Economics and the Consumer Society

In the nineteenth century economists believed that there were limits to human wealth.

In their opinion, when one man became richer, another grew poorer. If a country wished to improve its standard of living, it had to export more than it imported. So in Britain the main argument in those days was about fret' trade and protectionism.

The owners of textile factories naturally supported free trade. The fann­ers, on the other hand, were afraid of foreign competition. Free trade won because Britain at that time was able to import cheap raw materials from its colonies and re-export them as finished goods. If the government had intro­duced import controls at that time, it would have damaged the position of Great Britain as the strongest manufacturing nation in the world.

In America, a similar belief in free trade eventually led to the Wall Street crash in 1929. People in the USA benefited from the expansion of the Amer­ican economy in the First World War. They became convinced that money automatically made more money.

If there had been no excessive speculation in stocks and if people had not become convinced that speculative investments were always profitable, the. effects of the " crash" would not have been so disastrous.

Following Lhe Wall Street crash, ihe economist John Maynard Keynes introduced a new theory, In simple terms, his solution to the problem was that there is no fixed limit to human wealth.

He believed that if governments helped factories, factories would create jobs, if factories paid good wages every worker would become a consumer, if people could afford to buy goods, factories would produce more.

Fora time, Keynes's theory was successful. In the 1970s, however, people began to realise that the world's resources were limited, that they would be better ofTif they had economised. But it is difficult to persuade people lo econ­omise, especially when they are used lo Keynes's idea that the less we spend, the more unemployment we create.

Perhaps lime and further study will some day reveal whose economic con­cepts are right. But it would be splendid if economists were able to diagnose and prescribe cures for economic problems more accurately.

Social English At the Office

Receptionist: Good morning. Can I help you? Visitor: Yes, I'd like to see Miss Wilson, please.

Rec. Is Miss Wilson expecting you. sir?

Vis. No, I'm afraid not.

Rec. Could I have your name, please?

Vis. Ivanov, Peter Ivanov of Technosila.

Rec. Miss Wilson is engaged at the moment, I'm afraid. She is in con­ference. Would you mind waiting?

Vis. Well, how long will she be?

Rec She'll be free in about 30 minutes.

Vis. Oh, that's too long. I'm having another meeting at II.

Rec. Would you like to see someone else who can deal with the matter?

Vis. No, I got in touch with Miss Wilson myself on the telephone yesterday and discussed details with her. I doubt if anyone else would know about the matter.

Rec.: Would you like to make an appointment with her for some other

time?

Vis.: Yes, I suppose that's the best idea under the circumstances. I'll be in this area on Friday morning. Will 10.30 be convenient?

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II. World Trends. Globalisation

Rec.: Yes, I think it will. I'll make a note of that and ask Miss Wilson to confirm. Does she have your telephone number?

Vis.: Yes, but I'll leave my card, just in case she has lost the card 1 gave her.

Rec.: Thank you, Mr. Ivanov.

Vis.: Thank you, Good-bye. Well, on second thoughts, I'll leave a message for Miss Wilson.

Rec.: All right.

Word combinations you may need

be in conference — быть на совещании get in touch with smb — связаться с кем-л. in the circumstances — n данных обстоя­тельствах