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What is International Trade?

When Honduras exports bananas to Switzerland, they can use the money they earn to import Swiss chocolate – or to pay for Kuwaiti oil or a vacation in Hawaii. The basic idea of international trade and investment is simple: each country produces goods or services that can be either consumed at home or exported to other countries.

The main difference between domestic trade and international trade is the use of foreign currencies to pay for the goods and services crossing international borders. Although global trade is often added up in U.S. dollars, the trading itself involves various currencies. Japanese TV set is paid for in German marks in Berlin and German cars are paid in U.S. dollars in Boston. Indian tea, Brazilian coffee and American films are sold around the world in currencies as diverse as Turkish liras and Mexican pesos.

Trade and investment is a two-way street and with a minimum of trade barriers, international trade and investment usually makes everyone better off.

In an interlinked global economy consumers are given the opportunity to buy the best products at the best prices. By opening up market a government allows its citizens to produce and export those things they are best at and to import the rest, choosing from whatever the world has to offer.

Some trade barriers will always exist as long as any two countries have different sets of laws. However when a country decides to protect its economy by erecting artificial trade barriers, the result is often damaging to everyone, including those people whom barriers were meant to protect.

The Great Depression of the 1930s, for example, spread around the world when the United States decided to erect trade barriers to protect local producers. As other countries retaliated, trade plundered, jobs were lost, and the world entered into a long period of economic decline.

Найдите в тексте эквиваленты следующим словосочетаниям и выражениям.

Экспортировать в, платить за, основная идея, торговля, инвестиции, производить товары, товары и услуги, основное различие, внутренняя и внешняя торговля, иностранная валюта, во всем мире, покупать лучшие продукты по лучшим ценам, искусственные барьеры, распространяться по всему миру, защищать местного производителя.

4. Ответьте на вопросы к тексту:

1) What is the basic idea of international trade?

2) What is the main difference between domestic and international trade?

3) How can you consider trade barriers?

4) What is the difference between trade and investment?

5) What were the sequences of the Great Depression of the 1930s?

Текст №2

1. Перед чтением текста рекомендуется изучить следующие слова:

objective, commerce, to promote, gross domestic product (GDP), capacity utilization, standard of living, stock of capital = capital stock, flat, emergence, adequate, marginal, unequivocal, downside, to externalize, disruption, pattern, pathogen, market access, underclass, aid, consequence, per capita

Прочтите текст и переведите его на русский язык.

Economic Growth

One of the primary objectives in a social system in which commerce and property have a central role is to promote the growth of capital. The standard measures of growth are Gross Domestic Product or GDP, capacity utilization, and 'standard of living'.

The ability of capitalist economies to increase and improve their stock of capital was central to the argument which Adam Smith advanced for a free market setting production, price and resource allocation. It has been argued that GDP per capita was essentially flat until the industrial revolution and the emergence of the capitalist economy, and that it has since increased rapidly in capitalist countries. It has also been argued that a higher GDP per capita promotes a higher standard of living, including the adequate or improved availability of food, housing, clothing, health care, reduced working hours and freedom from work for children and the elderly. These are reduced or unavailable if the GDP per capita is too low, so that most people are living a marginal existence.

Economic growth is, however, not universally viewed as an unequivocal good. The downside of such growth is referred to by economists as the 'externalization of costs'. Among other things, these effects include pollution, the disruption of traditional living patterns and cultures, the spread of pathogens, wars over resources or market access, and the creation of underclasses.

No matter how wealthy the richest capitalists are, it does not ensure the well-being of all the citizens. Such examples of this include the Hurricane Katrina crisis in New Orleans where the working class (a majority of them being African-American) were left without aid despite the US being the wealthiest country in the world at that time.

Ответьте на вопросы к тексту:

What are the standard measures of economic growth?

What are the side effects of economic growth?

What did the recent natural disasters prove?

Текст №3

1. Перед чтением текста рекомендуется изучить следующие слова: Department Store, Shopping Center, a clearance sale, bargain prices, to invite, dress slacks, long-sleeved shirts, at low prices, a ladies’ department, as low as half price, the selection in sizes, outstanding, on sale.