 1992; Common and Perrings, 1992; Karshenas, 1994; Pezzey, 1994; Common and Norton, 1994; Faucheux et al., 1994; Common, 1995). The literature on sustainable development and sustainability is vast and continually expanding. There are also a large number ofsurveys of that literature (eg. Tisdell, 1988; Pearce et al., 1989; Rees, 1990; Simonis, 1990; Lélé, 1991; Costanza and Daly, 1992; Pezzey, 1992; Toman et al., 1994). I do not intend to survey this literature.The aim of this paper is to present a critique of the capital theory approach to sustainability (CTA henceforth) as a basis for policy. This critique both outlines the difficulties in using and applying the CTA from a viewpoint internal to neoclassical economics and problems with this approach from a viewpoint external to neoclassical economics. I also suggest some alternative approaches to sustainability relevant analysis and policy. The neoclasscial sustainability literature generally ignores the international dimensions of the sustainability problem. I also ignore this dimension in this paper.The paper is structured as follows. In the second section, I discuss the background to the emergence of the capital theory approach, while the third section briefly outlines the basic features of the approach. The fourth section examines the limitations of the CTA from within the viewpoint of neoclassical economics and the debate between proponents of "weak sustainability" and "strong sustainability". The following sections examine the drawbacks of this paradigm from a viewpoint external to neoclassical economics and discuss alternative methods of analysis and decision-making for sustainability. The concluding section summarizes the principal points.SHIFTING DEBATE: EMERGENCE OF THE CAPITAL THEORY II. THEAPPROACHMuch of the literature on sustainable development published in the 1980's was vague (see Lélé, 1991; Rees, 1990; Simonis, 1990). There was a general lack of precision and agreement in defining sustainability, and outlining appropriate sustainability policies. This confusion stemmed in part from an imprecise demarcation between ends and means. By "ends" I mean the definition ofsustainability ie. what is to be sustained, while "means" are the methods to achieve sustainability or necessary and/or sufficient conditions that must be met in order to do the same. As the goal of policy must be a subjective choice, considerable debate surrounded and continues to surround the definition of sustainability (eg. Tisdell, 1988). As there is considerable scientific uncertainty regarding sustainability possibilities, considerable debate continues to surround policies to achieve any given goal.Sharachchandra Lélé (1991) stated that "sustainable development is in real danger of becoming a cliché like appropriate technology - a fashionable phrase that everyone pays homage to but nobody cares to define" (607). Lélé pointed out that different authors and speakers meant very different things by sustainability, and that even UNEP's and WCED's definitions of sustainable development were vague, and confused ends with means. Neither provided any scientific examination of whether their proposed policies would lead to increased sustainability. "Where the sustainable development movement has faltered is in its inability to develop a set of concepts, criteria and policies that are coherent or consistent - both externally (with physical and social reality) and internally (with each other)." (613). Judith Rees (1990) expressed extreme skepticism concerning both sustainable development and its proponents. “It is easy to see why the notion of sustainable development has become so popular ... No longer does environmental protection mean sacrifice and confrontation with dominant materialist values” (435). She also argued that sustainable development was just so much political rhetoric. A UNEP report stated: "The ratio of words to action is weighted too heavily towards the former" (quoted in Simonis, 1990, 35). In the early days of the sustainability debate, vagueness about the meaning of sustainability was advantageous in attracting the largest constituency possible, but in the longer run, greater clarity is essential for sustaining concern.In the 1990's many people have put forward much more precisely articulated definitions of sustainable development, conditions and policies required to achieve sustainability, and criteria toassess whether development is sustainable. This has coincided with a shift from a largely politically-driven dialogue to a more theory-driven dialogue. With this has come a clearer understanding of what kinds of policies would be required to move towards alternative sustainability goals, and what the limits of our knowledge are. There is a stronger awareness of the distinction between ends and means. Most, but not all (eg. Amir, 1992), analysts agree that sustainable development is a meaningful concept but that the claims of the Brundtland Report (WCED, 1987) that growth just had to change direction were far too simplistic.There is a general consensus, especially among economists, on the principal definition of sustainable development used by David Pearce et al. (1989, 1991): Non-declining average human welfare over time (Mäler, 1991; Pezzey, 1992; Toman et al., 1994).3 This definition of sustainability implies a departure from the strict principle of maximizing net present value in traditional cost benefit analysis (Pezzey, 1989), but otherwise it does not imply a large departure from conventional economics. John Pezzey (1989, 1994) suggests a rule of maximizing net present value subject to the sustainability constraint of non-declining mean welfare. It encompasses many but not all definitions of sustainability. For example, it excludes a definition of sustainability based on maintaining a set of ecosystem functions, which seems to be implied by the Holling-sustainability criterion (Common and Perrings, 1992; Holling, 1973, 1986) or on maintaining given stocks of natural assets irrespective of any contribution to human welfare. A sustainable ecosystem might not be an undesirable goal but it could be too strict a criterion for the goal of maintaining human welfare (Karshenas, 1994) and could in some circumstances lead to declining human welfare. Not all ecosystem functions and certainly not all natural assets may be necessary for human welfare. Some aspects of the natural world such as smallpox bacteria may be absolutely detrimental to people. In the context of the primary Pearce et al. definition, the Holling-sustainability criterion is a means not an end.The advantage of formalizing the concept of sustainability is that this renders it amenable to analysis by economic theory (eg. Barbier and Markandya, 1991; Victor, 1991; Common and Perrings, 1992; Pezzey, 1989, 1994; Asheim, 1994) and to quantitative investigations (eg. Repetto et al., 1989; Pearce and Atkinson, 1993; Proops and Atkinson, 1993; Stern, 1995). Given the above formal definition of sustainability, many economists have examined what the necessary or sufficient conditions for the achievement of sustainability might be. Out of this activity has come the CTA described in the next section. The great attractiveness of this new approach is that it suggests relatively simple rules to ensure sustainability and relatively simple indicators of sustainability. This situation has seemingly cleared away the vagueness that previously attended discussions of sustainability and prompted relatively fast action by governments and international organizations to embrace specific goals and programs aimed at achieving this notion of the necessary conditions for sustainability.III. THE ESSENCE OF THE CAPITAL THEORY APPROACHThe origins of the CTA are in the literature on economic growth and exhaustible resources that flourished in the 1970s, exemplified by the special issue of the Review of Economic Studies published in 1974 (Heal, 1974). Robert Solow (1986) built on this earlier literature and the work of John Hartwick (1977, 1978a, 1978b) to formalize the constant capital rule. In these early models there was a single non-renewable resource and a stock of manufactured capital goods. A production function produced a single output, which could be used for either consumption or investment using the two inputs. The elasticity of substitution between the two inputs was one which implied that natural resources were essential but that the average product of resources could rise without bound given sufficient manufactured capital.The models relate to the notion of sustainability as non-declining welfare through the assumption that welfare is a monotonically increasing function of consumption (eg. Mäler, 1991). The path ofconsumption over time (and therefore of the capital stock) in these model economies depends on the intertemporal optimization rule. Under the Rawlsian maxi-min condition consumption must be constant. No net saving is permissible as this is regarded as an unjust burden on the present generation. Under the Ramsey utilitarian approach with zero discounting consumption can increase without bound (Solow, 1974). Here the present generation may be forced to accept a subsistence standard of living if this can benefit the future generations however richer they might be. Paths that maximize net present value with positive discount rates typically peak and then decline so that they are not sustainable (Pezzey, 1994). Pezzey (1989) suggested a hybrid version which maximizes net present value subject to an intertemporal constraint that utility be non-declining. In this case utility will first increase until it reaches a maximum sustainable level. This has attracted consensus as the general optimizing criterion for sustainable development. Geir Asheim (1991) derives this condition more formally.Under the assumption that the elasticity of substitution is one, non-declining consumption depends on the maintenance of the aggregate capital stock ie. conventional capital plus natural resources, used to produce consumption (and investment) goods (Solow, 1986). Aggregate capital, W t,and the change in aggregate capital are defined by:W t=p Kt K t + p Rt S t (1)∆W t=p Kt∆K t + p Rt R t (2)where S is the stock of non-renewable resources and R the use per period. K is the manufactured capital stock and the p i are the relevant prices. In the absence of depreciation of manufactured capital, maintenance of the capital stock implies investment of the rents from the depletion of the natural resource in manufactured capital - the Hartwick rule (Hartwick 1977, 1978a, 1978b). Income is defined using the Hicksian notion (Hicks, 1946) that income is the maximum consumption in a period consistent with the maintenance of wealth. Sustainable income is,therefore, the maximum consumption in a period consistent with the maintenance of aggregate capital intact (Weitzman, 1976; Mäler, 1991) and for a flow of income to be sustainable, the stock of capital needs to be constant or increasing over time (Solow, 1986).The initial work can be extended in various ways. The definition of capital that satisfies these conditions can be extended to include a number of categories of "capital": natural, manufactured, human, and institutional.4 Natural capital is a term used by many authors (it seems Smith (1977) was the first) for the aggregate of natural resource stocks that produce inputs of services or commodities for the economy. Some of the components of natural capital may be renewable resources. Manufactured capital refers to the standard neoclassical definition of "a factor of production produced by the economic system" (Pearce, 1992). Human capital also follows the standard definition. Institutional capital includes the institutions and knowledge necessary for the organization and reproduction of the economic system. It includes the ethical or moral capital referred to by Fred Hirsch (1976) and the cultural capital referred to by Fikret Berkes and Carl Folke (1992). For convenience I give the name 'artificial capital' to the latter three categories jointly. None of these concepts is unproblematic and natural capital is perhaps the most problematic. Technical change and population growth can also be accommodated (see Solow, 1986).Empirical implementation of the CTA tends to focus on measurement of sustainable income (eg. El Serafy, 1989; Repetto, 1989) or net capital accumulation (eg. Pearce and Atkinson, 1993; Proops and Atkinson, 1993) rather than on direct estimation of the capital stock.5 The theoretical models that underpin the CTA typically assume a Cobb-Douglas production function with constant returns to scale, no population growth, and no technological change. Any indices of net capital accumulation which attempt to make even a first approximation to reality must take these variables into account. None of the recent empirical studies does so. For example, David Pearce and Giles Atkinson (1993) present data from eighteen countries on savings and depreciation of natural andmanufactured capital as a proportion of GNP. They demonstrate that only eight countries had non-declining stocks of total capital, measured at market prices, and thus passed a weak sustainability criterion of a constant aggregate capital stock, but their methodology ignores population growth, returns to scale or technological change.IV.INTERNAL APPRAISAL OF THE CAPITAL THEORY APPROACHIn this section, I take as given the basic assumptions and rationale of neoclassical economics and highlight some of the technical problems that are encountered in using the CTA as an operational guide to policy. From a neoclassical standpoint these might be seen as difficulties in the positive theory that may lead to difficulties in the normative theory of sustainability policy. In the following section, I take as given solutions to these technical difficulties and examine some of the problems inherent in the normative neoclassical approach to sustainability.a.Limits to Substitution in Production and "Strong Sustainability"Capital theorists are divided among proponents of weak sustainability and strong sustainability. This terminology is confusing as it suggests that the various writers have differing ideas of what sustainability is.6 In fact they agree on that issue, but differ on what is the minimum set of necessary conditions for achieving sustainability. The criterion that distinguishes the categories is the degree of substitutability believed to be possible between natural and artificial capital.7The weak sustainability viewpoint follows from the early literature and holds that the relevant capital stock is an aggregate stock of artificial and natural capital. Weak sustainability assumes that the elasticity of substitution between natural capital and artificial capital is one and therefore that there are no natural resources that contribute to human welfare that cannot be asymptotically replaced by other forms of capital. Reductions in natural capital may be offset by increases inartificial capital. It is sometimes implied that this might be not only a necessary condition but also a sufficient condition for achieving sustainability (eg. Solow, 1986, 1993).Proponents of the strong sustainability viewpoint such as Robert Costanza and Herman Daly (1992) argue that though this is a necessary condition for sustainability it cannot possibly be a sufficient condition. Instead, a minimum necessary condition is that separate stocks of aggregate natural capital and aggregate artificial capital must be maintained. Costanza and Daly (1992) state: "It is important for operational purposes to define sustainable development in terms of constant or nondeclining total natural capital, rather than in terms of nondeclining utility" (39).8 Other analysts such as members of the "London School" hold views between these two extremes (see Victor, 1991). They argue that though it is possible to substitute between natural and artificial capital there are certain stocks of "critical natural capital" for which no substitutes exist. A necessary condition for sustainability is that these individual stocks must be maintained in addition to the general aggregate capital stock.The weak sustainability condition violates the Second Law of Thermodynamics, as a minimum quantity of energy is required to transform matter into economically useful products (Hall et al., 1986) and energy cannot be produced inside the economic system.9 It also violates the First Law on the grounds of mass balance (Pezzey, 1994). Also ecological principles concerning the importance of diversity in system resilience (Common and Perrings, 1992) imply that minimum quantities of a large number of different capital stocks (eg. species) are required to maintain life support services. The London School view and strong sustainability accommodate these facts by assuming that there are lower bounds on the stocks of natural capital required to support the economy, in terms of the supply of materials and energy, and in terms of the assimilative capacity of the environment, and that certain categories of critical natural capital cannot be replaced by other forms of capital.Beyond this recognition it is an empirical question as to how far artificial capital can substitute for natural capital. There has been little work on this at scales relevant to sustainability. However, the econometric evidence from studies of manufacturing industry suggest on the whole that energy and capital are complements (Berndt and Wood, 1979).In some ways the concept of maintaining a constant stock of aggregate natural capital is even more bizarre than maintaining a non-declining stock of total capital. It seems more reasonable to suggest that artificial capital might replace some of the functions of natural capital than to suggest that in general various natural resources may be substitutes for each other. How can oil reserves substitute for clean air, or iron deposits for topsoil? Recognizing this, some of the strong sustainability proponents have dropped the idea of maintaining an aggregate natural capital stock as proposed by Costanza and Daly (1992) and instead argue that minimum stocks of all natural resources should be maintained (Faucheux and O'Connor, 1995). However, this can no longer really be considered an example of the CTA. Instead it is an approach that depends on the concept of safe minimum standards or the precautionary principle. The essence of the CTA is that some aggregation of resources using monetary valuations is proposed as an indicator for sustainability.The types of models which admit an index of aggregate capital, whether aggregate natural capital or aggregate total capital, is very limited. Construction of aggregate indices or subindices of inputs depend on the production function being weakly separable in those subgroups (Berndt and Christensen, 1973). For example it is only possible to construct an index of aggregate natural capital if the marginal rate of substitution between two forms of natural capital is independent of the quantities of labor or capital employed. This seems an unlikely proposition as the exploitation of many natural resources is impractical without large capital stocks. For example, in the production of caught fish, the marginal rate of substitution, and under perfect competition the price ratio, between stocks of fresh water fish and marine fish should be independent of the number of fishingboats available. This is clearly not the case. People are not likely to put a high value on the stock of deep sea fish when they do not have boats to catch them with.If substitution is limited, technological progress might reduce the quantity of natural resource inputs required per unit of output. However, there are arguments that indicate that technical progress itself is bounded (see Pezzey, 1994; Stern, 1994). One of these (Pezzey, 1994) is that, just as in the case of substitution, ultimately the laws of thermodynamics limit the minimization of resource inputs per unit output. Stern (1994) argues that unknown useful knowledge is itself a nonrenewable resource. Technological progress is the extraction of this knowledge from the environment and the investment of resources in this activity will eventually be subject to diminishing returns.Limits to substitution in production might be thought of in a much broader way to include nonlinearities and threshold effects. This view is sometimes described as the "ecological" viewpoint on sustainability (Common and Perrings, 1992; Common, 1995) or as the importance of maintaining the "resilience" of ecological systems rather than any specific stocks or species. This approach derives largely from the work of Holling (1973, 1986). In this view ecosystems are locally stable in the presence of small shocks or perturbations but may be irreversibly altered by large shocks. Structural changes in ecosystems such as those that come about through human interference and particularly simplification, may make these systems more susceptible to losing resilience and being permanently degraded. There is clearly some substitutability between species or inorganic elements in the role of maintaining ecosystem productivity, however, beyond a certain point this substitutability may suddenly fail to hold true. This approach also asks us to look at development paths as much less linear and predictable than is implied in the CTA literature.All things considered, what emerges is a quite different approach to sustainability policy. It is probable that substitution between natural and artificial capital is limited, as is ultimately technicalchange. Additionally the joint economy-ecosystem system may be subject to nonlinear dynamics. This implies that eventually the economy must approach a steady state where the volume of physical economic activity is dependent on the maximum economic and sustainable yield of renewable resources or face decline ie. profit (or utility) maximizing use of renewable resources subject to the sustainability constraint. As in Herman Daly's vision (Daly, 1977) qualitative change in the nature of economic output is still possible. Sustainability policy would require not just maintaining some stocks of renewable resources but also working to reduce "threats to sustainability" (Common, 1995) that might cause the system to pass over a threshold and reduce long-run productivity.The notion of Hicksian income originally applied to an individual price-taking firm (Faucheux and O'Connor, 1995). However, even here it is not apparent that the myopic policy of maintaining capital intact from year to year is the best or only way to ensure the sustainability of profits into the future. If a competing firm makes an innovation that renders the firm's capital stock obsolete, the latter's income may drop to zero. This is despite it previously following a policy of maintaining its capital intact. The firm's income measured up to this point is clearly seen to be unsustainable. In fact its policy has been shown to be irrelevant to long-run sustainability. In the real world firms will carry out activities that may not contribute to the year to year maintenance of capital and will reduce short-run profits such as research and development and attempts to gain market share.10 These activities make the firm more resilient against future shocks and hence enhance sustainability.b.Prices for AggregationSupposing that the necessary separability conditions are met so that aggregation of a capital stock is possible, analysts still have to obtain an appropriate set of prices so that the value of the capital stock is a sustainability relevant value. The CTA is more or less tautological if we use the "right" prices. However, these correct "sustainability prices" are unknown and unknowable. A number of。

标题：voa慢速英语:US Says Economy Grew 3.5 Percent in Third Quarter对应音频：special20091030b.mp3听力内容：This is the VOA Special English Economics Report。

Early estimates show that the United States economy began to grow again in July，August and September。

The three-and—a-half percent growth was the first expansion in more than a year, and the strongest in two years。

The government said increases in consumer spending and exports and improvements in business investment led the growth。

So did increased federal spending and housing investments.President Obama had this reaction to Thursday’s report on the gross domestic product —— a wide measure of goods and services in the economy。

BARACK OBAMA："This is obviously welcome news and an affirmation that this recession is abating and the steps we’ve taken have made a difference. But I also know that we've got a long way to go to fully restore our economy and recover from what’s been the longest and deepest downturn since the Great Depression."That downturn was partly caused by bankers and others taking irresponsible risks to earn huge payments. So say their critics. Criticism of Wall Street pay is nothing new。

中国经济发展英语报告China's Economic DevelopmentChina's economic growth has been one of the most remarkable stories of recent decades. Over the past few decades, China has transformed itself from a primarily agrarian society to the world's second-largest economy. This has had a significant global impact and has made China a major player in the international arena.One of the key drivers of China's economic development has been its focus on manufacturing. The country has become the world's factory, producing a wide range of goods for both domestic and international markets. China's competitive advantage lies in its large labor force, low production costs, and efficient manufacturing processes. This has attracted numerous multinational corporations to set up production facilities in China, further bolstering its economy.Another important aspect of China's economic development is its emphasis on infrastructure development. The construction of high-speed railways, airports, ports, and roads has greatly improved connectivity within the country and facilitated trade and transportation. This has not only boosted domestic economic activity but also positioned China as a global logistics hub.China's economic development has also been fueled by its growing consumer market. With a population of over 1.4 billion people, China offers a massive consumer base for both domestic and foreign companies. Rising incomes, urbanization, and a burgeoning middle class have led to increased consumer spendingon a wide range of products and services, driving economic growth and opening up new opportunities for businesses.In recent years, China has also made significant strides in technological innovation. The country has been investing heavilyin research and development, with a particular focus on emerging sectors such as artificial intelligence, biotechnology, and renewable energy. This has not only driven innovation within China but also positioned the country as a global leader in various technological fields, attracting foreign investment and fostering economic growth.China's economic development has not been without challenges. The country faces issues such as income inequality, environmental degradation, and an aging population. Addressing these challenges will be crucial for sustaining long-term economic growth and ensuring the well-being of its citizens.In conclusion, China's economic development has been remarkable, transforming the country into a global economic powerhouse. The focus on manufacturing, infrastructure development, a growing consumer market, and technological innovation have been key drivers of this growth. However, it is essential to address the challenges ahead to ensure sustainable development and inclusive growth for the future.。

1、Leaders from more than one hundred nations are in Rio de Janeiro, Brazil for a three-day United Nations Conference on Sustainable Development. More than forty thousand activists and political and business leaders are also there. United Nations Secretary-General Ban Ki-moon spoke at the opening of the event, known as the Rio + 20.2、This year, officials are trying to reach final agreement on a document that details goals for reducing poverty while supporting clean energy and sustainable development. The conference will draw attention to seven major issues. The UN says jobs, energy and sustainable cities are of top importance. It notes that food security, water, oceans and dealing with disasters are other issues basic to lifting people out of poverty.3、The Mayor of New York City, Michael Bloomberg, took part in a discussion among mayors of some of the world's largest cities. They talked about measures to cut greenhouse gasses. These gasses are known to trap heat and have been linked to climate change. Cities are responsible for up to seventy-five percent of the gases. Mr.Bloomberg said the world's mayors are taking the lead on issues like the environment and sustainability.4、Mayors reported using electric vehicles, better street lighting and improved waste management to reduce cities' greenhouse emissions.5、Still, some environmental activists say the conference document is too weak. They say there are many promises of action but few clear targets for reducing pollution and the use of natural resources.。

经济报告英文Economic Report: Rising Tensions Undermine Global GrowthIntroductionThis economic report provides an overview of the current global economic situation and the outlook for the future. In recent years, the global economy has faced a range of challenges, including trade tensions, geopolitical uncertainty, and slowing growth in major economies. This report examines these issues, including their causes and potential consequences for the global economy.Overview of the Current Economic SituationThe global economy has been slowing down in recent years, with growth rates in many developed and emerging economies declining. This is partly due to trade tensions between major economies such as the United States and China, which have disrupted supply chains and reduced investment. In addition, there is growing geopolitical uncertainty, with ongoing conflicts in the Middle East, tensions between the United States and Iran, and political instability in many regions.These challenges have had a significant impact on the global economy, with many countries experiencing lower growth rates and rising unemployment. In addition, there are concerns about the long-term impact of these issues, including their potential to further undermine global economic growth.Trade TensionsOne of the primary drivers of the current economic situation is the growing trade tensions between major economies. The United States and China have been engaged in a trade war for several years, imposing tariffs on each other's goods and disrupting global supply chains. Other countries, such as Japan, have also faced trade tensions with the United States, creating uncertainty and reducing investment.These trade tensions have had a significant impact on the global economy, with many businesses struggling to adjust to the new environment. In addition, they have led to rising prices for consumers, affecting purchasing power and reducing demand for goods and services.Geopolitical UncertaintyAnother major factor contributing to the current economic situation is geopolitical uncertainty. Ongoing conflicts in the Middle East, including in Syria and Yemen, have created significant instability in the region and disrupted global oil supplies. This has led to higher oil prices, affecting energy costs around the world.In addition, there is growing tension between the United States and Iran, following the killing of Iranian General Qasem Soleimani. These tensions have increased the risk of conflict in the region, creating further uncertainty for businesses and investors.Outlook for the FutureDespite these challenges, there are reasons to be optimistic about the future of the global economy. Many countries are taking steps to address the issues facing the global economy, including through trade negotiations and efforts to resolve geopolitical conflicts.In addition, there are opportunities for growth in emerging markets, which are expected to continue to expand over the coming years. This could help to offset slower growth in developed economies, creating new opportunities for businesses and investors.However, the risks facing the global economy cannot be ignored. Continued trade tensions, geopolitical uncertainty, and the ever-present risks of natural disasters and other disruptions could all undermine global growth in the coming years.ConclusionOverall, the current economic situation is characterised by rising tensions and uncertainty. However, there are opportunities for growth and optimism about the future, particularly in emerging markets. The challenge for policymakers and businesses will be to navigate these risks and take advantage of the opportunities available, ensuring a stable and prosperous global economy for years to come.。

International Economics, 8e (Krugman) IIChapter 12 National Income Accounting and the Balance of Payments1) A country's gross national product (GNP) isA) the value of all final goods and services produced by its factors of production and sold on the market in a given time period.B) the value of all intermediate goods and services produced by its factors of production and sold on the market in a given time period.C) the value of all final goods produced by its factors of production and sold on the market in a given time period.D) the value of all final goods and services produced by its factors of production and sold on the market.E) the value of all final goods and services produced by its factors of production, excluding land, and sold on the market in a given time period.Answer: A2）The CA is equal toA) Y - (C - I + G).B) Y + (C + I + G).C) Y - (C + I + G).D) Y - (C + I - G).E) None of the above.Answer: A3）For open economies,A) S = I.B) S = I + CA.C) S = I - CA.D) S > I + CA.E) S < I + CA.Answer: B4）A U.S. citizen buys a newly issued share of stock in England, paying for his order with a check, which the British company deposits in its own U.S. bank account in New York. How is this transaction accounted for in the balance of payments?A) financial account, U.S. asset exportB) current account, U.S. service importC) current account, British good exportD) financial account, British asset importE) financial account, U.S. asset importAnswer: A5) The earnings of a Spanish factory with British owners areA) counted in Spain's GDP.B) are part of Britain's GNP.C) are counted in Britain's GDP.D) are part of Spain's GNP.E) Only A and B.Answer: E6）"The Balance of payments is always balanced." Discuss.Answer: True. Every international transaction automatically enters the balance of payments twice, once as a credit and once as a debit.Current account + financial account + capital account = 07) "The balance of payments accounts seldom balance in practice." Discuss. Answer: True. The main reasons are due to the fact that data collected or received from different sources may differ in coverage, accuracy, and timing. In addition, data on services are not reliable as well as data from the financial account. Moreover, accurate measurements of international interest and dividend receipts are particularly difficult.8）Fill in the following table:Answer:Chapter 13 Exchange Rates and the Foreign Exchange Market: An Asset Approach1）How many British pounds would it cost to buy a pair of American designer jeans costing $45 if the exchange rate is 1.80 dollars per British pound?A) 10 British poundsB) 25 British poundsC) 20 British poundsD) 30 British poundsE) 40 British poundsAnswer: B2) An appreciation of a country's currency,A) decreases the relative price of its exports and lowers the relative price of its imports.B) raises the relative price of its exports and raises the relative price of its imports.C) lowers the relative price of its exports and raises the relative price of its imports.D) raises the relative price of its exports and lowers the relative price of its imports.E) None of the above.Answer: D3) Which major actor is at the center of the foreign exchange market?A) corporationsB) central banksC) commercial banksD) non-bank financial institutionsE) None of the above.Answer: C4) What is the expected dollar rate of return on euro deposits with today's exchange rate at $1.10 per euro, next year's expected exchange rate at $1.166 per euro, the dollar interest rate at 10%, and the euro interest rate at 5%?A) 10%B) 11%C) -1%D) 0%E) None of the above.Answer: B5) What is the expected dollar rate of return on dollar deposits with today's exchange rate at $1.10 per euro, next year's expected exchange rate at $1.165 per euro, the dollar interest rate at 10%, and the euro interest rate at 5%?A) 10%B) 11%C) -1%D) 0%E) None of the above.Answer: A6）If the dollar interest rate is 10 percent, the euro interest rate is 6 percent, and the expected return on dollar depreciation against the euro is 4 percent, thenA) an investor should invest only in dollars.B) an investor should invest only in euros.C) an investor should be indifferent between dollars and euros.D) It is impossible to tell given the information.E) All of the above.Answer: C7）Discuss the effects of a rise in the interest rate paid by euro deposits on the exchange rate.Answer: There are two effects to consider. If we make the unrealistic assumption that the expected exchange rate will not change, then a rise in the interest rate paid by Euro deposits causes the dollar to depreciate. However, if the expected exchange rate were to rise, then the current exchange rate would also rise. (See figure 13-6 from the text.)8) Calculate the interest rate in the euro zone if interest parity condition holds, for the following 15 cases:Answer:Chapter 14 Money, Interest Rates, and Exchange Rates 1）Money includesA) currency.B) checking deposits held by households and firms.C) deposits in the foreign exchange markets.D) Both A and B.E) A, B, and C.Answer: D2）The aggregate money demand depends onA) the interest rate.B) the price level.C) real national income.D) All of the above.E) Only A and C.Answer: D3）Using a figure describing both the U.S. money market and the foreign exchange market, analyze the effects of a temporary increase in the European money supply on the dollar/euro exchange rate.Answer: An increase in the European money supply will reduce the interest rate on the euro and thus will cause the schedule of the expected euro return expresses in dollars to shift down, causing a reduction in the dollar/euro exchange rate, i.e., an appreciation of the U.S. Dollar. The euro depreciates against the dollar. The U.S. money demand and money supply are not going to be affected, and thus the interest rate in the U.S. will remain the same.4) A permanent increase in a country's money supplyA) causes a more than proportional increase in its price level.B) causes a less than proportional increase in its price level.C) causes a proportional increase in its price level.D) leaves its price level constant in long-run equilibrium.E) None of the above.Answer: C5）After a permanent increase in the money supply,A) the exchange rate overshoots in the short run.B）the exchange rate overshoots in the long run.C) the exchange rate smoothly depreciates in the short run.D) the exchange rate smoothly appreciates in the short run.E) None of the above.Answer: A6）"Although the price levels appear to display short-run stickiness in many countries, a change in the money supply creates immediate demand and cost pressures that eventually lead to future increase in the price level." Discuss.Answer: The statement is true. The pressures come from three main sources: excess demand for output and labor; inflationary expectations; and, raw material prices.7）The long run effects of money supply change:A) ambiguous effect on the long-run values of the interest rate or real output, a proportional change in the price level's long-run value in the opposite direction.B）proportional effect on the long-run values of the interest rate or real output, a proportional change in the price level's long-run value in the same direction.C) no effect on the long-run values of the interest rate or real output, a proportional change in the price level's long-run value in the same direction.D) no effect on the long-run values of the interest rate or real output, no change in the price level's long-run value.E) ambiguous effect on the long-run values of the interest rate or real output, A disproportional change in the price level's long-run value in the same direction. Answer: CChapter 15 Price Levels and the Exchange Rate in the Long Run1）Under Purchasing Power Parity,A) E$/E = PUS/PE.B) E$/E = PE/PES.C) E$/E = PUS + PE.D) E$/E = PUS - PE.E) None of the above.Answer: A2）Assuming relative PPP, fill in the table below:Answer:3) Under PPP (and by the Fisher Effect), all else equal,A) a rise in a country's expected inflation rate will eventually cause a more-than proportional rise in the interest rate that deposits of its currency offer in order to accommodate for the higher inflation.B) a fall in a country's expected inflation rate will eventually cause an equal rise in the interest rate that deposits of its currency offer.C) a rise in a country's expected inflation rate will eventually cause an equal rise in the interest rate that deposits of its currency offer.D) a rise in a country's expected inflation rate will eventually cause a less than proportional rise in the interest rate that deposits of its currency offer to accommodate the rise in expected inflation.E) None of the above.Answer: C4）Describe the chain of events leading to exchange rate determination for the following cases:(a) An Increase in U.S. money supply(d) Increase in growth rate of U.S. money supply(c) Increase in world relative demand for U.S. products(d) Increase in relative U.S. output supplyAnswer: Chain of events leading to exchange rate determination:∈/$E = ∈/$q × (P us /P E )Increase in U.S. money supply: Pus rises in proportion to the money supply; qremains the same. All dollar prices will rise (including dollar price of euro).Increase in growth rate of U.S. money supply: Inflation rate, dollar interest rate, Pus, E, rises in proportion to Pus.Increase in world relative demand for U.S. products: E falls, and q does as well. Increase in relative U.S. output supply: Dollar depreciates, lowers relative price of U.S. output, rise in q, effect on E is not clear since q and Pus work in opposite directions.5）Which of the following statements is the most accurate? A) Relative PPP is not a reasonable approximation to the data.B) Relative PPP is sometimes a reasonable approximation to the data but often performs poorly.C) Relative PPP is sometimes a reasonable approximation to the data. D) PPP is sometimes a reasonable approximation to the data.E) PPP is sometimes a reasonable approximation to the data but usually performs poorly.Answer: B6) Interest rate differences between countries depend onA) differences in expected inflation, but not on expected changes in the real exchange rate.B) differences in expected changes in the real exchange rate, but not on expected inflation.C) neither differences in expected inflation, nor on expected changes in the real exchange rate.D) differences in expected inflation and nothing else.E) differences in expected inflation, and on expected changes in the real exchange rate.Answer: E8) What is the real exchange rate between the dollar and the euro equal to? Answer: Let,∙ Real dollar/euro exchange rate = ∈/$q ∙Nominal exchange rate = ∈/$E∙ Price of an unchanging basket in US = Pus ∙ Price of an unchanging basket in Europe = PEThen,∈/$q= (∈/$E× P E)/PusA rise in the real dollar/euro exchange rate is called a real depreciation of the dollar against the euro, a fall in purchasing power of the dollar.A fall in the real dollar/euro exchange rate is called a real appreciation of the dollar against the euro, a rise in purchasing power of the dollar.Chapter 16 Output and the Exchange Rate in the Short Run1）A country's domestic currency's real exchange rate, q, is best described byA) the price of similar goods in the same market.B) the price of the domestic basket in terms of the foreign one.C) the price of a domestic basket.D) the price of the foreign basket in terms of the domestic basket.E) the price of different goods baskets in the same market.Answer: D2）Fill in the following table:Answer：3) How does a rise in real income affect aggregate demand?A) Y ↑implies Yd ↑implies Im ↑implies CA ↓implies AD ↓, but Y ↑implies Yd ↑implies C ↑implies AD ↑by moreB) Y ↑implies Yd ↑implies Im ↓implies CA ↓implies AD ↓, but Y ↑implies Yd ↑implies C ↑implies AD ↑by moreC) Y ↑implies Yd ↑implies Im ↑implies CA ↑implies AD ↑, and Y ↑implies Yd ↑implies C ↑implies AD ↑D) Y ↑implies Yd ↑implies Im ↑implies CA ↓implies AD ↓, but Y ↑implies Yd ↑implies C ↑implies AD ↑by lessE) Y ↑implies Yd ↑implies Im ↓implies CA ↓implies AD ↓, but Y ↑implies Yd ↑implies C ↑implies AD ↑by lessAnswer: A4）The aggregate demand for home input can be written as a function of:I. Real exchange rate.II. Government spending.III. Disposable income.A) I onlyB) III onlyC) I and IIID) II and IIIE) I, II, and IIIAnswer: E5) In the short-run, any rise in the real exchange rate, EP/P, will causeA) an upward shift in the aggregate demand function and a reduction in outputB) an upward shift in the aggregate demand function and an expansion of outputC) a downward shift in the aggregate demand function and an expansion of outputD) an downward shift in the aggregate demand function and a reduction in outputE) an upward shift in the aggregate demand function but leaves output intact Answer: B6) In the short-run, any fall in EP/P, regardless of its causes, will causeA) an upward shift in the aggregate demand function and an expansion of outputB) an upward shift in the aggregate demand function and a reduction in outputC) a downward shift in the aggregate demand function and an expansion of outputD) an downward shift in the aggregate demand function and a reduction in outputE) an upward shift in the aggregate demand function but leaves output intact Answer: D7) In the short-run, a temporary increase in the money supplyA) shifts the AA curve to the right, increases output and depreciates the currency.B) shifts the AA curve to the left, increases output and depreciates the currency.C) shifts the AA curve to the left, decreases output and depreciates the currency.D) shifts the AA curve to the left, increases output and appreciates the currency.E) shifts the AA curve to the right, increases output and appreciates the currency. Answer: A8）If the economy starts in long-run equilibrium, a permanent fiscal expansion will causeA) an increase in exchange rate, E.B) a decrease in exchange rate, E.C) an increase in output, Y.D) a decrease in output, Y.E) shifting of the AA curve up and to the right.Answer: BChapter 17 Fixed Exchange Rates and Foreign Exchange Intervention1) A central bank's international reserves includeA) any gold that it owns.B) any silver that it owns.C) any gold that it owns and foreign and domestic assets.D) any silver that it owns and foreign and domestic assets.E) only foreign and domestic assets.Answer: C2）A balance sheet for the central bank of Pecunia is shown below:Central Bank Balance SheetAssets LiabilitiesForeign assets $1,000 Deposits held by private banks $500Domestic assets $1,500 Currency in circulation $2,000Please write the new balance sheet if the bank sells $100 worth of foreign bonds for domestic currency.Answer:Central Bank Balance SheetAssets LiabilitiesForeign assets $900 Deposits held by private banks $500Domestic assets $1,500 Currency in circulation $1,9003）If the central bank does not purchase foreign assets when output increases but instead holds the money stock constant, can it still keep the exchange rate fixed at Eo? Please explain with the aid of a figure.Answer:No, the rise in output leads to an excess demand for money. If the central bank does not increase supply to meet this demand, the domestic interest rate would rise above the foreign rate, R*. This higher rate of return (and given expectations in the foreign exchange market) would cause the exchange rate to fall below Eo.4）Under fixed exchange rate, in general,A) the domestic and foreign interest rates are equal, R = R.B) R = R+ (Ee - E)/E.C) There is no relation between the fixed exchange rate and the interest rates both foreign and domestic.D) E is equal to one.E) None of the above.Answer: A5) A balance of payments crisis is best described asA) a sharp change in interest rates sparked by a change in expectations about the level of imports.B) a sharp change in foreign reserves sparked by a change in expectations about the future exchange rate.C) a sharp change in interest rates sparked by a change in expectations about the level of exports.D) a sharp change in foreign reserves sparked by a change in expectations about the level of imports.E) None of the above.Answer: B6) Use a figure to illustrate the ineffectiveness of monetary policy to spur on an economy under a fixed exchange rate.Answer:The initial equilibrium rests at point 1. If the central bank wishes to use monetary policy to increase output from Y1 to Y2, then they might buy domestic assets and shift the AA curve outward. However, the central bank must maintain a fixed exchange rate E0, so would have to sell foreign assets for domestic currency, returning the economy to point 1.7）Use a figure to explain the potential effectiveness of fiscal policy to spur on the economy under a fixed exchange rate.Answer:With an aim toward increasing output, the government could use fiscal policy to shift the DD curve outward. The central bank will have to take steps to maintain a fixed exchange rate E0, among the options is buying foreign assets with money, to shift the AA schedule outward until the equilibrium at point 3 is reached。

3个字母的英⽂缩写 只有三个字母的英⽂缩写，我们不妨看看它都长什么样字。

下⾯是店铺给⼤家整理的3个字母的英⽂缩写，供⼤家参阅! 3个字母的英⽂缩写 1.voice of America - VOA 美国之⾳ 2.Chief Executive Officer - CEO 执⾏总裁,⾸席执⾏官 3.World Trade Organization - WTO 世界贸易组织 3个字母的英⽂缩写VOA的英语例句 1. We're on the air on VOA news. 我们现在开播“美国之⾳”⼴播了. 2. This is IN THE NEWS in VOA Special English. 这⾥是VOA特别英语时事报道. 3. You are listening to the news in VOA Special English. 你正在收听的是VOA特别英语. 4. And that's the VOA Special English Education Report, written by Nancy Steinbach. 这就是VOA特别英语教育报道, 本次报道由NancySteinbach撰稿. 5. She tells VOA News the disease continues to haunt her. 她告诉VOA记者天花仍然搅扰着她. 6. VOA Voice of America is also broadcast in Chinese and English. VOA是美国之⾳同样也有中⽂⼴播和英语⼴播. 7. Now the VOA Special English program, Words and Their Stories. 现在是VOA特别英语节⽬, 词汇和它们的故事. 8. And that's the VOA Special English Development Report, written by Jerilyn Watson. 以上就是VOA特别英语发展报告, 由JerilynWatson撰稿. 9. This is the VOA special Special English agricultural Agriculture Report. 这⾥是VOA慢速英语农业频道. 10. The president of Goucher is Sandy Ungar, a former VOA director. 古彻学院的校长杉迪安格是前VOA主管. 11. Now, the VOA Special English program WORDS AND THEIR STORIES. 现在是voa慢速英语栏⽬——词语典故. 12. And that's the VOA Special English Economics Report, written by Mario Ritter. 这是由MarioRitter编写的、 VOA特别英语的经济报道. 13. You need a good short - wave radio to pick up VOA in China. 在中国收听VOA需要⼀台好的短波收⾳机. 14. And that's the VOA Special English Economics Report. I'm Mario Ritter. 以上是VOA特别英语节⽬:经济报道. 我是马⾥奥?⾥特. 15. This is the VOA Special English Agricuture Agriculture Report. 这是VOA慢速英语的农业报道. 3个字母的英⽂缩写CEO的双语例句 1. It's that the average American CEO is a prisoner of ideology. 问题在于美国企业最⾼⾏政负责⼈⼀般都是意识形态的俘虏. 2. He was soon advanced to the position of CEO. 不久他被提升为总裁. 3. It's not unusual for Microsoft chairman and CEO Gates to put in 16 - hour days. 对于微软公司主席和总经理的盖茨来说,⼀天⼯作16⼩时是很平常的事. 4. " Even if they keep on eating badly , they won't gain weight,'says CEO Andre G . Pemet. 基塞⾸席执⾏官安德-C- 波奈说, “ 病⼈即使继续胡吃, 也不会再发胖. ” 5. Too little skill, or inappropriate system, or CEO indifference, leads rapidly to cynicism. 才能太差或不适当的制度, 或⾏政总负责⼈漠不关⼼, 都会迅速招致冷⾔冷语. 6. CEO made the whole decision - making, implementation will devolve power. CEO作出总体决策后, 具体执⾏权⼒就会下放. 7. Only then - CEO Alex Trotman collected a bigger bonus from Ford that year. 但是当时前任CEO阿历克斯.卓特曼从福特公司获得了数⽬更多的分红. 8. Many of these CEO's have significantly increased their international marketplace value. 很多这么做的CEO们显著提⾼了他们⾃⼰在国际商务市场上的价值. 9. Directors and CEO's can now set their corp standing towards themselves. 主管和CEO现在可以设置军团对他们⾃⼰的声望. 10. Jack . Welch Autobiography & gt ; praised as " the Holy Bible of CEO " 《杰克·韦尔奇⾃传》被誉为 “ CEO的圣经 ” 11. Provides administrative and secretarial support to the CEO, executive level management. 为CEO及⾼级管理层提供⾏政及⽂秘⽀持. 12. The employee gets to ask the CEO about anything work related. 该名职员可以向CEO询问任何与⼯作相关的事情. 13. The CEO answers questions and asks his or her own questions. CEO回答这些问题,并向他询问⼀些其他问题. 14. Wang Jingying of royal and online CEO says not without agitato. 盛⼤在线CEO王静颖不⽆兴奋地说. 15. Plenty of professionals want to meet the CEO, CIO, or C - whoever - can - help. 不少职场⼈⼠想认识CEO 、 CIO等,以及任何只要能帮得上忙的管理层. 3个字母的英⽂缩写WTO的英语例句 1. The world desperately needs an effective WTO. 世界急需⼀个富有成效的世界贸易组织。

US Automakers Ask Congress for $34 Billion in AidChiefs of Big Three return to Washington -- in hybrid vehicles this time, not private jets -- to renew appeal for a rescue. Also, the Treasury considers a plan to help increase home sales. Transcript of radio broadcast:04 December 2008This is the VOA Special English Economics Report.The United States is already one year into a recession. That was the news this week from the National Bureau of Economic Research. The downturn is the longest since a recession that began in nineteen eighty-one and lasted sixteen months.Economists generally wait for production to shrink for six months in a row before they declare a recession. But the bureau, a private group, uses a wider set of information to measure the economy. The news only confirmed what many people already knew: that the world's largest economy is weak and may not recover soon.Worsening conditions have led to a big drop in spending, especially on costly products like new cars. Even Japanese automaker Toyota saw its sales fall thirty-four percent in the United States in November from a year ago.The heads of Chrysler, Ford and General Motors returnedto Congress this week to again ask for federal aid.Congressional leaders denounced them two weeks ago afterthey came in private jets with no clear plans for saving theirindustry.This time, the chiefs drove to Washington in fuel-savinghybrid vehicles. And their companies presented detailedrestructuring plans. The request for aid has risen from twenty-five billion dollars two weeks ago to thirty-four billion in loans and credit lines. G.M. wants almost half of that, and says it needs four billion dollars this month. It warned that without support it cannot continue to operate. Ford is in a better position. But the sharing of suppliers means it could be affected if G.M. orChrysler fails. Ford is asking for a nine billion dollar credit line in case it needs it.G.M. chief executive Rick Wagoner steps out of the Chevrolet Malibu hybrid car in which he rode toWashingtonChrysler is the smallest and most troubled of America's Big Three. It says it needs a seven billion dollar loan by the end of the month.Two days of congressional hearings began Thursday in the Senate Banking Committee. The chairman, Democrat Chris Dodd, said he would support helping the automakers for the good of the economy. But the committee's top Republican, Richard Shelby, expressed opposition to a bailout.A main root of the world financial crisis is the weak housing market in the United States. The Treasury Department has been under pressure to help troubled homeowners. Now comes news that the department is developing a plan aimed at reducing interest rates on mortgage loans for some buyers of homes. That could be good for homeowners trying to sell.And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Steve Ember.Tribune, a Big US Media Group, Goes BankruptSam Zell borrowed heavily to buy the company. Now, a year later, it becomes the victim of a weak economy and decreasing newspaper readership. Transcript of radio broadcast:11 December 2008This is the VOA Special English Economics Report.One of America's largest media companies has sought protection from its creditors in bankruptcy court. The Tribune Company owns the Los Angeles Times, the Chicago Tribune, the Baltimore Sun and other newspapers. It also owns twenty-three television stations and the Chicago Cubs baseball team.Sam Zell, one of the nation's biggest property owners, tookcontrol a year ago. He led a stock buyout for eight billiondollars. He borrowed almost all of it.Many buyouts in recent years were heavily financed withdebt. But Tribune was struggling with thirteen billiondollars of debt in a recession. It lost more than one hundredtwenty million dollars between July and September. Tribune sought protection Monday under Chapter Eleven ofthe bankruptcy laws. Chapter Eleven lets a businesscontinue to operate while it seeks to restructure its debt.Sam Zell blamed what he called a "perfect storm" of economic conditions including a credit crisis. But critics say he simply borrowed too much.Tribune is the country's first major newspaper group to declare bankruptcy since the rise of the Internet in the middle of the nineteen nineties. Profits have been shrinking as newspapers lose readers and advertisers to competition from new media. The Christian Science Monitor, for example, plans to publish only online by April.Newspapers have, in fact, been losing readers since the eighties. But things are a lot worse now. Circulation in the six months ending in September was down almost five percent from the year before. Some papers fell more than ten percent. The two largest newspapers, however, USA Today and the Wall Street Journal, reported little change.The New York Times is third; its was down about four percent. But Executive Editor Bill Keller says the Times is still profitable and had a billion page views on its Web site in October."Good journalism does not come cheap," he says. "And, therefore, you're not going to find a lot ofblogs or nonprofit Web sites that are going to build a Baghdad bureau."The Tribune Tower in Chicago,IllinoisHe spoke recently on National Public Radio. NPR says it just had a year of near-record audience levels on the radio and online, as other journalism investments decreased. But over the next year, the nonprofit network predicts a big deficit because of less giving by companies in the downturn. So this week it cut seven percent of its jobs and canceled two programs.And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Steve Ember.Fed Cuts Short-Term Rates to Nearly Zero; Now What?The U.S. central bank can follow a policy of easy money -- for now -- because inflation is no longer a concern. Transcript of radio broadcast:18 December 2008This is the VOA Special English Economics Report.The United States Federal Reserve says it will use "all available tools" to restart economic growth. The central bank's main interest rate is now the lowest in its history. This week the Fed cut its target rate of one percent for overnight loans between banks to a target range of zero to one-fourth of one percent. The Fed based its decision on weakeningeconomic conditions.Americans have decreased their spending every monthsince July -- the longest period in at least sixteen years.Unemployment grew to six and seven-tenths percent inNovember -- the highest in fifteen years.This week's cut in the federal funds rate was larger thanmany economists had expected. The Fed also cut its rate fordirect loans to banks. And it began paying interest on balances held in the Federal Reserve System.In the past, cutting rates has been a powerful tool to lift the economy. But President-elect Barack Obama says it is not enough this time.BARACK OBAMA: "We're running out of traditional ammunition that's used in a recession, which is to lower interest rates. They're getting to be as low as they can go."Some economists think the United States could face a "lost decade" like Japan in the nineteen nineties. The Bank of Japan cut rates to zero but failed to avoid a long recession.The Fed is also taking other steps. Last month, it announced a plan to buy up to six hundred billion dollars in housing-related debt. Since then, rates for home loans have fallen. The average rate for a thirty-year mortgage was five and nineteen one-hundredths percent this week. That is the lowest in at least thirty-seven years.And next year, the Fed plans to lend up to two hundred billion dollars to support credit markets for car and student loans and small businesses.For now, the bank is following a policy of easy money because there is little risk of inflation. For the last two months there were record decreases in the Consumer Price Index, which goes back to nineteen forty-seven.Federal Reserve in WashingtonPrices for goods and services were nearly unchanged in November except for a big drop in energy prices. Gasoline prices fell almost thirty percent.So far, the Organization of Petroleum Exporting Countries has failed to halt the drop in oil prices. OPEC agreed Wednesday in Algiers to a record production cut of more than two million barrels a day, or about seven percent. Even so, oil traded below forty dollars a barrel this week for the first time in four years.And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Steve Ember.Countrywide and Bear S tearns Started the Year’s Slide into Financial CrisisAt the start of the year, it was well-known that the housing market was in crisis. But few predicted that bad loans would bring down one of Wall Street’s biggest investment banks. Transcript of radio broadcast:25 December 2008This is the VOA Special English Economics Report.We look back at this year's bad economic news in the United States. Economic growth wasexpected to slow in two thousand eight. Housing prices had been falling in the United States since two thousand six. But few economists predicted thefinancial collapse only a few months away.Yet, Nouriel Roubini, a professor of economics at NewYork University, did just that. In two thousand six, he toldeconomists at the International Monetary Fund that theUnited States would likely face a housing crisis. He alsopredicted decreased consumer spending, high oil prices anda deep recession.The year started with troubling economic news.Countrywide, the nation's largest mortgage lender, was introuble. It was one of the biggest holders of risky subprime home loans. It had lost billions of dollars in bad loans the year before. Bank of America offered to buy Countrywide for four billion dollars in January. The deal was approvedin June. With the economy slowing, Congress passed a bill in February designed to ease the economic slowdown. The bill returned over one hundred fifty billion dollars to taxpayers, but did little to aid growth.The first major sign of the financial crisis developing on Wall Street came in March with the collapse of Bear Stearns. It was once the fifth largest investment bank. But Bear Stearns was forced to sell itself to J.P. Morgan Chase bank in a government-negotiated deal. Bear Stearns had invested heavily in securities based on risky home loans.During the summer, prices for goods such as precious metals and oil set records. Oil hit an all-time high of over one hundred forty-seven dollars a barrel on July eleventh. As a result, Americans started driving less. They rejected fuel-hungry vehicles that Detroit carmakers hadbeen selling profitably for years.New York University economist Nouriel Roubini speaking in New York earlier this yearIn September, the government was forced to take control of America's two biggest housing finance companies, Fannie Mae and Freddie Mac. The companies hold trillions of dollars in mortgage-related securities. But concerns about their value meant that creditors were unwilling to lend to them. The rescue of Fannie and Freddie signaled the start of a severe credit crisis that would shake world financial markets.And that's the VOA Special English Economics Report written by Mario Ritter. Listen again next week for more about this year's economic news. I'm Steve Ember.。

经济类英语采访稿范文**English Version****Title: Insights into the Economics of Global Trade** In an era of increasing globalization, the intricacies of the global trade economy have become paramount. To delve into these complexities and understand how they affect individuals and businesses, we interviewed Dr. Emily Johnson, a leading economist in the field of international trade.**Interviewer:** Dr. Johnson, could you please provide a brief overview of the current state of the global trade economy?**Dr. Johnson:** Absolutely. The global trade economy is currently undergoing significant transformation. With the emergence of new technologies, trade barriers are being gradually dismantled, and supply chains are becoming increasingly interconnected. However, this interconnectedness also brings about new challenges, such as the complexity of managing supply chains and the needfor greater transparency and accountability.**Interviewer:** How do these changes affect small and medium-sized enterprises (SMEs) that are trying to enterthe global market?**Dr. Johnson:** SMEs play a crucial role in driving economic growth and innovation. However, they often face significant barriers when trying to enter the global market, such as limited resources, lack of access to finance, and challenges with compliance and regulation. To overcomethese barriers, SMEs need to be agile and innovative, leveraging technology to connect with global markets andfind new opportunities.**Interviewer:** What role do governments play in promoting global trade?**Dr. Johnson:** Governments play a vital role in promoting global trade. They can facilitate trade by negotiating trade agreements, providing financial supportto SMEs, and creating a conducive business environment. However, they must also be mindful of the need to protect domestic industries and ensure that trade agreements arefair and equitable.**Interviewer:** Finally, what advice would you give to individuals interested in pursuing a career ininternational trade?**Dr. Johnson:** My advice would be to stay updated with the latest trends and developments in the field, build a strong network of professional contacts, and always maintain a curious and inquiring mindset. International trade is a dynamic and constantly evolving field, and those who are willing to adapt and learn will find it incredibly rewarding.**Chinese Version****标题：全球贸易经济的深度洞察**在全球化的时代背景下，全球贸易经济的复杂性变得越来越重要。