Passage 2

Globalization: Who Benefits from It?

We should be asking if the USA is harmed by globalization. If so, how can it be remedied?Although international trade itself is generally beneficial to participating nations, a trade deficit is always economically detrimental to the nation’s economy. The USA’s trade deficit of goods has been annually increasing for over a half century. There’s no reason to believe it will not continue to do so as we continue to seek pure free trade.For over a half century the USA’s continuously increasing annual trade deficits of goods have been such a significant catalyst. Our annual GDP and median wages (平均工资)have been less than otherwise due to our pursuit of pure unrestricted free trade.A trade deficit’s detriment(损害) to the GDP greatly exceeds the amount of the deficit itself. This is its multiplier effect. Any harm to the GDP affects the median wage. If the US Congress determines we practice global charity, it should be funded by all US tax payers rather than its greater proportionate burden upon lower wage and salary earning families.In 2003 Warren Buffett’s concept to significantly decrease the USA’s trade deficit of goods was published.The self-funding proposal is market rather than government driven and requires no constitutional amendment. It will increase rather than decrease the USA’s aggregate sum of imports plus exports. We can enjoy cheap imports and a greater purchasing power brought about by higher median wages.

The USA’s trade deficit of goods has been annually rising for over a century.

U. S. government officials worry that the explosive growth in countertrade will weaken the world trading system. By concealing the real prices and costs of transactions, says one U. S. trade representative, the various forms of barter may conceal and help perpetuate economic inefficiencies in the marketplace.Barter can also be risky business. “Many companies,” says David Yoffie, “suffer losses because they’re stuck with products of poor quality or with the wrong specifications."International trade by barter is, according to some experts, an inefficient and expensive means of doing business compared to trading with money. On the other hand, Home other experts assert that the rise of countertrade provides practical solutions to the debt problems of the international monetary system.

Passage 2

In this sense, South Korea is treading a path not taken by Japan. While Japanese interests span the globe, few foreign firms have successfully penetrated Japan’s home turf. Korea, too, has a legacy of xenophobia; and the Koreans are clearly wary of opening their markets to high-powered Western competitors. But they are tentatively doing just that, so far with a momentum unmatched by Japan. The aim is to defuse the protectionist pressures that have hobbled U. S. —Japanese trade relations and, in time, to enter the ranks of the world’s developed nations. That’s no small order, but the Koreans think it can be filled fairly simply. At bottom，says Nam Due Woo, chairman of the Korea Traders Association, South Korea needs only “some degree of (sweat) and some degree of (technological sophistication).”And that’s precisely what has already (lifted Korea, Inc, into contention).

49、What does the writer mean by the word “sweat”?

50、What does “technological sophistication” refer to here?

51、Can you explain “...lifted Korea, Inc. into contention”?

Passage 1

Gold: lower. After (coming in for early support) on news of strike action affecting mines belonging to gold fields of South Africa, values declined in line with platinum and (New York advices) as miners were encouraged to return to work by management promises of negotiation. The fall in oil prices also brought pressure to bear but good resistance at around the 400 dollars per ounce level permitted a brief rally. However, values suffered a late decline lo below 400 dollars per ounce in line with New York as (the dollar strengthened on news of a decline in the U. S. budget trade and a cut in the bank of Japan’s discount rate).

46、What does “coming in for early support” mean?

47、What meaning does the word “advice” carry in the given context? And what were “New York advices”?

48、“...the dollar strengthened on news of a decline in the U. S. budget trade and a cut in the Bank of Japan’s discount rate.” How could the above-mentioned developments help strengthen the dollar?

Organization for Economic Cooperation and Development

infrastructure

brain trust

macroeconomic factors

baby-boomers

countervailing duty

portfolio investment