Introduction

Micro-and Macroeconomics

Пособие

В. С. Значенок

Рекомендовано Советом гуманитарного факультета БГУ

16 апреля 2012 г.

Минск 2012

УДК

ББК

Рецензенты:

кандидат филологических наук, доцент О. И. Копач

кандидат педагогических наук, доцент Н. М. Токаревич

Автор:

В. С. Значенок

………………

ISBN

Пособие по экономическому переводу (английский и русский языки) содержит аутентичные и адаптированные тексты по проблемам микроэкономики, макроэкономики и национальной экономики, словарь основных экономических терминов, комплекс языковых упражнений, упражнения на развитие коммуникативной компетенции переводчика в сфере устного и письменного профессионального перевода.

Пособие предназначено для студентов 5 курса специальности «Современные иностранные языки», студентов экономических специальностей, других заинтересованных лиц, совершенствующих свой профессиональный английский язык.

УДК

ББК

ISBN © В. С. Значенок, 2012

CONTENTS

Introduction to Economics and Economic Translation. 10

Economic Systems. Market and Market Economy. 25

Market Forces and Mechanisms. 42

Marketing and Marketing Techniques. 62

Business Ethics and Social Responsibility. 85

National Economies. 105

Finance and Financial and Institutions. 123

Accounting. 148

INTRODUCTION

The necessity of teaching economic English is caused by globalization of markets which impacts the economic transactions, processes, institutions, and market players. The globalization reflects the growing interdependence among world's economies and the multinational nature of sourcing, manufacturing, trading, and investment activities as well as the increasing frequency of cross -border transactions. These phenomena are fueled by advances in information, communication, and transportation technologies with increased global economic growth. With the integration of the Belarusian economy into the world economy, an increasing amount of economic translation is done, and, consequently, specialists who can do it are needed.

Universities which are to provide specialists in economic translation have a dilemma. They may teach economic translation as a separate discipline either to people who are not experts in economics, like linguists and translators, or just to the target audience – economic professionals. Some of them argue that it is more economist's rather than interpreter's concern to master the special vocabulary. Most language courses don't teach economic translation: they just offer economic English to economists or businessmen in the framework of English for special purposes (ESP). In other words, they teach English to people who are involved in economic sphere (economists, bank officers, financial specialists, managers of all ranks, economic analysts etc.); to those who know the sphere and need English in their day to day activities.

But the fact is that the Belarusian national economy has always been more Russian-oriented than West-oriented. Hence the advantage in speaking Russian as the first or the second national language in business contacts with Russia. The other side of the coin is limited English-speaking environment in daily life which prevents people from having a good command of English. Certain economic specialists may be good at understanding English in running communication with their foreign partners, but they can hardly cope when the deal is of vital importance or the document requires not only the vocabulary but the style and accuracy. They may have difficulties in turning from one language to another. To put it in other words, linguistic literacy in economic English is required. Linguists-translators, even without special economic education, are always in demand by companies and agencies which are involved in international partnership. So, economic English can be taught to the both groups – economists and non-economists.

Speaking about the latter, we can't but admit that it is reasonable to teach economic English to linguists only on condition they would have at least primary knowledge of economics. Starting the topic of economic translation, a primary distinction should be made between the terms of “economy” and “economics”: by “ economy” we usually mean the economic system of a country or other area; the labor, capital and land resources; and the manufacturing, trade, distribution, and consumption of goods and services of that area. Economics is the social science that analyzes the production, distribution, and consumption of goods and services. Putting it in other words, it studies economies. In its turn, it is subdivided into microeconomics, which examines the behavior of basic elements in the economy, including individual agents (such as households and firms or as buyers and sellers) and markets, and their interactions, and macroeconomics that analyzes the entire economy and issues affecting it, including unemployment, inflation, economic growth, and monetary and fiscal policy. Both macro- and microeconomics are subdivided into several branches. For example, economics of a country as a part of macroeconomics studies national economies. Economics of an enterprise is viewed as a part of microeconomics.

Taking into account all these, the objective of the discipline of economic translation is to encompass the vocabulary of major economic branches and sub-brunches and their specific text styles with regard to the spheres of application. The syllabus shouldn`t be limited to translation of financial statements, business correspondence and memoranda only. The sphere of application is much wider: academic literature, analytics, radio, TV and newspaper reports, conferences, meetings, summits, negotiations can be added to the issues mentioned above.

Having studied a number of websites providing translator's services in economic sphere we have distinguished and defined specialist translations used in the field. According to the vocabulary they may be classified into commercial, financial, administrative and academic economic translations.

Commercial translation, or business translation, covers any sort of document used in the business world such as correspondence, company accounts, tender documents, reports, etc. Commercial translations require specialist translators with knowledge of terminology used in the business world. With globalization of markets, more and more international projects are being developed which requires running meetings and negotiations. So besides translating written records, oral speeches of the participants need interpreting.

Financial translation is the translation of texts of a financial nature. Anything from banking to asset management to stocks and bonds could be covered. Like in the previous case, talks and negotiations take place in the world of finance too, so oral translation is required.

Administrative translation is translation of administrative oral and written texts. Although “administrative” has a very broad meaning, in terms of translation it refers to common texts used within businesses and organizations that are used in day to day management. It can also be stretched to cover texts with similar functions in government.

Similar to commercial or business translation, academic economic translation is simply a more specific term used for the translation of documents relating to the field of economics. Such texts are usually a lot more academic in nature.

According to the form, economic translation can be divided into written and oral, with all their subtypes according to the theory of translation.

According to the sphere of application it can be classified into the following categories.

1. Translation of economic academic articles and analytics.

2. Translation of business and financial documents (reports, financial statements etc).

3. Translation of business correspondence.

4. Marketing translation (advertising, website content, PR technologies).

5. Translation legal documents connected with business activities (contracts, memoranda of association etc).

6. Translation (interpreting) of business talks (telephone talks, meetings, conferences, negotiations, summits).

7. Translation of economic media news reports.

To encompass all these, the course of economic translation for linguist students should be organized in such a way that all the activities could be practiced. The author of this article suggests the following structure of the course.

1. The course will consist of the units covering major areas of micro- and macroeconomics.

2. Each unit will start with an introductory academic article containing the information about the economic subject (e.g. marketing, finance etc.) followed by a set of vocabulary exercises.

3. Each unit will contain several texts for practicing written translation. Types of texts are connected with the economic subject. For example, the Accounting Unit will contain translation of financial statements and analytical financial reports; the Company Activity Unit will teach the students how to translate business contracts.

4. Each unit will contain tasks for practicing oral translation. They can be done on the bases of listening to original economic news and reports provided by the media (the radio, the television and the Internet), by means of running role play games (a summit, negotiations, making a deal, opening a banking account etc), where the participants are acting in the framework of their roles, with some of them acting as interpreters.

5. All kinds of activities will be accompanied by a good theoretical explanation of what the document or the event is like and what kind of linguistic peculiarities should be taken into consideration.

6. Self-study activities will be encouraged. Individual translations and reporting them to the audience during in the class-room will be welcome.

To summarize the ideas mentioned above, one can refer to economic translation on the whole as translation of documents related to economics as an academic discipline and translation non-academic documents like bank articles, sales reports and more, plus oral translation of business and economic reports and events. For perfect economic translation the economic translator should possess knowledge on the particular domain of economics he or she is going to translate, with regard to the type of translation he or she is going to do. For non-academic economic translation knowledge on the specific field is required. Along with this proficiency in both source and target languages is a primary necessity for accurate economic translations. To achieve all these, a linguist student should pass through a specially organized course of training which will provide him or her with the vocabulary, the basic knowledge of economics as well as adequate kinds of practices.

Sincerely yours,

V. Znachonak,

Senior Lecturer of the Chair

of Theory and Practice of Translation,

BSU

UNIT I

Introduction to Economics and Economic Translation