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1、CollegeEnglishforInternationalBusinessRobin2011ContentsInternationalbusinessGlobaleconomiccrisisof2008G20EconomictermsVocabularyAssignmentInternationalBusinessInternational business is a term used to collectively describe all commercial transactions(private and governmental,sales,investments,logisti
2、cs,and transportation)that take place between two or more nations.Usually,private companies undertake such transactions for profit;governments undertake them for profit and for political reasons.It refers to all those business activities which involves cross border transactions of goods,services,res
3、ources between two or more nations.Transaction of economic resources include capital,skills,people etc.for international production of physical goods and services such as finance,banking,insurance,construction etc.Amultinationalenterprise(MNE)isacompanythathasaworldwideapproachtomarketsandproduction
4、oronewithoperationsinmorethanacountry.AnMNEisoftencalledmultinationalcorporation(MNC)ortransnationalcompany(TNC).WellknownMNCsincludefastfoodcompaniessuchasMcDonaldsandYumBrands,vehiclemanufacturerssuchasGeneralMotors,FordMotorCompanyandToyota,consumerelectronicscompanieslikeSamsung,LGandSony,andene
5、rgycompaniessuchasExxonMobil,ShellandBP.Mostofthelargestcorporationsoperateinmultiplenationalmarkets.Areasofstudywithinthistopicincludedifferencesinlegalsystems,politicalsystems,economicpolicy,language,accountingstandards,laborstandards,livingstandards,environmentalstandards,localculture,corporatecu
6、lture,foreignexchangemarket,tariffs,importandexportregulations,tradeagreements,climate,educationandmanymoretopics.Eachofthesefactorsrequiressignificantchangesinhowindividualbusinessunitsoperatefromonecountrytothenext.Theconductofinternationaloperationsdependsoncompaniesobjectivesandthemeanswithwhich
7、theycarrythemout.Theoperationsaffectandareaffectedbythephysicalandsocietalfactorsandthecompetitiveenvironment.OperationsObjectives:sales expansion,resource acquisition,risk minimizationMeansModes:importing and exporting,tourism and transportation,licensing and franchising,turnkey operations,manageme
8、nt contracts,direct investment and portfolio investments.Functions:marketing,global manufacturing and supply chain management,accounting,finance,human resourcesOverlaying alternatives:choice of countries,organization and control mechanismsPhysical and societal factorsPoliticalpoliciesandlegalpractic
9、esCulturalfactorsEconomicforcesGeographicalinfluencesCompetitive factorsMajoradvantageinprice,marketing,innovation,orotherfactors.NumberandcomparativecapabilitiesofcompetitorsCompetitivedifferencesbycountryTherehasbeengrowthinglobalizationinrecentdecadesduetothefollowingeightfactors:1.Technologyisex
10、panding,especiallyintransportationandcommunications.2.Governmentsareremovinginternationalbusinessrestrictions.3.Institutionsprovideservicestoeasetheconductofinternationalbusiness.1.Consumersknowaboutandwantforeigngoodsandservices.2.Competitionhasbecomemoreglobal.3.Politicalrelationshipshaveimproveda
11、mongsomemajoreconomicpowers.4.Countriescooperatemoreontransnationalissues.5.Cross-nationalcooperationandagreements.Studyinginternationalbusinessisimportantbecause:Mostcompaniesareeitherinternationalorcompetewithinternationalcompanies.Modesofoperationmaydifferfromthoseuseddomestically.Thebestwayofcon
12、ductingbusinessmaydifferbycountry.Anunderstandinghelpsyoumakebettercareerdecisions.Anunderstandinghelpsyoudecidewhatgovernmentalpoliciestosupport.Managersininternationalbusinessmustunderstandsocialsciencedisciplinesandhowtheyaffectallfunctionalbusinessfields.SixTenetsTakeadvantageoftradeagreements:t
13、hinkoutsidetheborderFamiliarize yourself with preference programs and trade agreements.Read the fine print（契约中）难懂的条文.Participate in the process.Seize opportunities when they arise.ProtectyourbrandatallcostsYou and your brand are inseparable.You must be vigilant警惕的 in protecting your intellectual pro
14、perty both at home and abroad.You must be vigilant in enforcing your IP rights.Protect your worldwide reputation by strict adherence to labor and human rights standards.MaintainhighethicalstandardsStrong ethics translate into good business.Forge ethical strategic partnerships.Understand corporate ac
15、countability laws.Become involved with the international business self-regulation movement.Develop compliance依从 protocols for import and export operations.Memorialize your companys code of ethics and compliance practices in writing.Appoint a leader.StaysecureinaninsecureworldSecurity requires transp
16、arency throughout the supply chain.Participate in trade-government partnerships.Make the most of new security measures.Secure your data.Keep your personnel secure.ExpecttheUnexpectedThe unexpected will happen.Do your research now.Address your particular circumstances.AllglobalbusinessispersonalGo to
17、 the source.Keep communications open.Keep the home office operational.Fly the flag at your overseas locations.Relate to offshore associates on a personal level.Be available to overseas clients and customers 24/7.global economic crisis of 2008Theglobal economic crisis of 2008wastriggeredinitiallybypr
18、oblemsintheUScreditandhousingmarkets,butfromtherehasspreadtotherestoftheworldseconomies.Thisinitiativewilltrytoexplainhowthishappened,whatmeasureshavebeentakentoreducethebadeffects,andsoforth.CausesIthinkwecansumupthecauseofourcurrenteconomiccrisisinonewordGREED.Overtheyears,mortgagelenderswerehappy
19、tolendmoneytopeoplewhocouldntaffordtheirmortgages.Buttheydiditanywaybecausetherewasnothingtolose.Theselenderswereabletochargehigherinterestratesandmakemoremoneyonsub-primeloans.Iftheborrowersdefault,theysimplyseizedthehouseandputitbackonthemarket.Ontopofthat,theywereabletopasstheriskofftomortgageins
20、urerorpackagethesemortgagesasmortgage-backedsecurities.Easymoney!Whatgowrong?Thewholethingwasonebigscheme.Everythingwasgreatwhenhousesweresellinglikehotcakesandtheirvaluesgoupeverymonth.Lendersmadeiteasiertoborrowmoney,andthehigherdemanddroveuphousevalues.Higherhousevaluesmeansthatlenderscouldlendou
21、tevenbiggermortgages,anditalsogavelenderssomeprotectionagainstforeclosures.Allofthistranslatesintomoremoneyforthelenders,insurers,andinvestors.Unfortunately,manyborrowersgotslammedwhentheiradjustablemortgagefinallyadjusted.Whentoomanyofthemcouldntaffordtomaketheirpayments,itcausestheselenderstosuffe
22、rfromliquidityissueandtositonmoreforeclosuresthantheycouldsell.Mortgage-backedsecuritiesbecamemoreriskyandworthlesscausinginvestmentfirmslikeLehmanBrotherstosuffer.G20TheGroupofTwenty(G-20)FinanceMinistersandCentralBankGovernorswasestablishedin1999tobringtogethersystemicallyimportantindustrializedan
23、ddevelopingeconomiestodiscusskeyissuesintheglobaleconomy.TheinauguralmeetingoftheG-20tookplaceinBerlin,onDecember15-16,1999,hostedbyGermanandCanadianfinanceministers.TheG-20isthepremierforumforourinternationaleconomicdevelopmentthatpromotesopenandconstructivediscussionbetweenindustrialandemerging-ma
24、rketcountriesonkeyissuesrelatedtoglobaleconomicstability.Bycontributingtothestrengtheningoftheinternationalfinancialarchitectureandprovidingopportunitiesfordialogueonnationalpolicies,internationalco-operation,andinternationalfinancialinstitutions,theG-20helpstosupportgrowthanddevelopmentacrosstheglo
25、be.OriginTheG-20wascreatedasaresponsebothtothefinancialcrisesofthelate1990sandtoagrowingrecognitionthatkeyemerging-marketcountrieswerenotadequatelyincludedinthecoreofglobaleconomicdiscussionandgovernance.PriortotheG-20creation,similargroupingstopromotedialogueandanalysishadbeenestablishedattheinitia
26、tiveoftheG-7.TheG-22metatWashingtonD.C.inAprilandOctober1998.OriginItsaimwastoinvolvenon-G-7countriesintheresolutionofglobalaspectsofthefinancialcrisisthenaffectingemerging-marketcountries.Twosubsequentmeetingscomprisingalargergroupofparticipants(G-33)heldinMarchandApril1999discussedreformsoftheglob
27、aleconomyandtheinternationalfinancialsystem.TheproposalsmadebytheG-22andtheG-33toreducetheworldeconomyssusceptibilitytocrisesshowedthepotentialbenefitsofaregularinternationalconsultativeforumembracingtheemerging-marketcountries.Sucharegulardialoguewithaconstantsetofpartnerswasinstitutionalizedbythec
28、reationoftheG-20in1999.MembershipTheG-20ismadeupofthefinanceministersandcentralbankgovernorsof19countries:ArgentinaAustraliaBrazilCanadaChinaFranceGermanyIndiaIndonesiaItalyJapanMexicoRussiaSaudiArabiaSouthAfricaRepublicofKoreaTurkeyUnitedKingdomUnitedStatesofAmericaChairUnlikeinternationalinstituti
29、onssuchastheOrganizationforEconomicCo-operationandDevelopment(OECD),IMForWorldBank,theG-20(liketheG-7)hasnopermanentstaffofitsown.TheG-20chairrotatesbetweenmembers,andisselectedfromadifferentregionalgroupingofcountrieseachyear.In2011theG-20chairisFrance.Thechairispartofarevolvingthree-membermanageme
30、ntTroikaofpast,presentandfuturechairs.Theincumbentchairestablishesatemporarysecretariatforthedurationofitsterm,whichcoordinatesthegroupsworkandorganizesitsmeetings.TheroleoftheTroikaistoensurecontinuityintheG-20sworkandmanagementacrosshostyears.1999-2001Canada2002India2003Mexico2004Germany2005China2
31、006Australia2007SouthAfrica2008Brazil2009UnitedKingdom2010RepublicofKorea2011FranceInteractionwithotherinternationalorganizationsTheG-20cooperatescloselywithvariousothermajorinternationalorganizationsandfora,asthepotentialtodevelopcommonpositionsoncomplexissuesamongG-20memberscanaddpoliticalmomentum
32、动力todecision-makinginotherbodies.TheparticipationofthePresidentoftheWorldBank,theManagingDirectoroftheIMFandthechairsoftheInternationalMonetaryandFinancialCommitteeandtheDevelopmentCommitteeintheG-20meetingsensuresthattheG-20processiswellintegratedwiththeactivitiesoftheBrettonWoodsInstitutions(1944)
33、.TheG-20alsoworkswith,andencourages,otherinternationalgroupsandorganizations,suchastheFinancialStabilityBoardandtheBaselCommitteeonBankingSupervision,inprogressinginternationalanddomesticeconomicpolicyreforms.Inaddition,expertsfromprivate-sectorinstitutionsandnon-governmentorganizationsareinvitedtoG
34、-20meetingsonanadhocbasisinordertoexploitsynergies协同inanalyzingselectedtopicsandavoidoverlap.EconomicTermsrecessionhousingstartforeigndirectinvestmentFDIcreditcrunchbudgetdeficitcapitalflowshighyieldmacroeconomicpolicyliquiditytradeprotectionGDP=GrossDomesticProductG20includes:VocabularydefinitionLa
35、Fin=Theenddefineinfinite:immeasurablygreatorlarge;boundlessdefinitely:verysimilartodefinitebutasanadjectivefinishillustrationMaterialusedtoclarifyorexplain.Synonyms:exampleillusionillumineplunge:tofallorthrowoneselfintoasubstanceorplaceEg.Thestudentsplungedintotheirexaminations.soarlung,liver,heart,
36、belly,stomach,kidneylunge:tomovewithasuddenthrust.Eg.Amadmanlungedatmewithaknife.pandemic:widespread;general.swine:anyofvariousomnivorous,even-toedungulatesofthefamilySuidae,includingpigs,hogs,andboars,havingastoutbodywiththickskin,ashortneck,andamovablesnout.luxury:somethinginessentialbutconducivet
37、opleasureandcomfort.LUXNIKEROBUSTsummit:thehighestpointorpart;thetop;thehighestlevel,asofgovernmentofficials.MITemitemissiontransmittransmissionlimitlimitationcommitcommissionadmitadmissionpermitpermissionomitomissionsubmitsubmissionvomitmarket:apublicgatheringheldforbuyingandsellingmerchandise.mark
38、etingsupermarket,hypermarketmarketermarket-drivenadj.市场驱动的marketcapitalizationunderwritingstandardunderwritinglimit承保限额bondunderwriting债券包销investmentunderwriting投资担保u/aunderwritingaccount保险账户sound:havingafirmbasis;unshakable;financiallysecureorsafe;basedonvalidreasoning;deepandunbroken;undisturbedco
39、mplex:Inpsychoanalysis,asubconscioussexualdesireinachild,especiallyamalechild,fortheparentoftheoppositesex,usuallyaccompaniedbyhostilitytotheparentofthesamesex.Ifunresolvednaturally,thiscomplexmayresultinneurosisandaninabilitytoformnormalsexualrelationshipsinadulthood.vulnerabilitynuclearvulnerabili
40、ty核生存能力security安全漏洞radiusof伤害半径fatalcasualtiesvulnerabilitynumber致死性伤员数disruptionatomicdisruption原子破裂environmentaldisruption公害,环境失调marketdisruption市场混乱volcaniceruption火山爆发solareruption太阳爆发corruptionabruption分裂,分离access:ameansofapproaching,entering,exiting,ormakinguseof;passageprocessprocessionproces
41、singCPUprocessorsuccessconcession让步recession:Theactofwithdrawingorgoingbackexcess,excessivedeposit:toput(money)inabankorfinancialaccount.posecomposecomposercompositiondecomposeproposeproposalreposedeposepositionPOS=PointsOfSellsATM=AutomaticTellerMachineCDM=CashDepositMachineCDMA=CodeDivisionMultipl
42、eAccessreform:toimprovebyalteration,correctionoferror,orremovalofdefects;putintoabetterformorcondition.formformal,informalplatforminform,informationtransformformulaF1format格式化deformeduniformconform一致perform,performancemaintain:Tokeepinanexistingstate;preserveorretainretain保留detain拘留obtainattainsustaincontainstain污点,瑕疵certaincaptainmountaincurtainentertainsupervisionviewvisitvideovisionvividvisualvitalvitaminvisavivevisevigorvista展望visible,invisibleAssignmentReadthetwosupplementaryreadingsofunitone.Finishexercisesinpage8to9.