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Скачати одним файлом. Книга: Англійська для економістів - Гаращенко
2 Capitalism
1. Private property. This means the exclusive right of an individual to control wealth or income. Economic progress has sometimes been hampered by the fear that a man might not be allowed to read what he had sown.
2. Freedom of enterprise. Free enterprise is the right of a person to make what he likes and as he likes, or to enter any trade or profession.
3. Competition – The system of capitalism is based on competition. Our modern society permits and encourages it. Competition leads to improvements in methods of production and in the articles produced. It results in greater output and lower prices.
4. Profits. Profits are the reward that comes to the entrepreneur as a result of his efforts. If, after paying from the gross receipts of his business all the expenses for wages interest, and rent due to the others, there is something left over, then this belongs to him. Profits are the end result of a capitalist enterprise – a contingent reward, on the degree of success of the business. What leads the entrepreneur to perform his function is, not always profits, but the chance of profits.
5. Laissez-faire. Adam Smith, the father of Economics understood that the well-being of a community was best served by a policy of governmental non-interference in economic affairs. Smith believed that in looking after his own interests a business-man was “led by an invisible hand” to look after the interest of society as a whole. But popular opinion today insist that consumers must be protected from high monopolistic prices, from shabby goods, from dangerous drugs.
Many criticisms have been made of the capitalistic system in modern times. The individual should be prepared to weigh for himself the validity of these criticisms.
One criticism of capitalism is that it leads to an unfair distribution of wealth. Under this system the rich get richer and the poor get poorer. The toil and the want of the labouring classes are means of speeding and piling up the wealth of the capitalist classes.
A somewhat similar criticism of capitalism is that it thinks more of profits than of social welfare. The ability to possess great wealth and secure the income from it without active participation in the management of business is a modern condition. We know the following method of wealth – getting in society: the rendering of service to others or to society for the sake of adequate reward in return, and the acquirement of gain for one-self at the expense of others with practically no service rendered to society. The latter method is now practised with success by the majority of capitalism.
But one might call attention to the case of Henry Ford. He undoubtedly accumulated millions. But at the same time he was a great philanthropist. He satisfied the wants of millions for some form of cheap transportation.
Another inducement of capitalism is that it works without plan. Production and consumption are not co-ordinated. The labour of untold men and women and of their machines is lost. Under the rule of business - as usual, they shoot blindly without aim and without goal. They have knowledge of the consumptive capacity of the country. Each plant is trying to sell all it can.
Capitalism has sometimes been blamed for the frequency of depressions. Over-production results from the lack of a planned economy. Over-production leads to the closing of factories, which, of course, means mess unemployment and all the evils associated with it. The business cycle of booms and panics began with the factory system.
Another change against capitalism is that it has been responsible for the waste of our natural resources. Big business “skims the skims” from the oil gushers, from the wide-veined coal-bearing Rock, and from virgin forests.
Vocabularyidentify – ототожнювати
private property – приватна власність
exclusive – винятковий
wealth – багатство, достаток
income – доход
to hamper – перешкоджати, заважати
freedom of enterprise – свобода підприємства
competition – конкуренція
to permit – дозволяти
to encourage – надихати, сприяти
reward – нагорода
entrepreneur – підприємець
gross receipts – валові одержання
expenses – витрати
a contingent reward – випадковий, можливий
laissez - faire [‘leisei’f ] – політика невтручання
well-being – добробут
non-interference – невтручання
dangerous drugs – небезпечні ліки
validity – обгрунтованість
toil – важка праця
to pile up – нагромаджувати
welfare – добробут, достаток
to possess – володіти
to secure – гарантувати, забезпечувати
for the sake of – заради чогось
acquirement – набуття, оволодіння
at the expense – за рахунок
to call attention – привернути увагу
undoubtedly – без сумніву
inducement – стимул, приманка
consumptive capacity – споживацька спроможність
to blame – звинувачувати
oil gushers – розливи нафти
to skim – збирати вершки, нахапатися.
I. Complete the sentences using the text:1. The system of capitalism began ... .
2. Certain features of capitalism are private property, freedom of enterprise ... .
3. Profits are the end result ... .
4. But popular opinion today insists that consumers ... .
5. A somewhat similar criticism of capitalism is that ... .
6. Another inducement of capitalism is that ... .
7. Each plant is trying ... .
8. Capitalism has sometimes been blamed for ... .
9. Over-production leads ... .
10. Another change against capitalism is that ... .
II. Answer the questions, basing your answers on the text.1. What did the system of capitalism begin with?
2. What does private property mean?
3. What is freedom of enterprise?
4. What is the system of capitalism based on?
5. What does competition lead to?
6 . What are profits?
7. What do profits depend on?
8. How did Adam Smith understand the well-being of a community?
9. What does today’s popular opinion say about consumers’ protection?
10. Which are the characteristic features of capitalism?
III. Say whether these statements are true or false and if they are false, say why.1. The main features of capitalism are competition and profits.
2. Our modern society permits and encourages competition.
3. Profits are the end result of a capitalist enterprise.
4. Smith believed that in looking after his own interests a businessman was «led by an invisible» hand to look after the interest of society as a whole.
5. One criticism of capitalism is that it leads to an unfair distribution of wealth.
6. Capitalism thinks both of profits and of social welfare.
7. Both capitalism and socialism work without plan.
8. Under capitalism each plant is trying to sell all it can.
9. Over-production leads to the closing of factories and mass unemployment.
Книга: Англійська для економістів - Гаращенко
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