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The world is going through the biggest wave of mergers and acquisitions ever witnessed. The process sweeps from hyperactive America to Europe and reaches the emerging countries with unsurpassed might. Many in these countries are looking at this process and worrying:" Won't the wave of business concentration turn into an uncontrollable anti-competitive force?"
There's no question that the big are getting bigger and more powered. Multinational corporations accounted for less than 20% of international trade in 1982. Today the figure is more than 25% and growing rapidly. International affiliates ac count for a fast-growing segment of production in economies that open up and welcome foreign investment. In Argentina, for instance, after the reforms of the early 1990s, multinationals went from 43% to almost 70% of the industrial production of the 200 largest firms. This phenomenon has created serious concerns over the role of smaller economic firms, of national businessmen and over the ultimate stability of the world economy.
I believe that the most important forces behind the massive M&A wave are the same that underlie the globalization process: falling transportation and communication costs, lower trade and investment barriers and enlarged markets that re quire enlarged operations capable of meeting customer's demands. All these are beneficial, not detrimental, to consumers. As productivity grows, the world's wealth increases.
Examples of benefits or costs of the current concentration wave are scanty. Yet it is hard to imagine that the merger of a few oil firms today could re-create the same threats to competition that were feared nearly a century ago in the U.S., when the Standard Oil trust was broken up. The mergers of telecom companies, such as WorldCom, hardly seem to bring higher prices for consumers or a reduction in the pace of technical progress. On the contrary, the price of communications is coming down fast. In cars, too, concentration is increasing—witness Daimler and Chrysler, Renault and Nissan—but it does not appear that consumers are being hurt.
Yet the fact remains that the merger movement must be watched. A few weeks ago, Alan Greenspan warned against the megamergers in the banking industry. Who is going to supervise, regulate and operate as lender of last resort with the gigantic banks that are being created? Won't multinationals shift production from one place to another when a nation gets too strict about infringements to fair competition? And should one country, take upon itself the role of "defending competition" on issues that affect many other nations, as in the U.S. vs. Microsoft case?
What is the typical trend of businesses today?

A. To take in more foreign funds,
B. To invest more abroad.
C. To combine and become bigger.
D. To trade with more countries.

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Curiously, some two-and-a-half years and two novels later, my experiment in what the Americans term "down shifting" has turned my tired excuse into an absolute reality. I have been transformed from a passionate advocate of the philosophy of "having it all", preached by Linda Kelsey for the past seven years in the page of She magazine, into a woman who is happy to settle for a bit of everything.
I have discovered, as perhaps Kelsey will after her much-publicized resignation from the editorship of She after a build-up of stress, that abandoning the doctrine of "juggling your life", and making the alternative move into "downshifting" brings with it far greater rewards than financial success and social status. Nothing could persuade me to return to the kind of life Kelsey used to advocate and I once enjoyed: 12-hour working days, pressured deadlines, the fearful strain of office politics and the limitations of being a parent on "quality time".
In America, the move away from juggling to a simpler, less materialistic lifestyle. is a well-established trend. Down shifting—also known in America as "voluntary simplicity"—has, ironically, even bred a new area of what might be termed anti-consumerism. There are a number of best-selling downshifting serf-help books for people who want to simplify their lives; there are newsletters, such as The Tightwad Gazette, that give hundreds of thousands of Americans useful tips on anything from recycling their cling-film to making their own soap; there are even support groups for those who want to achieve the mid-'90s equivalent of dropping out.
While in America the trend started as a reaction to the economic decline—after the mass redundancies caused by downsizing in the late '80s—and is still linked to the politics of thrift, in Britain, at least among the middle-class down shifter of my acquaintance, we have different reasons for seeking to simplify our lives.
For the women of my generation who were urged to keep juggling through the '80s, downshifting in the mid-90s is not so much a search for the mythical good life—growing your own organic vegetables, and risking turning into one—as a personal recognition of your limitations.
Which of the following is true according to Paragraph 1?

A. Full-time employment is a new international trend.
B. The writer was compelled by circumstances to leave her job.
C. A lateral move means stepping out of full-time employment.
D. The writer was only too eager to spend more time with her family.

The future of this company is ______: many of its talented employees are flowing into more

A. at odds
B. in trouble
C. in vain
D. at stake

Specialisation can be seen as a response to the problem of an increasing accumulation of scientific knowledge. By splitting up the subject matter into smaller units, one man could continue to handle the information and use it as the basis for further research. But specialisation was only one of a series of related developments in science affecting the process of communication. Another was the growing professionalisation of scientific activity.
No clear-cut distinction can be drawn between professionals and amateurs in science: exceptions can be found to any rule. Nevertheless, the word "amateur" does carry a connotation that the person concerned is not fully integrated into the scientific community and, in particular, may not fully share its values. The growth of specialisation in the nineteenth century, with its consequent requirement of a longer, more complex training, implied greater problems for amateur participation in science. The trend was naturally most obvious in those areas of science based especially on a mathematical or laboratory training, and can be illustrated in terms of the development of geology in the United Kingdom.
A comparison of British geological publications over the last century and a half reveals not simply an increasing emphasis on the primacy of research, but also a changing definition of what constitutes an acceptable research paper. Thus, in the nineteenth century, local geological studies represented worthwhile research in their own right; but, in the twentieth century, local studies have increasingly become acceptable to professionals only if they incorporate and reflect on the wider geo logical picture. Amateurs, on the other hand, have continued to pursue local studies in the old way. The overall result has been to make entrance to professional geological journals harder for amateurs, a result that has been reinforced by the wide spread introduction of refereeing, first by national journals in the nineteenth century and then by several local geological journals in the twentieth century. As a logical consequence of this development, separate journals have now appeared aimed mainly towards either professional or amateur readership. A rather similar process of differentiation has led to professional geologists coming together nationally within one or two specific societies, whereas the amateurs have tended either to remain in local societies or to come together nationally in a different way.
Although the process of professionalisation and specialisation was already well under way in British geology during the nineteenth century, its full consequences were thus delayed until the twentieth century. In science generally, however, the nineteenth century must be reckoned as the crucial period for this change in the structure of science.
The growth speeialisation in the 19th century might be more clearly seen in sciences such as ______.

A. sociology and chemistry
B. physics and psychology
C. sociology and psychology
D. physics and chemistry

Mr Miller bought his house simply because the flat he used to live in was too expensive.

A. Right
B. Wrong

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