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Статья на английском языке — Экономический кризис / Economic crisis
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| The current financial crisis has become an earthquake to the world’s economic system. Have started in the USA, it has rapidly overcome the boundaries of the States and has spread over the Europe and Asia, bringing unemployment and financial recession along. One can hardly say whether it will last long or is going to slump. The following remains obvious, if we don’t want its recurrence in future, we should investigate its root causes now. | Нынешний финансовый кризис стал настоящим потрясением в мировой экономической системе. Начавшись в США, он быстро преодолел границы государств, и распространился по всей Европе и Азии, повышая уровень безработицы и финансовую депрессию. Трудно сказать, долго ли он продлится или пойдет на спад. Совершенно очевидно то, что если мы не хотим его повторения в будущем, мы должны исследовать его причины сейчас. |
| The world economic system endures times of prosperity as well as followed by inevitable declines. The circulating scheme is characterized by the rise of manufacturing and it is following recession, thus permitting to keep to the world financial and economic balance order. No one in the world was ready to take the burdens of the economic crisis on the shoulders and to resist its unpredictable consequences. In spite of the fact, almost everybody understood how important it is to examine the reasons of it. | Мировая экономическая система переживает как времена процветания, так и последующее неизбежное снижение. Система циркуляции характеризуется ростом производства, который следует после спада, что позволяет держать в норме мировой финансовый и экономический баланс. Никто в мире не был готов взять бремя экономического кризиса на свои плечи и противостоять его непредсказуемыми последствиями, несмотря на тот факт, что почти все понимали, как важно изучить его причины. |
| In my opinion there are several important factors to discuss, which obviously have affected the present economic situation. First of all it is the spendthrift lending or, in other term, the so-called housing price bubble. Every family buying a house can take a loan from the bank, which should be given back. In order to return money to the bank, the family first of all should take the house it can afford. Otherwise it will not be able to pay the money back. In the recent years the prices on real estate have been so high and raising so quickly like a bubble. It has resulted in the fact that people started taking loans, which they can’t pay off. Many banks’ borrowers got unable to make their mortgage payments. As a result, the mortgage market was undermined. | На мой взгляд, есть несколько важных факторов для обсуждения, которые, очевидно, повлияли на нынешнюю экономическую ситуацию. Прежде всего, это расточительное кредитование или, другими словами, так называемый пузырь цен на жилье. Каждая семья, покупая дом, может взять кредит в банке, который должен быть вовремя возвращен. Для того чтобы вернуть деньги в банк, семья, в первую очередь, должна выбирать для себя дом, который они могут себе позволить. В противном случае они не смогут вернуть деньги. В последние годы цены на недвижимость были такими высокими и так быстро росли, как мыльный пузырь. Это привело к тому, что люди начали брать кредиты, которые не могли отдать. Многие заемщики были не в состоянии оплатить свои ипотечные кредиты. В результате рынок ипотечного кредитования был подорван. |
| This was just the beginning. One of the consequences was the fall of prices on real estate. The institutions and businesses depending on real estate prices or making money on real estate underwent the risk and suffered losses. To such companies belong Freddie Mac and Fannie Mae. It was the blow to the financial system in general, which led to the problems in other pecuniary stocks. This process, started with the bank system and led to the banking liquidity crisis, affected all financial and economic sectors of business all over the world. | Это было только начало. Одним из последствий стало падение цен на недвижимость. Организации и предприятия, которые зависели от цен на недвижимость и зарабатывали деньги на недвижимости подверглись риску и понесли потери. Для таких компаний, как принадлежащих Freddie Mac и Fannie Mae, это был удар по финансовой системе в целом, что привело к проблемам в других денежных запасах. Этот процесс начался с банковской системы и привел к кризису банковской ликвидности, затронул все финансовые и экономические секторы бизнеса по всему миру. |
| Another reason of the present economic crisis is the unrestricted emission of American dollars. The emission of the most wide-spread world currency was strictly controlled by the government of the USA. Each dollar had gold equivalent in the gold reserve of the States. Purchasing capacity of it corresponded to the quantities of products manufactured. That’s not how things stack any more up today. As a result while the USA was loosing its positions on the world market, the dollar was weakening in the world. | Другая причина нынешнего экономического кризиса является неограниченное распространение американских долларов. Эмиссия самых распространенных мировых валют строго контролировалась правительством США. Каждый доллар был золотым эквивалентом золотому запасу государства. Его покупательная способность соответствовала количеству выпускаемой продукции. Сегодня все складывается совсем иначе. В результате, пока США теряет свои позиции на мировом рынке, доллар слабеет в мире. |
| To sum it up one can say that the root cause of the current economic crisis lie in the ineffective policies of the economic and financial sectors of the leading and developing countries in the world. One should take into account the root causes to oust its re-occurrence in future. | Подводя итог можно сказать, что основная причина нынешнего экономического кризиса лежит в неэффективной политике финансового и экономического секторов ведущих и развивающихся стран мира. Следует учитывать причины кризиса, чтобы избежать его повторного возникновения в будущем. |
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| The current financial crisis has become an earthquake to the world’s economic system. Have started in the USA, it has rapidly overcome the boundaries of the States and has spread over the Europe and Asia, bringing unemployment and financial recession along. One can hardly say whether it will last long or is going to slump. The following remains obvious, if we don’t want its recurrence in future, we should investigate its root causes now. |
| The world economic system endures times of prosperity as well as followed by inevitable declines. The circulating scheme is characterized by the rise of manufacturing and it is following recession, thus permitting to keep to the world financial and economic balance order. No one in the world was ready to take the burdens of the economic crisis on the shoulders and to resist its unpredictable consequences. In spite of the fact, almost everybody understood how important it is to examine the reasons of it. |
| In my opinion there are several important factors to discuss, which obviously have affected the present economic situation. First of all it is the spendthrift lending or, in other term, the so-called housing price bubble. Every family buying a house can take a loan from the bank, which should be given back. In order to return money to the bank, the family first of all should take the house it can afford. Otherwise it will not be able to pay the money back. In the recent years the prices on real estate have been so high and raising so quickly like a bubble. It has resulted in the fact that people started taking loans, which they can’t pay off. Many banks’ borrowers got unable to make their mortgage payments. As a result, the mortgage market was undermined. |
| This was just the beginning. One of the consequences was the fall of prices on real estate. The institutions and businesses depending on real estate prices or making money on real estate underwent the risk and suffered losses. To such companies belong Freddie Mac and Fannie Mae. It was the blow to the financial system in general, which led to the problems in other pecuniary stocks. This process, started with the bank system and led to the banking liquidity crisis, affected all financial and economic sectors of business all over the world. |
| Another reason of the present economic crisis is the unrestricted emission of American dollars. The emission of the most wide-spread world currency was strictly controlled by the government of the USA. Each dollar had gold equivalent in the gold reserve of the States. Purchasing capacity of it corresponded to the quantities of products manufactured. That’s not how things stack any more up today. As a result while the USA was loosing its positions on the world market, the dollar was weakening in the world. |
| To sum it up one can say that the root cause of the current economic crisis lie in the ineffective policies of the economic and financial sectors of the leading and developing countries in the world. One should take into account the root causes to oust its re-occurrence in future. |
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Текст на 2000 знаков
The notion of a "free market" where all economic decisions regarding transfers of money, goods, and services take place on a voluntary basis, free of coercive influence, is commonly considered to be an essential characteristic of capitalism. Some individuals contend, that in systems where individuals are prevented from owning the means of production (including the profits), or coerced to share them, not all economic decisions are free of coercive influence, and, hence, are not free markets. In an ideal free market system none of these economic decisions involve coercion. Instead, they are determined in a decentralized manner by individuals trading, bargaining, cooperating, and competing with each other. In a free market, government may act in a defensive mode to forbid coercion among market participants but does not engage in proactive interventionist coercion. Nevertheless, some authorities claim that capitalism is perfectly compatible with interventionist authoritarian governments, and/or that a free market can exist without capitalism.
A legal system that grants and protects property rights provides property owners the entitlement to sell their property in accordance with their own valuation of that property; if there are no willing buyers at their offered price they have the freedom to retain it. According to standard capitalist theory, as explained by Adam Smith, when individuals make a trade they value what they are purchasing more than they value what they are giving in exchange for a commodity. If this were not the case, then they would not make the trade but retain ownership of the more valuable commodity. This notion underlies the concept of mutually-beneficial trade where it is held that both sides tend to benefit by an exchange.
In regard to pricing of goods and services in a free market, rather than this being ordained by government it is determined by trades that occur as a result of price agreement between buyers and sellers. The prices buyers are willing to pay for a commodity and the prices at which sellers are willing to part with that commodity are directly influenced by supply and demand (as well as the quantity to be traded). In abstract terms, the price is thus defined as the equilibrium point of the demand and the supply curves, which represent the prices at which buyers would buy (and sellers sell) certain quantities of the good in question. A price above the equilibrium point will lead to oversupply (the buyers will buy less goods at that price than the sellers are willing to produce), while a price below the equilibrium will lead to the opposite situation. When the price a buyer is willing to pay coincides with the price a seller is willing to offer, a trade occurs and price is determined.
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However, not everyone believes that a free or even a relatively-free market is a good thing. One reason proffered by many to justify economic intervention by government into what would otherwise be a free market is market failure. A market failure is a case in which a market fails to efficiently provide or allocate goods and services (for example, a failure to allocate goods in ways some see as socially or morally preferable). Some believe that the lack of " perfect information " or " perfect competition " in a free market is grounds for government intervention. Other situations or activities often perceived as problems with a free market may appear, such monopolies, monopsonies, information inequalities (e.g. insider trading), or price gouging. Wages determined by a free market mechanism are also commonly seen as a problem by those who would claim that some wages are unjustifiably low or unjustifiably high. Another critique is that free markets usually fail to deal with the problem of externalities, where an action by an agent positively or negatively affects another agent without any compensation taking place. The most widely known externality is pollution. More generally, the free market allocation of resources in areas such as health care, unemployment, wealth inequality, and education are considered market failures by some. Also, governments overseeing economies typically labeled as capitalist have been known to set mandatory price floors or price ceilings at times, thereby interfering with the free market mechanism. This usually occurred either in times of crises, or was related to goods and services which were viewed as strategically important. Electricity, for example, is a good that was or is subject to price ceilings in many countries. Many eminent economists have analyzed market failures, and see governments as having a legitimate role to mitigate these failures, for examples through regulation and compensation schemes.
However, some economists, such as Nobel prize-winning economist Milton Friedman as well as those of the Austrian School, oppose intervention into free markets. They argue that government should limit its involvement in economies to protecting freedom rather than diminishing it for the sake of remedying "market failure." These economists believe that government intervention creates more problems than it is supposed to solve. Laissez-faire advocates do not oppose monopolies unless they maintain their existence through coercion to prevent competition, and often assert that monopolies have historically only developed because of government intervention rather than due to a lack of intervention. They may argue that minimum wage laws cause unnecessary unemployment, that laws against insider trading reduce market efficiency and transparency, or that government-enforced price-ceilings cause shortages.
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