Task 2. Read through the new words and try to memorize them
| 1. flint | кремень |
| 2. slave | раб, невольник |
| 3. desert | пустыня |
| 4. fodder | корм |
| 5. cargo | груз |
| 6. precious stones | драгоценные камни |
| 7. luxury | предмет роскоши |
| 8. necessity | предмет необходимости |
| 9. pottery | фаянс |
| 10. jewels | драгоценные камни |
| 11. silkworm | шёлкопряд |
| 12. explorer | исследователь |
| 13. trade routes | торговые пути |
| 14. rival | конкурент, соперник |
| 15. to witness | быть свидетелем |
| 16. to merge | соединятся |
| 17. vivid example | яркий пример |
Task 3. Read and pronounce correctly the following geographical names:
1. Mesopotamia [,mesəpə’teimjə] Месопотамия
2. Egypt [i:dзipt] Египет
3. Phoenicians [fi’ni∫iənz] финикийцы
4. China [‘t∫ainə] Китай
5. Byzantium [bi’zæn∫iəm] Византия
6. Venice [‘venis] Венеция
7. Genoa [‘dзenouə] Генуя
8. East and West Indies [i:st ənd ‘west ‘indiz] Ост и Вест-Индия
9. Europe [‘juərəp] Европа
Read through the text and answer the following questions:
- What is known about the beginning of trade?
- What do you know about the earliest trade which starter across the deserts of Asia around 2500 BC?
- Who is thought to been the first to develop commerce by sea?
- Which city has become the political capital of the Roman Empire and the world’s commercial capital?
- When did Venice and Genoa become the world’s leading trade centers?
- When did the modern world begin?
- Who dominated the world’s trade by the 17th century?
- When did the pattern of the world trade start to become what it is today?
- How do you understand the process of globalization of the world trade?
Text IV. Balance of Trade
As nations engage in world trade, some of them end up with a favourable balance of trade, in which exports exceed imports and other have an unfavourable balance of trade, in which imports exceed exports.
Economists today recognize that a nation that sells abroad must also buy from foreign nations, in order to give them its currency to use in purchasing its goods.
History also reveals a correlation between the economic development of a nation and the status of its balance of trade. Emerging or developing nations are generally heavy importers especially of machinery, equipment, and various types of finished goods. Exports in a nation’s, lacking aid and investment capital, must finance imports by diverting sufficient quantities of natural resources and agricultural commodities from domestic to foreign (export) uses. As a country develops and is able to produce more of its own capital and finished goods, it will have less need for imports and an even balance of trade may come about. Finally, with its debts liquidated, a fully developed industrial nation tends to be a large exporter of capital. Consequently, a nation may shift from being a longtime debtor to being a creditor as its balance of trade shift from one side to another.
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More important than balance of trade in international economics is the balance of payments. Although the flow of merchandise constitutes a major category on international transactions, it constitutes only part of a nation’s balance of payments.
The balance of payments is statistical account (current and capital) of the financial transactions between nations over a period of 1 year.
Most transactions in the current account involve the purchase and sale of goods and services: income from merchandise trade and income generated from services performed by one country for another. The current accounts include investment income, interest, dividends, corporate profits and military transactions. The final item in the current account consists of unilateral transfers (foreign aid, emergency relief etc.).
The capital account depicts the flow of capital investments between nations: the purchase and sale of physical assets and financial assets.
Any international transaction that provides a claim for payment from another country is entered as a credit in the balance of payments of a given country and recorder with a + sign. Conversely, a debit is recorded whenever a transaction gives to a claim by foreign countries for payment from a given country. Debit transactions are designated by asign.
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Vocabulary notes
a favourable balance of trade –активный (благоприятный) торговый баланс
an unfavourable balance of trade –пассивный (неблагоприятный) торговый баланс
diversion –отвлечение, сокращение (ресурсов, торговли)
merchandise [’mət∫ əndiz] –товары
the flow of merchandise –движение товара
current account –счет текущих операций
capital account –счёт движения капитала
corporate profits –прибыль корпораций
unilateral transfersзд. – односторонняя передача средств
emergency relief –помощь при чрезвычайных обстоятельствах
physical assets –физические активы
claim for payment –платёжная претензия
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