Lesson 4

GLOBALIZATION

1.Words to master:

upheaval - зрушення

trade flows - товаропотік

reverse - зворотний

to foster - заохочувати; сприяти

to expand - поширювати(ся)

to intertwine - вплітати(ся), переплітати(ся)

commodity - товар

erosion - роз'їдання, витравлення, поступове руйнування

sovereignty - суверенітет

outsourcing – закупівля із зовнішніх джерел

to supplant - зайняти чиєсь місце

to undergo - зазнавати, зносити, переносити

2.Read and translate the text:

Globalisation

Part I.

Globalisation(or globalization) is a recent term used to describe the changes in societies and the world economy that result from dramatically increased international trade and cultural exchange. It describes the increase of trade and investing due to the falling of barriers and the interdependence of countries. In specifically economic contexts, it is often understood to refer almost exclusively to the effects of trade, particularly trade liberalization or "free trade".

Between 1910 and 1950, a series of political and economic upheavals dramatically reduced the volume and importance of international trade flows. But starting with WWI and continuing through WWII, when the Bretton Woods institutions were created (i.e. the IMF and the GATT), globalization trends reversed. In the post-World War II environment, fostered by international economic institutions and rebuilding programs, international trade dramatically expanded. With the 1970s, the effects of this trade became increasingly visible, both in terms of the benefits and the disruptive effects.

Although all three aspects are closely intertwined, it is useful to distinguish economic, political and cultural aspects of globalization.

Part II.

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