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 From College to Career Read the passage below and match the numbered paragraphs with the appropriate headings. Navigate Change: 3 Tips to Manage the Transition from College to Career How do you navigate change from college to career? After all, school is vastly different from work. The way people talk and their interests are vastly different. Even if you end up in the field you went to college to major in, there will still be a lot of things you need to manage. There are a few things you can do to navigate this change. 1. Small Steps Most fresh graduates want to conquer the world. And truth be told, it is really not a wrong attitude. While it is good to have a huge ambition, you need to moderate it. You need to know that your career path can easily be a 30 year journey or more. There will be lots of changes to navigate. So, how do you navigate change from a ambitious fresh grad into a working world adult ready to take on the world? Well, in small steps. Take it a day at a time. The cumulation of your efforts is what will show results later. It’s not a game where you score the winning goal every day, in every game. This is a marathon where you put one foot in front of the other and soon you race to the finish line. 2. Small Dreams Of course, there is no need to give up on your big dreams. But Big dreams are an accumulation of small dreams come through. Dream about getting that small project completed the best possible way. Dream about impressing your immediate boss before you fantasize about impressing the CEO. It’s OK to have small dreams. Small dreams give you confidence. Small dreams give you the fertilizer to grow big dreams. That’s how you navigate change from college to career. 3. BIG Belief Small steps and small dreams must be balanced with big belief. Don’t start out your career with no belief. You must at least believe in yourself. Have a set of principles that will guide you. These are your light houses. They guide you home. They help you make decisions when changes in life make it difficult to see. Believe that you can achieve big dreams with small steps. Believe that there are no short cuts and every experience adds to your piggy bank of life. And these are for your withdrawal later. They are currencies you can use to leapfrog others who do not know how to navigate change. Contrary to popular belief, it’s not a cold cruel world out there. By and large, you will meet people who are willing to help and guide you. To navigate change, learn to be nice and polite. Stuff your parents and teachers taught you and you will be fine. (http://www.career-success-for-newbies.com/navigate-change.html) Ex 1. Answer the following questions:
Ex 2. Before you read the text in Ex 3, answer the questions and explain your answer. 1. Do you prefer to study… a. at school or college b. in a library c. at home? 2. Do you study best… a. early in the morning b. during the day c. at night? 3. Do you prefer to work… a. with friends b. with background music c. in silence? Ex 3. Now complete the text with the correct form of the verbs in the box. There may be more than one possible answer so try to use each verb only once. concentrate, do, learn, overcome, organize, study, take, teach, review, revise Even the most studious among you will probably have difficulty studying at some stage in your academic career. If or when this happens, the only way to (1)......................... this problem is to go back to basics. First, make sure you have a comfortable environment to (2)......................... in. Some students need to have a quiet space to themselves and can’t (3)......................... if there are too many distractions. Others need some sort of background noise, such as music or the company of friends. Whatever your personal preference is, you need to (4)......................... this first of all. Next, make sure you have all of the equipment or tools that you need. For example, if you are (5)......................... a geography course and you have to (6)......................... about countries and their capital cities then you will need to have your atlas to hand. If you’re (7)......................... your math homework then be sure to find your calculator, ruler, protractor and compass before you start. Perhaps you’re not preparing a homework assignment or project, but are trying to (8)......................... for an exam. If so, you need to know exactly what is on your curriculum. You should also (9)......................... your notes and make sure that you have a clear understanding of what your lecturers have (10)......................... you. Of course, people with a learning disorder such as dyslexia may need to work harder than others at their studies as they often struggle to read even relatively simple texts. Ex 4 Now read the text again and find a word or phrase to match these definitions.
Ex 5. Work in pairs. Make up dialogues comparing your ways of studying to your friend’s. Do you think your ways will help your future career? Unit 8 Part 1 A History of English Clearing Bank lending, debtor, creditor, interest, safe custody, facilities, goldsmith bankers, receipts, cheque, promissory note, demand and time deposits, cash reserves, Bills of Exchange, joint stock banking, branch banking, the Clearing House, diversification Text A Introduction Although banking as we know it has its roots in the seventeenth century, many of its features can be traced back to ancient times. Before the introduction of a monetary system there were many instances of transactions involving credit in primitive communities. Early Pacific civilizations used strings of beads as a means of recording debts, even before they were a means of exchange. The Chinese dynasties are full of instances of note issues recorded back as far as 14BC under the Emperor Wu-Ti, who used a form of paper money made from stag skin. In Greece, Babylon and the Roman Empire an extensive international trade demanded banking facilities, such as the lending of money, its exchange in foreign trade and travel, and the safe keeping of deposits. The Greek system was adopted by Egypt and also influenced Rome. The breakup of the Roman Empire led to a decline in banking, and, at the same time, usury laws imposed by the Church put restraints on lending. However, banking did not cease completely as the Lombard merchants developed banking in Venice and Genoa in the 12th century. Lombard Street, which is still today the heart of London's financial quarter, takes its name from Lombardy in Italy. Their vocabulary has left us with the words cash, debtor, and creditor. Perhaps the most significant is the fact that these merchants conducted their business on benches or 'bancos' and it is from that work that our 'bank' is said to be derived. The Italian merchants arrived at a time when England was changing from a feudal community, with virtually all its wealth in land, to a commercial society in which surplus money needed to be stored and used for profit. This happened in the sixteenth century after a long and stable government under the Tudors, which saw an age of discovery and the beginnings of colonization; a time of expansion of trade at home and abroad. Moreover, as the Reformation spread throughout Europe, King Henry VIII, at the end of his reign in 1546, repealed the usury laws. Before this the Church disallowed the lending of money with interest; now money could be lent "upon interest according to the King's Majesty's Statute at 10 per cent". This Act was carried further by his daughter, Queen Elizabeth I, and so the foundation of the modern banking system was laid. Englishmen of business followed the example of the Italian merchants. In particular, Sir Thomas Gresham, who as a pioneer of lending and borrowing money in the country, became the greatest of the London merchants and is now looked upon as the "Father of English Banking". He founded the Royal Exchange in Cornhill, London, as a meeting place for merchants to conduct their business. Goldsmith to Banker In the early days the goldsmith had exchanged foreign currency, keeping some in hand to supply travelers abroad and melting down the rest in the course of their basic trade. They had also become recognizable and reliable keepers of money and values for people without their own safe custody facilities. The new men were bankers but they were still goldsmiths. Goldsmith bankers, as they were known, had developed into an efficient system of private banking in London and were to develop into the famous banking firms, of which some still exist today. Coutts & Company, now affiliated to the National Westminster Bank, dates from 1692. The receipts given by goldsmiths for deposits have been compared to modern day cheques. However, it would seem that their similarities, as with Bills of Exchange, were their negotiable nature. Drawn notes only became known as cheques a century later. The cheque could be compared with a drawn note, by which a depositor addressed a letter to his goldsmith authorizing the payment to his creditor of the sum owed. The creditor would then take this 'note' to the depositor's goldsmith and there receive the sum in cash. The earliest known cheque dates 1659 Mr Morris and Mr Clayton Pray pay the bearer hereof MrDelboe or order four hundred pounds I say £400 - for yours NicoVanacher. London the 16th February 1659. Mr Morris pray pay until Mr Oliver Cromwell (a goldsmith in Townstreet) the sum of sixtie[sic] value received of Mr Thomas Colebrook and place to the account of - Yrs Nicholas Vanacher Amberley December the 13ths - 1665 - At Flying Horse in Cornehill, London In the history of British banking the goldsmiths development of the promissory note and cheque, demand and time deposits, balance sheets and cash reserves provided the primitive but nevertheless essential elements of a modern banking system. Vocabulary list
interest rate – процентная ставка
Notes
Ex 1. Suggest the Russian equivalents: transactions involving credit; a means of recording debts; banking facilities; safe keeping of deposits; merchants developed banking; a feudal community; a time of expansion of trade at home and abroad; the usury laws; the foundation was laid; to follow the example; exchanged foreign currency keeping some in hand; to supply travelers abroad; people without their own safe custody facilities; Englishmen of business; to date from 1692; to be compared to modern day cheques; essential elements. 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: сделки с элементами кредита; средство для записи долгов; банковские услуги; широкая международная торговля; упадок банковского дела; законы о ростовщичестве; использоваться для получения прибыли; эра открытий; расширение торговли; дача взаймы под процент; надёжные хранители; эффективная система частных банков; выплата кредитору суммы задолженности; долговые обязательства и чеки; срочные депозиты; депозиты до востребования; основные элементы. Ex. 4. Match each term with the appropriate explanation. deposit, interest, lending, debt, depositor, promissory note, debtor
Ex 5. Answer the questions and the assignments.
Ex 6. Find in the text the words and phrases that refer to the following notions and comment on them:
Ex 7. Comment on the statements.
Text B The Bank of England The Bank of England was established privately in 1694 and chartered by the government in return for a loan. The bank was also allowed to issue its own notes. Although started as a private bank, it gradually evolved into a Central Bank. The Bank of England was the first central bank. It serves as the banker to the government to the United Kingdom, with sole authority to issue notes in England and Wales, and also as the banker to the country’s commercial banks. Until 1946 the bank was privately owned, but it had long governed its operations in the national interest. From its founding in 1694 it acted as the government's banker, lending it money to fund the national debt. It soon acquired a practical monopoly of the note issue; eventually other banks began keeping deposits with the Bank of England and using it as a clearinghouse for their transactions with one another. By the 19th century, the Bank of England had become a "banker's bank." It had also acquired another function associated with central banking—that of being the "lender of last resort," to which other banks could turn for aid when they were hard pressed. During the 19th century the Bank of England developed techniques for regulating interest rates and the amount of credit issued by itself and by the banking system generally. As the leading bank in the world's leading financial center, its actions were considered critical in maintaining the international gold standard. By adjusting its discount rate—that is, the interest it charged on loans to commercial borrowers—it was able to affect the international flow of short-term capital. The Bank of England was nationalized in 1946. Today the bank conducts monetary policy by affecting the country’s supply of money through the purchase and sale of securities (open market securities). It also controls interest rates and sets limits on the amount of bank credit (reserve requirements). Country bankers The private goldsmith bankers and the Bank of England were confined to London but, running parallel in development, in the eighteenth century a separate system of banking was developing in the provinces. The London goldsmiths had made no attempt to expand outside London since trade was flourishing and comfortable compared to midland and northern regions, where transport and communications were not developed. However, outside London the beginnings of the Industrial Revolution were taking place, which created the need for monetary services. Traders in the north and midlands needed capital for expansion and since in the absence of its supply by London private bankers or the Bank of England, it was left to business men to meet their own needs. The bankers of the country were industrialists, traders, and local revenue collectors; men already experienced in financial transactions. A great impetus for country banking came in 1797, when the Bank of England suspended cash payments, England being threatened by war. Parliament authorized the Bank of England and country bankers to issue notes of low denomination. The industrialist banker could assist his own industry since he did not only provide a local means of payment but accepted deposits. Here we have a parallel with the early goldsmith banking. For the country banks to give an efficient service there was a need for direct links with London to effect payment and avoid the transporting of coin. London held great importance for the country bankers as a money market and an investment center for their surplus income. All bills of exchange and bank drafts were drawn on London, so too were the "London Bill", a form of paper credit, effecting payment between the counties and London. Important country bankers all had their agents in London. From 1784 to 1890 the number of banks outside London rose from 119 to 800. In the early 1800's Abingdon with only 4,500 people had three banks; Boston with 7,000 people had six banks and Exeter with a population of 18,000 had seven banks. The aftermath of the Napoleonic wars at the turn of the century caused uncertainty and depression in the industry, leading to the failure of many banks and rationalization of the system, leaving on the large and more prosperous ones in business. Joint stock banking Joint-stock was the name given to companies which are owned by several people who each possessed a certain number of shares in the capital. Their liability for the company's debts would be limited to that amount. That is why most of the major banks of London were established after 1826, as they were able to start with more capital. At the end of 19th century joint-stock banking became permissible throughout the United Kingdom. The rest of the century saw a long struggle for survival; the private bankers with the Bank of England on their side against the new joint-stock bankers. Private bankers enjoyed a comfortable living and saw the new joint-stock banks threatening their own business, for it was these men who had fought against joint-stock banking in the Parliament of the early 1880s. In 1854, the new bankers were admitted to the Clearing House, a bankers institution in London for exchanging bills and cheques and settling balances, which was to give them greater strength. The first joint-stock bank was opened in Lancaster in 1826. The private banks were absorbed by the joint-stock banks, making larger and larger concerns. This process was to reach its culmination at the end of the first world war, when the Big Five took shape. 1854 saw the entrance of the joint-stock banks to the Clearing House which was to revolutionize the cheque. The achieve this the major banks had to take over London banks. In 1884, Lloyds Bank, previously confined to the midlands, took over two famous London banks whilst the Birmingham Banking Company entered London, by absorbing the Royal Exchange Bank. The pattern of amalgamation continued and by 1936 had emerged as eleven banks, holding a total of over £2,000,000,000 of which the Big Five accounted for 87%. The twentieth century showed services in foreign exchange, and trustee and executor business were beginning to replace competition in price and size. Joint-stock banks began to open more branches, a system which seemed likely to provide a more stable structure and one more suited to the needs of the now advanced Industrial Revolution. However, the branches needed to be controlled from Head Office, which was to prove difficult with poor communications and lack of skilled men. In 1833, an Act of Parliament permitted joint-stock banks in London, and confirmed the legality of cheques drawn on them. The use of cheques made for more rapid commercial transactions. Where cheques were drawn and paid at different branches of the same bank, they could be cleared through Head Office, a system of internal debiting and crediting, which took several days. Access to the London Bankers Clearing House was still denied to joint-stock banks until 1854. The second half of the nineteenth century was an age of British industrial and commercial supremacy, which called for an expansion of the services provided by the established banks. For example, the London and Manchester Bank had four branches in 1850, and seven by 1865. Many of the old private and small joint-stock banks were unable to meet the demands of the growing industrial nation, so were forced to sell out. The reason for the improvement of the branch system was the removal of legislative obstacles, the growing dominance of the cheque, the completion of the railways and the development of the telegraph. Two world wars had little effect of the banking structure of the country. The amalgamations at the end of the First World War were the culmination of the long process of structural development. A massive branch banking system had grown out of the piecemeal development of the past. In 1918 there were five large banks and six smaller survivors, which caused widespread fear that competition would be restricted if the process was carried further. However, this view changed when it was seen that five or six banks in the same High Street could operate at maximum efficiency. In 1967 the National Board for Prices and Incomes put forward the case for further amalgamation and rationalization, Since then a lot of mergers have followed, leaving the Big Four and two smaller banks in England and Wales. Like their predecessors of hundred years ago, today's bankers seek to extend their business in every possible aspect, developing foreign exchange, finance of foreign trade and trust services. Within their own system a very high degree of mechanization has occurred; all branches now having a computer linked to a vast network for time saving, greater efficiency and speed. The credit card system, first introduced in 1966 from a well-established American tradition, has now been undertaken by all the major banks and may prove to be an innovation with far reaching effects. Cash dispensers, cheque cards and budget accounts are other recent services offered to aid the convenience of the customer, while the more recent Euro-cheque system enables a traveller in Europe to cash his down British cheque in the currency of the country where he is staying. The banks are showing no signs of standing still, pushing for fresh ideas of diversification, discussing an all-electronic future and, unlike their predecessors, are willing to inform the public of their intentions through advertising and public relations. The goldsmiths who set up as bankers three hundred or more years ago would recognize the essentials of today's banking, but they would be surprised by its ramifications. Vocabulary list
Notes
Ex 1. Suggest the Russian equivalents: chartered by the government in return for a loan; gradually evolved into; sole authority; eventually; turn for aid; hard pressed; have the opposite effect; become permissible; enjoy a comfortable living; running parallel in development; experienced in financial transactions; threatened by war; notes of low denomination; avoid the transporting of coin; surplus income; limited to that amount; to reach culmination; the pattern of amalgamation continued; lack of skilled man; time saving, greater efficiency and speed; to cash a cheque; no signs of standing still. 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: исключительное полномочие; обратиться за помощью в случае нужды; считаться очень важным; сохранение международной системы золотого стандарта; иметь противоположный эффект; влиять на денежную массу; развивать параллельно; выпускать банкноты малого достоинства; денежный рынок; избыточный доход; ответственность за долгие компании; борьба за выживание; достичь кульминации; более приспособленный к требованиям; отвечать требованиям; ограничить конкуренцию; функционировать максимально эффективно; обналичить чек; выдвигать новые идеи. Ex 4. Match each term with the appropriate explanation. Central bank, discount rate, monetary policy, joint-stock company, cheque, gold standard, the Clearing House, diversification
Ex 5. Answer the questions and do the assignments.
Ex 6. Find in the text the words and phrases that refer to the following notions and comment on them:
Ex 7. Comment on the statements.
Ex 8. Increase your vocabulary.
affiliate bank/bank branch – филиалбанка cardissuingbank – банк, выпускающийкредитныекарты bigbank – крупный банк country/ruralbank – провинциальный банк databank – банкданных leadingbank – ведущийбанк majorbank – крупный, влиятельный банк statebank – государственный банк privatebank – частный банк bankofgoodstanding – банк с солидной репутацией torunabank – управлять банком banking – банковскиеоперации, банковскоедело Other adjectives: commercial/business, clearing, first-class, investment, international, foreign/overseas. Verbs: to bank, to pay into, to draw on, to deposit money with.
Writing Task I. Make up sentences matching the left and the right halves. Write them down.
Task II. Prepare an outline of the history of English clearing banks. Write down an extended plan, reflecting the major stages of the British banking system development. Task III. Fill in the table giving characteristics of the main types of bankingthroughout history.
Task IV. Write a summary and a GIST of each Text. Speaking Task I. Act as an interpreter for parts A and B.
Task II. Continue the above discussion touching upon the major stages of the British banking development. Compose questions of your own and use the material of Texts A and B to answer them. Task III. Render the Texts in the form of a presentation. Use the appropriate structure and visual aids. Task IV. Do research of your own on the origins of banking in the USA. Compare them with those in Gr. Br. Make a presentation. | |||||||||||||||||||||||||||