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: Won't the wave of business concentration turn into an uncontrollable anti-competitive force?
There's 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 fast-growing 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 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 US, when the Standard Oil trust was broken up. The mergers of telecom companies, such as World Com, 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 US 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 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 writer's attitude can be said to be ________.
unsurpassed /5QnsE（：）5pB：st/（未被超越的）即un+surpass+ed，un-否定前缀，surpass（v.超过）←sur前缀超+pass过，-ed形容词后缀。If a pupil looks up at the teacher as a model， but not as a rival， he can never surpass the teacher.弟子如果视老师为榜样而非对手，他就永远超不过老师。
concentration /7kCnsen5treiFEn/（集中；专心；浓度）即con+centr+ation，con-前缀一起，centr（=center）词根中心，-ation名词后缀，一起聚集在中心的→集中；专心。No fine work can be done without concentration and self-sacrifice and toil and doubt.没有全神贯注、自我牺牲、辛劳和怀疑，就做不出优秀的工作。concentration—the ability to do your son‘s homework while he is watching television专心-儿子看电视时你替他做家庭作业的本事。
phenomenon /fi5nCminEn/（现象）复数形式为phenomena.Nature is by no means inferior to art， and no works of art is not the imitation of various phenomena of nature.自然绝对不低于艺术，艺术作品无一不是对种种自然现象的模仿。
gigantic /dVai5^Antik/（巨大的）即gigant+ic，gigant（=giant）巨人，-ic形容词后缀，巨人的→巨大的。He has a gignatic appetite， and eats gigantic meals.他食量很大，能吃很多食物。
infringement /in5frindVmEnt/（侵害）即in+fringe+ment，in-否定前缀，fringe（边缘；刘海；穗），-ment名词后缀，已经不在边缘→侵入内部→侵害；infringe（v.侵害）←in+fringe.China‘s sovereignty and territorial integrity must not be infringed.中国的主权和领土完整决不允许侵犯。
pessimistic /7pesi5mistik/（悲观的）即pessimist+ic，pessimist悲观主义者，-ic形容词后缀。pessimist—①a man who thinks that God created the earth in six days and then was laid off②an optimist with a sense of reality悲观主义者-①一个认为上帝用六天时间创造了世界，然后就被解雇了的人②具有现实感的乐观主义者。
warn against告诫防范；take upon oneself承担。
难句解析：
①International affiliates account for a fast-growing segment of production in economies that open up and welcome foreign investment.▲本句的主干是International affiliates account for a fast-growing segment of production in economies，后面的that open up and welcome foreign investment是economies的定语从句。
②This phenomenon has created serious concerns over the role of smaller economic firms, of national businessmen and over the ultimate stability of the world economy.▲of smaller economic firms与of national businessmen都是the role的补语；而over the role of smaller economic firms，of national businessmen与over the ultimate stability of the world economy都与concern相关连，是其补语。
△本句的重点在于看好concerns后面的结构，注意over the role与over the ultimate stability并列，而the role的后面有两个并列的of结构。
③I 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.▲本句主语为I，谓语为believe，that引导了believe的宾语从句，其中的又一个that可替换为as the ones that，是一个定语从句。冒号后面的部分是the most important forces的同位语，其中markets后面的that从句是markets的定语，capable of meeting customers' demands是operations的补语。
④And 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? ▲此句的主干是should one country take upon itself the role，而that affect many other nations是issues的定语从句。as in the U.S. vs. Microsoft case是issues的补语。on issues是take upon itself the role的状语。
