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The Pros and Cons of Globalization

Pluses:

• Productivity grows more quickly when countries produce goods and services in which they have a comparative advantage. Living standards can go up faster.

• Global competition and cheap imports keep a lid on prices, so inflation is less likely to derail economic growth.

• An open economy spurs innovation with fresh ideas from abroad.

• Export jobs often pay more than other jobs.

• Unfettered capital flows give the U.S. access to foreign investment and keep interest rates low.

Minuses:

• Millions of Americans have lost jobs due to imports or production shifts abroad. Most find new jobs–that pay less.

• Millions of others fear losing their jobs, especially at those companies operating under competitive pressure.

• Workers face pay-cut demands from employers, which often threaten to export jobs.

• Service and white-collar jobs are increasingly vulnerable to operations moving offshore.

• U.S. employees can lose their comparative advantage when companies build advanced factories in low-wage countries, making them as productive as those at home

Vocabulary list

1. integration – объединение, интеграция; укрупнение
v. to integrate – объединять; укрупнять

2. interaction – взаимодействие, сотрудничество
v. to interact

3. cross-border trade – трансграничная международная торговля

4. productive potential – производственный потенциал

5. to promote – способствовать, продвигать
n. promotion

6. defining feature – определяющая черта

7. driver – движущая сила
syn. driving force

8. advances – достижения

9. controversial – спорный, противоречивый

10. proponent – защитник, сторонник
ant. opponent

11. to benefit – приносить пользу
to benefit from – извлекать пользу

12. at the expense of somebody, something – за счет кого-либо

13. resistance (to) – сопротивление (чему-либо)
v. to resist smth

14. transfer – переход, перевод

15. intellectual property – интеллектуальная собственность

16. interdependence – взаимозависимость

17. vulnerability (to) – уязвимость, подверженность
adj. vulnerable

Notes

1. prevailing – преобладающий

2. a decade – десятилетие

3. a qualitatively new phase – качественно новая фаза

4. dramatic reductions – зд. значительное уменьшение, снижение

5. at a popular level – на уровне населения

6. a daily routine – зд. обычное явление

7. unfettered – неограниченный

Ex 1. Find the Russian equivalents:

a process driven by international trade; human physical well-being; the current wave of globalization; the outbreak of the 1^st world war; to adopt a free-market economic system; barriers to commerce; taking advantage of new opportunities; an international industries and financial business structure; the driver of globalization; deeply controversial; to benefit corporations at the expense of local enterprises; to take shape both at a popular and at a government level; interdepence of different countries’ economies; multinational integrated structures; vulnerability to local and regional instability.