Английский. Учебник МЭО 1 курс. Учебное пособие по английскому языку. Мировая экономика. Часть 1 Москва 2012 удк 81(075. 8)111 ббк 81 Англ. 7365. 5
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Part 2 Read the article below. Try to find answers to the following questions:
Money and the Meaning of Life Forbes magazine recently released its list of the 400 richest Americans. Along with the list, some interesting tidbits were published. For example, the net worth of these 400 wealthy (to put it mildly) individuals equals $1.2 trillion, nearly the gross domestic product of Britain. Bill Gates' net worth of $63 billion exceeds the gross domestic product of Peru. Larry Ellison isn't too far behind with a net worth of $58 billion. The poorest person on the list has a net worth of only $725 million. Thank goodness for food stamps! Going over the list name by name and seeing the incredible wealth these people possess, made me wonder what motivates them – most of which are still very active in their businesses – to keep on keeping on? That is, what makes these people tick? Knowing he's worth $63 billion, Bill Gates need not work another day in his life. He need not worry about monetary problems (the Department of Justice is another story!), as he could spend millions every day and have plenty to last him and his family many lifetimes over. Most men work to eke out a living. Beyond that, a good number of men work to become millionaires and sometimes even billionaires. Often, men will work to be able to afford themselves and their families a comfortable (perhaps even lavish) lifestyle. At some point, however, many men achieve such wealth that they can easily cover the costs of lavish living and still have much left over. Yet they keep working just as hard as before, if not harder. They keep striving for more. What is important to note is that once they achieve wealth, they are no longer striving for the money; they are striving for greater achievement, more success, more dominance, perhaps even a place in history. That is why these men often say, quite honestly I believe, that money is just a way of keeping score. Money is merely the means to an end and not the ultimate goal. So if money loses its meaning at some point, then what exactly keeps these guys going? Larry Ellison seems to want to become the world's richest man and surpass his archrival Bill Gates. Some might think his goal is monetary but it in fact isn't. So the ultimate goal is not about the amount of money one can accumulate. The money will help get you there, but it is merely a tool used to acquire what you are really after. Respect & recognition Having money is great; it allows you to buy things, go on nice vacations (if you can find the time), have a maid, and generally helps make life a little more pleasant. But money can't buy respect. Human beings, this includes businessmen, fundamentally need the recognition of their accomplishments from peers. And it doesn't stop at recognition. It isn't enough for a man to be recognized as good (or great) if those who recognize him don't allow him an equal amount of respect. Great men = great things Some of history's most celebrated figures weren't necessarily the richest people. Most US presidents don't even rank as the top million richest people in the country. Compare Bill Clinton to Bill Gates: President Clinton's net worth is less than a rounding error on Mr. Gates' balance sheet. Yet as president of the United States, he was arguably the most powerful man on earth. The point I'm making is that a man's monetary worth is only one of many aspects that help determine his place in the history books. Personal satisfaction Few people will actually realize how relentlessly a man had to work in order to achieve great heights. Thus public recognition and respect are nice, but they don't tell the full story. Successful men set goals for themselves at a young age. They want to change the world, reshaping and molding it into their vision. The fact that they can actually do so is probably the strongest motivator they have, as well as being their greatest reward. The greatest reward is the internal satisfaction of a job well done, of beating out your opponents and finishing on top. Secondly, the reward is gaining the respect and recognition of your efforts from your peers. Thirdly, the side effect of all your blood, sweat and tears is that you may well have amassed a staggering fortune, the likes of which has never been seen (which is in itself a by-product of your initial achievement). And finally, the part that gets logged into the history books, the knowledge that your effort has changed the world in some way. Now go out there and change the world, make it a better place to live and may the eyes of history look favorably upon your contributions. (http://www.askmen.com/money/successful/30_success.html) Ex 1. Here’s an abstract from an Internet discussion on the above issue. Read the statements and express your agreement or disagreement with them. Mohammad A. Technology Project Consultant Success and money Success is a very important word in life since we are all determined to achieve it. The meaning of success is different for everyone; it varies from person to person, what one is searching for in life. For example, for some people, doing work they get pleasure from is more important than to earn ‘more money’. Success requires passion, determination and wisdom to achieve desired results. By and large in the social and organizational context, success is measured or associated with wealth/money, for example - the more you earn, the more successful you will be considered. Generally, the motivational idea behind this is, the better you perform/achieve, the more you get (monetary benefits). The premise for this concept might be that everyone is working day in and day out to achieve certain objectives and once they are attained, the best reward for their efforts/contributions is normally considered monetary benefits. Success in life means money - kindly share your opinions, for or against. Furthermore, what is the meaning of success in your life and how do you evaluate it? Lisa A. N. Telephone operator I see success differently, as fulfilling my potential and using the gifts I enjoy using. The amount of money doesn't figure into it as long as I can support myself. John P. Chief Information Officer at CardioMed There was a study performed a little while ago to explore the correlation between income and happiness. After achieving an annual income of approximately $80,000 it was discovered that happiness with one's life did not increase. A multi-millionaire was just as happy with the things he had as someone making $100,000 a year. The problem is that society has defined success as wealth. I think that if you sit down and discuss individual definitions of success, the results will overwhelmingly point to freedom. The ability to travel, take large spans of time off, not to worry about medical expenses, tuition, or bills. It is entirely counter-intuitive to the reality of having millions of dollars in the bank. Truth is, when you achieve that kind of monetary success, you have to spend a great deal of time maintaining it. You trade quality of life for vast sums of money. I suppose it would be nice to have a Lamborghini, but I'd like the option to drive it to somewhere besides the office... Zeeshan T. Technical Support Engineer Hmm, a nice discussion. What I see around is that people always run for money, not success, success comes when they are paid more money. Because in real life money is important, not success. Farhana Z. Consultant at Excelerate really a good discussion. it also depends on a person. SUCCESS IN LIFE MEANS SIMPLE YOUR SATISFACTION with ENTIRE LIFE, either you have money or not Jim B. Entrepreneur Performance Expert Success to me is personal freedom to live the life I want. If that is not happening I need to re-evaluate my priorities. The first step to success is deciding what freedom means to you. Without that we are in a race with no finish line. Mustafa K. Founder and CEO at Boxer Watches Success in life does NOT mean money to me. Because money without time has no value. Time is a non-renewable resource. You can't gain more time, but you can always gain back more money. Therefore success in my life is when I have the time and opportunities to pursue things which make me excited. Of course money is needed and can help greatly, but it certainly isn't the main goal. Ex 2. What do you consider true success in life? How would things look if you were really successful? That is what this poll about. What is true success to you personally? Which of the definitions given below appeals to you more? Why? Give your grounds and discuss your views with the groupmates. If necessary, add your own definition of success to the list.
Vote. See, which of the statements appears to be most popular. Ex 3. Role-play: Discuss the roles of money and success in people’s life in a TV show. There may be different people invited to participate in this discussion – millionaires, students, teachers, celebrities, psychologists etc. Ex 4. Write an essay “My idea of success in life”. Unit VI Part 1 Forms of Money obligation, Gold Standard, fiat money, legal tender, paper money, intangible money, electronic money Text Over time, the nature of goods serving as money has changed. It is widely agreed that what at times became the prime function of these goods was often not the same as their original purpose. It seems that goods were chosen as money because they could be stored conveniently and easily, had a high value but a comparably low weight, and were easily portable and durable. These widely desired goods were easy to exchange and therefore came to be accepted as money. So the evolution of money depends on a number of factors, such as the relative importance of trade and the state of development of the economy. Commodity money A variety of items have served as commodity money, including the wampum (beads made from shells) of the American Indians, cowries (brightly colored shells) in India, whales’ teeth in Fiji, tobacco in the early colonies in North America, large stone discs on the Pacific Island of Yap and cigarettes and liquor in post-World War II Germany. Metallic money The introduction of metallic money was a way by which ancient societies tried to overcome the problems associated with using decaying commodities as money. It is not known exactly when and where metallic money was used for the first time. What is known, however, is that metallic money was in use in around 2000 B. C. in Asia, although in those times its weight does not seem to have been standardized nor its value certified by the rulers. Chunks or bars of gold and silver were used as commodity money since they were easy to transport, did not decay and were more or less easily divisible. Moreover, it was possible to melt them in order to produce jewelry. Metallic coins Europeans were among the first to develop standardized and certified metallic coins. The Greeks introduced silver coins around 700 B. C.; Aegina (595 B. C.), Athens (575 B. C.), and Corinth (570 B. C.) were the first Greek city-states to mint their own coins. The silver content of the Athenian drachma, famous for depicting the legendary owl, remained stable for nearly 400 years. Greek coins were therefore widely used (their use was further spread by Alexander the Great), and have been found by archaeologists in a geographical area ranging from Spain to modern India. The Romans, who had previously used cumbersome bronze bars called assignatum as money, adopted the Greek innovation of using official coins and were the first to introduce a bi-metal scheme using both the silver denarius and the gold aureus. Under the Emperor Nero in the first century A. D., the precious metal content of the coins started to diminish as the imperial mints increasingly substituted gold and silver for alloy in order to finance the Empire’s gigantic deficit. With the intrinsic value of the coins declining, the prices of goods and services began to rise. This was followed by a general rise in prices that may have contributed to the downfall of the Western Roman Empire. The more stable Eastern Roman solidus, introduced by Constantine the Great in the fourth century A. D., was maintained at its original weight and precious metal content until the middle of the 11th century, thus gaining a reputation that made it the most important coinage for international trade for over five centuries. Byzantine Greek coins were used as international money and were found by archaeologists as far away as Altai in Mongolia. In the mid-11th century, however, the Byzantine monetary economy collapsed and was replaced by a new system which lasted throughout the 12th century, until the Crusader conquest of Constantinople in 1204 eventually ended the history of Greco-Roman coinage. The Greeks and Romans had spread the custom of using coins and the technical knowledge of how to strike them over a vast geographical area. For most of the Middle Ages locally minted gold and silver coins were the dominant means of payment, although copper coins were increasingly being used. In 793 A. D. Charlemagne reformed and standardized the Frankish monetary system, introducing a monetary standard according to which one Frankish silver pound (408g) equaled 20 shillings or 240 pence – this standard remained valid in the United Kingdom and Ireland until 1971. After the fall of Constantinople, the Italian merchant city-states of Genoa and Florence introduced gold coinage in 1252 with the genoin of Genoa and the fiorina (or florin) of Florence. In the 15th century their place was taken by the ducato of Venice. History Paper money The Chinese began using paper money around 800 A. D. under Emperor HienTsung and continued to do so for several hundred years. This paper money had no commodity value and was money only by imperial decree, or so-called fiat money (i.e. money without intrinsic value). Paper money was most widespread in China around 1000 A. D., but it was abandoned around 1500 when Chinese society went into decline following the Mongol Conquest. Obligations It was, however, difficult to conduct long-distance trade as long as value could only be stored in the form of commodities and coins. The Italian city states were therefore the first to introduce certificates of indebtedness (“obligations” or “bills of exchange”) as a means of payment. To reduce the risk of being robbed on their journeys, merchants took these obligations with them. Debtor and lender were mentioned in the certificates, a payment date was fixed, and the amount of gold or silver noted. Soon, merchant bankers began to trade these obligations. The first evidence of such a contract dates back to 1156. Obligations continued to be used mostly by Italian merchants, and the bi-metal scheme remained dominant until the Thirty Years’ War. Due to the economic turmoil caused by the war, rulers such as the Swedish kings started to prefer paper money. This was subsequently introduced by the Bank of England in 1694 and the Bank in France in 1716. The advent of paper fiat money in Europe marked the beginning of a new phase in the evolution of money. The responsibility for establishing and regulating the system of fiat money in a country remained with the governments, but other public or private institutions such as central banks and the financial system played an increasingly crucial role in the success of the national currency. Gold Standard Since the adoption of fiat money approximately two centuries ago, the monetary system has undergone great change. Paper money was – and still is – legal tender only by an act of the competent authority. It was issued in fixed units of national currency and had a clearly defined nominal value. For a long time, the nation states held gold reserves in their central banks to ensure the credibility of their currency – a system known as the Gold Standard. Currencies in the form of coins and fiduciary paper notes were convertible into gold at a fixed parity. The United Kingdom was effectively the first country to set up a gold standard in 1816, the exchange rate of pounds into gold having been determined in 1717 at 3.811 pounds sterling per ounce by Sir Isaac Newton himself. With the start of World War I, many countries began printing more and more money in order to finance the cost of the war. In Germany, for instance, the number of banknotes issued by the Reichsbank grew from 2,593 million in 1913 to a total of 92,844,720 billion banknotes in circulation on 18 November 1923. This ultimately led to hyperinflation. With more money circulating , most countries suspended the convertibility of their currencies into gold, as its increased quantity was no longer balanced by the national gold reserves. The Chinese began using paper money around 800 A. D. and continued to do so for several hundred years. These days, various forms of intangible money have emerged, among them so-called “electronic money”. Gold Exchange Standard The British gold standard finally collapsed in 1931, but the system was revived at the 1944 international conference held in Bretton Woods, New Hampshire. Here, a revised gold standard was agreed upon: the exchange rates of the national currencies of the major economic powers were pegged to the dollar and the dollar was convertible into gold at a fixed price of USD 35 per ounce. The Bretton Woods monetary system is therefore sometimes called the gold exchange standard. Central banks stood ready to provide dollars in exchange for their national currency and vice versa. The Bretton Woods monetary system collapsed in 1971 and since then the currencies of the major economies have remained pure fiat money. In addition, most countries have allowed the exchange rates of their currencies to float. The evolution of money has not stopped. These days, various forms of intangible money have emerged, among them so-called “electronic money” (“e-money”), or electronic means of payment, which first appeared in the 1990s. This kind of money can be used to pay for goods and services on the internet or using other electronic media. Upon receiving authorization from the buyer for the payment to take place, the vendor contacts the issuing bank and is transferred the funds. At present there are various card-based electronic money schemes in Europe, generally operated by financial institutions. Vocabulary List
to take on, assume obligation
syn. facevalue
v. to circulate
Notes
Ex 1. Suggest the Russian equivalents: their original purpose; to be stored conveniently and easily; to be easily portable and durable; these goods came to be accepted as money; money without intrinsic value; certificates of indebtedness; to trade obligations; the bi-metal scheme; the adoption of fiat money; the system has undergone great change; legal tender; to ensure the creditability of currency; the exchange rate of pounds into gold; to be balanced by the national gold reserves; to be pegged to the dollar; to float; intangible money. Ex 2. Fill in the gaps with the words and expressions from the text.
Ex 3. Find in the text the English equivalents for the following: играть основную (ключевую) роль (2), изначальная цель, решать проблемы, внести в обращение стандартизированные и сертифицированные монеты, города-государства, содержание серебра, широко использоваться, заменять серебро и золото сплавами, не иметь товарной (потребительской) стоимости, долговые обязательства (3), приход бумажных денег, законное платежное средство, иметь строго определенную номинальную стоимость, конвертироваться в золото по установленной цене, уравновешиваться национальным золотым запасом, золотодевизный стандарт, деньги, не имеющие материальной формы. Ex 4. Match each term with the appropriate explanation. intrinsic value, bill of exchange, scarcity, durability, fiat money, nominal value, gold standard, legal tender 1. A form of money in which person has a right by law to pay a debt, and which the creditor must by law accept in settlement of the debt. 2. A monetary system under which the value of the standard unit of currency is by law made equal to a fixed weight of gold. 3. A quality of a unit of money which implies a possibility of its usage over a period of time. 4. A quality of a unit of money which implies the fact that money is a rare good, difficult to come by. 5. The value possessed by a thing because its own nature or the matter of which it is composed. 6. The value of a banknote printed on its face. 7. Paper money or coins of little or no material value in themselves and not convertible into gold but made legal tender by order of the government 8. An order requiring the person to whom it is addressed to pay a sum of money to a specified person or bearer Ex 5. Answer the questions:
Ex 6. Find in the text the words and phrases that mean:
Ex 7. Comment on the following:
Ex 8. Increase your vocabulary.
Other adjectives: final, net, current, market. Verbs: to assess the value, to decline in value, to establish the value, to exceed in value, to increase/lose in value, to maintain its value.
Writing Task I. Write a Summary and a Gist of Text A and Text B. Task II. Write out advantages and disadvantages of barter. Speaking Task I. Prepare a presentation on the History of Money. Mark the major stages of its development, illustrate with the examples of your own. Task II. Prepare a presentation on the Forms of Money. Give examples of your own of different objects used formerly as money. Task III. Act as an interpreter for Parts A and B.
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