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1、Goodbye,Free Trade?,Chapter 6,News-lead,High tariffs and currency wars cost us big in the 1930s.We can avoid making the same mistake agian.Question:What information can you elicit from this news-lead?Comments:The author here attributed the cause of 1930s Great Depression to high tariffs and currency
2、 wars.And in facing the present economic calamity,the author suggested us to draw lessons from that era.Therefore,historical reviews,comparison between two times as well as analysis and assumptions upon present economic situation will be included in this passage.,Currency war,also known as competiti
3、ve devaluation,is a condition in international affairs where countries compete against each other to achieve a relatively low exchange rate for their own currency.As the price to buy a particular currency falls so too does the real price of exports from the country.Imports become more expensive.So d
4、omestic industry,and thus employment,receives a boost in demand from both domestic and foreign markets.However,the price increase for imports can harm citizens purchasing power.The policy can also trigger retaliatory action by other countries which in turn can lead to general decline in internationa
5、l trade,harming all countries.,Competitive devaluation has been rare through most of history as countries have generally preferred to maintain a high value for their currency.Countries have allowed market forces to work or have participated in systems of managed exchanges rates.An important episode
6、of currency war occurred in the 1930s.As countries abondoned the Gold Standard during the Great Depression,they used currency devaluations to simulate their economies.Since this effectively pushes unemployment overseas,trading partners quickly retaliated with their own devaluations.The period is con
7、sidered to have been an adverse situation for all concerned as unpredictable changes in exchange rates reduced overall international trade.,The American Political Parties,The Republican Party GOP(Grand Old Party)American conservatismAbraham Lincoln(1860)Supply Side Economics（reduced income tax rates
8、 increase GDP growth-tax cuts),Hawley-Smoot Tariff Act霍利-斯穆特关税法,The Smoot-Hawley Tariff Act of June 1930 raised U.S.tariffs to historically high levels.The original intention behind the legislation was to increase the protection afforded domestic farmers against foreign agricultural imports.It provo
9、ked a storm of foreign retaliatory measures and came to stand as a symbol of the“beggar-thy-neighbor”policies(policies designed to improve ones own lot at the expense of that of others)of the 1930s.The Smoot-Hawley tariff represents the high-water mark of U.S.protectionism in the 20th century.,allev
10、iate:to make the pain,suffering,or an unpleasant condition less intense or severe.减轻，缓减（痛苦等）e.g.Nothing could alleviate his distress.什么都不能减轻他的痛苦。He could only alleviate the sorrow by drinking.他只能借酒浇愁。House of Representatives(美国)众议院sink into:渐渐进入（消极，不快等的）状态e.g.Dont allow yourself to sink deep into gr
11、ief.He sank deeper into depression.riff:a short piece of writing or speech that develops a particular theme or idea.,Smoot-Hawley has become a reliable punch line because it is so regularly-and hyperbolically-invoked in the debate over international trade,a debate that has reignited recently as Amer
12、icas jobless recovery drags on.punch line:(故事、戏剧、笑话等中的）妙语invoke a principle/saying/famous person:refer to sth.in order to support the argument.e.g.He invoked memories of Britains near-disastrous disarmament in the 1930s.他援引了英国20世纪30年代几近灾难性的裁军事件。,reignite:to make sth.start burning again.e.g.The spat
13、is set to reignite speculation over the future of Yahoos investments in Asia.此次争吵势将重燃有关雅虎在亚洲投资未来走向的猜测。drag on:you say that an event or process drags on when you disapprove of the fact that it lasts for longer than necessary.不必要地拖延；拖得过久。e.g.The war may drag on.战争可能要拖延下去。How much longer is this going
14、to drag on?这事还要拖多久？The conflict with James has dragged on for two years.与詹姆斯的冲突拖了两年。,Smoot-Hawley has become a reliable punch line because it is so regularly-and hyperbolically-invoked in the debate over international trade,a debate that has reignited recently as Americas jobless recovery drags on.T
15、rans.最近，由于美国就业市场恢复缓慢，一场围绕国际贸易的争论已被重新激起。在这场争论中，由于被反复且夸张地引用，霍利-斯穆特关税法已经成为了争论中可靠的引例。,Late last month,the House of Representatives passed legislation aimed at imposing trade sanctions against China unless it allows its currency to appreciate,thus diminishing its export advantage.1)sentence structure2)te
16、rms and phrases impose against 施加trade sanctions 贸易制裁export advantage 出口优势3）Trans.上个月末，众议院通过了旨在针对中国的法律。该法律规定除非中国允许人民币升值，否则美国将对中国施加贸易制裁，以此削弱中国的出口优势。,diminish:e.g.Unforeseen expenses diminished our savings.意外的开支减少了我们的存款数目。Time will not diminish our friendship.时间的流逝将不会减弱我们的友谊。Several unpopular measures
17、 diminished the governments popularity.It is not fair to diminish her efforts;shes worked very hard.贬低她的努力是不公平的，她已经非常努力地工作。,Days later,in a speech thought to be directed at China,Japan and Brazil,Treasury Secretary Timothy Geithner warned against currency policies that might intensify“short-term dis
18、tortions in favor of exports.”1)term&phrases warn against:告诫，当心，提防e.g.The company has warned against bankruptcy.We were warned against adopting the proposal.currency policy 货币政策Treasury Secretary 财政部长2）Trans.,The managing director of the International Monetary Fund,which holds its annual meeting in
19、Washington this weekend,warned about the possible outbreak of competitive currency devaluations,reminiscent of the Depression era.1)Term Competitive currency devaluation:竞争性货币贬值 The currency devaluation by a government to make its goods more competitive in the international markets.2)Trans.本周末在华盛顿召开
20、的国际货币组织年会上，国际货币基金组织总裁忆及大萧条时期，对竞争性货币贬值爆发的可能性进行了警告。,exacerbate a problem/situation:to make worsee.g.Longstanding poverty has been exacerbated by racial divisions.由来已久的贫困因种族分裂更加恶化了。exacerbationthe exacerbation of global problems.全球问题的恶化。A newly released Wall Street Journal/NBC News poll found that 53%o
21、f the American public now believes that free-trade agreements have hurt the U.S.,up from 46%three years ago and 32%in 1999.Trans.华尔街日报和国家广播公司最近公布的民调发现，53%的美国公众认为，自由贸易协定伤害了美国，而2007年和1999年持这种观点的人分别为46%和32%。,Is America preparing to raise its economic drawbridges?comments:The author is doubting about wh
22、ether America is trying to set new restrictions upon imports by raising tariffs in order to protect its own economy?Has the ghost of Smoot-Hawley returned?comments:The ghost of something,especially of something bad that has happened,is the memory of it.阴魂（指对坏事的记忆）e.g.the ghost of anti-Americanism 反美
23、主义的阴魂。,It helps to start with a clear-eyed view of Smoot-Hawley itself,which was just one of many mistakes committed by Depression-era policy-makers-and not the most consequential of them.1)dash indicates emphasis in this sentence.2)consequential:important;significant e.g.From a medical standpoint,a
24、 week is usually not a consequential delay.3)sentence structure,North American Free Trade Agreement(NAFTA)北美自由贸易协定(p.124)-It is an agreement signed by the governments of Canada,Mexico,and the United States,creating a trilateral trade bloc in North America.The agreement came into force on January 1,1
25、994.It superseded the Canada-United States Free Trade Agreement between the U.S.and Canada.,the political spectrumhike:to increase prices,taxes,etc.suddenly by large amounts.大幅提高e.g.The government hiked up the price of milk by over 40%.政府把牛奶的价格提高了四成多。TSBs monthly credit card rate is now hiked from 1
26、.95%to 2.05%.TSB 银行的信用卡月利率已经从1.95%提升到2.05%。Big banks were hiking their rates up.各大银行正在提高利率。,gold standard:金本位制-p.124monetary policy:货币政策Monetary policy is the process by which the monetary authority of a country controls the supply of money,often targeting a rate of interest for the purpose of promo
27、ting economic growth and stability.Monetary policy is referred to as either expansionary or contractionary.Expansionary policy is traditionally used to try to combat unemployment in a recession by lowering interest rates in the hope that easy credit will entice businesses into expanding.Contractiona
28、ry policy is intended to slow inflation in order to avoid the resulting distortions and deterioration of asset values.,The Federal Reserve:also known as the Federal Reserve System or the Fed,is the central banking system of the United States.be exempt from the tariff 免税economic contraction 经济紧缩That
29、said,the Smoot-Hawley tariff fully deserves its notoriety.It was an ill-timed and ill-judged piece of legislation that backfired spectacularly.That said=Although what was said above is true.Trans.斯姆特-霍利关税法臭名昭著,是一部既不合时机又有欠思考的法案。它完全起到了与初衷相反的作用.,the business cycle:A predictable long-term pattern of eco
30、nomic activity that an economy experiences four stages including decline,recession,recovery and boom.stock-market crash 股票市场崩溃p.124economic rationale 经济依据；经济原理pertinent:relevant e.g.She had asked some pertinent questions.Pertinent information will be forwarded to the appropriate party.有关信息将会转发给相关方。.
31、knowledge and skills pertinent to classroom teaching.与教学相关联的知识和技能。I dont see the pertinence of most of this material.我认为这份材料大部分没什么用。,What motivated Congress to embrace this protectionist measure?支持support;embrace;sustain;on ones side;bolsterThe first reason why I bolster the restriction against chil
32、drens surfing on the Internet lies in that it is a potential trigger of(=may cause)numerous negative effects upon health.,The tariff was originally proposed to help American farmers,who experienced a long downturn after enjoying high prices during the boom years of World War I.Low farm price led to
33、severe financial distress and mortgage defaults.Congresss first reaction was to pass agricultural price supports to boost farm income,but President Calvin Coolidge twice vetoed this legislation.Trans.这部关税法起初是为了帮助在一战时经历了良好发展势头后长期遭受经济低迷的美国农场主。农业价格走低导致严重的财政困境和抵押违约情况。国会的第一反应是通过农业价格补贴法案以增加农民收入，但总统卡尔文两次否定
34、了这部法案。,opt to do sth./opt for sth.:choose sth.and decide to do it in preference to anything else.选择，做出选择e.g.Depending on your circumstances you may wish to opt for one method or the other.Our students can also opt to stay in residence.我们的学生也可以选择住校。logrolling coalition:滚木联盟；选票互助联盟p.125 The term“logro
35、lling”derives from the early American practice of neighbors gathering together to help clear land by rolling off and burning felled timber.In the political arena,it has to do with exchanging political favors,specifically the trading of votes among legislators to achieve passage of projects that are
36、of interest to one another.,Logrolling coalitions led to higher duties on all manner of imports.Question:How could it happen?Can you explain the cause of this consequence?Comments:Since the pass of Hawley-Smoot is a consequence of logrolling coalition,the congress must involve several groups of inte
37、rests who take the pass of this legislation as a deal of exchange.That is,when they agreed to accept the increase on agricultural tariffs,they must make sure the tariffs of the industry which they are involved could be boost as well.,D.H.Lawrence Lady Chatterleys Lover Sons and Lovers The RainbowWom
38、en in Love Notes:Lawrences major theme is love.He take love as the most sacred thing and the sacred can be realized only in the love between a man and a woman.Sex is the highest expression of individuality and modern mans tragedy lies in seeing sex as the fulfillment of an animal desire and in repre
39、ssing loves irrationality.Lawrence thought that man should live in the primitive way,and his new life should begin with the freedom of sex.,Smoot Smites SmutSmoot:Senator Reed Smoot Smite:to hit sb.or sth.hard to attack or punish sb.Smut:words or pictures that are related to sex and you are disappro
40、ve of them because you take them as rude and unpleasnat.Smoot Smite Smut:Senator Smoot(Republican,Ut.)is planning a ban on smut.Figure of speech:alliteration Alliteration-the use of words that begin with the same sound near one another.Examples:,Finally,whether you are citizens of America or citizen
41、s of the world,ask of us here the same high standards of strength and sacrifice which we ask of you.With a good conscience our only sure reward,with history the final judge of our deeds,let us go forth to lead the land we love,asking His blessing and His help,but knowing that here on earth Gods work
42、 must truly be our own.”John F.Kennedys Inaugural AddressI have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin but by the content of their character.-Martin Luther King,JrFour score and seven years ago our fathers brought f
43、orth on this continent a new nation,conceived in liberty,and dedicated to the proposition that all men are created equal.-Abraham Lincoln,Gettysburg Address,For weeks on end,Congress debated such arcane matters as the precise tariff to be imposed on tomatoes,clothespins and zinc.on end:连续地，不断地e.g.Fo
44、ur years on end,she lives alone.Sometimes theyll be gone for days on end.arcane:secret or mysterious tomatoes agricultural industry clothespins light industryzinc heavy industry to please domestic interests.The Family Man;the domesticated man I am the domesticated type.,Our trading partners were inc
45、ensed that the worlds richest country would throw roadblocks in the way of their ability to earn the dollars they needed to pay back debts and make World War I reparation payments.trading partner:贸易伙伴incense:to make somebody extremely angry e.g.This proposal will incense conservation campaigners.Mum
46、 was incensed at his lack of compassionTrans.美国是世界上最富裕的国家，而美国的贸易伙伴们则需要清偿债务并支付一战的赔款。因此美国提高进口关税的行为激怒了贸易伙伴国。,Any historical analogy can be taken too far.Comments:We cant make analogy of cases taken from any two historical periods no matter how similar the two cases appear to each other because any mino
47、r chronological distance can make great difference.In this case,it would be a mistake to draw too strong a parallel between protectionist sentiment today and in the 1920s.Comments:If we put todays protectionist sentiment and that of the 1920s side by side and try to avoid making mistakes by drawing
48、lessons from the 1920s,we would be disappointed since the time as well as the world economic situation has changed.,It is highly unlikely that the U.S.will revert back to Smoot-Hawley mindset.The country is much more integrated into the world economy than it was then,and it is widely understood that
49、 trade disruptions would be much more costly.revert back to:回复到；回归integrate sth.into:使结合；使合并Trans.美国不可能再重拾斯姆特-霍利关税法，其与世界经济的联系更加紧密，众所周知，破坏贸易需要付出的代价也更高。,import restriction 进口限制punitive tariff 惩罚性关税end up doing 以结束；最终成为trade war 贸易战争,Countries that clung to the gold standard were forced to maintain tig
50、ht monetary policies.Because they could not print money to counteract the deflationary forces that had taken hold of the world economy,they imposed higher tariffs,import quotas and exchange controls to restrict imports.Their import barriers were an utter failure in jump-starting their economies.impo
