,*,An Outline of the UK and the USA,单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,An Outline of the UK and the USA,An Outline of the UK and the USA,*,An Outline of the UK and the USA,单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,Chapter,4,Economy,Warming-up,1,New words and expressions,2,Notes,3,US Economy,4,5,Contents,Case,Studies & Exercises,Warming-up,2021 worlds GDP and GDP per capita List by the World Bank,New words and expressions,sneeze,: v. exhale spasmodically, as when an irritant entered ones nose打喷嚏, The pepper in the food caused me to/made me,sneeze,.,cruise,: v. travel at a moderate speed慢速行驶,Several privateer often,cruise,near the entrance of the channel.,insistence,: n. continual and persistent demands坚持，强调，坚决主张,Your,insistence,on causelessness removes all hope of the world ever changing.,New words and expressions,assembly,: n. a group of machine parts that fit together to form a self-contained unit集合，集会, 议会，装配, The production is greatly increased due to a new,assembly,line installed.,lobby:,v. detain in conversation by or as if by holding on to the outer garments of; as for political or economic favors 游说, The anti-nuclear,lobby,is becoming stronger.,pension,: n. a regular payment to a person that is intended to allow them to subsist without working 退休金, A,pension,is often commutable into a lump sum.,New words and expressions,mutual funds,: n. a regulated investment company with a pool of assets that regularly sells and redeems its shares共同基金, Usually individuals do this through money market,mutual fund,.,recreation,: n. an activity that diverts or amuses or stimulates消遣，娱乐, Sport and,recreation,have always been part of university life.,liquidity,: n. being in cash or easily convertible to cash; debt paying ability流动性，偿债能力, The bank has progressively increased its,liquidity,.,embroil,: v. force into some kind of situation, condition, or course of action使卷入，使混乱, I was reluctant to,embroil,myself in his problems.,New words and expressions,D,evaluation,: n. an official lowering of a nations currency; a decrease in the value of a countrys currency relative to that of foreign countries 货币贬值,Devaluation,would only give the economy a brief respite.,volatile:,adj. tending to vary often or widely多变的，不稳定的, With the markets being so,volatile, investments are at great risk.,resilient,: adj. elastic; rebounds readily 弹回的，有弹力的,When companies are cash flow rich, they are,resilient,to shocks.,Notes,Adam Smith 亚当斯密1723-1790是经济学的主要创立者。,The Wealth of Nations ?国富论?，亚当斯密所著。,the Progressive Movement 美国进步运动，美国史学界一般把1900年1917年间美国所发生的政治、经济和社会改革运动统称进步运动。,Sherman Antitrust Act (1890) 谢尔曼反托拉斯法,the Protestant work ethic新教工作道德，以专注的现世目标、克俭的生活作风、负有责任感的勤劳工作和合理的行为算计为特征。,the Time Warner Center时代华纳，是美国的一家大型媒体公司。,Notes,Chicago Board Options Exchange 芝加哥期权交易所，是由芝加哥期货交易所的会员所组建。它的的正式成立，标志着期权交易进入了标准化、标准化的全新开展阶段。,Chicago Mercantile Exchange 芝加哥商品交易所，于1874年，其前身为农产品交易所，由一批农产品经销商创立，当时该交易所上市的主要商品为黄油、鸡蛋、家禽及其他不耐储藏的农产品。,the Dow Jones Index 道琼斯指数，是一种算术平均股价指数。道琼斯指数是世界上历史最为悠久的股票指数，它的全称为股票价格平均指数。,The Jungle?丛林?是1906年作者和记者厄普顿辛克莱创作的一部小说。旨在强调工人阶级的困境，及20世纪初美国肉类加工行业的腐败现象。,Notes,Sister Carriee嘉莉妹妹1900年是由德莱塞撰写的一部小说，本书通过主人公年轻的乡下姑娘嘉莉的坎坷遭遇，反映了十九世纪末期美国社会外表繁荣下，失业、贫困、饥饿的阴暗面。,Hilton Hotels 希尔顿国际酒店集团(HI，为总部设于英国的希尔顿集团公司旗下分支，拥有除美国外全球范围内“希尔顿商标的使用权。美国境内的希尔顿酒店那么由希尔顿酒店管理公司HHC拥有并管理。,The Walt Disney Company 华特迪士尼公司，简称迪士尼，是大型传媒娱乐企业。,Warner Bros. 华纳兄弟影业公司Warner Bros.1923年4月由哈里华纳、阿尔伯特华纳、山姆华纳和杰克华纳四兄弟创立。,Notes,Sony Pictures Entertainment 索尼影视娱乐是索尼美国SCA的子公司，索尼美国是总部设在东京的索尼公司的子公司。,DreamWorks 梦工厂电影公司,gross metropolitan product(GMP) 地区生产总值是指本地区所有常住单位在一定时期内生产活动的最终成果。地区生产总值等于各产业增加值之和。,Loughborough University 拉夫堡大学Loughborough University的历史可以追溯到1909年建立的拉夫堡学院，1966年晋升为大学。一百多年来，拉夫堡大学形成了独树一帜的风格，成为英国顶尖的一流名校。 在2021年出版的?泰晤士报优秀大学指南?中，拉夫堡大学在全英大学排名中名列第21名。,Occidental Petroleum 美国西方石油公司。西方石油公司在本国、中东和拉丁美洲已探明了相当于二十多亿桶原油储量。,Notes,Health Net Health Net公司提供多种健康保险效劳和其他医院及医疗效劳，是一家一体化管理的护理机构，通过医疗方案及政府资助的管理式医疗方案提供管理式医疗效劳。这家公司于1979年成立，总部设在美国加利福尼亚州洛杉矶市伍德兰希尔斯区。,Reliance Steel & Aluminum 又称Reliance钢铁和铝公司、 美国信心钢铁铝业公司，总部位于加利福尼亚州洛杉矶，是美国规模最大的金属效劳中心企业。,engineering firmAECOM AECOM是提供专业技术和管理效劳的全球咨询集团，业务涵盖交通运输、根底设施、环境、能源、水务和政府效劳等领域，业务范围普及全球125个国家，年营业额超过80亿美元。ECOM公司英文名称的来源是Architecture 建筑设计，Engineering 工程，Construction Management施工管理，Operations营运和Maintenance维修保养五个英文单词的首字母。,CBRE Group 世邦魏理仕，是一家全球知名的综合性地产咨询效劳公司的名字。具体产品与效劳包括物业租售的战略参谋及实施、企业效劳、物业设施及工程管理、按揭融资、评估与估值、开发效劳、投资管理、研究与策略参谋等。,Notes,Tutor Perini 美国最大的建筑承包商之一。2021年年营业额约41亿美元。,Chase Manhattan Corporation大通曼哈顿公司，美国第三大银行公司，总部设在纽约市。,Citibank花旗银行，总部位于美国纽约派克大道399号，是华盛顿街最古老的商业银行之一。,Morgan Guaranty Trust摩根保证信托银行，世界大型商业银行之一,Bank Of America 美国银行,Eisenhower Interstate Highway System艾森豪威尔州际和国防公路系统,FedEx 联邦快递，是一家国际性速递集团,United Parcel Service UPS联合包裹效劳公司，是一家全球性的公司,Notes,Lehman Brothers 雷曼兄弟公司,Merrill Lynch 美林Merrill Lynch，世界最著名的证券零售商和投资银行之一，总部位于美国纽约,Fannie Mae 范尼梅公司,Freddie Mac 弗雷德马克，全球知名金融机构,AIG 美国国际集团American International Group，全球市值最大的保险公司。,UBS 瑞士联合银行集团United Bank of Switzerland，英文简称UBS，中文简称瑞银集团是欧洲最大的金融控股集团。,1.2 The U.S. Economic System,Most Americans believe that the rise of their nation as a great economic power could not have occurred under any system except capitalism,However, political conservatives believe there is too much government regulation of business. They argue that some of the rules that firms must follow are unnecessary and costly. In response to such complaints, the government has tried to reduce the paperwork required of businesses and to set overall goals or standards for businesses to reach, as opposed to dictating detailed rules of operation.,1.3 Basic Ingredients of the U.S. Economy,The first ingredient of a nations economic system is its natural resources.,The second ingredient is labor, which converts natural resources into goods,The quality of available labor how hard people are willing to work and how skilled they are is at least as important to a countrys economic success as the number of workers.,The Protestant Work Ethic, sometimes called the Puritan Work Ethic, is a sociological, theoretical concept.,1.4 Sino-US Economic Relationships,Some of the factors that influence the U.S. trade deficit with mainland China include:,The strength of the U.S. economy: a shift of low-end assembly industries to mainland China from the newly industrialized countries (NICs) in Asia. Mainland China has increasingly become the last link in a long chain of value-added production.,U.S. demand for labor-intensive goods exceeds domestic output. The PRC has restrictive trade practices in mainland China, which include a wide array of barriers to foreign goods and services, often aimed at protecting state-owned enterprises.,The undervaluation of the Renminbi relative to the United States Dollar.,1.5Major Cities and Industries,The United States is actually an urban nation with more than 97% of its people relying on cities for a living.,The main traditional industries of the U.S. economy used to include steel, automobile, housing and military. Now Americas industrial structure is undergoing changes with more and more emphasis being laid on electronics and chemistry.,1.5.1 Washington D.C.,In 2021, the federal government accounted for about 27% of the jobs in Washington,Many organizations such as law firms, non-profit organizations, lobbying firms, trade unions, industry trade groups, and professional associations have their headquarters in or near D.C. to be close to the federal government.,1.5.2 New York City,New York City is a global center of international business and commerce and is one of four “command centers for the world economy (along with London, Paris and Tokyo).,1.5.2 New York City,Lower Manhattan is the third largest central business district in the United States, and is home to The New York Stock Exchange, located on Wall Street, and the NASDAQ, representing the worlds first and second largest stock exchanges,The citys television and film industry is the second largest in the country after Hollywood.,1.5.3 Chicago,Chicago is the largest city in the U.S. state of Illinois,Chicago is the largest food-processing center of the United States.,1.5.4 Detroit,1.5.5 Los Angeles,The economy of Los Angeles is driven by international trade, entertainment (television, motion pictures, interactive games, recorded music), aerospace, technology, petroleum, fashion, apparel, and tourism. Los Angeles is also the largest manufacturing center in the western United States.,2. Economic Sectors2.1 international Trade,2.1.1 Import and Export,The United States is the most significant nation in the world when it comes to international trade.,There has been an unfavorable balance of trade since the 1970s.,China has become Americas No.1 trading partner in its importing field, followed by Canada, Mexico, Japan and Germany.,2.1.2 Investment in the United States,Broadly speaking, the U.S. has a fundamentally “open economy and low barriers to foreign direct investment.,2.1.2 Investment in the United States,Figure 1: Foreign Direct Investment in the United States from 2002 to 2021,2.2 Manufacturing,USA is the leading manufacturer in the world with a 2007 industrial output of US$2,696,880 millions. Main industries are petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, and mining.,2.3 Service Industry,These include many high-paying jobs in high technology field, financing, banking, education, health services, communications, entertainment, and tourism. They also include lower-paying positions that require little educational background, such as retail store clerks, and fast-food restaurant workers. In 2021 the United States service industry represents 76.9% of US economic output and a similar proportion of employment.,2.3 Service Industry,The largest sector of the U.S. economy in terms of output and employment is service, or tertiary industry.,Financial services make up an important section of the service industry because the large U.S. economy needs a large financial market.,The major types of financial services include bank services, foreign exchange services, investment services, insurance and others.,Tourism in the United States is a large industry that serves millions of international and domestic tourists yearly.,2.3 Service Industry,American people like to move from place to place and they are known as “a nation on the move or “a nation on wheels. As a result, the United States has a large transportation industry.,2.4 Global Financial Crisis Impacts upon U.S.,Figure 2: Annual Growth in Real GDP,2.4.2 Emergency and Short-Term Responses,Various actions have been taken since the crisis became apparent in August 2007. In September 2021, major instability in world financial markets increased awareness and attention to the crisis. Various agencies and regulators, as well as political officials, began to take additional, more comprehensive steps to handle the crisis.,To date, various government agencies have committed or spent trillions of dollars in loans, asset purchases, guarantees, and direct spending.,2.4.2 Emergency and Short-Term Responses,At the end of October UBS revised its outlook downwards: the forthcoming recession would be the worst since the Reagan recession of 1981 and 1982 with negative 2021 growth for the U.S., Eurozone, UK and Canada; very limited recovery in 2021; but not as bad as the Great Depression, and soon the economy will recover as it always did after recessions.,The US economy is currently embroiled in the economic downturn which followed the financial crisis of 200708, with output still below potential and unemployment still above historic trends while household incomes have stagnated.,Joyful moment,Exercises,