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Questions 1~3
Europeans have mixed feelings about class. They deplore the idea that people may remain mired in poverty, and they have large welfare program to help them move up. They also resent the sight of rich families staying at the top for generations, and so impose high taxes to redistribute wealth and income.
On the other hand, compared with Americans, Europeans cling to a somewhat static view of society. They dislike the extremes of wealth and poverty that accompany America"s supposed free-for-all meritocracy. They look askance at "excessive" job mobility, which breeds insecurity. Polls show that, compared with Americans, Europeans are more likely to dislike unfettered market competition and to believe that success is outside their own control. With some exceptions (e.g. Dick Whittington), they lack the equivalent of Horatio Alger"s myth of rags to riches. In short, in the European view, social stability is desirable, and if a certain amount of inflexibility is needed to underpin it, that is a price worth paying to avoid the restless uncertainties of America" s market-driven model.
Yet the curious thing is that European society—at least in the Nordic countries—is far less stable than America"s. Two new research papers confirm that, if one compares the incomes of children with those of their parents, or considers how long people in one income group stay there, Nordic countries emerge far more mobile than America. Britain shows more class stability than its northern neighbors, but it is still a lot closer to them than it is to America.
The authors rank countries on a scale from one to zero, with one meaning no mobility at all (i. e. a child"s income is identical to its parents") and zero meaning perfect mobility (i. e. a child"s income bears no relation to its parents"). The Nordic countries score around 0.2 for sons, Britain scores 0.36, and America 0.54 (meaning that a son"s earnings are more closely related to his father"s in America). These figures are roughly in line with the conclusions of other studies, though they have the advantage of using standardized data, thereby minimizing problems of definition that usually bedevil cross-country comparisons.
The biggest finding of the studies is not, however, about overall social mobility, but about mobility at the bottom. This is the most distinctive feature of. Nordic societies, and it is also perhaps the most significant difference with America. Around three quarters of sons born into the poorest fifth of the population in Nordic countries in the late 1950s had moved out of that category by the time they were in their early 40s. In contrast, only just over half of American men born at the bottom later moved up. This is another respect in which Britain is more like the Nordics than like America. some 70% of its poorest sons escaped from poverty within a generation.
The Nordic countries are distinctive in one further way. the sons born at the bottom (into the poorest fifth) earn roughly the same as those born a rung above them (the second-poorest fifth). In other words, Nordic countries have almost completely snapped the link between the earnings of parents and children at and near the bottom. That is not at all true of America.
Social mobility at middle-income levels is more similar everywhere (it is a bit higher in most European countries, but not by much). That may partly explain why Americans think their society is more mobile than it is (the middle classes tend to set the political agenda, and mobility is genuine enough for them). It may also explain why few Europeans appreciate quite how much movement up and down the income ladder there is, because much of it takes place off the radar screen of the politically influential.
The obvious explanation for greater mobility in the Nordic countries is their tax and welfare systems, which (especially when compared with America"s) deliberately try to help the children of the poor to do better than their parents. One might expect social mobility and economic flexibility to go together—in fact, to be two sides of the same coin. But to the extent that redistribution is an explanation, it implies the opposite: that social mobility is a product of high public spending, a bit like the low incidence of poverty or longer life expectancy (on both of which Europe also does better than America). But greater public spending tends also to be associated with less economic flexibility—which is why Nordic countries have sought to limit the more arthritis-inducing features of their tax-and-spend programs.
Yet redistributive fiscal policies cannot be all there is to it. If they were, Nordic countries would not do as well as they do (their welfare states are not appreciably more generous than Britain"s). The other part of the explanation seems to be their superior education systems. Education has long been recognized as the most important single trigger of social mobility—and all four Nordic countries do unusually well in the school-appraisal system developed by the OECD.
That in turn may explain why the bigger continental European countries, notably France, Germany, Italy, are not as mobile as Nordic ones. With relatively poor education systems, they are bound to perform more like Britain. But that still makes them socially (if not economically) more flexible than the land of the free. For Europe, the secrets of greater social mobility are, first, tough redistribution policies that particularly benefit those at the bottom; and, especially in Nordic countries, a suppler and less class-ridden education system, running from top to bottom. America could learn something from that.In what ways are Europeans different from Americans in their view of society

答案: Europeans are different from Americans in their view of soci...
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Questions 1~3
Europeans have mixed feelings about class. They deplore the idea that people may remain mired in poverty, and they have large welfare program to help them move up. They also resent the sight of rich families staying at the top for generations, and so impose high taxes to redistribute wealth and income.
On the other hand, compared with Americans, Europeans cling to a somewhat static view of society. They dislike the extremes of wealth and poverty that accompany America"s supposed free-for-all meritocracy. They look askance at "excessive" job mobility, which breeds insecurity. Polls show that, compared with Americans, Europeans are more likely to dislike unfettered market competition and to believe that success is outside their own control. With some exceptions (e.g. Dick Whittington), they lack the equivalent of Horatio Alger"s myth of rags to riches. In short, in the European view, social stability is desirable, and if a certain amount of inflexibility is needed to underpin it, that is a price worth paying to avoid the restless uncertainties of America" s market-driven model.
Yet the curious thing is that European society—at least in the Nordic countries—is far less stable than America"s. Two new research papers confirm that, if one compares the incomes of children with those of their parents, or considers how long people in one income group stay there, Nordic countries emerge far more mobile than America. Britain shows more class stability than its northern neighbors, but it is still a lot closer to them than it is to America.
The authors rank countries on a scale from one to zero, with one meaning no mobility at all (i. e. a child"s income is identical to its parents") and zero meaning perfect mobility (i. e. a child"s income bears no relation to its parents"). The Nordic countries score around 0.2 for sons, Britain scores 0.36, and America 0.54 (meaning that a son"s earnings are more closely related to his father"s in America). These figures are roughly in line with the conclusions of other studies, though they have the advantage of using standardized data, thereby minimizing problems of definition that usually bedevil cross-country comparisons.
The biggest finding of the studies is not, however, about overall social mobility, but about mobility at the bottom. This is the most distinctive feature of. Nordic societies, and it is also perhaps the most significant difference with America. Around three quarters of sons born into the poorest fifth of the population in Nordic countries in the late 1950s had moved out of that category by the time they were in their early 40s. In contrast, only just over half of American men born at the bottom later moved up. This is another respect in which Britain is more like the Nordics than like America. some 70% of its poorest sons escaped from poverty within a generation.
The Nordic countries are distinctive in one further way. the sons born at the bottom (into the poorest fifth) earn roughly the same as those born a rung above them (the second-poorest fifth). In other words, Nordic countries have almost completely snapped the link between the earnings of parents and children at and near the bottom. That is not at all true of America.
Social mobility at middle-income levels is more similar everywhere (it is a bit higher in most European countries, but not by much). That may partly explain why Americans think their society is more mobile than it is (the middle classes tend to set the political agenda, and mobility is genuine enough for them). It may also explain why few Europeans appreciate quite how much movement up and down the income ladder there is, because much of it takes place off the radar screen of the politically influential.
The obvious explanation for greater mobility in the Nordic countries is their tax and welfare systems, which (especially when compared with America"s) deliberately try to help the children of the poor to do better than their parents. One might expect social mobility and economic flexibility to go together—in fact, to be two sides of the same coin. But to the extent that redistribution is an explanation, it implies the opposite: that social mobility is a product of high public spending, a bit like the low incidence of poverty or longer life expectancy (on both of which Europe also does better than America). But greater public spending tends also to be associated with less economic flexibility—which is why Nordic countries have sought to limit the more arthritis-inducing features of their tax-and-spend programs.
Yet redistributive fiscal policies cannot be all there is to it. If they were, Nordic countries would not do as well as they do (their welfare states are not appreciably more generous than Britain"s). The other part of the explanation seems to be their superior education systems. Education has long been recognized as the most important single trigger of social mobility—and all four Nordic countries do unusually well in the school-appraisal system developed by the OECD.
That in turn may explain why the bigger continental European countries, notably France, Germany, Italy, are not as mobile as Nordic ones. With relatively poor education systems, they are bound to perform more like Britain. But that still makes them socially (if not economically) more flexible than the land of the free. For Europe, the secrets of greater social mobility are, first, tough redistribution policies that particularly benefit those at the bottom; and, especially in Nordic countries, a suppler and less class-ridden education system, running from top to bottom. America could learn something from that.In what ways are Europeans different from Americans in their view of society

答案: Europeans are different from Americans in their view of soci...
问答题

Questions 1~3
Europeans have mixed feelings about class. They deplore the idea that people may remain mired in poverty, and they have large welfare program to help them move up. They also resent the sight of rich families staying at the top for generations, and so impose high taxes to redistribute wealth and income.
On the other hand, compared with Americans, Europeans cling to a somewhat static view of society. They dislike the extremes of wealth and poverty that accompany America"s supposed free-for-all meritocracy. They look askance at "excessive" job mobility, which breeds insecurity. Polls show that, compared with Americans, Europeans are more likely to dislike unfettered market competition and to believe that success is outside their own control. With some exceptions (e.g. Dick Whittington), they lack the equivalent of Horatio Alger"s myth of rags to riches. In short, in the European view, social stability is desirable, and if a certain amount of inflexibility is needed to underpin it, that is a price worth paying to avoid the restless uncertainties of America" s market-driven model.
Yet the curious thing is that European society—at least in the Nordic countries—is far less stable than America"s. Two new research papers confirm that, if one compares the incomes of children with those of their parents, or considers how long people in one income group stay there, Nordic countries emerge far more mobile than America. Britain shows more class stability than its northern neighbors, but it is still a lot closer to them than it is to America.
The authors rank countries on a scale from one to zero, with one meaning no mobility at all (i. e. a child"s income is identical to its parents") and zero meaning perfect mobility (i. e. a child"s income bears no relation to its parents"). The Nordic countries score around 0.2 for sons, Britain scores 0.36, and America 0.54 (meaning that a son"s earnings are more closely related to his father"s in America). These figures are roughly in line with the conclusions of other studies, though they have the advantage of using standardized data, thereby minimizing problems of definition that usually bedevil cross-country comparisons.
The biggest finding of the studies is not, however, about overall social mobility, but about mobility at the bottom. This is the most distinctive feature of. Nordic societies, and it is also perhaps the most significant difference with America. Around three quarters of sons born into the poorest fifth of the population in Nordic countries in the late 1950s had moved out of that category by the time they were in their early 40s. In contrast, only just over half of American men born at the bottom later moved up. This is another respect in which Britain is more like the Nordics than like America. some 70% of its poorest sons escaped from poverty within a generation.
The Nordic countries are distinctive in one further way. the sons born at the bottom (into the poorest fifth) earn roughly the same as those born a rung above them (the second-poorest fifth). In other words, Nordic countries have almost completely snapped the link between the earnings of parents and children at and near the bottom. That is not at all true of America.
Social mobility at middle-income levels is more similar everywhere (it is a bit higher in most European countries, but not by much). That may partly explain why Americans think their society is more mobile than it is (the middle classes tend to set the political agenda, and mobility is genuine enough for them). It may also explain why few Europeans appreciate quite how much movement up and down the income ladder there is, because much of it takes place off the radar screen of the politically influential.
The obvious explanation for greater mobility in the Nordic countries is their tax and welfare systems, which (especially when compared with America"s) deliberately try to help the children of the poor to do better than their parents. One might expect social mobility and economic flexibility to go together—in fact, to be two sides of the same coin. But to the extent that redistribution is an explanation, it implies the opposite: that social mobility is a product of high public spending, a bit like the low incidence of poverty or longer life expectancy (on both of which Europe also does better than America). But greater public spending tends also to be associated with less economic flexibility—which is why Nordic countries have sought to limit the more arthritis-inducing features of their tax-and-spend programs.
Yet redistributive fiscal policies cannot be all there is to it. If they were, Nordic countries would not do as well as they do (their welfare states are not appreciably more generous than Britain"s). The other part of the explanation seems to be their superior education systems. Education has long been recognized as the most important single trigger of social mobility—and all four Nordic countries do unusually well in the school-appraisal system developed by the OECD.
That in turn may explain why the bigger continental European countries, notably France, Germany, Italy, are not as mobile as Nordic ones. With relatively poor education systems, they are bound to perform more like Britain. But that still makes them socially (if not economically) more flexible than the land of the free. For Europe, the secrets of greater social mobility are, first, tough redistribution policies that particularly benefit those at the bottom; and, especially in Nordic countries, a suppler and less class-ridden education system, running from top to bottom. America could learn something from that.Why does the author say that the European society, at least in Nordic countries, is "far less stable than America"s" (Para.3)

答案: Two new research papers confirm that, if one compares the in...
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Questions 4~6
It is too early to say whether the recent declines in global stock markets signal anything out of the ordinary. Though large, they are hardly unprecedented: 8 percent for the Dow, 19 percent for Japan"s Nikkei, 21.7 percent for Brazil"s Bovespa (all changes are measured from recent highs, in April or May, until yesterdays closes). But the fact that they"ve occurred simultaneously suggests herd behavior. Spoiled by years of cheap credit, global investors seem to be reacting to the prospect of higher interest rates by fleeing stock markets almost everywhere. There is danger of a broader financial and economic setback.
The riskiest and most mysterious aspect of the present situation is the increasingly global nature of investment capital. Once, capital was largely compartmentalized by nation Americans saved and invested in the United States; Germans saved and invested in Germany. This world is disappearing. It is now routine for pension funds, mutual funds and many wealthy investors to move money in and out of American, European, Asian and Latin American stocks and bonds.
The magnitudes are immense. For 2004 the International Monetary Fund reports that.
Americans invested $ 856 billion abroad, while foreigners invested $1.44 trillion in the United States. Some flows represented "foreign direct investment": buying factories, real estate or entire companies. But most flows involved corporate stocks and bonds, government bonds or international bank loans.
The Japanese invested $ 414 billion abroad, and foreigners invested $ 273 billion in Japan.
"Emerging market" countries (China, India, Brazil and many developing nations) received $ 570 billion in foreign investment and made $ 935 billion of investments abroad. About $ 515 billion of the outflow came from governments—dominated by China and other Asian nations—that reinvested their trade surpluses, often in U. S. Treasury bonds.
Thirty years ago, these massive global money movements didn"t exist. Most countries had extensive "capital controls" restricting how much (or whether) their citizens could invest abroad and how much (or whether) foreigners could invest in their countries. The United States was a major exception.
A turning point was France"s decision in the early 1980s to relax controls, says Rawi Abdelal of the Harvard Business School and author of the forthcoming Capital Rules: The Construction of Global Finance . The French concluded that controls were so widely evaded by the wealthy that they were impractical, he says. Once France changed, Europe moved to liberalize capital flows. Many other countries gradually joined for fear of losing in the worldwide chase for investment funds.
In theory, liberalization benefits everyone. Capital flows to the most productive investments. Savers earn higher returns. Countries with good investment opportunities expand more rapidly. Huge capital inflows have dearly helped China by financing new factories with modern technology. In many ways, the world economy seems healthy. In 2006, the IMF predicts the fourth consecutive year of growth exceeding 4 percent.
But there"s a rub: Global finance has created new risks. At least two stand out.
First, huge trade imbalances. The United States is running massive deficits, counterbalanced by big surpluses in China, Japan and other Asian countries. These imbalances occur in part because countries with trade surpluses can recycle their export earning—heavily in dollars—rather than buying imports or selling dollars for other currencies, leading to a dollar depreciation. That would lower the American trade deficit by making U. S. imports more expensive and U. S. exports less expensive. Most economists consider today"s massive imbalances unsustainable.
Second, worldwide financial crises. Global investors may move in herds, first pouring money into some countries—or investments—and then withdrawing abruptly. That"s what happened in the 1997-98 Asian financial crisis. Capital flight plunged countries into deep recessions; investors suffered large losses. There are now fears that hedge funds and others may be similarly overexposed in some markets. (Hedge funds are lightly regulated pools of money, mostly from big and wealthy investors. They are estimated to control more than $1 trillion in financial assets.) Some economists, most prominently Stephen Roach of Morgan Stanley, consider the recent stock market declines a healthy sign. They signal a retreat from blatantly speculative behavior. A prolonged period of cheap credit pushed too much money into risky investments. Some investors put money into emerging-market stocks and bonds; others preferred commodities (gold, copper). Housing was the small investor"s favorite. The result: a series of "bubbles" that are best punctured sooner rather than later.What is the present situation of global stock markets What may be the consequences it lead to

答案: The global stock markets are somehow simultaneously declinin...
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Questions 7~10
When the automated player-piano was invented in the mid-19th century, companies that sold sheet music groused. When commercial radio took off, musicians bellyached that it would destroy them. So too, with the introduction of gramophones and tape recorders, did established businesses of the day try to block the inventions to protect their commercial interests.
In each case, public interest defeated the private, and the technologies flourished (often, ironically, to the benefit of the party that originally objected). For instance, movie studios tried to outlaw Sony"s Betamax because it could be used to infringe film copyright. In 1984, America"s Supreme Court ruled the devices legal because they were "capable of substantial non-infringing uses." Today, the home-video market is almost three times larger than Hollywood box-office receipts.
On March 29th, the Supreme Court heard oral arguments regarding peer-to-peer (P2P) file-sharing software. This lets internet users obtain files of, say, music or video quickly and inexpensively by cleverly sharing the content among many users. In over 90% of the cases, the files downloaded infringe copyrights. Some 28 entertainment companies have joined together against two P2P software makers, StreamCast Networks and Grokster, claiming that they are accountable for "secondary liability" of copyright infringement because they knowingly turn a blind eye to the illegal activities of users.
The entertainment industry is arguing that business models predicated on the theft of intellectual property should be declared illegal. Technology firms counter that to restrict companies according to how their technology is used by customers would hand media firms a veto power over technical innovation any time it seems to threaten their interests.
The Supreme Court will have to reexamine its 1984 Betamax decision in light of the internet and digital devices from the PC to the iPod and digital video recorders. One lower court has found that P2P software makers are not liable, because the product is capable of legal uses. But another court interpreted the 1984 ruling differently, finding against P2P by highlighting the ruling"s indication that there should be "commercially significant" non-infringing uses for "legitimate" purposes.
Recording companies complain that the decline in music sales in the past few years (save for a small uptick in 2004) is due largely to illegal file-sharing. Millions of people use P2P systems, downloading 2.6 billion songs a month and 400,000 films a day, accounting for over half of all internet traffic by some measures. Faced with the inability to get courts to shut down P2P networks, the industry has sued thousands of alleged pirates worldwide, and backed legislation that would ban technologies that "induce" infringement.
A ruling against the P2P systems would slow, but would probably be too narrowly specific to end, the growth of firms exploiting the technology. A win for the media firms would help them negotiate agreements with the cottage industry of firms aiming to get into online music distribution. The entertainment industry would probably refocus its legal battles on targeting internet service providers.
But the cost of this could be huge. It could dramatically set back the adoption of the many beneficial uses of P2P, from legitimate content distribution—such as individuals sharing their family photos or their home-recorded music online—to grid-computing. Theft of intellectual property is wrong, of course. But technologies exist that can prevent it—and even let media firms harness the internet to make money, as in the previous battles between content owners and new technologies. The Supreme Court should retain the Betamax principle. It is not the role of law to block innovation.What does the author mean by saying "public interest defeated the private, and the technology flourished" (para.2)

答案: emergence of new technology threatens old ones /public inter...
问答题

Questions 1~3
Europeans have mixed feelings about class. They deplore the idea that people may remain mired in poverty, and they have large welfare program to help them move up. They also resent the sight of rich families staying at the top for generations, and so impose high taxes to redistribute wealth and income.
On the other hand, compared with Americans, Europeans cling to a somewhat static view of society. They dislike the extremes of wealth and poverty that accompany America"s supposed free-for-all meritocracy. They look askance at "excessive" job mobility, which breeds insecurity. Polls show that, compared with Americans, Europeans are more likely to dislike unfettered market competition and to believe that success is outside their own control. With some exceptions (e.g. Dick Whittington), they lack the equivalent of Horatio Alger"s myth of rags to riches. In short, in the European view, social stability is desirable, and if a certain amount of inflexibility is needed to underpin it, that is a price worth paying to avoid the restless uncertainties of America" s market-driven model.
Yet the curious thing is that European society—at least in the Nordic countries—is far less stable than America"s. Two new research papers confirm that, if one compares the incomes of children with those of their parents, or considers how long people in one income group stay there, Nordic countries emerge far more mobile than America. Britain shows more class stability than its northern neighbors, but it is still a lot closer to them than it is to America.
The authors rank countries on a scale from one to zero, with one meaning no mobility at all (i. e. a child"s income is identical to its parents") and zero meaning perfect mobility (i. e. a child"s income bears no relation to its parents"). The Nordic countries score around 0.2 for sons, Britain scores 0.36, and America 0.54 (meaning that a son"s earnings are more closely related to his father"s in America). These figures are roughly in line with the conclusions of other studies, though they have the advantage of using standardized data, thereby minimizing problems of definition that usually bedevil cross-country comparisons.
The biggest finding of the studies is not, however, about overall social mobility, but about mobility at the bottom. This is the most distinctive feature of. Nordic societies, and it is also perhaps the most significant difference with America. Around three quarters of sons born into the poorest fifth of the population in Nordic countries in the late 1950s had moved out of that category by the time they were in their early 40s. In contrast, only just over half of American men born at the bottom later moved up. This is another respect in which Britain is more like the Nordics than like America. some 70% of its poorest sons escaped from poverty within a generation.
The Nordic countries are distinctive in one further way. the sons born at the bottom (into the poorest fifth) earn roughly the same as those born a rung above them (the second-poorest fifth). In other words, Nordic countries have almost completely snapped the link between the earnings of parents and children at and near the bottom. That is not at all true of America.
Social mobility at middle-income levels is more similar everywhere (it is a bit higher in most European countries, but not by much). That may partly explain why Americans think their society is more mobile than it is (the middle classes tend to set the political agenda, and mobility is genuine enough for them). It may also explain why few Europeans appreciate quite how much movement up and down the income ladder there is, because much of it takes place off the radar screen of the politically influential.
The obvious explanation for greater mobility in the Nordic countries is their tax and welfare systems, which (especially when compared with America"s) deliberately try to help the children of the poor to do better than their parents. One might expect social mobility and economic flexibility to go together—in fact, to be two sides of the same coin. But to the extent that redistribution is an explanation, it implies the opposite: that social mobility is a product of high public spending, a bit like the low incidence of poverty or longer life expectancy (on both of which Europe also does better than America). But greater public spending tends also to be associated with less economic flexibility—which is why Nordic countries have sought to limit the more arthritis-inducing features of their tax-and-spend programs.
Yet redistributive fiscal policies cannot be all there is to it. If they were, Nordic countries would not do as well as they do (their welfare states are not appreciably more generous than Britain"s). The other part of the explanation seems to be their superior education systems. Education has long been recognized as the most important single trigger of social mobility—and all four Nordic countries do unusually well in the school-appraisal system developed by the OECD.
That in turn may explain why the bigger continental European countries, notably France, Germany, Italy, are not as mobile as Nordic ones. With relatively poor education systems, they are bound to perform more like Britain. But that still makes them socially (if not economically) more flexible than the land of the free. For Europe, the secrets of greater social mobility are, first, tough redistribution policies that particularly benefit those at the bottom; and, especially in Nordic countries, a suppler and less class-ridden education system, running from top to bottom. America could learn something from that.What are the reasons for greater mobility in the Nordic countries

答案: The reasons for greater mobility in the Nordic countries can...
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Questions 7~10
When the automated player-piano was invented in the mid-19th century, companies that sold sheet music groused. When commercial radio took off, musicians bellyached that it would destroy them. So too, with the introduction of gramophones and tape recorders, did established businesses of the day try to block the inventions to protect their commercial interests.
In each case, public interest defeated the private, and the technologies flourished (often, ironically, to the benefit of the party that originally objected). For instance, movie studios tried to outlaw Sony"s Betamax because it could be used to infringe film copyright. In 1984, America"s Supreme Court ruled the devices legal because they were "capable of substantial non-infringing uses." Today, the home-video market is almost three times larger than Hollywood box-office receipts.
On March 29th, the Supreme Court heard oral arguments regarding peer-to-peer (P2P) file-sharing software. This lets internet users obtain files of, say, music or video quickly and inexpensively by cleverly sharing the content among many users. In over 90% of the cases, the files downloaded infringe copyrights. Some 28 entertainment companies have joined together against two P2P software makers, StreamCast Networks and Grokster, claiming that they are accountable for "secondary liability" of copyright infringement because they knowingly turn a blind eye to the illegal activities of users.
The entertainment industry is arguing that business models predicated on the theft of intellectual property should be declared illegal. Technology firms counter that to restrict companies according to how their technology is used by customers would hand media firms a veto power over technical innovation any time it seems to threaten their interests.
The Supreme Court will have to reexamine its 1984 Betamax decision in light of the internet and digital devices from the PC to the iPod and digital video recorders. One lower court has found that P2P software makers are not liable, because the product is capable of legal uses. But another court interpreted the 1984 ruling differently, finding against P2P by highlighting the ruling"s indication that there should be "commercially significant" non-infringing uses for "legitimate" purposes.
Recording companies complain that the decline in music sales in the past few years (save for a small uptick in 2004) is due largely to illegal file-sharing. Millions of people use P2P systems, downloading 2.6 billion songs a month and 400,000 films a day, accounting for over half of all internet traffic by some measures. Faced with the inability to get courts to shut down P2P networks, the industry has sued thousands of alleged pirates worldwide, and backed legislation that would ban technologies that "induce" infringement.
A ruling against the P2P systems would slow, but would probably be too narrowly specific to end, the growth of firms exploiting the technology. A win for the media firms would help them negotiate agreements with the cottage industry of firms aiming to get into online music distribution. The entertainment industry would probably refocus its legal battles on targeting internet service providers.
But the cost of this could be huge. It could dramatically set back the adoption of the many beneficial uses of P2P, from legitimate content distribution—such as individuals sharing their family photos or their home-recorded music online—to grid-computing. Theft of intellectual property is wrong, of course. But technologies exist that can prevent it—and even let media firms harness the internet to make money, as in the previous battles between content owners and new technologies. The Supreme Court should retain the Betamax principle. It is not the role of law to block innovation.Give a brief introduction to the argument around technology innovation and copyright infringement.

答案: entertainment industry believes any business models based on...
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Questions 4~6
It is too early to say whether the recent declines in global stock markets signal anything out of the ordinary. Though large, they are hardly unprecedented: 8 percent for the Dow, 19 percent for Japan"s Nikkei, 21.7 percent for Brazil"s Bovespa (all changes are measured from recent highs, in April or May, until yesterdays closes). But the fact that they"ve occurred simultaneously suggests herd behavior. Spoiled by years of cheap credit, global investors seem to be reacting to the prospect of higher interest rates by fleeing stock markets almost everywhere. There is danger of a broader financial and economic setback.
The riskiest and most mysterious aspect of the present situation is the increasingly global nature of investment capital. Once, capital was largely compartmentalized by nation Americans saved and invested in the United States; Germans saved and invested in Germany. This world is disappearing. It is now routine for pension funds, mutual funds and many wealthy investors to move money in and out of American, European, Asian and Latin American stocks and bonds.
The magnitudes are immense. For 2004 the International Monetary Fund reports that.
Americans invested $ 856 billion abroad, while foreigners invested $1.44 trillion in the United States. Some flows represented "foreign direct investment": buying factories, real estate or entire companies. But most flows involved corporate stocks and bonds, government bonds or international bank loans.
The Japanese invested $ 414 billion abroad, and foreigners invested $ 273 billion in Japan.
"Emerging market" countries (China, India, Brazil and many developing nations) received $ 570 billion in foreign investment and made $ 935 billion of investments abroad. About $ 515 billion of the outflow came from governments—dominated by China and other Asian nations—that reinvested their trade surpluses, often in U. S. Treasury bonds.
Thirty years ago, these massive global money movements didn"t exist. Most countries had extensive "capital controls" restricting how much (or whether) their citizens could invest abroad and how much (or whether) foreigners could invest in their countries. The United States was a major exception.
A turning point was France"s decision in the early 1980s to relax controls, says Rawi Abdelal of the Harvard Business School and author of the forthcoming Capital Rules: The Construction of Global Finance . The French concluded that controls were so widely evaded by the wealthy that they were impractical, he says. Once France changed, Europe moved to liberalize capital flows. Many other countries gradually joined for fear of losing in the worldwide chase for investment funds.
In theory, liberalization benefits everyone. Capital flows to the most productive investments. Savers earn higher returns. Countries with good investment opportunities expand more rapidly. Huge capital inflows have dearly helped China by financing new factories with modern technology. In many ways, the world economy seems healthy. In 2006, the IMF predicts the fourth consecutive year of growth exceeding 4 percent.
But there"s a rub: Global finance has created new risks. At least two stand out.
First, huge trade imbalances. The United States is running massive deficits, counterbalanced by big surpluses in China, Japan and other Asian countries. These imbalances occur in part because countries with trade surpluses can recycle their export earning—heavily in dollars—rather than buying imports or selling dollars for other currencies, leading to a dollar depreciation. That would lower the American trade deficit by making U. S. imports more expensive and U. S. exports less expensive. Most economists consider today"s massive imbalances unsustainable.
Second, worldwide financial crises. Global investors may move in herds, first pouring money into some countries—or investments—and then withdrawing abruptly. That"s what happened in the 1997-98 Asian financial crisis. Capital flight plunged countries into deep recessions; investors suffered large losses. There are now fears that hedge funds and others may be similarly overexposed in some markets. (Hedge funds are lightly regulated pools of money, mostly from big and wealthy investors. They are estimated to control more than $1 trillion in financial assets.) Some economists, most prominently Stephen Roach of Morgan Stanley, consider the recent stock market declines a healthy sign. They signal a retreat from blatantly speculative behavior. A prolonged period of cheap credit pushed too much money into risky investments. Some investors put money into emerging-market stocks and bonds; others preferred commodities (gold, copper). Housing was the small investor"s favorite. The result: a series of "bubbles" that are best punctured sooner rather than later.Give a brief introduction to the history of "massive global money movements" and their impacts on the global economy.

答案: Thirty years ago, these "massive global money movements" did...
问答题

Questions 7~10
When the automated player-piano was invented in the mid-19th century, companies that sold sheet music groused. When commercial radio took off, musicians bellyached that it would destroy them. So too, with the introduction of gramophones and tape recorders, did established businesses of the day try to block the inventions to protect their commercial interests.
In each case, public interest defeated the private, and the technologies flourished (often, ironically, to the benefit of the party that originally objected). For instance, movie studios tried to outlaw Sony"s Betamax because it could be used to infringe film copyright. In 1984, America"s Supreme Court ruled the devices legal because they were "capable of substantial non-infringing uses." Today, the home-video market is almost three times larger than Hollywood box-office receipts.
On March 29th, the Supreme Court heard oral arguments regarding peer-to-peer (P2P) file-sharing software. This lets internet users obtain files of, say, music or video quickly and inexpensively by cleverly sharing the content among many users. In over 90% of the cases, the files downloaded infringe copyrights. Some 28 entertainment companies have joined together against two P2P software makers, StreamCast Networks and Grokster, claiming that they are accountable for "secondary liability" of copyright infringement because they knowingly turn a blind eye to the illegal activities of users.
The entertainment industry is arguing that business models predicated on the theft of intellectual property should be declared illegal. Technology firms counter that to restrict companies according to how their technology is used by customers would hand media firms a veto power over technical innovation any time it seems to threaten their interests.
The Supreme Court will have to reexamine its 1984 Betamax decision in light of the internet and digital devices from the PC to the iPod and digital video recorders. One lower court has found that P2P software makers are not liable, because the product is capable of legal uses. But another court interpreted the 1984 ruling differently, finding against P2P by highlighting the ruling"s indication that there should be "commercially significant" non-infringing uses for "legitimate" purposes.
Recording companies complain that the decline in music sales in the past few years (save for a small uptick in 2004) is due largely to illegal file-sharing. Millions of people use P2P systems, downloading 2.6 billion songs a month and 400,000 films a day, accounting for over half of all internet traffic by some measures. Faced with the inability to get courts to shut down P2P networks, the industry has sued thousands of alleged pirates worldwide, and backed legislation that would ban technologies that "induce" infringement.
A ruling against the P2P systems would slow, but would probably be too narrowly specific to end, the growth of firms exploiting the technology. A win for the media firms would help them negotiate agreements with the cottage industry of firms aiming to get into online music distribution. The entertainment industry would probably refocus its legal battles on targeting internet service providers.
But the cost of this could be huge. It could dramatically set back the adoption of the many beneficial uses of P2P, from legitimate content distribution—such as individuals sharing their family photos or their home-recorded music online—to grid-computing. Theft of intellectual property is wrong, of course. But technologies exist that can prevent it—and even let media firms harness the internet to make money, as in the previous battles between content owners and new technologies. The Supreme Court should retain the Betamax principle. It is not the role of law to block innovation.Introduce briefly the illegal file-sharing on the internet today and the countermeasures taken by the recording industry.

答案: recording company angry/decline in music sales in the past f...
问答题

Questions 4~6
It is too early to say whether the recent declines in global stock markets signal anything out of the ordinary. Though large, they are hardly unprecedented: 8 percent for the Dow, 19 percent for Japan"s Nikkei, 21.7 percent for Brazil"s Bovespa (all changes are measured from recent highs, in April or May, until yesterdays closes). But the fact that they"ve occurred simultaneously suggests herd behavior. Spoiled by years of cheap credit, global investors seem to be reacting to the prospect of higher interest rates by fleeing stock markets almost everywhere. There is danger of a broader financial and economic setback.
The riskiest and most mysterious aspect of the present situation is the increasingly global nature of investment capital. Once, capital was largely compartmentalized by nation Americans saved and invested in the United States; Germans saved and invested in Germany. This world is disappearing. It is now routine for pension funds, mutual funds and many wealthy investors to move money in and out of American, European, Asian and Latin American stocks and bonds.
The magnitudes are immense. For 2004 the International Monetary Fund reports that.
Americans invested $ 856 billion abroad, while foreigners invested $1.44 trillion in the United States. Some flows represented "foreign direct investment": buying factories, real estate or entire companies. But most flows involved corporate stocks and bonds, government bonds or international bank loans.
The Japanese invested $ 414 billion abroad, and foreigners invested $ 273 billion in Japan.
"Emerging market" countries (China, India, Brazil and many developing nations) received $ 570 billion in foreign investment and made $ 935 billion of investments abroad. About $ 515 billion of the outflow came from governments—dominated by China and other Asian nations—that reinvested their trade surpluses, often in U. S. Treasury bonds.
Thirty years ago, these massive global money movements didn"t exist. Most countries had extensive "capital controls" restricting how much (or whether) their citizens could invest abroad and how much (or whether) foreigners could invest in their countries. The United States was a major exception.
A turning point was France"s decision in the early 1980s to relax controls, says Rawi Abdelal of the Harvard Business School and author of the forthcoming Capital Rules: The Construction of Global Finance . The French concluded that controls were so widely evaded by the wealthy that they were impractical, he says. Once France changed, Europe moved to liberalize capital flows. Many other countries gradually joined for fear of losing in the worldwide chase for investment funds.
In theory, liberalization benefits everyone. Capital flows to the most productive investments. Savers earn higher returns. Countries with good investment opportunities expand more rapidly. Huge capital inflows have dearly helped China by financing new factories with modern technology. In many ways, the world economy seems healthy. In 2006, the IMF predicts the fourth consecutive year of growth exceeding 4 percent.
But there"s a rub: Global finance has created new risks. At least two stand out.
First, huge trade imbalances. The United States is running massive deficits, counterbalanced by big surpluses in China, Japan and other Asian countries. These imbalances occur in part because countries with trade surpluses can recycle their export earning—heavily in dollars—rather than buying imports or selling dollars for other currencies, leading to a dollar depreciation. That would lower the American trade deficit by making U. S. imports more expensive and U. S. exports less expensive. Most economists consider today"s massive imbalances unsustainable.
Second, worldwide financial crises. Global investors may move in herds, first pouring money into some countries—or investments—and then withdrawing abruptly. That"s what happened in the 1997-98 Asian financial crisis. Capital flight plunged countries into deep recessions; investors suffered large losses. There are now fears that hedge funds and others may be similarly overexposed in some markets. (Hedge funds are lightly regulated pools of money, mostly from big and wealthy investors. They are estimated to control more than $1 trillion in financial assets.) Some economists, most prominently Stephen Roach of Morgan Stanley, consider the recent stock market declines a healthy sign. They signal a retreat from blatantly speculative behavior. A prolonged period of cheap credit pushed too much money into risky investments. Some investors put money into emerging-market stocks and bonds; others preferred commodities (gold, copper). Housing was the small investor"s favorite. The result: a series of "bubbles" that are best punctured sooner rather than later.What is "hedge fund" What impacts does it have on Asian countries

答案: Hedge funds are highly regulated pools of money, mostly from...
问答题

Questions 7~10
When the automated player-piano was invented in the mid-19th century, companies that sold sheet music groused. When commercial radio took off, musicians bellyached that it would destroy them. So too, with the introduction of gramophones and tape recorders, did established businesses of the day try to block the inventions to protect their commercial interests.
In each case, public interest defeated the private, and the technologies flourished (often, ironically, to the benefit of the party that originally objected). For instance, movie studios tried to outlaw Sony"s Betamax because it could be used to infringe film copyright. In 1984, America"s Supreme Court ruled the devices legal because they were "capable of substantial non-infringing uses." Today, the home-video market is almost three times larger than Hollywood box-office receipts.
On March 29th, the Supreme Court heard oral arguments regarding peer-to-peer (P2P) file-sharing software. This lets internet users obtain files of, say, music or video quickly and inexpensively by cleverly sharing the content among many users. In over 90% of the cases, the files downloaded infringe copyrights. Some 28 entertainment companies have joined together against two P2P software makers, StreamCast Networks and Grokster, claiming that they are accountable for "secondary liability" of copyright infringement because they knowingly turn a blind eye to the illegal activities of users.
The entertainment industry is arguing that business models predicated on the theft of intellectual property should be declared illegal. Technology firms counter that to restrict companies according to how their technology is used by customers would hand media firms a veto power over technical innovation any time it seems to threaten their interests.
The Supreme Court will have to reexamine its 1984 Betamax decision in light of the internet and digital devices from the PC to the iPod and digital video recorders. One lower court has found that P2P software makers are not liable, because the product is capable of legal uses. But another court interpreted the 1984 ruling differently, finding against P2P by highlighting the ruling"s indication that there should be "commercially significant" non-infringing uses for "legitimate" purposes.
Recording companies complain that the decline in music sales in the past few years (save for a small uptick in 2004) is due largely to illegal file-sharing. Millions of people use P2P systems, downloading 2.6 billion songs a month and 400,000 films a day, accounting for over half of all internet traffic by some measures. Faced with the inability to get courts to shut down P2P networks, the industry has sued thousands of alleged pirates worldwide, and backed legislation that would ban technologies that "induce" infringement.
A ruling against the P2P systems would slow, but would probably be too narrowly specific to end, the growth of firms exploiting the technology. A win for the media firms would help them negotiate agreements with the cottage industry of firms aiming to get into online music distribution. The entertainment industry would probably refocus its legal battles on targeting internet service providers.
But the cost of this could be huge. It could dramatically set back the adoption of the many beneficial uses of P2P, from legitimate content distribution—such as individuals sharing their family photos or their home-recorded music online—to grid-computing. Theft of intellectual property is wrong, of course. But technologies exist that can prevent it—and even let media firms harness the internet to make money, as in the previous battles between content owners and new technologies. The Supreme Court should retain the Betamax principle. It is not the role of law to block innovation.What can be inferred from the last sentence of the passage

答案: legislation should stay out of the technology matter/ruling ...
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