第三个环节是国家之间的渠道使产品从他们的外国进入点移动，国际市场细分就是市场细分概念在国际营销中的作用，采用何种细分标准对国际市场进行细分往往取决于企业的产品性质。
商务英语句子练习
句子翻译：
（课文中）
1、AnAmericanwhowantstobuyaJapaneseautomobilecannotexpecttheJapanesemanufacturertoacceptU.S.dollarsinpayment,unlebysheercoincidencethemanufacturerhappensatthetimetobuyanewcomputerfromanAmericanfirm.
想买日本车的美国人，不能指望日本商人接受美元来支付，除非十分碰巧那个日本商人正好想买一台美国电脑。
2、AvailabilityofyenwouldthenmaketradewithJapannomorecomplicatedthanbuyinggroceriesataneighborhoodsupermarket.
有了日元，将会使得和日本的贸易不比在附近的超市购买杂货复杂。
3、Eventhoughunfetteredtrademightallowtheworldtoconsumemore,eachcountryislikelytobemoreconcernedaboutemploymentandincomesathomethanabouteconomist’sassurancesoftheefficiencyoftrade.
即使自由贸易能够使得世界消费较多的产品，每个国家更关注国内的就业和收入，而不是经济学家所保证的经济的效率。
4、Balanceofinternationalpaymentsmeansafinancialindicatorpublishedbyagovernmenttoreflectthecountry’svolumeofimportandexportsettlements,capitalmovementsandchangeinofficialreservesinacertainperiod.
国际收支是由政府颁发的一个财务指数，用来反映一国在一定时期内的进出口、资本及官方储备的变动情况。
5、Abalanceofpaymentsurplusmeansthattheauthoritiesarereducingtheirliquidliabilitiestoforeigncentralauthoritiesorelseaddingtotheirholdingsofofficialreservesinsuchformsasgoldandforeignexchange.
国际收支顺差指的是一国当局（政府）正在减少对他国的流动负债，或者正在增加以黄金和外汇为形式的官方储备。
6、Abalanceofpaymentdeficitmeansthatinaggregatedebititemsexceedcredititemsandsaysnothingaboutwhetherthisisbeneficialorharmful.
国际收支逆差指的是借项超过贷项，并且不知道有益还是有害。
7、如果我们有持久的收支顺差，那么我们的贸易伙伴就一定有持久的逆差。
Ifwehaveapermanentsurpluscouldbetolerated,butthisisnotthecaseeither.
8、Ifagovernmentprefersnottolimitforeigntradethroughsuchprotectivesteps,asalastresort,acountrymaychoosetodevalueitscurrencyinordertoachieveabalance.如果政府不愿意通过保护性措施来限制贸易，那么作为最后一个方法，一国可以使自己的货币贬值来达到均衡。
9、OnceaEurocurrency(assumedollar)depositismadeinaLondonbank,thebankmayusethatassetasabasisformakingadollar-denominatedloantosomeoneelse.一旦一笔欧洲货币被存进伦敦银行，那么伦敦银行会使用这笔存款作为以美元为主贷款贷给他人。
10、Demographicsegmentationisbasedonmeasurablecharacteristicsofpopulationssuchasage,gender,income,education,andoccupation.
人口细分是建立在人口可测量的特点的基础上的，比如：年龄、性别、收入、教育和职业。
11、Psychographicsegmentationinvolvesgroupingpeopleintermsoftheirattitudes,values,andlifestyles.
心理细分是根据人们的态度、价值观及生活方式将人们分组的。
12、Everycountryortargetmarketareapresentstheinternationalmarketerwithuniquemiddlemenanddistributionpatterns.
每个国家或市场地区给国际营销者呈现出独特的中间商和渠道模式。
13、Theinternationalcompanymusttakeawhole-channelviewoftheproblemofdistributingproductstofinalconsumers.
跨国公司必须采取渠道整体的观点去看待将产品分销在最终消费者的问题。
14、Thethirdlink,channelswithinnations,movestheproductsfromtheirforeignentrypointtothefinalcustomers.
第三个环节，是国家之间的渠道，使产品从他们的外国进入点移动。
15、Whencreatingadvertising,caremustbetakentoensurethattheartdirectionandcopyareappropriatefortheintendedaudiencesintargetcountries.
当制作广告时，我们必须注意确保艺术动向和复本适合目标国家的受众。
（课后练习）
1、总的来说，从事国际贸易的商人都需要依靠商业银行提供进出口资金融通。
Inaword,thebusinesspeopleengagedininternationaltradedependoncommercialbankstoofferimportandexportcapitalfinancing.
2、目前，在资本货物贸易中，银行提供的中期或长期出口信贷已成了出口商确保出口订单的一个不可或缺的条件。
Atpresent,inthetransactionofcapitalgoods,themediumandlongtermexportfinancingprovidedbybankshavebeenamusttosecuretheexportordersfortheexporter.
3、外汇体制改革是进一步深化外贸体制改革的关键，对我国外贸发展将产生重大而深远的影响。
Thereformsonforeignexchangesystemiscrucialtofurtherdeepenthereformsonforeigntradesystem,andwillhavesignificantandfar-readinginfluenceonthedevelopmentofChina’sforeigntrade.
4、国际市场细分，就是市场细分概念在国际营销中的作用。
Internationalmarketsegmentsistheapplicationoftheconceptofmarketsegmentinintonationmarketing.
5、市场细分有利于企业发现和发掘新的营销机会。
6、采用何种细分标准对国际市场进行细分，往往取决于企业的产品性质。
Whatsegmentationcriteriaareusedtosegmentinternationalmarketalwaysdependsonproduceattributesoftheenterprises.
7、企业对不同类型的最终用户要相应地运动不同的市场营销组合。
Enterprisesshouldusedifferentmarketingmixaccordingtodifferenttypesofend-users.
商务英语短语词组&句子翻译期末复习总结!!必考!
短语词组Managementcontrol经营管理Managementbyobjective目标管理
Managementcompetence经营才干managementinventoryform管理人才储备表Managementoftrades行业管理managementprinciple经营方针
Managementfunction管理职能resolveconflicts解决矛盾
Setagoal建立目标motivatesubordinates激励下属
Formulateplans设立计划previouslysetgoals预定的目标
Controllingfunction控制职能communicationchannel沟通渠道Jobhunter求职人员jobhopper频繁变换工作的人
Joborientation岗位性质jobresponsibilitysystem岗位责任制
Jobsearch职业选择jobvacancy职位空缺
Jobrecruiting招工humanresource人力资源
Currentassessment现状评估humanresourceinventory人力资源状况表
Jobanalysis工作分析jobdescription工作说明
Jobspecification工作规范jobholder在职者
Potentialcandidates潜在求职者Financialplan财务计划cashinflows现金流入
Cashoutflows现金流出financialcontrol财务控制
Cashoutlays现金支出cashoverandshortaccount现金盈亏账户Cashmanagementservice现金管理服务cashliquidity现金流动情况
Financialmanager财务经理creditrating信用评价
Checkingaccount活期账户annualsales年销售额
Cashmanagement现金管理payrolltaxes工薪税
Bankaccount银行账户excefunds超额资金
Lockboxes银行存款箱controlleddisbursementaccount控制支付账号Interest-freeloan无息贷款costofgoodssold销售产品成本
Workinproceinventory线上盘点materialsinventory材料盘点
Finishedgoodsavailableforsale可销售成品depreciation厂房设备折旧Productionandoperationmanagement(P/OM)生产经营管理
Productandservicequality产品和服务质量productqualityassurance产品质量保证Productqualitycontrol产品质量管理productqualitystandard产品质量标准Productqualityvariance产品质量差异qualityauditingsystem质量检验制度Qualitycertificate品质证明书qualitychecks质量检验
Totalqualitymanagement全面质量管理competitivepressure竞争压力
Qualityimprovement质量改进productpromotionactivities产品促销活动
R&Dprocesses研制和开发过程qualityaudit质量审核
Employeetraining员工培训groupbrainstorming集思广益Topmanagement高级管理层workflow工作流程Marketingnetwork营销网marketingoperating营销活动Marketingagencies销售部门marketingresearch营销调查
Marketingprice营销价格marketingintermediaries销售媒介Marketingproducts适销产品marketingvariance营销预测差异Marketingstrategies营销策略salesvolume销售量
Prospectivecustomers潜在顾客potentialprofitability潜在利益性Targetmarket目标市场totalrevenue总收入
Personalizedservice个性化服务trafficflow客流量
Internationalmarket国际市场promotionstrategies促销策略Centralbank中央银行investmentbank投资银行
Commercialbank商业银行correspondentbank代理行，通知行Bankacceptance银行承兑汇票bankclearing银行票据交换Bankcopy银行对账单currentaccount活期存款账户Depositaccount定期存款账户electricbanking电子银行业务Informationprocessingsystem信息处理系统financialservice金融服务Accountbalance账户结余retailcustomer小额客户Wiretransfer电汇on-lineservice在线服务Accountingsystem记账系统personalcomputer个人电脑Transactionhistory交易记录Claimfordamage损失赔偿要求insurancecertificate保险凭证Loratio赔付率insuranceclause保险条款Insuranceagent保险代理人insuranceindemnities保险赔偿Insurablerisks可保风险theinsured投保人
Insurer承保人premium保费
Policy保单coverage险种
Claim索赔policyholder保单持有人Thedeductible绝对免赔额Bluechip蓝筹股（热门股）stockbroker股票经纪人Growthshare增长股defensivestock防卫性股Stockmanagement股份经营joint-stocksystem股份制度Publiccompany股票公开上市公司shareworth股票值
Equityfinance增股筹资debtfinance举债筹资
Stockexchange股票交易所stockindex股票指数
Financialdifficulty财政困难expectedprofitability预期效益
TheStandard&Poor’s500Index标准普尔500种股票价格综合指数
DowJonesIndustrialAverage道琼斯工业股票价格平均指数句子翻译：1.Generallyspeaking,managersperformfourbasicmanagementfunctions.(一般来说管理者
应履行四项基本职能)
http://www.oh100.com anizationsexisttoachievesomepurpose.(组织存在是为了实现某一项目标)
3.Thetextbookonmanagementisorganizedaroundmanagementfunctions.(管理类教科书是
按管理的职能编排的)
4.Managementshouldberesponsiblefordefiningorganization’sgoalsandestablishingan
overallstrategy.(管理负责拟定机构的目标，制定全面策略)
5.Theleadingfunctioninvolvesmotivatingsubordinates,resolvingconflictsamongmembers
anddirectingtheiractions.(领导职能包括激励下属，解决员工间的纠纷，指挥他们的行动)
6.Theactualperformanceoftheorganizationmustbecomparedwiththepreviouslyset
goals.(组织的计划实施情况必须与预先设定的目标进行比较)
7.Oncetherearesignificantdeviations,managementshouldcorrecttheorganization’s
performance.(如果一旦出现重大的偏差，管理者必须立即纠正机构的行为)
8.Thecontrollingfunctionisperformedtoensureeverythinggoeswellintheorganization.(履
行控制职能以确保机构内一切正常运行)1.Theinformationderivedfromareportprovidedbypersonneldepartment.(这个信息来自人
事部提供的一份报告)
2.Managementisabletoestimateshortage——bothinnumberandintypeafteritassessed
thecurrentstatusandfutureneeds.(在对现状和将来的需求进行评估后管理可以估算在数量和类型上计算出缺少)
3.Ajobspecificationisconcernedwiththeknowledgeskillsandabilitiesneededtodoacertain4.
5.job.(工作规范书关于做某项工作所需的知识、技术和能力)Managementkeepsitsattentiononhumanresourceplanning.(管理主要把注意力集中在人力资源计划上)Bykeepinganinventoryofanorganization’shumanresource,managementwillknowwhat
talentsandskillsresourceareavailableinthefirm.(通过保持组织的人力资源状况表，管理者将会知道现在公司有什么样的人才和技术资源)
Employeescanbeinterviewedindividuallyorinagroup.(员工可以单独或集体接受面试)
Ajobdescriptionandjobspecificationassistmanagersindeterminingwhetherthecandidatesarequalifiedornot.(工作说明书和工作规范书协助管理者决定求职者是否合格)
Oneofthemethodsforanalyzingajobistohaveemployeesrecordtheirdailyactivitiesinadiaryornotebook.(分析工作其中一个方法是让员工在日志或记录本上记下他们的日常活动)6.7.8.
1.Thesalariesoftheemployeesarepaidintheformofcash.(员工的薪水是以现金形式支付
的)
2.Oneofthedutiesoffinancialmanagementistominimizetheamountofcash.(财务经理的
其中一项职责是使现金数量减少到最低限额)
3.Someamountoffundsmustbeavailabletomakeinterestpaymentsdueonloans.(一些资金
一定要用以支付到期的贷款利息)
4.Whethercashmanagementisefficientornotmakesagreatdifferencebetweenmaking
moneyorlosingitforthecompany.(现金管理是否有效率给公司的盈亏带来很大的差异)
http://www.oh100.com sktopcomputersgivefinancialmanagersaccetobalanceonbankaccount.(桌面电脑为
财务经理了解银行账户的收支情况提供了渠道
6.Excefundswhicharenotearninginterestcanbemovedinstantlytoinvestment.(没有盈利
的超额资金应该移出到投资处)
7.Thepresidentbeganpayingattentiontomanagingthecompany’scash.(经理开始留意管理
公司的现金)
8.Thecompanywithlargeannualsalesonlykeeps10,000dollarsinaccount.(有庞大年销售额
的公司只留一万美元现金在账上)1.TQMisadoptedbyagrowingnumberofcompanies.(全面质量管理被越来越多的公司采用)
2.Totalqualitymanagementinvolvestheorganizationinanall-outefforttoimprovequality.(全
面质量管理包括组织用尽全力去提高质量)
3.Theobjectiveofqualitycontrolistoprovideproductswithhigherandbetterqualityfor4.
5.6.7.8.customers.(质量控制的目的是为顾客提供质量更好更高的产品)Managementrewardsemployeesfortheircontributiontomeetingthequalitystandards.(管理会为员工对符合质量标准而做的贡献进行奖励)Someorganizationsencouragetheiremployeestoputtheirproblem-solvingtechniquestopracticalwork.(一些公司鼓励它们的员工把解决问题的能力应用于实际工作中)Representativesacceptingtrainingcomefromdifferentdivisionsofthefirm.(接受培训的代表们来自公司的各个部门)Everyemployeeoftheorganizationbearsamajorresponsibilityforqualityimprovement.(组织的每位员工对提高质量负有重大责任)Threeprinciplesshouldbefollowedtoimplementtotalqualitymanagement.(实施全面质量
管理应遵循三条基本原则)1.Thepoliciesandactivitiesofacompanyshouldbedirectedtowardsatisfyingcustomer
needs.(公司的政策和活动应致力于满足客户需求)
2.Successfulmarketingrequirestimelyandrelevantmarketinformation.(成功的营销要求及时
和相关的市场资讯)
3.It’simportanttokeepupwithcompetitor’smarketstrategiesandmakeadjustmenttoone’s
own.(跟上竞争营销策略的步伐和调整自身的策略很重要)
4.Agoodstrategyhelpsabusinefocusonthetargetmarketitcanservebest.(一个好的策略
帮助企业专注于它所能最好服务的目标市场)
5.Goodsalesmanshipisveryimportantforsmallbusinebecauseoftheirlimitedabilityto
spendonadvertisement.(好的推销技术对于小公司来说很重要因为其能用于广告的花费是有限的)
6.Workingthroughestablisheddistributionagentsgenerallyiseasiestformanufacturers.(通过
已有的经销商或代理商工作对制造厂来说是很简单的)
7.Locationisnotsoimportantforproductswhichcustomersarewillingtogooutoftheirway
tofind.(地理位置对于产品来说不是那么重要因为顾客愿意费力寻找的)
8.Tomakesurebusineisrunninghealthyontrack,entrepreneursshouldaudittheir
company’sperformanceatleastquarterlyeachyear.(为了确保企业在健康的轨道上运行，企业家们应当每个季度审核公司的运行情况)1.Electronicbankingreferstoprocebywhichacustomermayperformbankingtransactions
electronicallywithoutvisitingaphysicalinstitution.(电子银行指的是顾客电子地处理金融交易而不是去实体机构的过程)
2.BothlargeandsmallbankinginstitutionsarenowofferingavarietyofInternetbased
financialservice.(大小金融机构现在都有提供各种基于因特网的金融服务)
3.Otherorganizationsmaychoosetoexpandtheircustomersbasetowideronlyageographic
areabyacceptingon-lineapplicationsforloananddepositproducts.(其他组织也许会通过接受在线贷款和储蓄的申请在更多的地区拓展客户)
4.OnlyaverysmallnumberofbankingorganizationsarefocusingontheInternetastheir
primarydeliverychannel.(只有极少数的金融机构潜心于将因特网作为首要的交付途径来发展)
Theseservicesspeciallyincludepayroll,automatedclearingandwiretransfer.(这些服务专门包括的自动结算服务和电汇服务)
TransactionsinitiatedthroughthissystemareprocessedbyaseparateInternetbankingapplicationandperiodicallysenttotheinstitution’sgeneralledger,depositandloanaccountingsystem.(交易启动后，由单独的网络金融机构程序进行处理并定时将结果传送至金融机构的总账、储蓄和贷款的记账系统中)
Telephonebankinggenerallyallowscustomerstocheckaccountbalancestransactionsandpaybillsthroughvoiceresponsesystem.(电话银行业务允许客户通过语音应答系统查询账户结余)
E-bankingcanimproveabank’sefficiencyandcompetitiveness.(电子银行业务能提高银行的效率和竞争力)5.6.7.8.
1.Insurancecompaniesmustgatheragreatdealofinformationbeforesettingpremiums.(保险
公司在设置保险金额前必须收集大量信息)
2.Theamountofthepremiumforaspecifictypeofriskismainlybasedonthepossiblelosses
thatmayoccurinthefuture.(一个具体类型的风险所保的保险总额主要以将来可能出现的损失为依据)
3.Insurerswilldecidewhichriskstoinsure.(投保人将决定保哪些险种)
4.Insurancecompaniesdonotcountonpayingforasinglepolicyholder’slossesoutofthe
premiumpaidbythatparticularpolicyholder.(保险公司不会指望支付某个投保人由一个普通保单持有人所买下的超出保险金额的损失买单)
5.Mostinsurancecompaniesarenotlikelytoconsiderissuingthissortofinsurance.(大多数保
险公司不可能考虑发行这种保险)
6.Insurancecompaniesarenotwillingtopayoutonallpoliciesatthesametime.(保险公司不
愿意同时赔付所有的保单)
7.Unemploymentthreatenssomanypeople,sounemploymentinsuranceiswildlyeasyto
comeby.(失业威胁着许多人，所以失业保险被通常很容易获得)
8.Lossesresultingfromdeliberateactionsoftheinsuredarenotcoveredinthispolicy.(因投保
人的故意行为所造成的损失不在这项保单所保的范围之内) http://www.oh100.com panieswishingtoraisemoremoneyforexpansioncanissuemoreshares.(希望筹集更
多资金的公司可以发行更多的股票)
2.Stockholderstradesharesonstockexchange.(股票持有人在股票交易所交易股票)
3.TheDowJonesIndustrialAverageisbasedonthepricesofthestocksof30majorUS
companies.(道琼斯工业股票价格平均指数是以30个主要的美国公司的股票价格为基础的)
Thecompanyhasrunintothefinancialdifficultyforitspoormanagement.(这个公司因为他们贫乏的管理而遇到了财政困难)
Thepricesofsharesonstockexchangearedeterminedbythesupplyanddemandinthesecompanies.(股票交易所的股票价格是由这些公司的股票供求关系所决定的)
Comparedtobonds,stocksoffertheholderhigherrisksandpotentiallyhigherreturn.(与证券相比，股票在提供高风险的同时也潜在地提供了高收益)
Thecompanysellsbondstofinancethenewproject.(这个公司通过卖证券来自助这一新项目)
Whenpeopleexpectthatacompanywillhavelittleprofit,thepriceofthecompany’sstockwillfall.(当人们预期到这个公司将会有很少的盈利时，该公司的股价就会下跌)4.5.6.7.8.
简答
1.Fourbasicmanagementfunctions:planningorganizingleadingcontrolling.
2.Currentassessmentincludes:generatingahumanresourceinventoryandmakingajob
analysis.
3.Thedifferencebetweenjobdescriptionandjobspecification:Jobdescriptiondescribesjob
content,environment,andconditionsofemployment.Itfocusesonthejob.Jobspecificationfocusesontheperson.Itdefinestheknowledge,skillsandabilitiesneededtoperformthejobeffectively.
4.Fivemethodsforanalyzingajob:theobservationmethod,interview,theuseof
questionnaire,theuseoftechnicalconferenceanddailyactivityrecording.
5.Howcanafinancialmanagerminimizeafirm’sneeds?Andtowhatextent?Paybillsaslate
aspossibleandcollectmoneyowedtothefirmasquickaspossibleaslongastheydonotdamagethefirm’screditratingorcostmorethantheysave.
6.Thecontrolleddisbursementaccount:referstoasystemthatletsafirmknowhowmany
checksandinwhatamountswillclearwhatbanksatwhattime.
7.ThreeprinciplesofTQM:theobjectiveofqualitycontrolistoachieveconstantandcontinual
improvementinquality;thefocusofqualityimprovementisoneveryproceinthe
organization;employeesbearamajorresponsibilityforqualityimprovement.
8.FourelementsinimplementingTQM:communicatingtheneedforquality,training
employeesintheskillsandknowledgeofquality,securingemployeeinvolvementinquality,rewardingforquality.
9.Whatisthequalityauditandwhyisitconducted?Itreferstoacarefulstudyofeveryfactor
thataffectsqualityinanactivityorinprocess.Itisconductedtoidentifyqualityproblemsanddiscovernewwaystoimprovequality.
10.Marketingworksprimarilyontwoprinciples:allcompanypoliciesandstrategiesshouldbe
directedtowardsatisfyingcustomerneeds.Profitablesalesvolumeismoreimportantthanmaximumsalesvolume.
11.Themainfunctionsofmarketingresearch:(1)Touncoverdissatisfactionorpossiblenew
productsorservices.(2)Toidentifytrendsthataffectsalesandprofitability.(3)Toidentifyproblemsandopportunities.(4)Tokeepupwithcompetitor’smarketstrategies.
12.Fourcomponentsofmarketingprogram:productandservice,promotion,pricingand
distribution.
13.E-bankingservicescomprisepersonalcomputerbankingthroughtraditionalproprietary
communicationchannels,retailandcorporateInternetbankingservices,telephonebanking,andpotentiallyotherformsofremoteelectronicaccetobankingservices.
14.Whydomoreandmorefinancialinstitutionseagertoadopte-banking?Becausee-banking
canimproveabank’sefficiencyandcompetitiveness,existingandpotentialcustomerscanbenefitfromagreaterdegreeofconvenienceineffectingtransaction.Thisincreasedlevelofconvenience,whencombinedwithnewservices,canexpandthebank’stargetcustomersbeyondthoseintraditionalmarkets.
15.Thedeductible:theinsurancecompanywillpayonlythatpartofalogreaterthanan
amountstatedinthepolicy.Itrepresentssmalllossesthattheinsuredhasagreedtoabsorb.
16.Stockindexesreflectfutureeconomicconditions.
17.Whenpeoplebecomeoptimisticaboutacompany’sfuture,thepriceofashareofthestock
rises;whenpeoplecometoexpectacompanytohavelittleprofitorevenlosses,thepriceofasharefails.
商务英语阅读期末复习重点句子
1、Butthey’realsoissuedordersthatwouldbeseenimproper“intervention”intheWest—forexample,callinglastweekonstateindustries,includingsteelandconstruction,to“activelyincrease”theirrolesintheeconomybybuyingupnewassetsathomeandabroad.
但他们也发布在西方国家眼里是不合理的干涉的命令，例如，上周中国官员召集包括钢铁建筑等行业的国有行业并购国内外新资产以积极发挥在经济中的作用。
2、ThisbalancebetweenfreeandmanagedmarketscanalsobeseeninChina’sapproachtopricefixingandmacro-economiccontrolinkeysectorslikefinancialservices,telecoms,utilitiesandenergy.Someoftheseindustriesarepartiallyprivatized—intelecoms,equipmentmarketsareopentoforeigners,becausetheybringcapitalandexpertisethateventuallytricklesdowntolocalfirms,likethenowinternationallycompetitiveHuawei.Butthemorelucrativeservicesmarketisstillrunbyauthorities,whosetpricesonmobile-phonecalls.
这个这个平衡自由和管理市场中也能看到在关键领域如金融服务、电信、公用事业和能源中用中国的方法来操纵价格和宏观经济控制。这些行业的一些部分私有化了，在电信、设备市场都对外国人开放,因为他们带来最终惠及当地公司的资本和专业知识,像现在的有国际竞争力的华为。但是更有利可图的服务市场仍由给移动电话定价的当局经营。
3、Butchangeisuponus.Thedevelopedworldofthehavesisstrugglingtorestartgrowthandpreservewelfarestates,whiletheworldoftheoncehave-notshassurgedoutofthedownturn.BigemergingeconomicslikeChinaandIndianhavediscoverednewsourcesofdomesticdemand.
但是变化已经来临。发达国家的富人正在努力重启增长和维持福利国家,而世界上的穷人一旦经济猛增走出低迷。像中国和印度这样大的新兴经济体已经发现了国内需求的新来源。
4、Asbillionsofpoorpeoplebecomemoreprosperous,theywillbeabletoaffordthecomfortstheircounterpartsintherichworldhavelongconsideredthenormalappurtenancesoflife.
由于数以亿计的穷人更繁荣,他们将能够负担得起那些他们同行在发达国家长期以来认为是生活附属物的享受。
5、Chinaistiredofbeinglecturedtobythosewhoseemunabletomanagetheirowneconomicsparticularlywell.U.S.politicians,withaneartotheirconstituents,arelobbyingforprotectivetariffsifChinadoesnotallowitscurrencyappreciate.
中国厌倦了被那些似乎无法将自己的经济管理的特别好的国家说教。如果中国不允许其货币升值的话，那些密切关注选民意向的美国政客将游说政府征收保护性关税,
6、Yettheunmediatedriftbetweencountries,eachdesperatetopreserveitsedgeintheglobaleconomicgame,isnoteventhemostseriousdivisionthatpolicymakershavetocontendwith.That,rather,iswhattheWEF’sGlobalRiskscallseconomicdisparity.
然而无中介的成员国之间的裂痕,每个都渴望保持其在全球经济游戏中的优势,甚至不是政策制定者必须面对的最严重的部门。相反,是世界经济论坛全球风险经济差距的调用。
1
7、Butthisparticularrecessionwastriggeredbyafinancialcrisisthatdamagedthefinancialsystem’sabilitytochannelsavingstoproductiveinvestmentandleftconsumersandbusinessesstrugglingwithsurplusbuildings,equipmentanddebtaccumulatedintheboom.Recoveryafterthatkindofcrisisisoftenslowandweak,andindeedsomeninemonthsintotheupturnGDPhasprobablygrownatanannualrateoflethan4%.Unemploymentiswellupthroughoutthecountry(seemap),thoughitdeclinedslightlyinFebruary.
但是由于本次经济萧条是由金融危机引发的，后者严重削弱了金融体制有效分流投资的能力，使消费者和企业在经济繁荣期积累下的多余建筑、装备和债务中费力挣扎。这样的经济危机之后的复苏通常缓慢无力，实际上经济复苏大约九个月后GDP的年增长率仍在4%的水平。失业率在全国范围内突飞猛进，尽管二月曾有小幅下降。
8、Forthepresenttheriseofknowledge-intensiveglobalindustriesfavorscentersrichininfrastructureandspecializedskills.
现在全球范围内不断崛起的知识密集型产业更加青睐那些拥有优良基础设施和熟练专业技能的城市中心。
9、“There’saworldviewthattheUnitedStatesistheconsumeroftheworldandemergingmarketsaretheproducer,”saysBruceKasman,chiefeconomistatJPMorganChase.“Thathaschanged.”HereckonsthatAmericawillaccountforjust27%ofglobalconsumptionthisyearagainstemergingmarkets’34%,roughlythereverseoftheirshareseightyearsago.
“以前有一种观点，即美国是世界消费者而新兴市场是制造商，”摩根大通首席经济学家BruceKasman如是说。“但这种情形已经改变了。”他认为美国今年仅会在全球消费中占到27%的比重，而新兴市场会占34%，这与八年前的情形刚好相反。
10、Startwithhistory.ThemodernconceptionofaunitedEuropewasbornintheembersofWorldWar2andresteduponthenotionthatbindingGermany’sfortunestothoseofFranceandtherestofEuropecouldendtheviolencethathadregularlyengulfedthecontinentforcenturies.JudgedbythatmeasuretheEUhasworkedoutfine.
以历史为开端。现代意义上的一个统一的欧洲出生于二战的余烬之中，基于将德国的命运与法国和欧洲其他国家联合在一起的概念可以结束定期吞没了大陆几个世纪的暴力。依据这个措施欧盟已经解决的很好了。
11、WhileJapansuffersfrommanyproblems,mostprominentlytherapidgrayingofitssociety,itisthisdeclineofaoncewealthyanddynamicnationintoadeepsocialandculturalrutthatisperhapsJapan’smostominouslessonfortheworldtoday.
而日本存在许多问题,最突出的快速老龄化的社会,正是这种下降使一个曾经富有的和动态的国家社会和文化陷入了深深的车辙，这也许是日本对于如今的世界最不祥的教训。
12、Japanhasalreadycreatedanentiregenerationofyoungpeoplewhosaytheyhavegivenuponbelievingthattheycaneverenjoythejobstabilityorrisinglivingstandardsthatwereonceconsideredabirthrighthere。
日本已经创造了整整一代声称已经放弃相信他们能享受工作稳定或不断上升的生活2
水平的年轻人，而这些享受曾被认为是一种与生俱来的权利。
13、Ithelpstostartwithaclear-eyedviewofSmoot-Hawleyitself,whichwasjustoneofmanymistakescommittedbyDepression-erapolicy-makers—andnotthemostconsequentialofthem.Ifwewanttoavoidthesortofdestructive,beggar-thy-neighbortradewarsthatcontributedtobringingdowntheworldeconomyinthe1930s,wehavetodrawtherightlessonsfromthischapterofourhistory.
它有助于以斯穆特--霍利税法本身有远见的观点为开始,这不是大萧条时期政策制定者犯下的许多错误中最重要的一个。如果我们想避免那种具有破坏性的,以邻为壑的在1930年代导致世界经济下降的贸易战争,我们必须从我们历史的这一章中吸取正确的教训。
14、Countriesthatclungtothegoldstandardwereforcedtomaintaintightmonetarypolicies.Becausetheycouldnotprintmoneytocounteractthedeflationaryforcesthathadtakenholdoftheworldeconomy,theyimposedhighertariffs,importquotasandexchangecontrolstorestrictimports.
坚持金本位制的国家被迫保持紧缩的货币政策。因为他们不能通过印钞票来抵消影响世界经济的贬值压力,他们开始通过提高关税、进口配额、外汇管制来限制进口。
15、Thegreatconcernisthatanexpansionarymonetarypolicywillleadtouncontrolledinflation,destroyingfaithinthedollar.Similarsentimentswereexpressedinthe1930sbyadvocatesof"soundmoney"whoopposedgoingoffthegoldstandard.Suchfearsmaybejustifiedinordinarytimesoffullemployment,butwhenthereisconsiderableslackintheeconomyandunemploymentremainshigh,monetarypolicycanhelptoraiseoutputbeforeitleadstohigherprices.
一个很大的担忧是,扩张性的货币政策将导致无法控制的通货膨胀,并摧毁美元的信誉。类似的情绪在1930年代由反对放弃金本位制主张“稳健货币”的倡导者表达过。这种担忧在平时充分就业时可能被认为是合理的,但当有经济大萧条和居高不下的失业率时,货币政策有助于在它导致更高的价格水平之前增加产出。
16、With275retailstoresinninecountries,a73%shareoftheU.S.MP3playermarket,andtheundisputedleadershippositionininnovationwhenitcomestomobilephones,AppleanditsCEOarenoone'sideaofunderdogsanymore.
苹果在9个国家开设了275家零售店,在美国MP3播放器市场占有73％的份额,自从推出移动手机（iPhone）之后,它又无可争议地确立了它在创新上的领袖地位.苹果和她的CEO不再是毫无想法的失败者。
17、Jobswasinitiallymumaswellaboutastockoptionsbackdatingscandalthatembroiledthecompany’sformerfinancechiefandgeneralcounsel.InaneventualSECfiling,ApplesaidJobswasawarethatthecompanyhadadjustedoptiongrantdatessothatthegrantsweremoreprofitableforemployees.Jobsapologizedforthebackdating,callingtheepisode“completelyoutofcharacterforApple”.
对于那起将苹果前首席财务官和法律顾问都牵连进去的股票期权倒填日期丑闻,乔布斯一开始保持沉默态度.在最后提交给证券交易委员会的文件中,苹果承认乔布斯在这件事上是知情的.为此,乔布斯公开发表了道歉,并且声称这个小插曲绝非苹果的本性.
18、Theinvestment-bankingindustrywasfurtherconstrainedduringtheDepressionofthe1930s,whenWallStreetfirmssuchasthatfoundedbyMorganweresplitintocommercialbanksandsecuritieshouses.Thelatter—today'sinvestmentbanks—underwritestocksandbondsandadvisecompaniesonmergersandacquisitions,ratherthancollectdepositsandmakeloans.
在上个世纪30年代的大萧条（theDepressionofthe1930s）期间投资银行业受到进一步的抑制，华尔街的许多公司（比方说摩根创立的公司）被拆分为商业银行和证券交易所。后者即今天的投资银行，它承销股票和债券，并就企业合并和收购事宜为公司提供咨询服务，而不经营存、贷款业务。
19、TheopeningupofAsianeconomieshasbroughtdownthepriceoftradedgoods,helpingtofightinflation.Meanwhile,highsavingsratesinthatpartoftheworld,combinedwithageingpopulationsintheWest,havehelpedtopushupdemandforlong-terminvestmentinstrumentssuchasbonds.
亚洲经济的发展降低了贸易商品的价格，也有助于抑制通货膨胀。同时，亚洲地区的高储蓄率和西方老龄化的人口都推动了对债券这类长期投资工具需求的增加。
20、Giventhemarkets'increasingcomplexity,howdoinvestmentbanksmanagethegrowingriskstheyface?Therearelotsofthingstheyneedtodo,fromfindingenoughbrainboxescapableofhandlingtheintricateassetsbeingcreatedtomeasuringthecorrelationsbetweeninstrumentsthataresupposedtospreadriskbutmaydotheoppositeifliquiditydriesup.Itismildlyreassuringthathardlyaweekgoesbywithoutregulatorsintheworld'smainmarketspressingtheindustrytoimproveitsrisk-managementtechniques—butratherworryingthatthesameregulatorspayconsiderablyleattentiontowheretheriskmayendup.
鉴于这些市场的复杂性不断增加，投资银行如何才能应付它们所面对的不断增加的风险？它们必须做许多事情，一件事就是要找到足够的处理创造出的复杂资产的智囊，还有一件就是要衡量用于分散风险但也许在流动性枯竭之后产生相反效果的金融工具之间的相互关系。稍微有点让人放心的是：没有哪个星期世界主要市场的监管者不敦促该行业改善风险管理技术。但让人很担心的是：上述的这些监管者却不太关注风险会在哪里结束。