专业实习翻译材料..docVIP

Passages for Translation into Chinese Passage One The Good (and Bad) Model Guide A summary of economic models’ best and worst features: 1. The American model Good points: flexible labor and product markets; low taxes; fierce competition; and shareholder capitalism, which puts pressure on managers to maximize profits. Bad points: wide income inequalities; low welfare benefits; poor quality of “public goods”, such as primary and secondary education; low investment and very low savings rates. 2. Japanese model Good points: lifetime employment encouraged loyalty and high skill levels; public services, especially education, of high quality; close relations between banks and other firms; corporate cross-shareholdings shelter managers from impatient shareholders, allowing them to take a long-term view of investment. This, it was once argued, gave Japan an advantage over American capitalism, obsessed with short-term profit. Bad points: these “virtues” are now seen as vices at the root of the country’s problem: firms sheltered from the full force of market feel little pressure to use capital efficiently. 3. The East Asian model The region has long been an intellectual battleground for economists. Some saw East Asia’s rapid growth as proof of the virtues of market-friendly policies--- low taxation, flexible labor markets and open trade. Others argued that South Korea’s industrial policy was evidence of the possible gains from selective government intervention. The truth is that there is no single “East Asian model”: economic policies vary hugely from relatively liberal Hong Kong to heavy-handed South Korea; from widespread government corruption in Indonesia to squeaky-clean Singapore. What the East Asian countries shared was an openness to trade and higher savings than in other emerging economies. 4. The German social-market model Good points: excellent education and training; a generous welfare sate harmony; close relations between firms and banks assist hi