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1、外文翻譯原文Mergersandacquisitions——WaitingforawaveMaterialSource:TheEconomistAuthor:SteveHarmonDuringtheGreatDepression,America’sprotectionistSmoot-HawleyActof1930raisedtariffsonmorethan900goods.Aseriesofretaliatoryactionsbyothercountriesfollowed.Theeffectonglobalcommer
2、cewasdevastating.InthethreeyearstoJune1932,thevolumeofworldtradeshrankbyoveraquarter.Nowonder,then,thatthespectreoftheworstrecessionsincetheDepressionledmanytofearanotherdescentintoprotectionismandasimilardeclineintrade.Atfirst,therecessiondidhittradehard.GlobalGDP
3、fellby0.6%in2009whilethevolumeofworldexportsdroppedby12.2%.ButwhereastheDepressionsawtradedeclineforatleastfouryears,thistimethereboundhasbeenquick,andsharp.ByMaythisyear,emerging-economymembersoftheG20wereimportingandexportingaround10%morethantheirpre-crisispeaks(
4、seechart).Rich-worldtradehasrecoveredfromthetroughtoo,thoughithasnotyetmadeupallthegroundlostsincethecreditcrunchbegan.Tradehasnotbeendevastatedbytheraftofprotectionistactionstakenduringthedownturn.AccordingtotheWorldBank,theriseintariffsandanti-dumpingdutiesexplai
5、nslessthanone-fiftiethofthecollapseinworldtradeduringtherecession.Forthemostpart,thefallintradereflectedadropindemand.Thereisevensomeevidencethatactivityhasrebalancedfromthelopsidedtradepatternthatexistedjustbeforethecrisis.Then,theshareofemerging-worldimportsthatc
6、amefromrichcountrieshadbeenonasteadilydecliningpath.Butnowdemandfromemergingeconomiesishelpingtopropuprich-worldexportstoalargerdegreethaniscommonlyrealised.AccordingtoIMFfigures,ofnineemergingmarketsintheG20,sevengotahighershareoftheirimportsfromrichcountriesin200
7、9thantheydidayearearlier.Just59%ofChina’simportscamefromrichcountriesin2008,butthisrosesharplyto66%in2009.Indiaobtained42%ofitsimportsfromrichcountriesin2008,butlastyearthisroseto47%.Thatmutuallybeneficialpatternpointstotheimportanceofbothrichandpoorcountrieskeepin
8、gtheirmarketsopen,sothatgrowthinonepartoftheworldcanhelpstimulatearecoveryelsewhere.Yetthepressuretoprotectdomesticindustryandjobswillonlygrowasu
