The world economy:?Goodbye globalisation

--A more nationalistic and self-sufficient era beckons.?It won’t be richer—or safer

經(jīng)濟(jì)學(xué)人5月刊

EVEN BEFORE the pandemic, globalisation was in trouble. The open system of trade that had dominated the world economy for decades had been damaged by the financial crash and the Sino-American?trade war. Now it is reeling from?its third body-blow in a dozen years as lockdowns have sealed borders and disrupted commerce. The number of passengers at Heathrow has dropped by 97% year-on-year; Mexican car exports fell by 90% in April; 21% of transpacific container-sailings in May have been cancelled. As economies reopen, activity will recover, but don’t expect a quick return to a carefree?world of?unfettered?movement and free trade. The pandemic will politicise travel and migration and entrench a bias towards self-reliance. This inward-looking lurch?will enfeeble the recovery, leave the economy vulnerable and spread geopolitical instability.

beckon v. /?bek?n/ ?

1.~ to sb (to do sth) to give sb a signal using your finger or hand, especially to tell them to move nearer or to follow you 招手示意；舉手召喚??He beckoned her over with a wave. 他揮手讓她過(guò)去。 ?The boss beckoned him into her office. 老板招手示意他去她的辦公室。

2.to appear very attractive to sb 吸引；誘惑??The clear blue sea beckoned. 清澈蔚藍(lán)的大海令人向往。

3.[ V ] to be sth that is likely to happen or will possibly happen to sb in the future 很可能發(fā)生（或出現(xiàn)）

?Sino-American?trade war中美貿(mào)易戰(zhàn)，? ?reel from ：由于…而蹣跚；受…的不好影響

body blow n. something which has damaging effects on sb/sth, creating problems or causing severe disappointment 嚴(yán)重打擊；挫折

carefree adj. /?ke?fri?/ ?having no worries or responsibilities 無(wú)憂無(wú)慮的；無(wú)牽掛的；不負(fù)責(zé)任的?? a carefree attitude/life 不負(fù)責(zé)任的態(tài)度；無(wú)憂無(wú)慮的生活

unfettered adj. ?/?n?fet?d/ ?( formal ) not controlled or restricted 無(wú)限制的；不受約束的；自由的?? an unfettered free market 不受約束的自由市場(chǎng)

entrench v. ?/?n?trent?/ ?( in·trench ) [ VN ] [ usually passive ] ( sometimes disapproving ) to establish sth very firmly so that it is very difficult to change 使處于牢固地位；牢固確立 ? entrenched attitudes/interests/opposition 頑固的態(tài)度；固有的利益團(tuán)體；頑固的反對(duì)

inward-looking?adj. 只關(guān)注自己的；對(duì)外界不關(guān)心的；冷漠的，不關(guān)心他人的

lurch ?/l??t?/ v. 突然傾斜；（因震驚或驚恐等）心猛地一跳，胃猛地翻騰；蹣跚；突然改變（行為或態(tài)度）；見死不救；擊敗?n. 突然傾斜；失敗，挫折；蹣跚

?leave sb in the ?lurch?( informal ) to fail to help sb when they are relying on you to do so 在某人需要幫助時(shí)棄之不顧

enfeeble v. /?n?fi?bl/ ?[ VN ] ( formal ) to make sb/sth weak 使衰弱；使虛弱；使無(wú)力

The world has had several epochs?of integration, but the trading system that emerged in the 1990s went further than ever before. China became the world’s factory and borders opened to people, goods, capital and information. After Lehman Brothers collapsed in 2008 most banks and some multinational firms pulled back. Trade and foreign investment stagnated?relative to GDP, a process this newspaper later called slowbalisation. Then came President Donald Trump’s trade wars, which mixed worries about blue-collar jobs and Cxx’s autocratic?capitalism with a broader agenda of chauvinism?and?contempt?for alliances. At the moment when the virus first started to spread in Wuhan last year, America’s tariff rate on imports was back to its highest level since 1993 and both America and C had begun to decouple?their technology industries.

epoch n. /?i?p?k/ ?1.a period of time in history, especially one during which important events or changes happen 時(shí)代；紀(jì)元；時(shí)期?2.( geology 地 ) a length of time which is a division of a period 世（地質(zhì)年代）

Lehman Brothers ：雷曼兄弟

stagnate v. ?/st?ɡ?ne?t/ ?

1.to stop developing or making progress 停滯；不發(fā)展；不進(jìn)步??Profits have stagnated. 利潤(rùn)原地踏步。

2.?to be or become stagnant 因不流動(dòng)而變得污濁??The water in the pond was stagnating. 池塘里的水逐漸變成了死水。

Slowbalisation：是與globalization對(duì)應(yīng)的一個(gè)新創(chuàng)詞，指全球貿(mào)易經(jīng)濟(jì)放緩。2015年被人提出用于描繪全球不斷萎縮的國(guó)際貿(mào)易。

autocratic /???t??kr?t?k/ adj. 專制的；獨(dú)裁的，專橫的

chauvinism n. /????v?n?z?m/ 沙文主義--把本民族利益看得高于一切，并主張征服和奴役其他民族的一種反動(dòng)民族主義。 因法國(guó)士兵沙文狂熱擁護(hù)拿破侖用暴力向外擴(kuò)張勢(shì)力，所以把這種思想叫做沙文主義 male chauvinism 大男子主義

contempt n. ??/k?n?tempt/~ (for sb/sth) the feeling that sb/sth is without value and deserves no respect at all 蔑視；輕蔑；鄙視； ?~ for sth a lack of worry or fear about rules, danger, etc. （對(duì)規(guī)則、危險(xiǎn)等的）藐視，不顧

decouple v. /di??k?pl/ ?~ sth (from sth) ( formal ) to end the connection or relationship between two things （使兩事物）分離，隔斷

Since January a new wave of disruption has spread westward from Asia. Factory, shop and office closures have caused demand to tumble?and prevented suppliers from reaching customers. The damage is not universal. Food is still getting through, Apple insists it can still make iPhones and China’s exports have held up so far, buoyed by sales of medical gear. But the overall effect is savage. World goods trade may shrink by 10-30% this year. In the first ten days of May exports from South Korea, a trade powerhouse, fell by 46% year-on-year, probably the worst decline since records began in 1967.

Tumble： /?t?mbl/ vi. 摔倒；倒塌；滾動(dòng)；打滾；倉(cāng)惶地行動(dòng)vt. 使摔倒；使?jié)L翻；弄亂?n. 跌倒；翻筋斗；跌跤

buoy /b??/ ????

1.N-COUNT A buoy is a floating object that is used to show ships and boats where they can go and to warn them of danger. 浮標(biāo)

2.V-T If someone in a difficult situation is buoyed by something, it makes them feel more cheerful and optimistic. 使振奮? ?In May they danced in the streets, buoyed by their victory. ?5月他們?cè)诮稚咸?，為勝利而振奮。

3.?Buoy up ?means the same as . 使振奮