The world is going through the biggest wave of mergers and acquisitions ever witnessed. The process sweeps from hyperactive America to Europe and reaches the emerging countries with unsurpassed might. Many in these countries are looking at this process and worrying：Wont the wave of business concentration turn into an uncontrollable anticompetitive force？ 　　Theres no question that the big are getting bigger and more powerful. Multinational corporations accounted for less than 20% of international trade in 1982.Today the figure is more than 25% and growing rapidly. International affiliates account for a fastgrowing segment of production in economies that open up and welcome foreign investment. In Argentina, for instance, after the reforms of the early 1990s, multinationals went from 43% to almost 70% of the industrial production 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 customers demands. All these are beneficial, not detrimental, to consumers. As productivity grows, the worlds 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 recreate 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 increasingwitness Daimler and Chrysler, Renault and Nissanbut 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? Wont 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 worlds 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 benefits and costs 　　［C］the costs of the globalization process are enormous 　　［D］the Standard Oil trust might have threatened competition 　　66．Toward the new business wave, the writers attitude can be said to be . 　　［A］optimistic 　　［B］objective 　　［C］pessimistic 　　［D］biased 　　核心詞匯： 　　acquisition n.取得，學到，養成（習慣）；獲得的東西（ac+quis+ition名詞后綴） 　　affiliate v.使隸屬（或附屬）于n.附屬機構，分公司（af+fili+ate） 　　barrier n.柵欄,屏障;障礙（物）（barr柵欄+ier） 　　beneficial a.（to）有利的,有益的（benefic+ial形容詞后綴） 　　concentration n.專心，專注；集中，集結；濃度（concentrate+ion名詞后綴集中） 　　detrimental a.有害的（detriment損害，危害+al危害的） 　　gigantic a.巨大的,龐大的 　　hyperactive a.活動過度的（hyper+active活動的）;hper前綴超過；過度（h脫落，元音y變u，即為uper），active活躍的。 　　infringement n.違反, 侵害in否定前綴，fringe（邊緣；劉海；穗），ment名詞后綴，已經不在邊緣侵入內部侵害；infringe（v.侵害）in+fringe 　　massive a.大而重的,厚實的,粗大的;大規模的,大量的（mass+ive形容詞后綴） 　　multinational a./n.跨國公司；跨國公司的,multi前綴多（如multiplemulti+ple倍v.加倍；多倍的；倍數），national國家的。 　　pessimistic a.悲觀的pessimist悲觀主義者，ic形容詞后綴 　　phenomenon n.現象,稀有現象,珍品,奇跡,杰出人才 　　resort v.憑借,求助,訴諸n.度假勝地,手段 　　supervise vt.監督，管理；指導 　　surpass vt.超過,勝過（sur超過+pass通過并超過勝過） 　　sweep v.掃,打掃;席卷,沖光;掃過,掠過 　　unsurpassed a.凌駕的, 非常卓越的,超越的un否定前綴，surpass（v.超過）sur前綴超+pass過，ed形容詞后綴。 　　witness n.目擊者,證人;證據,證明v.目擊,目睹;作證（wit知+ness名詞后綴知情者）

　　The world is going through the biggest wave of mergers and acquisitions ever witnessed. The process sweeps from hyperactive America to Europe and reaches the emerging countries with unsurpassed might. Many in these countries are looking at this process and worrying：Wont the wave of business concentration turn into an uncontrollable anticompetitive force？ 　　Theres no question that the big are getting bigger and more powerful. Multinational corporations accounted for less than 20% of international trade in 1982.Today the figure is more than 25% and growing rapidly. International affiliates account for a fastgrowing segment of production in economies that open up and welcome foreign investment. In Argentina, for instance, after the reforms of the early 1990s, multinationals went from 43% to almost 70% of the industrial production 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 customers demands. All these are beneficial, not detrimental, to consumers. As productivity grows, the worlds 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 recreate 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 increasingwitness Daimler and Chrysler, Renault and Nissanbut 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? Wont 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 worlds 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 benefits and costs 　　［C］the costs of the globalization process are enormous 　　［D］the Standard Oil trust might have threatened competition 　　66．Toward the new business wave, the writers attitude can be said to be . 　　［A］optimistic 　　［B］objective 　　［C］pessimistic 　　［D］biased 　　核心詞匯： 　　acquisition n.取得，學到，養成（習慣）；獲得的東西（ac+quis+ition名詞后綴） 　　affiliate v.使隸屬（或附屬）于n.附屬機構，分公司（af+fili+ate） 　　barrier n.柵欄,屏障;障礙（物）（barr柵欄+ier） 　　beneficial a.（to）有利的,有益的（benefic+ial形容詞后綴） 　　concentration n.專心，專注；集中，集結；濃度（concentrate+ion名詞后綴集中） 　　detrimental a.有害的（detriment損害，危害+al危害的） 　　gigantic a.巨大的,龐大的 　　hyperactive a.活動過度的（hyper+active活動的）;hper前綴超過；過度（h脫落，元音y變u，即為uper），active活躍的。 　　infringement n.違反, 侵害in否定前綴，fringe（邊緣；劉海；穗），ment名詞后綴，已經不在邊緣侵入內部侵害；infringe（v.侵害）in+fringe 　　massive a.大而重的,厚實的,粗大的;大規模的,大量的（mass+ive形容詞后綴） 　　multinational a./n.跨國公司；跨國公司的,multi前綴多（如multiplemulti+ple倍v.加倍；多倍的；倍數），national國家的。 　　pessimistic a.悲觀的pessimist悲觀主義者，ic形容詞后綴 　　phenomenon n.現象,稀有現象,珍品,奇跡,杰出人才 　　resort v.憑借,求助,訴諸n.度假勝地,手段 　　supervise vt.監督，管理；指導 　　surpass vt.超過,勝過（sur超過+pass通過并超過勝過） 　　sweep v.掃,打掃;席卷,沖光;掃過,掠過 　　unsurpassed a.凌駕的, 非常卓越的,超越的un否定前綴，surpass（v.超過）sur前綴超+pass過，ed形容詞后綴。 　　witness n.目擊者,證人;證據,證明v.目擊,目睹;作證（wit知+ness名詞后綴知情者）