2022年专四阅读理解题及答案（12）

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　　The world is goingthrough the biggest wave of mergers and acquisitions ever witnessed. Theprocess sweeps from hyperactive America to Europe and reaches the emergingcountries with unsurpassed might. Many in these countries are looking at thisprocess and worrying: “Won't the wave of business concentration turn into an uncontrollableanti-competitive force?"

　　There's no question that the big are getting bigger and morepowerful. Multinational corporations accounted for less than 20% ofinternational trade in 1982. Today the figure is more than 25% and growingrapidly. International affiliates account for a fast-growing segment ofproduction in economies that open up and welcome foreign investment. InArgentina, for instance, after the reforms of the early 1990s, multinationalswent from 43% to almost 70% of the industrial production of the 200 largestfirms. This phenomenon has created serious concerns over the role of smallereconomic firms, of national businessmen and over the ultimate stability of theworld economy。

　　I believe that the most important forces behind the massive M&Awave are the same that underlie the globalization process: fallingtransportation and communication costs, lower trade and investment barriers andenlarged markets that require enlarged operations capable of meeting customers'demands. All these are beneficial, not detrimental, to consumers. Asproductivity grows, the world's wealth increases。

　　Examples of benefits or costs of the current concentration wave arescanty. Yet it is hard to imagine that the merger of a few oil firms todaycould re-create the same threats to competition that were feared nearly acentury ago in the U.S., when the Standard Oil trust was broken up. The mergersof telecom companies, such as WorldCom, hardly seem to bring higher prices forconsumers or a reduction in the pace of technical progress. On the contrary,the price of communications is coming down fast. In cars, too, concentration isincreasing—witness Daimler and Chrysler, Renault and Nissan—but it doesnot appear that consumers are being hurt。

　　Yet the fact remains that the merger movement must be watched. Afew weeks ago, Alan Greenspan warned against the megamergers in the bankingindustry. Who is going to supervise, regulate and operate as lender of lastresort with the gigantic banks that are being created? Won't multinationalsshift production from one place to another when a nation gets too strict aboutinfringements to fair competition? And should one country take upon itself therole of“defending competition" on issues that affect many othernations, as in the U.S. vs. Microsoft case?

　　33. 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

　　34. According to the author, one of the driving forces behindM&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

　　35. 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

　　36. Toward the new business wave, the writer's attitude can be saidto be _________。

　　[A]optimistic

　　[B]objective

　　[C]pessimistic

　　[D]biased

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