國(guó)際經(jīng)貿(mào)高級(jí)英語(yǔ)導(dǎo)讀材料

LessonFive

WestGermany'sEngineNeedsRestartingTEXT

WestGermany,postwarEurope'seconomicstrongman,hascontractedabadcaseofanemia.Sincethedecadebegan,GNPhasrisenatanaverageannualrateafterinflationofjust1.5%_theweakestshowingamongthebigfiveWesternpowers.InrecentyearspoliticianandpunditsfromWashingtontoParishaveblamedGermany'ssluggishnessonitsreluctancetotaketheirfavoritetonic-amixofmonetaryloosenessandbiggerbudgedeficits.Butthatcomplaintmissesthepoint."Thegermenhavesteppedonthegas,"saysRichardO'Brien,chiefeconomistforAmericanExpressBankinLondon,"Theproblemisthatnothingmuchhashappened."BytheendofthisyearWestGermany'sfederalbudgetdeficitwilllikelyhaveclimbedfrom1%ofGNPin1985toaround3%.That'sroughlyequaltoAmerica'sandLessonFive

WestGermany'sEngineNeedsRestartingsecondonlytoItaly'samongothermajorindustrialeconomies.Onthemonetaryfront,theBundesbank'sdiscountrateisnowatapostwarlow,whilemoneysupplygrowthisovershootingtheupperrangeofitstargetsforthethirdyearrunning.Allthisstimulus,buttressedbyanunexpectedexportsurge,shouldliftWestGermany'srealgrowthin1988to2%orso–aeimprovementoverthe1%ratesomeforecastersanticipatedjustafewmonthsback.That'sthegoodnews.ThebadnewsisthathardlyanyonethinkstheGermaneconomycandomuchbetterbetweennowandtheearly1990s.Manyeconomistsbelieveitwilldoworse.WestGermany'sfiveleadingeconomicresearchinstitutesarealreadypredictingaslidebacktogrowthofunder1.5%nextyear.WarnsKeithSkeoch,chiefeconomistfortheLondonbrokeragefirmJamesCapel:LessonFive

WestGermany'sEngineNeedsRestarting"WestGermanyinthe1990sisindangerofingwhatBritainwasinthe1970s".Gloomydemographicaddtoehanxiety.Forwhateverreasons–cultural,psychological-WestGermany'sbirthratehasrecentlyfallenbelowreplacementlevels.Sinceitspopulationiscurrentlyshrinkingbyabout3,000peopleaweek,WestGermanycanincreasepercapitaewithagrowthrateonlyabitabovezero.Butthecountryneedsmorevigorousdomesticgrowththanthat.Furtherstrengtheningofthealreadymuscularmark-particularlyagainstothercurrenciesinEurope,wheremorethanhalfofGermanexportsaresold–iscertaintoleadtomorelayoffsamongitstraditionalmanufacturers.FastergrowthnowwouldalsoeasetheburdenoffinancingthegenerousincreasesinsocialsecuritypaymentsthatthegovernmentofHelmutKohlhaspromisedtheLessonFive

WestGermany'sEngineNeedsRestartingsoon-to-swellpopulationofpensioners.SaysGerhardFels,directoroftheInstituteofGermanEconomyinCologne:"Germanshavedevelopedakingof2%mentality.Buttoresolveourlong-termproblemsweshouldbeonatleasta3%to3.5%realgrowthpath."Whatwillittaketogettothatlevel?Increasingly,economistsandpolicymakersagreethatanylastingcureforthenewGermandiseaserequiresradicalmicroeconomicsurgery,notmortmacroeconomicstimulus.SaysCountOttoLambsdorff,aformereconomicsministerandleadinglightinthepro-marketFreedemocraticParty:"WhatGermanyreallyneedsaresupply-sidesolutions".WestGermany'smostdamagingsupplysideshortageisalackofdomesticinvestment.AccordingtotheOrganizationforEconomicCooperationandDevelopment,grossinvestmentasapercentageofGNPhasdroppedfrom21.7%to19.2%since1981.FromStuttgarttoHamburg,theLessonFive

WestGermany'sEngineNeedsRestartingfirstreasonexecutivesgivefortheirreluctancetoinvestishightaxes,whenlocaltaxesareincluded,Germancompaniesfacearateonretainedearningsof70%,roughlydoublethatofBritainandhigherthanintheU.S.,France,Italy,Japan,andSweden.Evenafterthegovernmentdeliversitslong-promisedtaxreformin1990,reducingthefederalcorporateratefrom56%to50%,Germanbusinesswillremainatthetopoftheinternationaltaxtables.Swollenwagebillsalsounderminespendingfornewcapacity,particularlyinlabor-intensiveindustries.Germanworkersnowcostmoreandtoilless-just37.5hoursaweek-thanthoseofanyothermajorindustrialeconomy.JapaneseandAmericanhourlywagesarestillhigher,accordingtoestimatespreparedbytheInstituteof

theGermanEconomy.ButWestGermanemployers

LessonFive

WestGermany'sEngineNeedsRestartingpickuptheworld'smostexpensivetabforso-calledsocialcosts-ole-agepensions,unemploymentanddisabilityinsurance,sixweeksofvacation,andoftenaChristmasbonusequaltoonemonth'spay.Suchcoststypicallyruntomorethan80%ofdirectwages,upfromjustover40%inthemid-1960s.Thecomparablefigureis37.5%fortheU.S.,and29%forJapan.Germany'shighwageswouldbeahealthysigniftheyweealwayspaniedbyproductivitygains.Butinmanycases,thehighratesreflectrawunionpower.IncontrasttootherWesternnations,unionmembershipinWestGermanyhasincreasedratherthanfallensincethe1970s.Mostindustrialwageratesaresetinnationalbargainingroundsthattakelittleaccountofvariationsintheeconomichealthofregions,muchlessthatofvariouscompanies.LessonFive

WestGermany'sEngineNeedsRestartingInanybusiness,onceGermanworkersarehired,theyarehard-andcostly-tofire.Undera1972law,acompanywithmorethan20employeesmustnegotiatea"socialplan"withtheworkforcepriortolayingoffanyworkers-aprocessthatfrequentlydragsonformonths.Notsurprisingly,severancecompensationperemployee,adjustedforinflation,hassoaredtenfoldsincethelawwaspassed.Despiteitspromisesofafundamentalturnaroundineconomicpolicy,ChancellorHelmutKohl'sconservativecoalitionhasinsixyearsachievedonlyaminormid-coursecorrection.Kohl'sprincipalcontributiontomakinglabormarketsmoreflexible,forexample,isameasurethatpermitscompaniestohire"short-timeworkers."Ifemployedforlessthantwoyears,theseworkerscanbelaidoffwith

relativeease-andnoexpense.LessonFive

WestGermany'sEngineNeedsRestartingMeanwhile,subsidiesthatpropupfarming,steelmills,coalmines,andotherpetitiveindustries,whichweresupposedtoshrink,haveincreased-from6.1%to6.8%ofGDP.SaysPaulHorne,Paris-basedeconomistforsmithBarney:"NomajorEuropeanadministrationhasbeensospinelessaboutmakingstructuraladjustments."Thecountry'scollectiveconsciousnessmaybealteredincomingyears–andreformhelpedalong-byasteadystreamofsmalleconomicshocks.Onesuchjoltshouldcomeinthenext18monthswhennewlydynamicBritain'sunemploymentratefinallyfallsbelowWestGermany's.Asevidencemountsthattheircountryisfallingbehindintheeconomicsweepstakes,optimistsmaintain,WestGermany'ssocialconsensuswillgraduallyshift.SaysNorbertWalter,asenioreconomistatDeutscheBank:LessonFive

WestGermany'sEngineNeedsRestarting"Germansstillliketowin.Onceweeconvincedthatwewilllosebystickingtoourpresentpolicies,thenwewillchangethem."Thedownsideofthatdiagnosis,ofcourse,isthepessimisticpossibilitythatWestGermany'seconomicailmentsaregoingtohavetogetalotworsebeforethecountrytakesthenecessarycure.

(From"Fortune",July4,1988)EXERCISESⅠ.TranslatethefollowingintoEnglishbyusingthewordsorphrasesinthetext:1．按百分之三年平均增長(zhǎng)率上升的國(guó)民生產(chǎn)總值

theGNPwhichrisesatanaverageannualgrowthrateof3percent2．八十年代初期西方大國(guó)的經(jīng)濟(jì)呆滯theeconomicsluggishnessoftheWesternpowersintheearly1980s

3．預(yù)算赤字的逐步縮小agradualdecreaseinthebudgetdeficits

LessonFive

WestGermany'sEngineNeedsRestarting5．由于缺乏有關(guān)西德農(nóng)業(yè)的足夠的數(shù)據(jù)forlackofsufficientdataonWestGermanagriculture6．六十年代西德工業(yè)的生產(chǎn)率增長(zhǎng)

theproductivitygains/growthofWestGermanindustryinthe1960s7．西德馬克對(duì)美元比價(jià)的上升ariseinthevalueofDeutschmarkagainstthedollar

8．勞動(dòng)密集型工業(yè)部門(mén)競(jìng)爭(zhēng)力的下降adecline(decrease)inthecompetitivenessoflabor-intensiveindustries4．當(dāng)前國(guó)際收支問(wèn)題的解決辦法Thesolutiontothecurrentbalanceofpaymentsproblem

LessonFive

WestGermany'sEngineNeedsRestarting10．與1960年相比增長(zhǎng)了四倍的工業(yè)總產(chǎn)值thetotalindustrialoutputvaluewhichhasrisen(increased)fivefoldoverthatin1960

11．連續(xù)縮減了五年的這個(gè)西歐國(guó)家的貿(mào)易盈余theWesternEuropeancountry'stradesurplusthathasreduced(shrunk)forfiveyearsrunning12．實(shí)現(xiàn)農(nóng)業(yè)的機(jī)械化和電氣化achievethemechanizationandelectrificationofagriculture13．缺乏競(jìng)爭(zhēng)力的工業(yè)部門(mén)中被解雇的工人workerswhohavebeenlaidoff(layoffs)inthepetitiveindustries9．比1989年初的出口額增長(zhǎng)一倍(be)doubletheexportvolumeinearly1989;bedouble(twice)asmuchastheexportvolumeinearly1989LessonFive

WestGermany'sEngineNeedsRestarting15．堅(jiān)持工農(nóng)業(yè)現(xiàn)代化的方向sticktotheorientationofindustrialandagriculturalmodernizations

14．在工業(yè)生產(chǎn)率方面落后于其他主要工業(yè)國(guó)家fallbehindothermajorindustrialcountriesintermsofindustrialproductivityLessonFive

WestGermany'sEngineNeedsRestarting1．許多經(jīng)濟(jì)學(xué)家把這個(gè)西方經(jīng)濟(jì)大國(guó)國(guó)際經(jīng)濟(jì)地位的相對(duì)衰落，歸咎于劇烈的外國(guó)競(jìng)爭(zhēng)和本國(guó)工業(yè)競(jìng)爭(zhēng)能力的下降。(blame…on…)ManyeconomistsblamedtherelativedeclineintheinternationaleconomicpositionoftheWestern(economic)poweronsharpforeigncompetitionandthedropinthecompetitivecapabilityofitsownindustry.EXERCISESⅡ.TranslatethefollowingsentencesintoEnglish

LessonFive

WestGermany'sEngineNeedsRestarting3．由于實(shí)現(xiàn)了工業(yè)化，那年這個(gè)國(guó)家的人均國(guó)民生產(chǎn)總值已上升到7千美元，比五士年代后期約增長(zhǎng)了三倍。（achieve,climb）2．因工業(yè)呆滯而引起的這個(gè)西歐國(guó)家稅收的銳減增加了該國(guó)的財(cái)政困難。(addto)ThesharpreductioninthetaxrevenuesoftheWesternEuropeancountrycausedbyindustrialsluggishnessaddedtoitsfinancialdifficulties.LessonFive

WestGermany'sEngineNeedsRestartingAsaresultofindustrialization,thecountry'spercapitaGNPthatyearclimbedtoU.S.$7000,aboutfourtimes(asmuchas)thatinthelate1950s(or:…,anaboutfour-timeincreaseoverthatinthelate1950s).

5．除非這個(gè)西歐國(guó)家在最近的將來(lái)與美國(guó)議定一項(xiàng)有關(guān)農(nóng)產(chǎn)品貿(mào)易的協(xié)議，不然它們之間就有進(jìn)行一場(chǎng)激烈貿(mào)易戰(zhàn)的危險(xiǎn)。(negotiate…with…,indangerof)4．大多數(shù)人相信，這個(gè)歐洲共同體成員國(guó)的貨幣對(duì)其他貨幣比價(jià)的下降再加上本國(guó)工業(yè)生產(chǎn)率的提高，將大大推動(dòng)出口的增長(zhǎng)。(beconvinced,bepaniedby)Mostpeopleareconvincedthatthedecline/depreciationinthevalueoftheEC'smemberstate'scurrencyagainstothercurrencies,paniedbytheriseinitsindustrialproductivity,willgreatlypromotetheexpansionofitsexports.LessonFive

WestGermany'sEngineNeedsRestartingTheWesternEuropeancountrywillbeindangerofwagingafiercetradewarwiththeUnitedStatesunlessitnegotiatesanagreementwiththelatterontradeinagriculturalproductsinthenearestfuture.LessonFive

WestGermany'sEngineNeedsRestarting

ThetrueinterestsoftheFederalRepublicofGermanylieintherealmofindustry,intheexportofhigh-valueindustrialcommodities,whichcouldbeincreasesubstantiallywithintheEuropeanCommunity.Thereasonwhy,despiteallthis,WestGermanyconsiderstheCommonAgriculturalPolicytobeofgreatvalueliesinthetraditionofitsagriculturalprotectionwhichbeganacenturyago.ItwasthenstrengthenedundertheThirdReichandhadarevivalevenintheFederalRepublic.EXERCISESⅢ.TranslatethefollowingpassageintoChinese:

LessonFive

WestGermany'sEngineNeedsRestarting

對(duì)于德意志聯(lián)邦共和國(guó)來(lái)說(shuō)，其真正的利益在于工業(yè)部門(mén)，在于高價(jià)值的工業(yè)品的出口，這類產(chǎn)品的出口能夠在歐共體范圍內(nèi)大幅度增長(zhǎng)。盡管如此，為什么西德仍認(rèn)為共同農(nóng)業(yè)政策很重要，其原因在于它在一個(gè)世紀(jì)以前開(kāi)始的對(duì)農(nóng)業(yè)實(shí)行保護(hù)的這一傳統(tǒng)。保護(hù)農(nóng)業(yè)的傳統(tǒng)然后在第三帝國(guó)期間得到加強(qiáng)，到聯(lián)邦共和國(guó)時(shí)期甚至得到恢復(fù)。LessonFive

WestGermany'sEngineNeedsRestartingOntheotherhand,WestGermanywasinaposition,andwasevenprepared,to