THE CHANGING BALANCE OF THE GLOBAL ECONOMY.

Whatever the emerging world order will look like, it is certain to be shaped in crucial respects by the global distribution of economic power. Economics influences politics at virtually every level, and there can be no doubt that a nation's 'weight' in world affairs is linked to its productive capacity and economi c influence. Nevertheless, the precise nature of the relationship between economics and politics, and the way in which the global economy structures international politics, are matters of deep political and academic controversy. No one questions, however, that national economies have increasingly been integrated into a single, global economy, largely through the development of an international trading system. As trade no longer respects national boundaries (a tendency encouraged by the ending of the Cold War), economies can no longer be thought of as separate islands; they are interdependent elements within a global whole.

Ex. IS. Translate the words in brackets into English

From the perspective of liberal pluralism, the emergence of a global (экономики) is to be welcomed on the grounds that it (со­действует) international harmony and will, over a period, reduce material inequality. Liberals have long emphasised the virtues of (свободная торговля) and (экономическая) interdependence. Trade amongst countries allows each country to (специализироваться) in the production of those goods and services that it is best suited to produce. This leads to international (специализация) and mutual benefits. In addition, free trade has been praised for promoting interdependence, (делая конфликты и войну менее вероятными). In this light, the true significance of the passing of the (эра сверх­держав) was that, for the first time, the international (экономика) could become global.

(Распространяясь на) into the former communist 'second world', as well as into the 'third world', the global (экономика) promises to promote worldwide development and bring about а (гармонизация интересов). Unfortunately, however, the notion that (экономиче­ская) globalisation will bring about 'one world' may (оказаться без­надежно оптимистичной).

Ex. 16. Fill in the prepositions

One,., the most important features... economic globalisation is the growing importance... multinational corporations (sometimes called transnational corporations). These are business organisations that produce output... more than one state. MNCs now dominate most... the world's market. Notable examples are General Motors and Ford... the automotive industry; Esso, Shell and BP... the oil industry, the McDonald's fast-food chain, AT&T (American Telephone & Telegraph) and the International News Corporation... the communications sector, and the major Japanese banks (23... which are... the largest 50 banks... the world). The significance... MNCs is that they represent a concentration... economic power... the hands... nonstate actors.

Moreover, the transnational organisation... MNCs has markedly

shifted the balance... economic power...... national governments

and local communities. While nationally based corporations are forced to acknowledge the bargaining power... their work-forces and operate... a political framework that they have only a limited ability to influence, MNCs have the option... relocating elsewhere.