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'CHAPTERFOUREconomyoftheUnitedStates
FamousQuotationItisnousedoingwhatyoulike;youhavegottolikewhatyoudo.—WinstonChurchill
NewWordssneeze:v.exhalespasmodically,aswhenanirritantenteredone’snose打喷嚏—Thepepperinthefoodcausedmeto/mademesneeze.这食物中的胡椒味儿呛得我直打喷嚏。cruise:v.travelatamoderatespeed慢速行驶—Severalprivateeroftencruiseneartheentranceofthechannel.几只武装民船经常在这个海峡的进口附近巡航。
Newwordsinsistence:n.continualandpersistentdemands坚持,强调,坚决主张—Yourinsistenceoncauselessnessremovesallhopeoftheworldeverchanging.您对无因的坚持打消了世界不断变化的所有希望。assembly:n.agroupofmachinepartsthatfittogethertoformaself-containedunit集合,集会,议会,装配—Theproductionisgreatlyincreasedduetoanewassemblylineinstalled.由于安装了新装配线,生产量大大提高。
NewWordslobby:v.detaininconversationbyorasifbyholdingontotheoutergarmentsof;asforpoliticaloreconomicfavors游说—Theanti-nuclearlobbyisbecomingstronger.向议员游说的反核群众声势渐强。supersede:v.taketheplaceormoveintothepositionof取代,接替—Willfactoryworkersbeentirelysupersededbymachinesoneday?工人将来能完全由机器取代吗?
NewWordsobstacle:n.somethingimmaterialthatstandsinthewayandmustbecircumventedorsurmounted障碍—Herfather’soppositionremainedonlytheirobstacle.她父亲的反对是他们唯一的障碍。pension:n.aregularpaymenttoapersonthatisintendedtoallowthemtosubsistwithoutworking退休金—Apensionisoftencommutableintoalumpsum.养老金常可改为一次性总付款。
NewWordsmutualfunds:n.aregulatedinvestmentcompanywithapoolofassetsthatregularlysellsandredeemsitsshares共同基金—Usuallyindividualsdothisthroughmoneymarketmutualfund.通常个人通过货币共有基金来进行投资。recreation:n.anactivitythatdivertsoramusesorstimulates消遣,娱乐—Sportandrecreationhavealwaysbeenpartofuniversitylife.运动和娱乐活动一直是大学生活的一部分。
NewWordsliquidity:n.beingincashoreasilyconvertibletocash;debtpayingability流动性,偿债能力—Thebankhasprogressivelyincreaseditsliquidity.银行逐渐地增加其流动资产。
EconomyoftheUnitedStatesKeypoints1.Introduction1.1OverviewofU.S.Economy1.2TheU.S.EconomicSystem1.3BasicIngredientsoftheU.S.Economy1.4Sino-USEconomicRelationships1.5MajorCitiesandIndustries
EconomyoftheUnitedStatesKeypoints2.EconomicSectors2.1internationalTrade2.2Manufacturing2.3ServiceIndustry2.4GlobalFinancialCrisisImpactsuponU.S.
1.Introduction1.1OverviewofU.S.EconomyWhentheUnitedStatessneezes,aneconomists’proverbsays,therestoftheworldcatchesacold.thelargestnationaleconomyGDPwasestimatedas$14.3trillionin2008GDPpercapitaisNo.12
1.1OverviewofU.S.EconomyCharacteristics:astableoverallGDPgrowthratealowunemploymentratehighlevelsofresearchandcapitalinvestment
1.1OverviewofU.S.EconomyTable1:2008world’sGDPandGDPpercapitaListbytheWorldBank
1.1OverviewofU.S.EconomytheU.S.economycruisedalongintheearly2000sAfteramildrecessioninMarch-November2001,theU.S.economyresumedexpanding,anaverage2.9percentduring2002-2006remainstheworld’smostproductive,competitive,andinfluentiallargeeconomy
1.2TheU.S.EconomicSystemdeclareditsindependencein1776,whenAdamSmithwroteTheWealthofNations“aninvisiblehand”guidesthemtoenrichandimproveallofsocietygovernmentshouldinterfereincommerceaslittleaspossible
1.2TheU.S.EconomicSystemAmericanindustrialdevelopmentinthe19thcenturytookatollonworkingmenandwomenWorkinlonghoursforlowwagesunsafeandunhealthyworkplaceshiredthechildrenofpoorfamiliesEntrepreneurs:formingmonopolieseliminatingcompetitionsettinghighpricesforproductssellingpoor-qualifiedgoods
1.2TheU.S.EconomicSysteminthelate19thcenturyAmericansbegantomodifytheirfaithinfreecapitalismtheShermanAntitrustActin1890ThesehaschangedAmericancapitalismfroma“freelyrunninghorsetoonethatisbridledandsaddled.”
1.2TheU.S.EconomicSystempoliticalconservativesbelievethereistoomuchgovernmentregulationofbusinessConsequently,thegovernmenthastriedtoreducethepaperworkrequiredofbusinessesandtosetoverallgoalsorstandardsforbusinessestoreach,asopposedtodictatingdetailedrulesofoperation
1.2TheU.S.EconomicSystemIfsometimescumbersome,therulesandregulationsgoverningbusinessconducttodaydonotseemtopreventambitiousAmericansfromrealizingtheirdreams--andoccasionallyofgoingbeyondthem.OnesuchentrepreneurisBillGates
1.3BasicIngredientsoftheU.S.Economy1.naturalresources.richinmineralresourcesandfertilefarmsoilisblessedwithamoderateclimatealsohasextensivecoastlinesonboththeAtlanticandPacificOceans,aswellasontheGulfofMexico2.laborLaborqualityisatleastasimportantasthenumberofworkers
1.3BasicIngredientsoftheU.S.Economyinearlydays,frontierliferequiredhardworkProtestantworkethicItisbaseduponthenotionthattheCalvinistemphasisonthenecessityforhardworkisproponentofaperson’scallingandworldlysuccessisasignofpersonalsalvation.新教工作道德,以专注的现世目标、克俭的生活作风、负有责任感的勤劳工作和合理的行为算计为特征。
1.4Sino-USEconomicRelationshipsThePRCandtheU.S.startedtraderelationsin1972and1973U.S.directinvestmentinmainlandChinacoversawiderangeofmanufacturingsectors,severallargehotelprojects,restaurantchains,andpetrochemicals
1.4Sino-USEconomicRelationshipsfactorsthatinfluencetheU.S.tradedeficitwithmainlandChinainclude:ThestrengthoftheU.S.economyU.S.demandforlabor-intensivegoodsexceedsdomesticoutputTheundervaluationoftheRenminbirelativetotheUnitedStatesDollar
1.5MajorCitiesandIndustriesAmerica’sindustryranksfirstactuallyanurbannationtraditionalindustriesusedtoincludesteel,automobile,housingandmilitaryNowisputtingmoreemphasisonelectronicsandchemistry
1.5MajorCitiesandIndustriesDuetohistoricalaswellasgeographicalreasons,America’sindustriesarenotevenlydistributedNewEngland---“theworkshopofthenation”
1.5MajorCitiesandIndustriesTheMidwestisAmerica’sleadingcenterofheavyindustryimportantintheproductionofmotorvehiclesandothertransportationequipment,fabricatedmetalsandnonelectricalmachinery
1.5MajorCitiesandIndustriesAmerica’sheavyindustriesnearthefiveGreatLakesdependheavilyuponthreeresources:ironorefromtheLakeSuperiorareacoaldepositsinWesternPennsylvaniaandWesternVirginiaandcheapwatertransportationacrosstheGreatLakes.
1.5MajorCitiesandIndustriesTheAmericanSouthisanewlydevelopedindustrialregionInaddition,theregion’slargepopulationprovidesagoodlaborsupplyandalargehomemarketAnetworkofrailway,highway,air,andrivertransportationandalong,irregularseacoastwithmanygoodharborsprovideexcellentbasesforindustrialexpansion
1.5MajorCitiesandIndustries
1.5.1WashingtonD.C.agrowing,diversifiedeconomywithanincreasingpercentageofprofessionalandbusinessservicejobs
1.5.1WashingtonD.C.Manyorganizationssuchaslawfirms,non-profitorganizations,lobbyingfirms,tradeunions,industrytradegroups,andprofessionalassociationshavetheirheadquartersinornearD.C.tobeclosetothefederalgovernment
1.5.2NewYorkCityaglobalcenterofinternationalbusinessandcommerceoneoffour“commandcenters”fortheworldeconomy(alongwithLondon,ParisandTokyo)amajorcenterforfinance,insurance,realestate,mediaandtheartsintheUnitedStates
1.5.2NewYorkCityLowerManhattanisthethirdlargestcentralbusinessdistricthometoTheNewYorkStockExchange,locatedonWallStreet,andtheNASDAQ
1.5.2NewYorkCityFinancialservicesaccountformorethan35%ofthecity’semploymentincome.Realestateisamajorforceinthecity’seconomy.TheTimeWarnerCenteristhepropertywiththehighest-listedmarketvalueinthecity
1.5.2NewYorkCityThecity’stelevisionandfilmindustryisthesecondlargestinthecountryafterHollywoodCreativeindustriessuchasnewmedia,advertising,fashion,designandarchitectureaccountforagrowingshareofemployment
1.5.3ChicagothelargestcityintheU.S.stateofIllinoisthethirdlargestcityintheUnitedStates16thoftheworld’srichestcitiesin2008
1.5.3Chicagoamajorworldfinancialcenter,withthesecondlargestcentralbusinessdistrictintheU.S.theheadquartersoftheFederalReserveBankofChicago
1.5.3Chicagothelargestfood-processingcenterintheUSTheJungleSisterCarrieeacenterofclothingindustry
1.5.4.DetroitlocatedinsoutheasternMichiganandseparatedbytheDetroitRiverfromtheCanadianprovinceofOntario
1.5.4.DetroithomeoftheheadquartersofGeneralMotors,FordMotorCompany,andChryslerCorporationTheMotorCity
1.5.5LosAngelesTheeconomyofLosAngelesisdrivenbyinternationaltrade,entertainment(television,motionpictures,interactivegames,recordedmusic),aerospace,technology,petroleum,fashion,apparel,andtourism
1.5.5LosAngelesisthelargestmanufacturingcenterinthewesternUnitedStatesmajorcompaniesheadquarteredinthecitiesofLosAngelescountyare:HiltonHotels(BeverlyHills),TheWaltDisneyCompanyWarnerBros.SonyPicturesEntertainmentDreamWorks
2.EconomicSectors2.1internationalTrade2.1.1ImportandExportthemostsignificantnationintheworldwhenitcomestointernationaltradehasledtheworldinimportsoneofthetopthreeexporters
2.1.1ImportandExportanunfavorablebalanceoftradesincethe1970saprotectionistpolicyintradetoencourageitsexportandlimititsimportChinahasbecomeAmerica’sNo.1tradingpartnerinitsimportingfield
2.1.1ImportandExportFigure2.USexportsofgoodsandservices1960-2004
2.1.2InvestmentintheUnitedStatesForeigndirectinvestment(FDI)playsamajorroleintheU.S.economyakeydriveroftheeconomyandanimportantsourceofinnovation,exportsandjobsProvideastableandwelcomingmarket
2.1.2InvestmentintheUnitedStatestheUnitedStatesoffersapredictableandtransparentlegalsystemlowtaxesoutstandinginfrastructureaccesstotheworld’smostprofitableconsumermarket
2.1.2InvestmentintheUnitedStatesFigure3.ForeigndirectInvestmentintheUnitedStatesandU.S.DirectInvestmentAbroad,AnnualFlows,1990-2007(inbillionsofdollars)
2.1.2InvestmentintheUnitedStatesaslightdecreasefromthe$241billioninvestedin2006InvestmentsbyU.S.firmsabroadincreasedby38%in2007Theincreaseinforeigndirectinvestmentflowsmirrorsaturnaroundinglobalflows
2.1.3TradeAgreementsandOrganizationsTheNorthAmericanFreeTradeAgreementatrilateraltradeblocbythegovernmentsoftheUnitedStates,Canada,andMexicocameintoforceonJanuary1,1994
2.1.3TradeAgreementsandOrganizationsGATT&WTOtheGeneralAgreementonTariffsandTrade(GATT)wasfirstsignedbytheUnitedStatesandtwenty-twoothercountriesin1947Theagreementreducedtariffs,removedotherobstaclestointernationaltrade,andclarifiedrulessurroundingbarrierstofreetrade.
2.1.3TradeAgreementsandOrganizationsWTOtheWorldTradeOrganization(WTO)wascreatedin1994AsofJuly2008,theWTOconsistedof153membercountriestheWTOistheonlyinternationalorganizationdealingwiththeglobalrulesoftradebetweennations
2.1.3TradeAgreementsandOrganizationsTheWorldBankTheIBRDandtheInternationalDevelopmentAssociation(IDA)arecommonlyknownastheWorldBankisnotabankTheWorldBankworkstocombatworldpovertybyprovidinglow-interestloans,interest-freecredit,andgrantstodevelopingcountries
2.2ManufacturingtheleadingmanufacturerintheworldMainindustriesarepetroleum,steel,motorvehicles,aerospace,telecommunications,chemicals,electronics,foodprocessing,consumergoods,andmining.Thepetroleumindustryincludestheglobalprocessesofexploration,extraction,refining,transportingandmarketingpetroleumproducts
2.2ManufacturingTheautomotiveindustrydesigns,develops,manufactures,markets,andsellstheworld’smotorvehiclesTheUnitedStatesbuildsmillionsofcomputerseachyearanditrankssecondintheworldintheproductionofelectroniccomponents
2.3ServiceIndustryIsthelargestsectoroftheU.S.economybeverydifferentfromeachotherIn2008theUnitedStatesserviceindustryrepresentsnearly78%ofUSeconomicoutputandasimilarproportionofemployment
2.3ServiceIndustryFinancialservicesmakeupanimportantsectionoftheserviceindustryrefertoservicesprovidedbythefinanceindustrymajortypesoffinancialservicesincludebankservices,foreignexchangeservices,investmentservices,insuranceandothers
2.3ServiceIndustryBankingintheUnitedStatesisregulatedbyboththefederalandstategovernmentsofU.S.TheUnitedStateshasmorethan10,000insuredbankswithtotalassetsof$5.44trillionTheUnitedStatesalsohasalargeinsuranceindustryTourismintheUnitedStatesisalargeindustry
2.3ServiceIndustryas“anationonthemove”or“anationonwheels”,theUnitedStateshasalargetransportationindustrytheEisenhowerInterstateHighwaySystemreliesmuchmoreheavilyonitsroadsbothforcommercialandpersonaltransit
2.4GlobalFinancialCrisisImpactsuponU.S.2.4.1ImpactsonUSFigure4:AnnualGrowthinRealGDP
2.4.1ImpactsonUSRealGDPdecreasedatanannualrateofapproximately6percentinthefourthquarterof2008andfirstquarterof2009TheU.S.unemploymentrateincreasedto9.5%byJune2009,thehighestratesince1983ThecrisishititspeakinSeptemberandOctober2008
2.4.2EmergencyandShort-TermResponsesTodate,variousgovernmentagencieshavecommittedorspenttrillionsofdollarsinloans,assetpurchases,guarantees,anddirectspending.theforthcomingrecessionwouldbetheworstsincetheReaganrecessionof1981and1982withnegative2009growthfortheU.S.,Eurozone,UKandCanada;verylimitedrecoveryin2010;butnotasbadastheGreatDepression,andsoontheeconomywillrecoverasitalwaysdidafterrecessions.
JoyfulMomentSecretforaLong,HappyLifeAwomanwalksuptoalittleoldmanrockinginachaironhisporch.“Icouldn’thelpnoticinghowhappyyoulook,”shesays.“What’syoursecretforalong,happylife?”“Ismokethreepacksaday,drinkacaseofwhiskeyaweek,eatfattyfoodsandnever,everexercise.”“Wow,that’samazing,”saysthewoman.“Howoldareyou?”“Twenty-six.”
Mr.Positive1.Whatissuccess?Ithinkitisamixtureofhavingaflairforthethingthatyouaredoing;knowingthatitisnotenough,thatyouhavegottohavehardworkandacertainsenseofpurpose.2.Ifyoutakeresponsibilityforyourselfyouwilldevelopahungertoaccomplishyourdreams.'
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