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From the 8th to the 11th century, the
Vikings
and
Varangians
traded as
they sailed from and to Scandinavia. Vikings sailed to Western Europe, while
Varangians to Russia. The Hanseatic League was an alliance of trading cities that
maintained a trade monopoly over most of Northern Europe and the Baltic,
between the 13th and 17th centuries.
Vasco da Gama restarted the European Spice trade in 1498. Prior to his
sailing around Africa, the flow of spice into Europe was controlled by Islamic
powers, especially Egypt. The spice trade was of major economic importance and
helped spur the Age of Exploration. Spices brought to Europe from distant lands
were some of the most valuable commodities for their weight, sometimes rivaling
gold.
In the 16th century, Holland was the centre of free trade, imposing no
exchange controls, and advocating the free movement of goods. Trade in the East
Indies was dominated by Portugal in the 16th century, the Netherlands in the 17th
century, and the British in the 18th century. The Spanish Empire developed regular
trade links across both the Atlantic and the Pacific Oceans.
In 1776, Adam Smith published the paper An Inquiry into the Nature and
Causes of the Wealth of Nations. It criticised Mercantilism, and argued that
economic specialization could benefit nations just as much as firms. Since the
division of labour was restricted by the size of the market, he said that countries
having access to larger markets would be able to divide labour more efficiently and
thereby become more productive.
In 1817, David Ricardo, James Mill and Robert Torrens showed that free
trade would benefit the industrially weak as well as the strong, in the famous theory
of comparative advantage. In Principles of Political Economy and Taxation
Ricardo advanced the doctrine still considered the most counterintuitive in
economics:
When an inefficient producer sends the merchandise it produces best to a
country able to produce it more efficiently, both countries benefit.
The Great Depression was a major economic recession that ran from 1929
to the late 1930s. During this period, there was a great drop in trade and other
economic indicators.
The lack of free trade was considered by many as a principal cause of the
depression. Only during the World War II the recession ended in United States.
Also during the war, in 1944, 44 countries signed the Bretton Woods Agreement,
intended to prevent national trade barriers, to avoid depressions. It set up rules and
institutions to regulate the international political economy: the International
Monetary Fund and the International Bank for Reconstruction and Development
(later divided into the World Bank and Bank for International Settlements). These
organizations became operational in 1946 after enough countries ratified the
agreement. In 1947, 23 countries agreed to the General Agreement on Tariffs and
Trade to promote free trade.
Free trade advanced further in the late 20th century and early 2000s:
• 1992 European Union lifted barriers to internal trade in goods and labour.
• January 1, 1994 NAFTA took effect.
18. broadcasting
трансляция,
радиовещание,
новостное вещание
57. self-interest
собственная выгода,
заинтересованность
19. byproduct
сопутствующий
продукт
58. to usher
сопровождать,
представлять, вводить
20. hallenge
вызов
59. to tend
иметь тенденцию
21. comprehensive
оригинал-макет в
натуральную
величину
60. to promote
продвигать
22. content
содержание
61. response
ответ
23. to cause
вызывать
(следствие)
62. revenue
доход
24. to classify
классифицировать
63. relevant
соответствующий
25. to compare
сравнивать
64. to quit
прекращать
26. to concentrate
концентрировать(ся)
65. toll-free
беспошлинный
27. to convince
убеждать
66. to suggest
предлагать
67. trend
направление
28. display
показ,
демонстрация,
шоу, дисплей
68. means
средства
29. donation
пожертвование
30. easy-to-read
легко читаемый
31. editor
редактор
32. to emphasize
подчеркивать,
выделять
33. to encourage
ободрять,
поощрять
34. entertainment
развлечение
35. entire
целый, весь
36. to entertain
развлекать
37. to establish
устанавливать
38. to expand
расширять(ся)
39. to feature
изображать,
характеризовать
69. teaser
рекламное
объявление;
«дразнилка»
(рекламное
сообщение, не
сообщающее всей
необходимой
информации, но
содержащее
указание на то, что
отсутствующие
сведения будут
даны в
последующих
публикациях)
23 42
From the 8th to the 11th century, the Vikings and Varangians traded as 18. broadcasting трансляция, 57. self-interest собственная выгода, they sailed from and to Scandinavia. Vikings sailed to Western Europe, while радиовещание, заинтересованность Varangians to Russia. The Hanseatic League was an alliance of trading cities that новостное вещание maintained a trade monopoly over most of Northern Europe and the Baltic, between the 13th and 17th centuries. 19. byproduct сопутствующий 58. to usher сопровождать, Vasco da Gama restarted the European Spice trade in 1498. Prior to his продукт представлять, вводить sailing around Africa, the flow of spice into Europe was controlled by Islamic 20. hallenge вызов 59. to tend иметь тенденцию powers, especially Egypt. The spice trade was of major economic importance and helped spur the Age of Exploration. Spices brought to Europe from distant lands 21. comprehensive оригинал-макет в 60. to promote продвигать were some of the most valuable commodities for their weight, sometimes rivaling натуральную gold. величину In the 16th century, Holland was the centre of free trade, imposing no 22. content содержание 61. response ответ exchange controls, and advocating the free movement of goods. Trade in the East Indies was dominated by Portugal in the 16th century, the Netherlands in the 17th 23. to cause вызывать 62. revenue доход century, and the British in the 18th century. The Spanish Empire developed regular (следствие) trade links across both the Atlantic and the Pacific Oceans. 24. to classify классифицировать 63. relevant соответствующий In 1776, Adam Smith published the paper An Inquiry into the Nature and Causes of the Wealth of Nations. It criticised Mercantilism, and argued that 25. to compare сравнивать 64. to quit прекращать economic specialization could benefit nations just as much as firms. Since the division of labour was restricted by the size of the market, he said that countries 26. to concentrate концентрировать(ся) 65. toll-free беспошлинный having access to larger markets would be able to divide labour more efficiently and 27. to convince убеждать 66. to suggest предлагать thereby become more productive. In 1817, David Ricardo, James Mill and Robert Torrens showed that free 28. display показ, 67. trend направление trade would benefit the industrially weak as well as the strong, in the famous theory демонстрация, of comparative advantage. In Principles of Political Economy and Taxation 68. means средства шоу, дисплей Ricardo advanced the doctrine still considered the most counterintuitive in 29. donation пожертвование 69. teaser рекламное economics: объявление; When an inefficient producer sends the merchandise it produces best to a 30. easy-to-read легко читаемый «дразнилка» country able to produce it more efficiently, both countries benefit. 31. editor редактор (рекламное The Great Depression was a major economic recession that ran from 1929 сообщение, не to the late 1930s. During this period, there was a great drop in trade and other 32. to emphasize подчеркивать, сообщающее всей economic indicators. выделять необходимой The lack of free trade was considered by many as a principal cause of the 33. to encourage ободрять, информации, но depression. Only during the World War II the recession ended in United States. поощрять содержащее Also during the war, in 1944, 44 countries signed the Bretton Woods Agreement, 34. entertainment развлечение указание на то, что intended to prevent national trade barriers, to avoid depressions. It set up rules and отсутствующие institutions to regulate the international political economy: the International 35. entire целый, весь сведения будут Monetary Fund and the International Bank for Reconstruction and Development 36. to entertain развлекать даны в (later divided into the World Bank and Bank for International Settlements). These последующих organizations became operational in 1946 after enough countries ratified the 37. to establish устанавливать публикациях) agreement. In 1947, 23 countries agreed to the General Agreement on Tariffs and Trade to promote free trade. 38. to expand расширять(ся) Free trade advanced further in the late 20th century and early 2000s: 39. to feature изображать, • 1992 European Union lifted barriers to internal trade in goods and labour. характеризовать • January 1, 1994 NAFTA took effect. 42 23
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