Сделай Сам Свою Работу на 5

Industrialized nations: Growing and Growing Old





An industrialized economy has a large base of productive capital, sophisticated banking systems and financial markets, a variety of industries producing a broad range of products, and vigorous and varied international trade. Industrialized nations also have well-established systems of government and law, and provide educational opportunities for their people.

Less than 20% of the world’s population live in industrial nations, and they account for about 70% of world output. The countries in the Group of Seven (G-7) have the most industrialized economies. The G-7 are the United States, Canada, Japan, Germany, France, the United Kingdom, and Italy (with Germany, France, the United Kingdom, and Italy comprising Europe’s so-called Big Four). The G-8 includes G-7 plus Russia, which may best be described as an economy in transition.

The entire EU – which also includes Austria, Belgium, Finland, Greece, Ireland, Luxembourg, the Netherlands, Portugal, and Spain – and some European nations outside the EU, such as Switzerland, Sweden, and Denmark, are also industrialized. So are Australia, New Zealand, and Taiwan.

But there is an income inequality, which creates some of the questions these countries face. The term sustainable growth refers to economic growth based on renewable resources and minimal environmental degradation.

However, the threat of terrorism, mainly from Islamic extremists from less developed counties, may well represent the most difficult and dangerous problem for industrialized nations, particularly the United States.

Newly Industrialized Nations: Getting Going

Newly industrialized nations (NICs) have a rapidly growing base of productive capital and rising incomes. Most of these nations have sound governments and banking and financial systems, although they may occasionally be subject to financial or political dislocation. For instance, Brazil is weighed down with international debt and must work hard to control inflation. Pakistan may face political instability and a shaky relationship with neighbouring India.



Newly industrialized nations include Hong Kong, Singapore, Taiwan, and South Korea (which are known as Asia’s “Four Tigers”), Pakistan, Malaysia, Indonesia, Thailand, Mexico, Brazil, Chile, Venezuela, Israel, South Africa, and Hungary.

Less than 5 percent of the world’s population lives in NICs, and they earn less than 5 percent of the world’s income.

The Four Tigers followed a strategy of export-oriented industrialization in which they moved from the status of developing country to that of NIC in the 1970s and 1980s. These nations ambitiously took Japan as a role model, but concentrated on light manufacturing. The World Bank and the International Monetary Fund have held up the Tigers as models for other developing and underdeveloped nations. However, export-oriented growth isn’t possible for every nation, especially when other nations, including China and some industrialized nations, still engage in protectionism.

NICs face a variety of problems, depending on their specific situations. One common issue is financing growth. A number of newly industrialized countries need more sophisticated banking and financial systems, and more stable governments.

Developing Nations

Developing nations range from the poorest in the world to those that have begun to build an industrial base, but have yet to achieve stable growth in production and income. These economies are also called underdeveloped, undeveloped, and, most commonly, less developed countries (LDCs). A number of these nations have large, growing urban populations and serious difficulties with unemployment, crime, and poverty in the cities.

The Organization for Economic Cooperation and Development, which I’ll discuss later in this chapter, includes the following nations in its official list of less developed countries: all countries of Africa except the Republic of South Africa; all countries of Asia except Cambodia, China, Japan, Laos, North Korea, and Vietnam; all countries in Latin America, except Cuba; all countries in the Middle East and Malta, Portugal, Spain, Greece, and Turkey.



The People’s Republic of China could be considered an LDC. However, most economists view the PRC as a special case because it is beginning to industrialize but still relies heavily on small farms.

 

Vocabulary Focus

 

Ex. 1. Various expressions are used to indicate categories of countries according to wealth of development.

Developed, developing, less developed, underdeveloped, undeveloped.

Use the following words to complete the sentences below:

To develop, development, developed, developing

2. The ___ countries are mainly agricultural primary producers whose economy is based on relatively primitive farming methods.

3. Such countries rely heavily on the export earning from the sale of their primary products to the ___ countries.

4. It is usually advantageous for countries ___ their own manufacturing industries.

5. Many countries aim at ___, but few are successful.

Ex. 2.Match the following common collocations with their Russian equivalents:

A B
1) промышленно развитые страны 2) новые промышленнo развитые страны 3) развивающиеся страны 4) сложная банковская система 5) возникать из экономики 6) энергичная торговля 7) большая восьмерка 8) Всемирный банк 9) Международный валютный фонд 10) мировое производство 11) составлять 12) справляться 13) угроза терроризма 14) быть отягощенным 15) Организация по экономическому сотрудничеству и развитию a) stem from economics b) industrialized or developed countries c) newly developed countries d) developing countries e) vigorous trade f) G-8 g) account for h) threat of terrorism i) to be weighted down with j) the Оrganization for Economic Cooperation and Development (OECD) k) world output l) cope with m) sophisticated banking system n) International Monetary Fund (IMF) o) the World Bank (WB)

 

Ex. 3.Math the verbs in column A with nouns in column C. Do not forget the proper preposition in column B.

A B C
stem for poverty
cope from 70%
account down with economics
weight on protectionism
concentrate in light manufacturing
engage on debt
rely on foreign borrowings
depend with specific situation

 



Ex. 4. There is a logical connection among three of the four words (or word combinations) in each of the following groups. Which is the odd one out, and why?

1) global economy -international trade-multinational corporations- fiscal policy;

2) GDP- IMF – OECD – WB;

3) the UK-the USA-Germany-Pakistan;

4) Hong Kong – Singapore – Taiwan – Chile;

5) IN – NID – LDC – VAT;

6) low income - poverty- unemployment – broad range of products;

7) productive capital – sophisticated banking system- vigorous international trade- political dislocation.

 

Ex. 5. Complete the following sentences, use the prompts below:

1. Economists classify the world’s economies as _______, ______and ________ nations.

2. The term ______refers to economic growth based on renewable resources and minimal environmental degradation.

3. An _____has a large base of productive capital, sophisticated banking systems and financial markets, a variety of industries producing a broad range of products, and vigorous and varied international trade.

4. Newly industrialized nations (NICs) have a rapidly growing base of productive capital and ______ .

5. A number of developing nations have large, growing urban populations and serious difficulties with___,___ and ___.

 

Words for reference: industrialized, newly developed and developing; sustainable growth; industrialized economy; rising incomes; unemployment, crime, and poverty in the cities.

Comprehension

 

Ex. 1.Based on your understanding of the text, are the following TRUE or FALSE? Explain why.

1. Industrialized nations also have well-established systems of government and law, and provide educational opportunities for their people.

2. Greece may best be described as an economy in transition.

3. EU includes only countries of Europe.

4. The term sustainable growth refers to political growth based on renewable resources and average environmental degradation.

5. Newly industrialized nations (NICs) have a slowly growing base of productive capital and rising incomes. Most of these nations have poor governments and primitive banking and financial systems

6. Brazil is weighed down with international debt and must work hard to control inflation.

7. Developing nations range from the poorest in the world to those that have begun to build an industrial base.

Ex. 2. Find in the text the answers to the following questions.

1. What countries are considered as industrialized countries?

2. What are problems facing the developed countries?

3. What countries are called Asian Tigers?

4. Why Asian Tigers succeeded in their economic development?

5. What is Brazil weighed down with?

6. What problems does Pakistan face?

7. How can you characterize the problems of developing countries?

 

Ex. 3.Speak on:

1. Classification of the nations according to the development of their economy.

2. International trade as a form of specialization.

3. Main features of industrialized countries

4. Sectors of the economy the NIC need to develop.

5. Primary issues of concern in LDC.

 

Text 2

Scan the text and find information on the following issues.

– three factors for successful development;

– functions of ICC;

– the location of ICC;

– mission of APEC;

– difference between APEC and other multilateral trade bodies.

Economic Cooperation

Only international co-operation can shape globalization in a positive way, and make it equitable for all. Development is a long-term process. Three factors in particular account for successful development: ownership of the process by developing countries; effective dialogue between developing and developed countries; and coherent policies in developed countries, in areas such as trade, investment, and agriculture, that will have a maximum positive impact on developing countries.

Different international organizations appeared in different parts of the world. One of them is International Chamber of Commerce (ICC) is the voice of world business championing the global economy as a force for economic growth, job creation and prosperity. Because national economies are now so closely interwoven, government decisions have far stronger international repercussions than in the past. ICC – the world's only truly global business organization responds by being more assertive in expressing business views.

Transformations in Europe, gave European nations a completely new chance of cooperation and friendship. An example for cooperation is European Union, which attempts to form infrastructure that crosses state borders. Last years have shown, that the neighbouring cooperation between countries is possible and mutually advantageous, and the borders, which used to be burdened with the weight of conflicts from the past, have become a symbol of the reconciliation and integration between countries. the European Union Harmonised standards create a larger, more efficient market – member states can form a single customs union without loss of health or safety. For example, states whose people would never agree to eat the same food might still agree on standards for labelling and cleanliness.

Another example of international coperation is Asia-Pacific Economic Cooperation, or APEC, is the premier forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region. APEC was established in 1989 to further enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community.

APEC is the only inter governmental grouping in the world operating on the basis of non-binding commitments, open dialogue and equal respect for the views of all participants. Unlike the WTO or other multilateral trade bodies, APEC has no treaty obligations required of its participants. Decisions made within APEC are reached by consensus and commitments are undertaken on a voluntary basis.

APEC's 21 Member Economies are Australia; Brunei Darussalam; Canada; Chile; People's Republic of China; Hong Kong, China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; The Republic of the Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; United States of America; Viet Nam.

 

Text 3

Skim the text and find the following information:

1. Location of IFM.

2. Goals of IFM.

3. USA contribution to the fund.

 

The International Monetary Fund is like a central bank for the world’s central banks. It is headquartered in Washington, D.C., has 184 member nations, and cooperates closely with the World bank, which we discuss in Chapter 19. The IMF has a board of governors consisting of one representative from each member nation. The board of governors elects a 20-member executive board to conduct regular operations.

The goals of the IMF are to promote world trade, stable exchange rates, and orderly correction of balance of payments problems. One important part of this is preventing situations in which a nation devalues its currency purely to promote its exports. That kind of devaluation is often considered unfairly competitive if underlying issues, such as poor fiscal and monetary policies, are not addressed by the nation.

Member nations maintain funds in the form of currency reserve units called Special Drawing Rights (SDRs) on deposit with the IMF. (This is a bit like the federal funds that. commercial banks keep on deposit with the Central Bank reserve.) The value of SDRs is reassigned every five years. SDRs are held in the accounts of IMF nations in proportion to their contribution to the fund. (The United States is the largest contributor, accounting for about 25 percent of the fund.) Participating nations agree to accept SDRs in exchange for reserve currencies – that is, foreign exchange currencies – in settling international accounts. All IMF accounting is done in SDRs, and commercial banks accept SDR-denominateddeposits. By using SDRs as the unit of value, the IMF simplifies its own and its member nations’ payment and accounting procedures.

 

CASE STUDY

 

 








Не нашли, что искали? Воспользуйтесь поиском по сайту:



©2015 - 2024 stydopedia.ru Все материалы защищены законодательством РФ.