Английский для экономистов и менеджеров. Ульянова О.В - 62 стр.

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them inefficient and uncompetitive compared with their Asian rivals. To
compound these problems they also suffer from enormous ‘legacy costs’*
such as health insurance* payments and pension fund commitments. The
Japanese car manufacturer Toyota has set up car plants in the U.S. that out-
perform their American rivals. Toyota has no legacy costs, General Motors
and Ford do. Some economists argue that these old industries and their work-
ers must face up to the fact that these legacy obligations can no longer be
met.
The U.S. has been a world leader in the new industries associated with
the Internet. The Internet started in the U.S. Initially, English was the lan-
guage of the Internet. Today the U.S. accounts for less than 25% of Internet
users, 40-50% on new Internet users are now coming from Asia. However, e-
industry advocates are quick to point out that companies such as Google and
Yahoo do not have ‘legacy costs’ and are very competitive on the world
stage, work within few restrictions and are able to innovate very rapidly. E-
commerce* has been a key catalyst in bringing about change in ‘old indus-
tries’. It has had a key deflationary* impact and is a major pusher of global-
isation. A shift is occurring in the U.S. economy as e-commerce allows small
and medium sized enterprises to compete with large multinational compa-
nies.
Clearly considerable redistribution of wealth is taking place in the
world as the economies of China and India grow. It is still too early though to
predict the demise of the U.S. as the world’s number one economy.
* Legacy costs – payments that companies are obliged to make to healthcare
schemes and pension funds.
* Health insurance
– the system of providing financial protection for prop-
erty, life, health, etc., against death, loss, or damage, and involving regular
payment in return for a policy guaranteeing such protection.
* Deflationary – causing reduction in the level of total spending and eco-
nomic activity resulting in lower levels of output, employment, investment,
trade, profits, and prices.
* E-commerce
– business transactions conducted on the internet.
4 Specify the meaning of the following words in the text.
to account for
a) to give reasons for
b) to make payments
c) to be responsible for
to face up to

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