Найдите в тексте предложения с данными словами, переведите их

3. Найдите эквиваленты слов и словосочетаний в тексте, вы­пишите их.

Как только; такие, как; не ранее 1860; в свею очередь; поэтапно.

4.Прочитайте текст, ответьте на вопросы:

1. When did the industrial revolution start in America?

2. What are the important ways of industry development?

3. What did American mass production begin with?

4. What is the role of new sources of power for industry development?

5. Разделите текст на логические части, выделите в каждой из них ключевые предложения (содержащие основную информацию). Напишите краткое содержание текста.

6. Прочитайте техт. Расскажите об изменениях в индустрии 20 и 21в.в. Озаглавьте текст.

Just as the introduction of machinery changed the lives of people and institutions of the 18^th and the19^th centuries, so have the computer, Internet, and the cell phone revolutionized the 20^th and the 21^st. One of the results of the electronic revolution has been the creation of a world in which international trade is no more complicated than domestic trade. Among the economists studying what is often described as the global economy, few have been so influential as Robert A.Mundell. Professor Mundell’s work increased our understanding of the impact of global trade on our domestic economy, and contributed to the creation on the international currency known as euro.

He was the one to look to monetary and fiscal policy as the means of regulating the economy. As Professor Mundell demonstrated, the effectiveness of these tools depends to a large extent on whether a country is following a policy of fixed or floating exchange rates.

With interest rates falling international investors would look for higher returns elsewhere. As they would exchange their dollars for foreign currencies at the guaranteed exchange rate. Both but limited supply of foreign exchange available, the Fed (Federal Reserve Bank of the USA) would need to raise interest rates in order to attract investment, thereby defeating their original efforts. Consequently, Mundell, concluded, monetary policy could not be effective as long as foreign exchange rates were fixed.

Similarly, when exchange rates were allowed to float, fiscal policy was ineffective. Suppose, for example, that by way of fighting a recession the government increased spending with deficit financing (borrowed funds). The effect of this would be to drive up the value of the dollar, hurting exports, and choking off recovery. Why did the floating dollar become more expensive to foreigners? Because government spending put more purchasing power into the hands of consumers, thereby increasing imports. This increased the supply of dollars abroad, thereby decreasing its value and increasing the price of exports.

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