1、B3U4 TUnit FourWestern Economics 101Section AAdam SmithPART Background Information1. Chancellor of the Exchequer Chancellor of the Exchequer is the British government minister in charge of taxes and government spending. The work of the Chancellor of the Exchequer is the same as that of the Finance M
2、inister in many other countries. Chancellor of the Exchequer mentioned in this text refers to James Gordon Brown who has ever been the former Chancellor of the Exchequer. James Gordon Brown (1951) was born in Glasgow, Scotland. He is the Prime Minister of the United Kingdom and Leader of the Labour
3、Party. Immediately before this he had served as Chancellor of the Exchequer in the Labour government from 1997 to 2007 under Tony Blair.He has been a Member of Parliament since 1983; first for Dunfermline East and since 2005 for Kirkcaldy and Cowdenbeath. As Prime Minister, he also holds the offices
4、 of First Lord of the Treasury and the Minister for the Civil Service.2. John Maynard Keynes John Maynard Keynes (18831946) was a British economist whose ideas have had a central influence on modern macroeconomics, both in theory and practice. He advocated interventionist government policy, by which
5、 governments would use fiscal and monetary measures to mitigate the adverse effects of business cycles, economic recessions, and depressions. His ideas are the basis for the school of thought known as Keynesian economics, and its various offshoots.3. Wealth of NationsAn Inquiry into the Nature and C
6、auses of the Wealth of Nations is the magnum opus of the Scottish economist Adam Smith. It is a clearly written account of economics at the dawn of the Industrial Revolution, as well as a rhetorical piece written for the generally educated individual of the 18th century advocating a free market econ
7、omy as more productive and more beneficial to society. The work is credited as a watershed in history and economics due to its comprehensive, largely accurate characterization of economic mechanisms that survive in modern economics; and also for its effective use of rhetorical technique, including s
8、tructuring the work to contrast real world examples of free and fettered markets.4. an invisible hand In economics, the invisible hand is the term economists use to describe the self-regulating nature of the marketplace. The invisible hand is a metaphor coined by the economist Adam Smith in The Weal
9、th of Nations.5. MercantilismMercantilism is an economic theory that holds that the prosperity of a nation is dependent upon its supply of capital, and that the global volume of international trade is “unchangeable”. Economic assets or capital, are represented by bullion (gold, silver, and trade val
10、ue) held by the state, which is best increased through a positive balance of trade with other nations (exports minus imports). Mercantilism suggests that the ruling government should advance these goals by playing a protectionist role in the economy; by encouraging exports and discouraging imports,
11、notably through the use of tariffs and subsidies. Mercantilism was the dominant school of thought throughout the early modern period (from the 16th to the 18th century). Domestically, this led to some of the first instances of significant government intervention and control over the economy, and it
12、was during this period that much of the modern capitalist system was established. Internationally, mercantilism encouraged the many European wars of the period and fueled European imperialism. Belief in mercantilism began to fade in the late 18th century, as the arguments of Adam Smith and the other
13、 classical economists won out. Today, mercantilism (as a whole) is rejected by economists, though some elements are looked upon favorably by non-economists.6. the Reformation One of the greatest of all revolutions was the 16th century religious revolt known as the Reformation. This stormy, often bru
14、tal, conflict separated the Christians of Western Europe into Protestants and Catholics. So far-reaching were the results of the separation that the Reformation has been called a turning point in history. It ushered in the Modern Age because, once the peoples religious unity was destroyed, they bega
15、n to think in terms of their own regional interests. From the diversity of those interests arose new political, social, and economic problems and beliefs.7. The Theory of Moral SentimentsThe Theory of Moral Sentiments is a work on ethics and human nature, which made Adam Smiths career. In his Theory
16、 of Moral Sentiments, Smith asked the most fundamental question: Why do we regard certain actions or intentions with approval and condemn others? Smith took a completely new direction, holding that people are born with a moral sense, just as they have inborn ideas of beauty or harmony. Our conscienc
17、e tells us what is right and wrong: and that is something innate, not something given us by lawmakers or by rational analysis. And to bolster it we also have a natural fellow-feeling, which Smith calls “sympathy”. These natural senses of conscience and sympathy ensure that human beings can and do li
18、ve together in orderly and beneficial social organizations. So our morality is the product of our nature, not our reason. The Theory of Moral Sentiments establishes a new liberalism, in which social organization is seen as the outcome of human action but not necessarily of human design. Indeed, our
19、unplanned social order is far more complex and functional than anything we could reason out for ourselves.8. the law of natureThe law of nature or natural law is a theory that posits the existence of a law whose content is set by nature and that therefore has validity everywhere. The phrase “natural
20、 law” is opposed to the positive law (which is man-made) of a given political community, society, or nation-state, and thus can function as a standard by which to criticize that law. In natural law jurisprudence, on the other hand, the content of positive law cannot be known without some reference t
21、o the natural law (or something like it). Used in this way, natural law can be invoked to criticize decisions about the statutes, but less so to criticize the law itself. Some use natural law synonymously with natural justice or natural right, although most contemporary political and legal theorists
22、 separate the two.Natural law theories have exercised a profound influence on the development of English common law, and have featured greatly in the philosophies of Thomas Aquinas, Francisco Surez, Richard Hooker, Thomas Hobbes, Hugo Grotius, Samuel von Pufendorf, John Locke and Emmerich de Vattel.
23、 Because of the intersection between natural law and natural rights, it has been cited as a component in United States Declaration of Independence and the Constitution of the United States.9. the Enlightenment The Age of Enlightenment, or simply The Enlightenment, is a term used to describe a time i
24、n Western philosophy and cultural life, centered upon the eighteenth century, in which reason was advocated as the primary source and legitimacy for authority. Developing more or less simultaneously in Germany, France, Great Britain, the Netherlands, Italy, Spain, and Portugal, and buoyed by the Nor
25、th American colonists successful rebellion against Great Britain in the American War of Independence, the culmination of the movement spread through much of Europe, including the Polish-Lithuanian Commonwealth, Russia and Scandinavia, along with Latin America and instigating the Haitian Revolution.
26、It has been argued that the signatories of the American Declaration of Independence, the United States Bill of Rights, the French Declaration of the Rights of Man and of the Citizen, and the Polish-Lithuanian Constitution of May 3, 1791, were motivated by “Enlightenment” principles.PART Language Stu
27、dy1. Kirkcaldy the birthplace, in 1723, of Adam Smith and, by extension, of modern economics is also, of course, where your Chancellor of the Exchequer was reared. (Para. 1) It is in Kirkcaldy that Adam Smith was born in 1723, and to a certain degree, it is the birth place of modern economics and it
28、 is also, of course, where your Chancellor of the Exchequer grew up.extension: n. 1) U extending or being extended 伸展；延长；被延长 The extension of scientific knowledge has benefited us a lot. 科学知识的普及让我们受益良多。 The extension of the garden will take several weeks. 扩建花园需要几个星期。2) C additional part扩充部分，增补部分 We
29、are building an extension on the back of our house. 我们正在屋后进行扩建。 Add a kitchen extension to your home. 在你家里扩建一个厨房。 3) C extra period of time 宽限的期限 I am going to ask for an extension on this essay. 我打算请求延期交这篇文章。Local shops have been granted an extension to opening hours. 当地商店已经被允许延长营业时间。Will the bank
30、give you an extension on the loan? 银行会给你延长贷款期限吗？by extension: something being naturally connected to or being a natural result of something else 自然地，当然地She hates all businessmen and, by extension, me. 她恨所有的生意人，当然也包括我。 His report contained serious criticisms of the finance director, and by extension,
31、 of the entire management. 他的报告包括对财政主任的严厉批评，当然，也批评了整个管理层。economics: n. 1) ( sing.) the study of the way in which money and goods are produced and used 经济学 He is studying economics at Manchester University. 他在曼彻斯特大学读经济学。My sister decided to choose economics as her major. 我妹妹决定读经济学专业。2) ( pl.) way in
32、which money influences whether a plan, business, etc. will work effectively 经济情况；经济因素；经济意义The economics of the scheme will have to be looked at very carefully. 这项计划的经济因素须认真考虑。The simple economics of the cases are easy to explain.这一问题的基本经济状况很容易解释。The new developments radically changed the economics of the newspaper industry. 这些新发展从根本上改变了报业的经济状况。rear: vt. bring up and educate (children) 抚养，养育；培养（子女）He put forward many scientific methods of rearing children. 他提出很多科学的育儿方法。 It is far from easy for an eighty-year-old grandma t
