1、1,Chapter One,框架内容重点： 1、the conception of money 2、varieties of money 3、essential function of money 4、Greshams law 5、Bretton woods system 6、fiduciary money and fiat money 7、gold standard ; gold exchange standard; dollar standard 8、some word and expressions in the book 9、some content in the teaching m
2、aterial 10、the exercise in the text and print-sheet,2,Chapter One,1.1 what is money? What about the balance in your checking or saving account? checking account 支票账户 saving account 储蓄账户 stock 股票 bond 债券 Money is actually not one of these things, but can be all of them and much more.,3,Chapter One,Tr
3、anslate: The basic function of money is to enable buying to be separated from selling, thus permitting trade to take place without the so-called double coincidence of barter. double coincidence 双边吻合 barter 易货贸易 句意：货币的基本功能是使买卖分离，进而让贸易在没有易货交易中的双边吻合的情况下进行,4,Chapter One,in return It is not necessary to
4、search for someone able and willing to make the desired exchange of items. 修饰someone item 物品 general purchasing power 综合购买力 proceeds 收益 medium of exchange交易媒介 act as explicit or implicit 外在的 固有的，含蓄的 coerce 强制,5,Chapter One,as discussed below 如下讨论所述 serve as 承担 abode 住所 subsequent 随后的 interim 中间，过渡时期
5、 Money is an abstract form of power, and it have two main function: medium of exchange and asset function.,6,Chapter One,1.2 The origin of money Indirect exchange is distinguished from direct exchange according as a medium is involved or not. Indirect exchange 间接交易 direct exchange 直接交易 according to
6、根据，按照 常接名词 according as 依照 常接短句 become necessary,7,Chapter One,Translate: the demand for goods for immediate wants is supplemented by a demand for goods to be exchanged for others. 句意：对用来交换的物品的需求是对直接需要的物品的需求的补充 division of labor 劳动分工 refined adj 精确的,8,Chapter One,in the present stage of economic dev
7、elopment the occasions when direct exchange is both possible and actually effected have already become very exceptional. 注意句意 例外的，异常的 marketable适销的 more general and constant 普通一般化 as a rule 通常 restrict themselves to direct exchange,9,Chapter One,Translate: As soon as those commodities that were rela
8、tively most marketable had become common media of exchange, there was an increase in the difference between their marketability and that of all other commodities, and this in its turn further strengthened and broadened their position as media of exchange. 句意：一旦最畅销的商品成为交换媒介，那它与其他商品在市场特性上的差别就会变大，并且这种差
9、别将加强它做为交换媒介的地位,10,Chapter One,in ones turn 轮到某人 inevitable 不可避免的 必然的 conch shells 贝壳海螺 from . through . to in quite early times waver 动摇，摇摆 remarkable显著的 superior to 优于,11,Chapter One,Translate: the simultaneous use of several kinds of money involves so many disadvantages and so complicates the tech
10、nique of exchange that the endeavor to unify the monetary system would certainly have been made in any case. 句意：同时使用多种货币带来很多缺点，同时也使交换技术复杂化，这样一来，人们一直在努力统一货币制度 in any case 无论如何,12,Chapter One,1.3 Varieties of money 1.3.1 commodity money intrinsic value 内在价值 included any commonly-available commodity in
11、 the industrialized world in the absence of 在不存在的时候 on a wide scale在很大范围 take on a value 呈现，承担价值，表现,13,Chapter One,Translate: how extensive the use of money in within the society will affect the value of the monetary commodity. 句意：商品作为货币在社会中的广泛使用程度将影响该商品的价值 fluctuation波动 run out of ore in anticipati
12、on of a shortage usability 可用性 supply and demand play a key role in determining value,14,Chapter One,1.3.2 metallic money throughout history 整个历史 carry about 携带 applicable 能应用的，适合的，适当的，合适的 and the like 等等类似 in process of time 随时间发展， save the trouble of weighing and to mark the value trace back to追溯到
13、,15,Chapter One,coinage货币制度，造币 electrum金银合金 ingot铸块 fineness纯度 facilitating commerce 便利了商业 clipping and sweating,16,Chapter One,in the hope of passing on the lighter coin at its face value Greshams law bad money drives out good come into operation 起作用 resume 恢复 the pressure of recoinage 重铸的压力 1.3.3
14、representative money representative money 代用货币 in many instances 在很多方面 evolve into 进化 constitute 构成，组成,17,Chapter One,nonetheless=nevertheless然而，仍然 achieve significant market value artefact=artifact 人工制品 redeem 兑换 precious 贵重的 Translate: the bulk of the money in use came to consist not of actual gol
15、d or silver but of fiduciary money promises to pay specified amounts of gold and silver.,18,Chapter One,transferable book entries 可转换票据 fiat paper money不兑换货币，法定货币 by government fiat or decree forced tender 强制性货币 legal tender relieve of 减轻 in favor of 喜欢，喜爱 invoke the death penalty 实施，行使死刑的惩罚 the Con
16、tinental Congress 大陆会议,19,Chapter One,a deservedly bad name switch to 转向 suspend the service overtake 压倒 dilute 冲淡，降低1.4 Essential function of money 1.4.1 medium of money intermediary 中介，媒介 deferred payment 延期付款,20,Chapter One,Translate: A medium of exchange permits the value of a good to be assesse
17、d and rendered in terms of the intermediary, most often ,a form of money widely accepted to buy any other good. in part 在某种程度上 inert 惰性的，不活泼的 tarnish 败坏，损害 counter- feinting transmitter传递者 exchange his property in Europe for a property in America,21,Chapter One,1.4.2 common measure of money denomina
18、te 称呼，命名 denominate debts a unit of account 计量单位 procure 获得取得 preeminent adj 卓越的，杰出的 multiplicity 多样性 objective exchange value 客观的交换价值 entrepreneur 企业家，创业者 rest on 在于，取决于 price index物价指数 result in 导致,22,Chapter One,currency 通货货币 mint 铸造 practical实际的，实用 1.4.2 store of valuesawmill 锯木场 inventory 库存 re
19、liable 可靠的，可信赖的 convert to 转化 at some future date non-perishable 不易腐烂的 token 代币,23,Chapter One,retain value over time tangible 切实的，可见的 Translate: It s important to note that these items can fluctuate in value, however, just as inflation can reduce the value of currencies that are not based on someth
20、ing with intrinsic value or electronic accounts that have no tangible form at all. electronic accounts电子账户,24,Chapter One,1.5 Standards of value circulate 流通 take over 接管 specify(指定) their nominal monetary units in terms of 名义货币单位bimetallic standard 复本位制degenerate into 退化成 monometallic standard 单本位制
21、 designate 标注，标明,25,Chapter One,1.5.1 The gold standard commitment 协议，承诺 de facto =in fact 实际上，事实上 guinea 几尼 英国旧时的一种货币 de jure 法律上 adhere to 坚持，附着 unprecedented空前的，前所未有的 plus 加上 dominance n 统治地位，支配地位 convertible 可自由兑换的,26,Chapter One,1.5.2 The decline of gold break down 中止 belligerent 交战的一方 resort t
22、o 凭借，采取 reinstate 恢复 gold exchange standard 金汇兑本位制 except for 除了 之外 nationalize 收归国有 abrogate contract 取消，废除合同 embargo禁止，限制 from time to time 不时的,27,Chapter One,Time的几种简单用法： at one time =Simultaneously.同时的=At a period or moment in the past.曾经：在过去的某一时刻或某段时期 at the same time 同时 at times 有时 ，间或,28,Chap
23、ter One,restoration 恢复，回复 chancellor of the exchequer财政大臣 parity 平价比价 link to a far cry from the prewar gold standard 与战前金本位制大不相同 Federal Reserve System 联邦储备银行制度 specie-flow mechanism黄金流动机制 corresponding 相应的 recur 复发再现 rigid adj 刚性的 rigidities n rather than 而不是 胜于,29,Chapter One,unemployment reduced
24、 imports and stimulated exports tenable 守得住的，合理的 Translate: take scattered measures to loosen the connection between changes in the money supply and inflows or outflows of gold. reverberate 反响，反馈 settle their international balances in US dollars balance-of-payment deficit 国际收支逆差 in an attempt to 试图
25、unilateral 单方面的,30,Chapter One,sever 切断 monetary policy a collection of Translate: None of the numerous proposals to reform the system has come close to acceptance.,31,Chapter One,1.6 Bretton woods system establish the rule 建立规则 negotiate 谈判，协商 intend to capitalism socialism raging 猛烈的 allied 同盟 del
26、iberate upon 深思熟虑 These organizations became operational in 1946 after s sufficient number of countries had ratified the agreement. 批准，认可,32,Chapter One,obligation 义务，责任 provision 预备，比例 额度，条款 bridge 度过 achieve the common goal confluence 合流 汇合 assume a leadership role 承担，担任 proliferation of exchange
27、controls and trade barriers led to economic disaster 增加，变多 public officials debacle 突然发生的灾难 undermine 破坏基础,33,Chapter One,become restricted to 受制于 currency blocs 货币联盟 bloc 集团联盟 retard 延迟，妨碍 阻止 in the short -run liberal 自由的 lay in 在于 economic discrimination and trade warfare 经济差异（歧视）和贸易冲突 in the afte
28、rmath of 在什么的后果 employment, stability and growth were now important subjects of public policy,34,Chapter One,assert 坚持，主张 rely on foremost 最主要的 assume the responsibility of leadership experiencing rapid industrial growth and capital accumulation ravage n 毁坏 grow wealthy combatant 战争方 in contrast 相反
29、foster 促进,35,Chapter One,regime 社会制度，体制 seek tosought to 致力于，寻找 secure 保证，使安全 Thus，a compromise was sought between the polar alternatives of either freely floating or irrevocably fixed rates 不可改变的 set forth 陈述，阐明 pegged rate 盯住汇率 in practice 实践中 reserve currency 储备货币 take over the role 取代角色,36,Chapt
30、er One,bolster faith 支持，支撑，维持 supremacy 霸主地位，无限权威 as mentioned 如所提到的 Translate: a major point of common ground at the conference was the goal to avoid a recurrence of the closed markets and economic warfare that had characterized the 1930s. exacerbate v 加剧,37,Chapter One,Translate: As a result of th
31、e establishment of agreed upon structures and rules of international economic interaction, conflict over economic issues was minimized, and the significance of the economic aspect of international relations seemed to recede. recede 变模糊 收回，撤回,38,Chapter One,Translate: the bulk of the money in use cam
32、e to consist not of actual gold or silver but of fiduciary money promises to pay specified amounts of gold and silver. 句意：大量的货币开始不再是由实际的黄金和白银组成，而是由信用纸币构成，这种信用纸币通常是用特定数量的金银作承诺的 Translate: A medium of exchange permits the value of a good to be assessed and rendered in terms of the intermediary, most o
33、ften ,a form of money widely accepted to buy any other good.,39,Chapter One,要点： checking account 支票账户 saving account 储蓄账户 stock 股票 bond 债券 double coincidence 双边吻合 barter 易货贸易 general purchasing power 综合购买力 medium of exchange交易媒介 Money is an abstract form of power, and it have two main function: medi
34、um of exchange and asset function.,40,Chapter One,Indirect exchange 间接交易 direct exchange 直接交易 division of labor 劳动分工 in the present stage of economic development marketable适销的 Commodity money intrinsic value 内在价值 take on a value 呈现，承担价值，表现 fluctuation波动 in anticipation of a shortage supply and deman
35、d play a key role in determining value,41,Chapter One,metallic money mark the value coinage货币制度，造币 face value Greshams law bad money drives out good representative money transferable book entries 可转换票据 fiat paper money不兑换货币，法定货币 forced tender 强制性货币 legal tender the Continental Congress 大陆会议,42,Chapt
36、er One,medium of money deferred payment 延期付款 common measure of money a unit of account 计量单位 price index物价指数 store of value token 代币 electronic accounts电子账户 circulate 流通 nominal monetary units,43,Chapter One,bimetallic standard 复本位制 monometallic standard 单本位制 gold exchange standard 金汇兑本位制 Federal Res
37、erve System 联邦储备银行制度 specie-flow mechanism黄金流动机制 balance-of-payment deficit 国际收支逆差 monetary policy economic discrimination and trade warfare 经济差异（歧视）和贸易冲突 employment, stability and growth were now important subjects of public policy pegged rate 盯住汇率 reserve currency 储备货币,44,Chapter One,asset 资产 bank
38、notes 钞票 convertible 可自由兑换的 inconvertible 不可兑换的 exchange rate 汇率 floating exchange rates 浮动汇率 devalue 贬值 appreciate 升值 World Bank 世界银行 Bank for International Settlement （BIS）国际结算银行 International Monetary Fund (IMF) 国际货币基金会 temporary payments 暂付款项 Great Depression 大萧条,45,Chapter One,exchange control 汇率管制 trade barrier 贸易壁垒 currency blocs 货币联盟 international flow of capital 国际资本流动 foreign investment 国外投资 short run 短期 public policy 国家政策 capital flows 资本流动 system of fixed(floating) exchange rates 固定（浮动）汇率制度,46,Chapter One,
