2010级第7周商务英语翻译(S).docVIP

2010级第7周商务英语翻译(S) 一、英译汉： The Great Depression [1]The Great Depression was the longest and most severe period of economic depression ever experienced by the United States. It began with a collapse of prices on the New York Stock Exchange (NYST) in October 1929, and did not end until the United States entered World War II in late 1941. At its worst point—in early 1933—the American economy seemed on the verge of total collapse. National income had declined by almost one-half in little over 3 years; capital investment had dropped to the point where net investment was negative; and one out of three people in the labor force was out of work. [2] Recovery from the depths of this economic decline was excruciatingly slow. In 1941, 12 years after the initial shock of the stock market crash, more than 10 percent of the labor force was still unemployed, and per capita income had not yet regained the level of 1929. The most protracted period of economic stagnation in American history was finally ended by the war mobilization effort in 1942. Obviously, no single event or factor was responsible for the decline. There are, however, several factors which seem to play a prominent role in most explanations of the period. The Collapse of Asset Prices [3]The stock-market crash which began on October 24, 1929, was not confined to a single day; the decline in asset prices was a process of continual erosion for almost 3 years. By late 1932 stock prices on the NYSE had fallen to only 20 percent of their values in late 1929, and the prices of other assets had similarly declined. This enormous fall in the value of assets not only wiped out countless individual fortunes and savings, it also placed serious pressures on the stability of financial institutions, particularly banks. The Decline in Spending [4]The so-called spending thesis analyzes the Great Depression in terms of the enormous fall in both consumption and investment expenditures between 1929 and 1933 and in terms of the fai