Part I:

I. Discussion

1. What is globalization?

the integration and democratization of the world’s culture, economy, and infrastructure through transnational investment, rapid proliferation of communication and information technologies, and the impacts of free-market forces on local, regional and national economies

the increasing interconnectedness of nations and peoples around the world through trade, investment, travel, popular culture, and other forms of interaction (Encarta 2006)

2. Why does the author claim globalization as a “double-edged sword”?

3. Is this a new idea to you? What else do you know about its “double edges”?

  This is quite a new idea when the text was writtenin 1999, at the threshold of a new century. The other edges include, for example, facilitate exchanges between people across the world (goods move, ideas move, and cultures change), the political aspects in World Government, ecological and environmental impacts…

4. What is the daunting question of the 21st century? Why is it daunting? Have you felt daunted about it before?

  It is daunting because it is possible that the great changes brought by globalization would threaten everything in the world.

II. Language Study

1. At the edge of a new century, globalization is a double-edged sword: a powerful vehicle that raises economic growth, spreads new technology and raises living standards in rich and poor countries alike, but also an immensely controversial process that assaults national sovereignty; erodes local culture and tradition and threatens economic and social instability.  (Para. 1)

the edge: the point just before sth. very different and noticeable happens

double-edged sword : a thing having both positive and negative effects; Something that is both positive and negative

Eg: She paid me a double-edged compliment, saying that my work was excellent for a beginner.

vehicle: sth you use to achieve sth else

spread: to popularize

assaults: to attack

erode: to wear away; to reduce gradually

2. A daunting question of the 21st century is whether nations will control this great upheaval or whether it will come to control them.  (Para. 2)

daunting: intimidating; disheartening

e.g. In spite of unification the country was still faced with the daunting prospect of overcoming four decades of division.

Antonym: dauntless

daunt  v.  to make someone feel slightly frightened or worried about their ability to achieve something; to discourage

e.g. She was not at all daunted by the size of the problem.

upheaval : a great change, esp. causing or involving much difficulty, activity or trouble

Part II

A. Advantages

I. Discussion

1. In what ways is globalization a trendy word for an old process?

markets and markets expansion (para. 3)

a way of combating communism (para. 4)

an antidote to deadly nationalism (para. 5)

2. What is the critical respect that differs globalization from its old process?

 private capital flow (paras. 7-8)

multinational companies (paras. 9-12)

governments (paras. 13-17)

1. What do you know about the establishment of the European Union? And do you think it is necessary?

(para. 5)

 II. Language Study

1. In some respects, globalization is merely a trendy word for an old process.  (Para. 3)

trendy: of the latest fad or fashion; modern and unconventional

To some extent, globalization is not new. The world has always been in the process of market expansion, which is referred to as “globalization”—a fashionable term used only recently.

2. consist in/of/with

e.g. The beauty of the plan consists in its simplicity.

   Theory should consist with practice.

The United Kingdom consists of Great Britain and Northern Ireland.

3.  The author said that after World War II, the market growth re-accelerated, driven by political

pressures and better technology. What does he mean?

4. The cold war, from the late 1940s through the 1980s, caused the United States to champion trade liberalization and economic growth as a way of combating communism. ( para. 4)

champion: to fight for, support or defend a principle, movement or person

e.g. She championed a just cause.

champion n.

      He’s the reigning champion.

      They are both gunning for places in the championship.

      He is a champion at playing basketball.

combat: to try to stop sth from happening or increasing

also: combat crime/ terrorism/ inflation/disease

3. Europeans saw economic unification as an antidote to deadly nationalism. (Para. 5)

antidote: a way of preventing or acting against sth. bad

Europeans regarded economic unification as a way to prevent nationalism.

4. As recently as 1990, governments—either individually or through such multilateral institutions as the World Bank…countries. (para. 7)

Multilateral: involving more than two groups or countries

The World Bank： an international organization which was formed in 1945 to help rebuild war-torn Europe, but soon afterward began to focus on the underdeveloped world to bring them into the international economy.

Credit: money one borrows from a bank

5. A decade later, even after Asia’s 1997—1998 financial crisis, private capital flows dwarf governmental flows. (Para. 8)

flows : movement in one direction, esp. continuously and easily

dwarf: to make sth. seem small  by comparison

Ten years later, even after Asia’s financial crisis of 1997—1998, private capital flows are still greater in number than governmental capital flows.

6. go on a binge: to do too much of sth, such as eating, drinking, shopping ( para. 9)

7. The recent takeover struggle between British and German wireless giants is exceptional only for its size and bitterness.  (Para. 10)

takeover : the act of assuming control or management of

giants: a large company

exceptional: being an exception; uncommon; extraordinary

The only difference between the recent takeover struggle between British and German radio giants and other cases is that this takeover is much bigger and a lot bitter.

8. Behind the merger boom lies the growing corporate conviction that many markets have become truly global.  (Para. 11)

Corporate: of corporations

conviction : a firm belief or a fixed opinion

The reason for the merger boom is that more and more business people now believe that many markets have truly become global. They are no longer producing just for the people in their own country. They want to combine or merge with others to become multinational companies.

9. In Europe, the relentless pursuit of the “single market” is one indicator. This reflects a widespread recognition that European companies will be hard-pressed to compete in global markets if their local operations are hamstrung by fragmented national markets.  (Para. 13)

Relentless: steady and persistent; unremitting

A widespread recognition: a general opinion; a general agreement; a general consensus

Be hard-pressed: to be heavily burdened; to have serious difficulties; to have a lot of difficulties doing something

Operation: business operation

Hamstring: to destroy or hinder the efficiency of

Fragmented: broken into parts

In Europe, the persistent and unremitting effort to turn all countries on the continent into a single market shows that there is a general agreement that if the European market remains divided into many small parts behind national borders, their companies will not be able to compete in the international market.

11. Among poorer countries, the best sign of support is the clamor to get into the World Trade Organization... And 32 are seeking membership.  (Para. 14)

Many poorer countries want to join the WTO, and this shows that they support globalization.

Clamor: a noisy outcry

seeking membership: to try to join; to apply for the membership

12. Despite its financial crisis……desperately poor. ( para. 16)

In spite of the financial crisis, rapid increase of trade and economic growth drastically reduced the number of the very poor people.

13. Meanwhile, Latin America and sub-Saharan Africa—whose embrace of the world economy has been late or limited—fared much less well. (Para. 17)

Meanwhile, Latin America and sub-Sahara Africa, whose integration with the world economy has been late and limited, were not so lucky.

Sub-: 1). “under, below, beneath” from Latin,meaning

      Subsoil; subway

2). “almost or nearly, not quite”

      Subhuman; subconscious

3). “less important or lower in rank”

      Subordinate;  substandard

4). “a smaller part of a whole”

      Subcommittee; subcontinent

Fare: to get along; to turn out

How did you fare in your exams?

B. Disadvantages

I. Discussion

What is the FIRST problem of globalization?

Economic instability

1. How does the author argue this?

Why broke out?(paras. 20-21)

Why not a global Downturn? (paras. 22-23)

a great danger (paras. 24-25)

possible larger instability (paras. 26-28)

2. What is the author’s opinion towards the outbreak of financial crisis in South-East Asia? Do you agree, disagree or partly agree? Why?

Investment fund not well used, trade flows become too lopsided (para. 19); crony capitalism, inept government investment policies and excess optimism, misuse of investment. (para. 21)

3. Do you agree with the author that it is the “astonishing US economy” that prevented Asia crisis from

becoming a global economic depression? Why?

4. How would you judge his opinion?

  Pro-west point of view.;

more views on Asia crisis:

1) The cry of “crony capitalism” as the cause of the Asian crisis is no longer very convincing after the crisis spread to the non-Asian world and the irregularities of American business and accounting practices are also exposed.

2) China, India, Vietnam and Cambodia were not affected by the Asian crisis as much as the Republic of Korea and ASEAN4 (Thailand, Indonesia, Philippines, Malaysia). This is not because the productivity and institutions of the first group were superior, but because they did not open up financially.

5. What are the reasons for economic instability?

The banking problem and the lack of proper bank supervision.

Pre-modern corporate sector: non-transparency, family dominance, non-separation of ownership and management, archaic accounting, etc.

Unhealthy relationship between government and big business.

Too much dependence on exports (especially on US markets and IT devices).

Political backwardness and lack of true democracy.

The real cause was the structural weaknesses of the developing economies in East Asia.

What is the SECOND problem of globalization?

political,  cultural,  social…

1. How does the author argue this problem?

fear & anger (paras. 30-31) : Seattle protest; European fears; US workers

It could implode… (paras. 32-33)

2. How would globalization implode?

It is not inevitable or irresistible;

Governments can shield locals;

The governments’ logic;

If too many follow, it could.

II. Language Points:

1. … two problems could neutralize its potential benefits.

… two problems could offset the possible benefits

This is a transitional sentence. The following paragraphs are going to discuss the negative aspects of globalization.

Neutralize: to offset; to negate; to make ineffective

2. The global economy may be prone to harsher boom-bust cycles than national economies individually. (Para. 19)

be prone to sth: Be liable to sth, be likely or inclined to do sth.

Eg. Children of poor health are very prone to colds in winter.

    Workers who are forced to work long hours are prone to accidents.

    Some plants are very prone to disease.

     Kids are all prone to eat junk food.

Once integrated with the world market, nations will naturally be more vulnerable to the fluctuations of the world economy. The capital flows in and out of a country, for example, can create a boom or bust very quickly and with much harsher effects.

3. The Asian financial crisis raised questions on both counts. (Para. 20)

on both counts: on both points under discussion

The Asian financial crisis brought these two questions to people’s attention: investment funds were not well used and trade flows became too lopsided.

4. The ensuing spending boom in turn…from them. ( para. 21)

The growth in spending that followed helped Europe, Japan, and the United States by increasing imports from them.

5. What prevented the Asian crisis from becoming a full-scale global economic downturn has been the astonishing U. S. economy. (Para. 22)

Downturn: n. a reduction in the amount or success of something, such as a country’s economic activity

Examples:

the continuing economic downturn

There is evidence of a downturn in the building trade.

It was the surprisingly vigorous growth of the U. S. economy that saved the Asian crisis from escalating into an all-round economic depression.

6. the US current-account deficit … payments. ( para. 23)

current-account: (in the text) an account of credits, debits, receipts, and expenditures between two countries

balance of payment: the difference between a country’s imports and exports       

balance of payments surplus 国际收支顺差/赢余  
balance of payments deficit 国际收支逆差/亏损

7. The world economy… has been flying on one engine. (para.24)

The world economy has been driven by only one country’s prosperity. In other words, the world has become too dependent on one country’s prosperity.

8. … a slowdown or recession…. International slump. ( para. 25)

A slowdown of the US economy might develop into a serious international depression because the world economy is so dependent on it.

9. If the forecasts materialize—and the OECD’s growth estimates for Japan exceed most private forecasts—they will restore some balance to the world economy and relieve fears of a global recession.  (Para. 27)

materialize : to become actual fact; to come true

relieve: to alleviate or to reduce (fear, pain, suffering)

e.g. The good news relieved me of my anxiety.

If the forecasts come true—and the OECD’s growth estimates for Japan are higher than most private forecasts—they will, to some extent, help the world economy return to its earlier balance, and reduce the fear of a worldwide recession.

10. It remains possible that abrupt surges of global capital, first moving into Asia and then out, will have caused, with some delay, a larger instability.  (Para. 28)

Surge: a sudden and great increase

It is still possible that sudden increase or withdrawal of the world’s capital, first moving into Asia and then out of it, will have made Asia more unstable.

11. The street protesters at the Seattle…. Mergers. ( para. 30)

The street protesters… may not have a common program or even well-reasoned case against free trade. But they showed clearly their worries and anger about globalization. European fears of GM food or opposition to cross-border mergers also showed their worries and anger.

12. Just because globalization is largely spontaneous… against foreign investors. ( para. 32)

Just because globalization on the whole occurred quite naturally as a result of better communications and transportation, it does not mean that it is bound to happen and  an not be turned back. Governments can… protect local industries and workers against imported products or discriminate against foreign investors.

Irreversible: a. not possible to change

e.g. He listed some of the irreversible effects of ageing.

Technology has had an irreversible impact on society.

ad.  irreversibly

13. But this does not mean that a powerful popular backlash, with unpredictable consequences, is not possible.   (Para. 33)

backlash : an excessive or marked adverse reaction

But this does not mean that a powerful hostile reaction from ordinary people, which will have unpredictable consequences, is not possible.

Part III

1. It’s a scary prospect. Economic interdependence cuts both ways. (para. 34)

It’s a terrifying possibility. Economic mutual dependence can have good and bad effects.

Prospect: sth to be expected; possibility

Cut both ways: to have disadvantages as well as advantages