2. Make up Russian-English pairs.

1. общественный продукт; 2. односторонняя передача средств; 3. счёт текущих операций; 4. материнская компания; 5. ТНК, базирующаяся в США; 6. трудоёмкий этап производства; 7. колебания цен на рынке; 8. активный торговый баланс; 9. принимающая сторона; 10. лицензирование.

1. parent company; 2. United States-based TNCs; 3. labour intensive production phase; 4. market fluctuations; 5. a favourable balance of trade; 6. current account; 7. host country; 8. licensing; 9. social product; 10. unilateral transfer.

Ex. 4. Give English equivalents of the following:

1. внутриотраслевая торговля; 2. внутрифирменная торговля; 3. внутрифирменное разделения труда; 4. сбалансированный торговый баланс; 5. платёжный баланс; 6. движение товаров; 7. продажа, сбыт; 8. дочернее предприятие; 9. уязвимый, незащищённый; 10. ресурсосберегающие технологии; 11. переступать границы; 12. контракт на управление производством; 13. расчленение процесса производства; 14. переводить деньги; 15. дебет и кредит.

Ex. 5. Debate on the following topics. Keep the conversation going in a round table framework.

1. Foreign trade at the end of the 20^th century.

2. Trade and integration.

3. Treaties and agreements regulating trade and economic relations.

4. New forms of enslavement of the former colonies.

5. Foreign aid to poor countries.

6. East-West trading relations and their perspectives.

7. Transnational corporations and their role in world trade.

Text II. The imf and the world bank

Many people have difficulty distinguishing the IMF form the World Bank. This difficulty is understandable because these international organizations do have much in common. Both institutions were created at the Bretton Woods Conference of 1944, have the same membership, and are concerned with international economic issues. In addition, the two organizations although distinct entities work together in close cooperation and hold joint annual meetings.

Despite their similarities, the IMF and the World Bank are separate entities. The IMF, as noted, oversees the international monetary system and promotes exchange stability and orderly exchange relations among its members. The IMF assists all members, rich or poor that have balance of payments difficulties. On the other hand, the World Bank seeks to promote economic development of poorer countries and is concerned with assisting developing countries through the financial of specific development projects and programs.

International Bank for Reconstruction and Development

The name “World Bank” encompasses two institutions, the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). These institutions should not be confused with EBRD (European Bank for Reconstruction and Development). The IBRD was established in 1945, but due to the beginning of the Cold War (the postwar tension between the Soviet Union and the United States), when it opened in 1946, the USSR did not joint.

The IBRD does not make high-risk loans, and the loans it makes are generally at market terms. Thus, it cannot achieve its goals as much as it might hope. The IDA was created in 1960 to bridge this gap between IBRD objectives and reality. The IDA makes loans to poor countries with average per capita GNP of less than $410 on more favorable terms than the IBRD. (To put this into perspective, the United Arab Emirates has a per capita GNP of $30,000). Loans can be made only to governments, however, which stifle some private initiatives. The IDA and IBRD share staffs.

A separate entity, the International Finance Corporation (IFC), was created in 1965 to address the issue of loans to private enterprises in developing countries. The IFC works jointly with commercial banks and also advises countries on developing capital markets. The IFC does not have the backing of a governmental guarantee when it borrows.