介绍:
Business in America
The problem with profits
Big firms in the United States have never had it so good. Time for more competition
AMERICA used to be the land of opportunity and optimism. Now opportunity is seen as the preserve of the elite: two-thirds of Americans believe the economy is rigged in favour of vested interests. And optimism has turned to anger. Voters’ fury fuels the insurgencies of Donald Trump and Bernie Sanders and weakens insiders like Hillary Clinton.
1 preserve （某人或群体活动、工作等的）专门领域 2 elite [eɪˈli:t] n. 精华; 精锐，精英; 上层集团; （统称）掌权人物; 3 rig [rɪg] （以不正当的手段）操纵，控制
4 vest （合法地）属于，归属 5 vested interest 既得利益;既定权利;好处 6 fury 狂怒；暴怒 7 insurgency |ɪnˈsɜ:dʒənsi; 美 -ˈsɜ:rdʒ-| 起义；叛乱；造反
The campaigns have found plenty of things to blame, from free-trade deals to the recklessness of Wall Street. But one problem with American capitalism has been overlooked: a corrosive lack of competition. The naughty secret of American firms is that life at home is much easier: their returns on equity are 40% higher in the United States than they are abroad. Aggregate domestic profits are at near-record levels relative to GDP. America is meant to be a temple of free enterprise. It isn’t.
1 reckless |ˈrekləs| 鲁莽的；不计后果的；无所顾忌的 2overlook |ˌəʊvəˈlʊk; 美 ˌoʊvərˈlʊk| 忽略；未注意到 3 corrosive |kəˈrəʊsɪv; 美 -ˈroʊ-| 腐蚀性的；侵蚀性的；损害性的；逐渐起破坏作用的 4 naughty |ˈnɔ:ti| adj. 顽皮的; 不听话的; 淘气的; 粗俗的，下流的; 5 returns on equity 资本/投资回报 5 equity |ˈekwəti| （公司的）股本；资产净值, 公平；公正 6 Aggregate [ˈægrɪgət] 总数的；总计的 例如：aggregate demand/investment/turnover 总需求 / 投资 / 成交量 an aggregate win over their rivals 以总分战胜他们的对手。
High profits might be a sign of brilliant innovations or wise long-term investments, were it not for the fact that they are also suspiciously persistent. A very profitable American firm has an 80% chance of being that way ten years later. In the 1990s the odds were only about 50%. Some companies are capable of sustained excellence, but most would expect to see their profits competed away. Today, incumbents find it easier to make hay for longer
1 odds |ɒdz; 美 ɑ:dz| 可能性，概率，几率，机会 2 incumbent |ɪnˈkʌmbənt| 在职者；现任者 the present incumbent of the White House 3 hay |heɪ| 干草，草料, a small amount of money 少量的钱 4 make hay 把握时机;
You might think that voters would be happy that their employers are thriving. But if they are not reinvested, or spent by shareholders, high profits can dampen demand. The excess cash generated domestically by American firms beyond their investment budgets is running at $800 billion a year, or 4% of GDP. The tax system encourages them to park foreign profits abroad. Abnormally high profits can worsen inequality if they are the result of persistently high prices or depressed wages. Were America’s firms to cut prices so that their profits were at historically normal levels, consumers’ bills might be 2% lower. If steep earnings are not luring in new entrants, that may mean that firms are abusing monopoly positions, or using lobbying to stifle competition. The game may indeed be rigged.
1dampen |ˈdæmpən| 抑制，控制 2 inequality |ˌɪnɪˈkwɒləti; 美 -ˈkwɑ:l-| 不公平 3 steep |sti:p| 突然的；急剧的；大起大落的 4 lure |lʊə(r); ljʊə(r); 美 lʊr| 劝诱；引诱；诱惑
5 entrant |ˈentrənt| 新职员；新生；新会员；新成员 6 abuse 滥用，妄用，虐待 7 monopoly |məˈnɒpəli; 美 məˈnɑ:p-| 垄断；专营服务；被垄断的商品（或服务） 8 lobby
|ˈlɒbi; 美 ˈlɑ:bi| 游说（从政者或政府）stifle |ˈstaɪfl| 压制；扼杀；阻止；抑制
One response to the age of hyper-profitability would be simply to wait. Creative destruction takes time: previous episodes of peak profits—for example, in the late 1960s—ended abruptly. Silicon Valley’s evangelicals believe that a new era of big data, blockchains and robots is about to munch away the fat margins of corporate America. In the past six months the earnings of listed firms have dipped a little, as cheap oil has hit energy firms and a strong dollar has hurt multinationals.
1 episode |ˈepɪsəʊd; 美 -soʊd| 插曲; 片段; 一集; 一段经历; 2 evangelical |ˌi:vænˈdʒelɪkl| 基督教福音派教徒，adj 衷于传播自己观点的 3 blockchain 区块链 4 munch |mʌntʃ| 大声咀嚼，用力咀嚼（脆的食物） 5 dip |dɪp|下降，下沉
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