Free Trade, Firms and Finance · 自由贸易、企业与金融
| English | 中文 | Pinyin · 拼音 |
|---|---|---|
| partly in response to the growing acceptance of Adam Smith's theories of laissez-faire capitalism | 自由放任资本主义 | zì yóu fàng rèn zī běn zhǔ yì |
| transnational/trænˈsnæʃənl/ | 跨国的 | kuà guó de |
| stock markets/stɒk ˈmɑːkɪts/ | 股票市场 | gǔ piào shì chǎng |
| limited-liability corporations/ˈlɪmɪtɪd ˌlaɪəˈbɪlɪti ˌkɔːpəˈreɪʃnz/ | 有限责任公司 | yǒu xiàn zé rèn gōng sī |
Mercantilism gives way
- Western European countries began abandoning mercantilism and adopting free trade policies, partly in response to the growing acceptance of Adam Smith's theories of laissez-faire capitalism 自由放任资本主义 and free markets.
- Partly is the CED's careful word: ideas mattered, and so did the interests of states that were now the cheapest producers.
- A country that can undersell everyone gains from open markets — the theory and the advantage arrived together.
重商主义让位
- 西欧国家开始放弃重商主义并采纳自由贸易政策,这在一定程度上是对亚当·斯密自由放任资本主义(laissez-faire capitalism)与自由市场理论日益被接受的回应。
- "在一定程度上"是 CED 谨慎的用词:观念很重要,而那些如今成本最低之国家的利益同样重要。
- 一个能把所有人卖到降价的国家,从开放市场中获益——理论与优势是一同到来的。
The CED says free trade was adopted partly in response to Smith's theories, which implies... · CED指出自由贸易是被部分地作为对斯密理论的回应而采纳的，这意味着……
A country that can undersell everyone gains from open markets. · 能以低价击败所有人的国家将从开放市场中获益。
Firms outgrew their countries
- The global nature of trade and production contributed to the proliferation of large-scale transnational businesses that relied on new practices in banking and finance.
- The CED names HSBC — the Hong Kong and Shanghai Banking Corporation — and Unilever, based in England and the Netherlands and operating in British West Africa and the Belgian Congo.
- A transnational 跨国的 firm has operations in several states and is fully governed by none of them.
企业长得比国家还大
- 贸易与生产的全球性,促成了大规模跨国企业的涌现,这些企业依赖银行与金融的新做法。
- CED 点名了汇丰银行(香港上海汇丰银行)与联合利华,后者总部设在英国与荷兰,并在英属西非与比属刚果经营。
- 跨国的(transnational)企业在若干国家设有业务,而不完全受其中任何一国管辖。
____ liability means an investor can lose the money they put in and nothing more. · ____责任意味着投资者最多只能损失投入的资金。
That single rule is what makes cross-ocean investment rational. · 正是这一规则使得跨洋投资变得合理。
Two financial instruments
- The CED names stock markets 股票市场 and limited-liability corporations 有限责任公司.
- Limited liability means an investor can lose the money they put in and nothing more.
- That single legal rule is what makes it rational for a stranger to fund a mine on another continent — and it is the joint-stock company of unit 4, generalised.
两种金融工具
- CED 点名了股票市场(stock markets)与有限责任公司(limited-liability corporations)。
- 有限责任意味着投资者最多损失自己投入的钱,而不会更多。
- 正是这一条法律规则,使一个陌生人去资助另一个大洲上的矿山成为理性之举——它也正是第四单元股份公司的普遍化。
System, ideology, or institution? · 体系、意识形态还是制度？
Sort each item into the objective's three categories. · 将每项内容归入目标的三大类别中。
Select all · 所有 the transnational businesses the CED names. · 选择CED命名的所有跨国企业。
The Dutch East India Company belongs to unit 4's chartered companies. · 荷兰东印度公司属于第4单元的特许公司。
"For some" is part of the CED's sentence, not a caveat you may drop. Industrial capitalism raised standards of living for some while increasing the availability, affordability and variety of consumer goods — a claim about goods, not about who got them.
"为一部分人"是 CED 那句话的一部分,不是你可以省略的附注。工业资本主义为一部分人提高了生活水平,同时提高了消费品的可获得性、可负担性与多样性——这是关于商品的主张,不是关于谁得到了它们的主张。
Select all · 所有 three things the CED says rose for consumer goods. · 选择CED指出的消费品增长的所有三项指标。
It is a claim about goods, not about who got them. · 这是关于商品的声明，而非关于谁获得了商品。
What all of it produced
- The development of industrial capitalism led to increased standards of living for some, and to continued improvement in manufacturing methods that increased the availability, affordability and variety of consumer goods.
- For some is the CED's own qualifier and it is load-bearing — 5.9 will show who was left out.
- Three things rose together: availability, affordability, variety — a claim about goods, not about equality.
这一切产出了什么
- 工业资本主义的发展,为一部分人带来了生活水平的提高,并持续改进制造方法,提高了消费品的可获得性、可负担性与多样性。
- "为一部分人"是 CED 自己的限定语,而且是承重的——5.9 会说明谁被排除在外。
- 三样东西一同上升:可获得性、可负担性、多样性——这是关于商品的主张,不是关于平等的主张。
Industrial capitalism raised living standards for everyone. · 工业资本主义提高了所有人的生活水平。
The CED's own qualifier is for some — 5.9 shows who was left out. · CED自己的限定词是for some（对某些人而言）——5.9展示了谁被排除在外。
Systems, ideologies and institutions
- The objective names all three, and they map neatly onto this subtopic.
- System: industrial capitalism. Ideology: laissez-faire and free trade. Institution: the transnational firm, the stock market, the limited-liability corporation.
- An answer that gives one of each covers the objective exactly.
体系、意识形态与制度
- 这一目标点出了这三者,而它们恰好对应本小节。
- 体系:工业资本主义。意识形态:自由放任与自由贸易。制度:跨国企业、股票市场、有限责任公司。
- 各给出一项的答案,恰好覆盖了这一目标。
Limited liability means an investor in London can put money into a Congo plantation and, if it fails, lose that money and no more. Without the rule, personal ruin is possible and almost nobody invests. With it, capital crosses oceans routinely — one legal sentence, and a global economy becomes financeable.
有限责任意味着,一位伦敦的投资者可以把钱投入刚果的一处种植园;若它失败,他损失的只是这笔钱,不会更多。没有这条规则,倾家荡产是可能的,于是几乎无人投资。有了它,资本便习以为常地跨越大洋——一句法律条文,让一个全球经济变得可以被融资。
Western European countries abandoned mercantilism for free trade, partly on Adam Smith's laissez-faire theories. Global trade produced large-scale transnational businesses (HSBC, Unilever) relying on new banking and finance — stock markets and limited-liability corporations. *Industrial capitalism raised living standards for some * and increased goods' availability, affordability and variety.
西欧国家放弃重商主义、转向自由贸易,部分基于亚当·斯密的自由放任理论。全球贸易催生了依赖银行与金融新做法的大规模跨国企业(汇丰、联合利华)——股票市场与有限责任公司。工业资本主义为一部分人提高了生活水平,并提高了商品的可获得性、可负担性与多样性。