When civil society obliges governments to adopt a convention banning weapons of mass destruction, that, too, is the international community in its attempt to protect world peace. So what binds us into an international community? In the broadest sense there is a shared vision of a better world for everyone as set out in the founding Charter of the United Nations. There is a framework of international law, treaties and human rights conventions. Together, we are stronger. Translate the following into English 1.
Spirits have been lifted by July agreement on the US-VN trade pact after more than four years of protracted negotiations. In return, the agreement should result in enhanced opportunities opportunities for US investors in Vietnam. It is important to realize the deal limitations. All the deal does is give Vietnam normal trade relations status NTR , previously termed MFN, allowing its goods to enter the US at the same low tariff rates accorded to most countries.
The deal does not touch the existing set of quotas. The expected tourism boom never materialised. Another limitation is the severity of the foreign investment downturn, which can be ascribed partly to the regional crisis. Vie tnam. Since the opening of Vietnam to foreign investment in , foreigners have run the spectrum from hope, to disillusion, to despair.
There are foreign firms making money in Vietnam. This fact is often given less than its due coverage. That is partly because it is wise for successful entrepreneurs, both foreign and local, to keep a low profile. The Party is suspicious of wealth and of private e nterprise, and the tax authorities are quick to target the t he wealthy. Alternatively foreigners use business cooperation contracts, in effect sponsoring Vietnamese private entrepreneurs.
Many of the success stories stem from these low-profile understandings. The difficulties are enormous, however. Firms can not translate their income into foreign currency. Entry into existin e xistingg Vietnamese distribution distribution channels is impossible. Contracts between Vietnamese and foreigners are largely unenforceable. The commercial court system is non-functioning.
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The authorities claim to be addressing these problems and hold occasional high-profile dialogues between officials and foreign investors, but the value of these get-togethers is treated by investors with growing gr owing scepticism. Possessive adjectives Normally in VN-EN translation, it is necessary to add posessive adjectives before some nouns to make them more identifiable. Vienam needs to continue continue and a nd intensify its reforms.
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Now translate the following into English, paying special attention to the possessive adjectives if necessary 32 1. Related links: 33 Unit 7.
Rethinking Asia after the crisis Task 1. The financial crisis has spawned proposals for the reform of the global financial order. But beneath the technical details and differences, there are three basic approaches. The first sees the current financial architecture as basically sound. What needs improvement is the wiring of the system. The way to deal with the crisis, according to this 34 school, is not to create a new global regulatory structure but to expand the role and resources of the IMF, making it a lender of last resort, but only to countries willing to undertake tough financial reforms, which include more liberalisation, greater transparency, tougher bankruptcy laws and more prudential regulation.
It proposes controls on capital flows via a transaction tax. These are not only meant to prevent destabilising movement of speculative capital or to encourage greater inflow of long-term direct investment and credit. Capital controls should also be seen as legitimate legitimate instruments for the pursuit of trade and industrial policies aimed at a t national economic development.
The third school views the problem differently. The main problem, according to this school, lies in the the development model itself itself - the institutionalisation institutionalisation of exports and foreign capital as the twin engines of economic growth. The fundamental flaw of these economies is their indiscriminate integration into the global economy and their overreliance on foreign capital for development.
The way out of chronic and continuing crisis is the de-globalisation, albeit limited, of the domestic economy - that is, its reorientation toward greater reliance on the internal market, greater dependence on domestic capital resources, closer cooperation with neighbouring economies to create protected regional markets, a lower rate of growth that would generate less income inequality and inflict less harm on the environment, and income distribution and political reforms re forms to underpin controlled co ntrolled development.
It would, of course, be ideal to have a more congenial international financial architecture, but since this is not going to happen soon, there are two overriding tasks. The second is to devise a set of effective capital controls, trade measures and regional cooperative arrangements that would allow internal economic transformations to take place with minimal disruption from external forces and developments.
Translate the following into English, paying attention to the italicized phrases: 1. The notion that market liberalisation is purely good is usually a given. In the time before China must comply with the new rules, it should study the mistakes of other countries that liberalised ahead of it and implement the needed reforms. The experiences of South Korea and Thailand in opening their financial markets prior to the Asia crisis offer hard lessons. But as its companies grow more sophisticated and are forced to fight to compete in the borderless world, China inevitably will be pushed to open its capital markets further.
When Korea faced this challenge, it managed the transition badly. Seoul liberalised its financial markets to coincide with its entry into the OECD in The result was that its banks, brokers and companies went on a wild spree.
Translation - Final Version
Allowed to borrow directly from foreign banks, giant conglomerates such as Daewoo Group loaded up on debt. Korea exhausted its foreign exchange reserves a year later. Thailand did no better. Its decision to introduce Bangkok International Banking Facilities in was applauded by free marketeers. This program, intended to make Bangkok an international financial centre, allowed Thai companies to borrow more easily in foreign currencies, typically at interest rates that were 5 to 6 percentage points lower than domestic rates.
The wave of cheap foreign money at first looked benign. It is a reminder that China must be savvy in laying the ground for what lies ahead. It must begin now to train bankers, brokers and mutual fund managers of tomorrow. Verb - noun collocations In translating verbal phrases, it is wise to translate the noun object first and then consider what particular verbs can go with w ith that noun. Never translate the verbs separately, as this may produce non-English non-English phrases. Task 1. Multinational corporations, financial institutions, labour unions, nongovernment organisations and other civil groups now seem to play more important roles in the world economy.
This has led to the belief that the market has taken over, leaving governments on the the sidelines. And in this t his may be a backlash against globalisation. But while many European leaders have responded favourably to this new view, none has successfully shown how to translate it into policy.
However, there is indeed a way. It can achieve this by setting and supervising regulatory standards. Next, a government can help equip its citizens with the skills necessary in global economic competition.
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It is increasingly important these days that, for example, workers are computer literate and can communicate in more than just their mother tongue. Lastly, there is a need for social safety nets. Competition produces winners and losers. But unless someone takes care of the losers, social cohesion will fray as losers are shunted to the margins. Increasingly, there are concerns that the market imposes a value that is anathema to human dignity. What about nurturing a cultural and philosophical identity, offering a more spiritual fulfilment?
Addressing these questions is a means to make people realize the importance of globalisation. This is particularly important in an Asia that now may be a little sceptical about this overwhelming overwhelming trend.
Thus, beyond the bare basics, a government must also promote moral virtues, which in a limited definition means teaching people to be humble winners and sporting losers qualities that are important if we are to maintain social cohesion. In short, competition serves us well only if it is accompanied by moral virtues. A government can do much here through education, by inculcating a sense of cultural identity. It is universal, in so far as it embraces respect for other cultures.
The Asian crisis was a tragedy that occurred because of globalisation. Not because globalisation is bad, but because many in Asia were insufficiently prepared for it. Nevertheless, there is a bright side.
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At last, it awakened many in Asia to the fact that they had been slow to adjust to the new rules. It also reminded us all that under the press of technological innovation and globalisation, the importance of our moral virtues had been overlooked. Globalisation can, and should have, a human face. And it may indeed evolve into an even stronger force in the next century. But in English, passives are more widely used, especially when readers are not interested in the agent of the action. If anyone in Asia thought the atrocities of September 11 were distant events, tragic but far removed, with no real impact on their daily lives, they have surely changed their minds by now.
Already the economic downdraft from the U. As trade evaporates and inveestment flows dry up, Asia is beginning beginning to experience the flip side of globalization. Now, through no fault of their own, Asian countries are facing a slump likely to last 6 months longer, and with a trough far deeper, than anyone had expected.
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S, governments sitting on spare cash can raise public spending, and countries with floating exchange rates can try to massage their currencies 45 lower. But with confidence inside the U. The impact of U.
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