passage4注解:标题为红色,翻译为蓝色,分析为绿色。? ? ? ? ? the world is going through the biggest wave of mergers and acquisitions ever witnessed. the process sweeps from hyperactive america to europe and reaches the emerging countries with unsurpassed might【might强大力量】. many in these countries are looking at this process and worrying:? ? ?
????????????theres no question that the big are getting bigger and more powerful.multinational corporations accounted for less than 20% of international trade in 1982. today the figure is more than 25% and growing rapidly. international affiliates account for a fast-growing segment of production in economies that open up and welcome foreign investment. in argentina阿根廷, for instance, after the reforms of the early 1990s, multinationals跨国公司went from 43% to almost 70% of the industrial production of the 200 largest firms. this phenomenon has created serious concerns over the role of smaller economic firms, of national businessmen and over the ultimate stability of the world economy.
????????????i believe that the most important forces behind the massive m&a【m&a指第一段提及的mergers and acquisitions】 wave are the same that underlie【构成……的基础】?the globalization process: falling transportation and communication costs, lower trade and investment barriers and enlarged markets that require enlarged operations capable of meeting customerss wealth increases.
????????examples of benefits or costs of the current concentration wave are scanty稀少的. yet it is
hard to imagine that the merger of a few oil firms today could re-create the same threats to【threat to {noun}对…的威胁,treat to?{verb}做..来款待】 competition that were feared nearly a century ago in the u.s., when the standard 0il trust was broken up. the mergers of telecom companies, such as worldcom, hardly seem to bring higher prices for consumers or a reduction in the?pace of technical progress. on the contrary, the price of communications is coming down fast. in cars, too, concentration is increasing-witness daimler and chrysler, renault and nissan【戴姆勒与克莱斯勒,雷诺与尼桑(都是美国汽车品牌名)】-but it does not appear that consumers are being hurt.
????????????yet the fact remains that the merger movement must be watched.a few weeks ago, alan greenspan warned against the megamergers强强联合【指大规模的企业合并】 in the banking industry. who is going to supervise, regulate and operate as lender of last resort with the gigantic banks that are being created? wont multinationals shift production from one place to another when a nation gets too strict about?【strict?about?严格的】infringements侵犯 to fair competition? and should one country take upon itself the role of on issues that affect many other nations, as in the u s. vs. microsoft case?


33.what is the typical trend of businesses today?
[a] to take in more foreign funds.
[b] to invest more abroad.
[c] to combine and become bigger.
[d] to trade with more countries.
34. according to the author, one of the driving forces behind m&a wave is ____
[a] the greater customer demands.
[b] a surplus supply for the market.
[c] a growing productivity.
[d] the increase of the worlds wealth.
35.from paragraph 4 we can infer that______.
[a] the increasing concentration is certain to hurt consumers?
[b] worldcom serves as a good example of both benefits and costs?
[c] the costs of the globalization process are enormous?
[d] the standard 0il trust might have threatened competition
36. toward the new business wave, the writers attitude can he said to be ________.
[a] optimistic
[b] objective?
[c] pessimistic
[d] biased
(7)take upon oneself承担
(8)warn against 告诫、提防(不要做某事);
warn sb.of sth.提醒某人某事
三、阅读答案:c a d b


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