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Now that the damage inflicted by the Asian financial crisis looks like it was caused by an economic neutron bomb. The crisis has hurt great numbers of people, but has left. the main structures of the world economy standing. The worst of the direct impact may be over. Many of the hardest-hit countries are on the road to recovery, financial "contagion" has been contained and world economic growth seems set to pick up soon.
The most important development, however, is a non-event: the collapse of global capitalism has not occurred. Instead, the post-crisis world is likely to be even more market-oriented than the one that preceded it, with a proliferation of new rules and practices that will help markets to operate more smoothly. The countries recovering best, such as Thailand and South Korea, are doing so by moving further in a free-market direction. None of the affected nations has tried to isolate itself from the global economy, and the widely feared worldwide wave of protectionism has not yet materialized.
Nor has there been the great rethinking of economic globalization that some feared and others advocated. The critics of global capitalism pounced on the crisis as proof of globalization’s fatal flaws. Their analyses often concluded that "there must be Something better." On the contrary, economists have taken free-market principles as the starting point for new ideas, not called them into question.
There has been much criticism of the so-called Washington consensus--the traditional free-market orthodoxy that uniformly prescribes fiscal discipline, deregulation, and financial liberalization. Partly as a result of the crisis, a new consensus simply adds extra prescriptions--such as better financial supervision, labor market, etc.--to the list. It is an elaboration of the original consensus, not a new departure.
Numerous studies also show that engagement in the global economy leads to higher growth and helps to reduce poverty in developing countries. Today’s economic arguments are not over fundamental free-market policies, but what must be done to supplement them. Likewise, .the efforts to devise a new "international financial architecture" in the wake of the crisis, due to continue during the spring meetings of the World Bank and the International Monetary Fund in Washington, will not involve rebuilding the system from scratch. The aim is to make incremental improvements in financial rules and practices that will oil the wheels of the market system, not to trade it in for a non-existent new model.

Which of the following is NOT included in the prescription of traditional free-market orthodoxy（）

A:Labor market B:Fiscal discipline C:Financial liberation D:Deregulation

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How many really suffer as a result of labor market problems This is one of the most critical yet contentious social policy questions. In many ways, our social statistics exaggerate the degree of hardship. Unemployment does not have the same dire consequences today as it did in the 1930’s when most of the unemployed were primary breadwinners, when income and earnings were usually much closer to the margin of subsistence, and when there were no countervailing social programs for those failing in the labor market. Increasing affluence, the rise of families with more than one wage earner, the growing predominance of secondary earners among the unemployed, and improved social welfare protection have unquestionably mitigated the consequences of joblessness. Earnings and income data also overstate the dimensions of hardship. Among the millions with hourly earnings at or below the minimum wage level, the over-whelming majority are from multiple earner, relatively afflunent families. Most of those counted by the poverty statistics are elderly or handicapped or have family responsibilities which keep them out of the labor force, so the poverty statistics are by no means an accurate indicator of labor market pathologies.
Yet there are also many ways our social statistics underestimate the degree of labor-market- related hardship. The unemployment counts exclude the millions of fully employed workers whose wages are so low that their families remain in poverty. Low wages and repeated or prolonged unemployment frequently interact to undermine the capacity for self-support. Since the number experiencing joblessness at some time during the year is several times the number unemployed in any month, those who suffer as a result of forced idleness can equal or exceed average annual unemployment, even though only a minority of the jobless in any month really suffer. For every person counted in the monthly unemployment tallies, there is another working part-time because of the inability to find fulltime work, or else outside the labor force but wanting a job. Finally, income transfers in our country have always focused on the elderly, disabled, and dependent, neglecting the needs of the working poor, so that the dramatic expansion of cash and in kind transfers does not necessarily mean that those failing in the labor market are adequately protected.
As a result of such contradictory evidence, it is uncertain whether those suffering seriously as a result of thousands or the tens of millions, and, hence, whether high levels of joblessness can be tolerated or must be countered by job creation and economic stimulus. There is only one area of agreement in this debate--that the existing poverty, employment, and earnings statistics are inadequate for one of their primary applications, measuring the consequences of labor market problems.

The author's purpose in citing "repeated 12-month unemployed ment" is most probably to show that（）

A:there are several factors that cause the payment of low wages to some members of the labor force. B:unemployment statistics can underestimate the hardship resulting from joblessness. C:recurrent inadequacies in the labor market can exist and can cause hardships for individual workers. D:a majority of those who are jobless at any one time does not suffer severe hardship.

Which of the following is NOT included in the prescription of traditional free-market orthodoxy

A:Labor market B:Fiscal discipline C:Financial liberation D:Deregulation

How many really suffer as a result of labor market problems This is one of the most critical yet contentious social policy questions. In many ways, our social statistics exaggerate the degree of hardship. Unemployment does not have the same dire consequences today as it did in the 1930’s when most of the unemployed were primary breadwinners, when income and earnings were usually much closer to the margin of subsistence, and when there were no countervailing social programs for those failing in the labor market.
Increasing affluence, the rise of families with more than one wage earner, the growing predominance of secondary earners among the unemployed, and improved social welfare protection have unquestionably mitigated the consequences of joblessness. Earnings and income data also overstate the dimensions of hardship. Among the millions with hourly earnings at or below the minimum wage level, the over-whelming majority are from multiple earners, relatively affluent families. Most of those counted by the poverty statistics are elderly or handicapped or have family responsibilities which keep them out of the labor force, so the poverty statistics are by no means an accurate indicator of labor market pathologies.
Yet there are also many ways our social statistics underestimate the degree of labor-market-related hardship. The unemployment counts exclude the millions of fully employed workers whose wages are so low that their families remain in poverty. Low wages and repeated or prolonged unemployment frequently interact to undermine the capacity for self-support. Since the number experiencing joblessness at some time during the year is several times the number unemployed in any month, those who suffer as a result of forced idleness can equal or exceed average annual unemployment, even though only a minority of the jobless in any month really suffer. For every person counted in the monthly unemployment tallies, there is another working part-time because of the inability to find fulltime work, or else outside the labor force but wanting a job. Finally, income transfers in our country have always focused on the elderly, disabled, and dependent, neglecting the needs of the working poor, so that the dramatic expansion of cash and in kind transfers does not necessarily mean that those failing in the labor market are adequately protected.
As a result of such contradictory evidence, it is uncertain whether those suffering seriously as a result of thousands or the tens of millions, and, hence, whether high levels of joblessness can be tolerated or must be countered by job creation and economic stimulus. There is only one area of agreement in this debate—that the existing poverty, employment, and earnings statistics are inadequate for one of their primary applications, measuring the consequences of labor market problems.

The author’s purpose in citing those who are repeatedly unemployed during a twelve-month period is most probably to show that（）

A:there are several factors that cause the payment of low wages to some members of the labor force B:unemployment statistics can underestimate the hardship resulting from joblessness C:recurrent inadequacies in the labor market can exist and can cause hardships for individual workers D:a majority of those who are jobless at any one time does not suffer severe hardship

How many really suffer as a result of labor market problems This is one of the most critical yet contentious social policy questions. In many ways, our social statistics exaggerate the degree of hardship. Unemployment does not have the same dire consequences today as it did in the 1930’s when most of the unemployed were primary breadwinners, when income and earnings were usually much closer to the margin of subsistence, and when there were no countervailing social programs for those failing in the labor market.
Increasing affluence, the rise of families with more than one wage earner, the growing predominance of secondary earners among the unemployed, and improved social welfare protection have unquestionably mitigated the consequences of joblessness. Earnings and income data also overstate the dimensions of hardship. Among the millions with hourly earnings at or below the minimum wage level, the over-whelming majority are from multiple earners, relatively affluent families. Most of those counted by the poverty statistics are elderly or handicapped or have family responsibilities which keep them out of the labor force, so the poverty statistics are by no means an accurate indicator of labor market pathologies.
Yet there are also many ways our social statistics underestimate the degree of labor-market-related hardship. The unemployment counts exclude the millions of fully employed workers whose wages are so low that their families remain in poverty. Low wages and repeated or prolonged unemployment frequently interact to undermine the capacity for self-support. Since the number experiencing joblessness at some time during the year is several times the number unemployed in any month, those who suffer as a result of forced idleness can equal or exceed average annual unemployment, even though only a minority of the jobless in any month really suffer. For every person counted in the monthly unemployment tallies, there is another working part-time because of the inability to find fulltime work, or else outside the labor force but wanting a job. Finally, income transfers in our country have always focused on the elderly, disabled, and dependent, neglecting the needs of the working poor, so that the dramatic expansion of cash and in kind transfers does not necessarily mean that those failing in the labor market are adequately protected.
As a result of such contradictory evidence, it is uncertain whether those suffering seriously as a result of thousands or the tens of millions, and, hence, whether high levels of joblessness can be tolerated or must be countered by job creation and economic stimulus. There is only one area of agreement in this debate—that the existing poverty, employment, and earnings statistics are inadequate for one of their primary applications, measuring the consequences of labor market problems.
The author’s purpose in citing those who are repeatedly unemployed during a twelve-month period is most probably to show that

A:there are several factors that cause the payment of low wages to some members of the labor force B:unemployment statistics can underestimate the hardship resulting from joblessness C:recurrent inadequacies in the labor market can exist and can cause hardships for individual workers D:a majority of those who are jobless at any one time does not suffer severe hardship

The combined sales of the 100 largest foreign investing companies in the U. S. increased by a 40% in the two years between 1977 and 1979, and the number has continued to increase steadily. In 1980 South Africa proved to be the largest financial investor in the U. S. controlling about $19. 2 billion in sales. The Netherlands and the U. K. follow as second largest investors--and Germany next. New to the list of the top 100 foreign investors are 12 banking and finance and insurance companies--the largest, the Hong Kong Shanghai Banking Corp. , from Hong Kong. The number of Latin American companies engaged in business here is growing steadily, often through third country holding companies.
Why are so many firms coming to the U. S. There are many reasons. One of the greatest attractions, of course, is a market of over 200 million consumers with a high average per capital income. In addition, with the devalued dollar the cost of American labor has declined significantly, relative to many foreign labor costs. Some firms seeking to avoid economic and/or political pressures at home find the U. S. a politically stable environment in which to work.
Many hope to be able to continue selling to the American market even if the U. S. government restricts imports further, or if major price changes occur due to currency fluctuations (波动). Many foreigners are attracted by U.S. technology, its modem management methods, its labor saving and mass production techniques.

The most important reason why so many companies have come to the U. S. is that （）

A:the environment is politically stable B:the market in the U.S. is very attractive C:the labor cost there has been reduced D:the U. S. technology is advanced

Questions from 36 to 40 are based on the following passage: There are a lot of “markets”. Some markets are local; you may be willing to compare prices for fruits and vegetables in a few shops in your local area, but you would be unwilling to go across the city to find out more information. Some markets are national. Many firms sell goods across the country. Some markets are global or international. Increasingly, more and more countries are involved in the world economy, whether they know about it or not. However, there are many other markets: labor markets for job seekers, supermarkets for grocery shopping, foreign exchange market, capital market, real estate markets and so on. And we must not overlook the fact that many services such as banking, insurance are also bought and sold on a worldwide scale. But what is a “market” Most people would say, “A market is a place where enough buyers and sellers meet face to face, so that a market price for goods and services can be determined.” However, with rapid growth of telecommunications, it is no longer necessary for buyers and sellers to physically meet to form a market. You may hear the terms “global market” or “global economy”. What do those terms mean to you What do they mean to business today Thanks to the Information Age we are seconds away from the rest of world. Business everywhere recognizes that they can expand their market to anywhere and do business at any time because of the Internet. Now, the Internet is the fastest growing market in the world today, yet buyers and sellers don’t even have to leave their own homes to transact business. In the modern world, a market can take many forms. Generally speaking, a market may be housed in a place, or it may exist only in people’s minds. And a market can be any place or process that brings together buyers and sellers with a view to agreeing to a price. The stock market, banking services market and capital market can be described as（ ）.

A:supermarket B:financial market C:labor market D:real estate market

Questions from 31 to 35 are based on the following passage: There are a lot of “markets”. Some markets are local; you may be willing to compare prices for fruits and vegetables in a few shops in your local area, but you would be unwilling to go across the city to find out more information. Some markets are national. Many firms sell goods across the country. Some markets are global or international. Increasingly, more and more countries are involved in the world economy, whether they know about it or not. However, there are many other markets: labor markets for job seekers, supermarkets for grocery shopping, foreign exchange market, capital market, real estate markets and so on. And we must not overlook the fact that many services such as banking, insurance are also bought and sold on a worldwide scale. But what is a “market” Most people would say, “A market is a place where enough buyers and sellers meet face to face, so that a market price for goods and services can be determined.” However, with rapid growth of telecommunications, it is no longer necessary for buyers and sellers to physically meet to form a market. You may hear the terms “global market” or “global economy”. What do those terms mean to you What do they mean to business today Thanks to the Information Age we are seconds away from the rest of world. Business everywhere recognizes that they can expand their market to anywhere and do business at any time because of the Internet. Now, the Internet is the fastest growing market in the world today, yet buyers and sellers don’t even have to leave their own homes to transact business. In the modern world, a market can take many forms. Generally speaking, a market may be housed in a place, or it may exist only in people’s minds. And a market can be any place or process that brings together buyers and sellers with a view to agreeing to a price. The stock market, banking services market and capital market can be described as（ ）.

A:supermarket B:financial market C:labor market D:real estate market

Questions from 31 to 35 are based on the following passage: There are a lot of “markets”. Some markets are local; you may be willing to compare prices for fruits and vegetables in a few shops in your local area, but you would be unwilling to go across the city to find out more information. Some markets are national. Many firms sell goods across the country. Some markets are global or international. Increasingly, more and more countries are involved in the world economy, whether they know about it or not. However, there are many other markets: labor markets for job seekers, supermarkets for grocery shopping, foreign exchange market, capital market, real estate markets and so on. And we must not overlook the fact that many services such as banking, insurance are also bought and sold on a worldwide scale. But what is a “market” Most people would say, “A market is a place where enough buyers and sellers meet face to face, so that a market price for goods and services can be determined.” However, with rapid growth of telecommunications, it is no longer necessary for buyers and sellers to physically meet to form a market. You may hear the terms “global market” or “global economy”. What do those terms mean to you What do they mean to business today Thanks to the Information Age we are seconds away from the rest of world. Business everywhere recognizes that they can expand their market to anywhere and do business at any time because of the Internet. Now, the Internet is the fastest growing market in the world today, yet buyers and sellers don’t even have to leave their own homes to transact business. In the modern world, a market can take many forms. Generally speaking, a market may be housed in a place, or it may exist only in people’s minds. And a market can be any place or process that brings together buyers and sellers with a view to agreeing to a price. Which of following is the fastest developing market according to the passage（ ）

A:home market B:labor market C:the Internet D:international trade market