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of the 200 largest firms. This phenomenon has created serious concerns over the role of smaller economic firms, of national businessmen and over the ultimate stability of the world economy.
I believe that the most important forces behind the massive M&A wave are the same that underlie the globalization process: falling transportation and communication costs, lower trade and investment barriers and enlarged markets that require enlarged operations capable of meeting customer's demands. All these are beneficial, not detrimental, to consumers. As productivity grows, the world's wealth increases.
Examples of benefits or costs of the current concentration wave are scanty. Yet it is hard to imagine that the merger of a few oil firms today could re-create the same threats to competition that were feared nearly a century ago in the U.S., when the Standard Oil trust was broken up. The mergers of telecom coMPAnies, such as WorldCom, hardly seem to bring higher prices for consumers or a reduction in the pace of technical progress. On the contrary, the price of communications is coming down fast. In cars, too, concentration is increasing-witness Daimler and Chrysler, Renault and Nissan-but it does not appear that consumers are being hurt.
Yet the fact remains that the merger movement must be watched. A few weeks ago, Alan Greenspan warned against the megamergers in the banking industry. Who is going to supervise, regulate and operate as lender of last resort with the gigantic banks that are being created? Won't multinationals shift production from one place to another when a nation gets too strict about infringements to fair competition? And should one country take upon itself the role of "defending competition" on issues that affect many other nations, as in the U.S. vs. Microsoft case?
63．What is the typical trend of businesses today?
［A］to take in more foreign funds
［B］to invest more abroad
［C］to combine and become bigger
［D］to trade with more countries
64．According to the author, one of the driving forces behind M&A wave is _________.
［A］the greater customer demands
［B］a surplus supply for the market
［C］a growing productivity
［D］the increase of the world's wealth
65．From paragraph 4 we can infer that _________.
［A］the increasing concentration is certain to hurt consumers
［B］WorldCom serves as a good example of both上一页 [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] ... 下一页 >> |
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