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  3. What Comes Next After the Death of Free Market? When the Covid-19 pandemic struck, world markets came to a standstill. Gover

What Comes Next After the Death of Free Market? When the Covid-19 pandemic struck, world markets came to a standstill. Gover

admin2022-11-16  107
问题     What Comes Next After the Death of Free Market?
    When the Covid-19 pandemic struck, world markets came to a standstill. Governments around the world froze as much in-person economic activity as possible and opened their wallets to spend unprecedented sums of money to replace lost income. In the U.S., Republicans and Democrats agreed to invest record sums, nearly 20％ of GDP. For the second time in 12 years, free markets had broken down, and government stepped up.
    If the message wasn’t clear before, it’s now become impossible to miss: Government steps in when the going gets rough, ensuring that wealthy risk takers will be bailed out in the worst of times. Markets don’t exist before the state does, and the state doesn’t intervene in their natural work. But the state makes markets possible.
    We are witnessing the most profound realignment in American political economy in nearly 40 years. President Ronald Reagan summed up the conventional wisdom that reigned from the mid-1970s onward in the U.S.: "Government is not the solution to our problem, government is the problem." Economists, policymakers and everyday Americans alike generally accepted that markets, unfettered and free, are the best way to create economic growth.
    We have had regulations, public investment and macroeconomic management to varying degrees throughout American history. What makes this moment different is people across parties, classes and educational backgrounds are using a new framework to think about how we create prosperity.
    The oldest continuously operating farmers’ market in the U.S., the Lancaster Central Market, is in the heart of Pennsylvania Dutch country. But it hasn’t survived through the centuries by luck or good fortune. The market is carefully regulated today and has been through its history. Back in the 18th century, the state designated the market site, and participants selected a market clerk to help with its day-to-day administration. Zoom forward nearly 300 years, and the market continues to function similarly today. In addition to smart regulation, markets need public investment to flourish. In order to facilitate commerce at the Lancaster market, the local government had to invest.
    Finally, a managed market recognizes the need for the state to buffer shocks and surprises. When the growth of the suburbs and supermarkets threatened the viability of a central downtown market, local government in Lancaster stepped in to modernize the market, and a nonprofit managing the market helps ensure a balance of vendors that can serve the local community and tourists alike. Today, Amish women wearing traditional bonnets serve fresh-baked pies steps away from a stand of Middle Eastern foods and another selling mozzarella cheese made from local goat’s milk.
    At a national level, monetary and fiscal authorities employ macroeconomic policy to mitigate the blows of unexpected crises. Just last year in response to the pandemic, the Federal Reserve took rates to zero, restarted its bond buying program and broke new ground by moving into corporate and municipal debt markets. Meanwhile, political leaders of both parties passed three emergency aid bills to keep tens of millions of Americans out of poverty and tens of thousands of businesses above water.
    A. wearing traditional costume provide handmade foods steps away from a stand of Middle Eastern food
    B. accepted that markets without restrictions are the best way to create economic growth
    C. reached a consensus on investing record sums, nearly one fifth of GDP
    D. conducted a new monetary policy in order to boost consumption
    E. is carefully regulated all the time
    F. passed three emergency aid bills to keep tens of millions of Americans out of poverty
    G. concluded that government is the problem if it is not the solution to the problem
The Federal Reserve
选项
答案D
解析 题干The Federal Reserve对应原文第七段第二句“就在去年，为了应对疫情，美联储将利率降至零，重启了债券购买计划，并通过进入公司和市政债券市场开辟了新的领域。”D选项中的conducted a new monetary policy是对原文“利率降至零，重启了债券购买计划” (took rates to zero，restarted its bond buying program)的总结，这些措施都是为了促进消费(boost consumption)，所以D项为正确答案。
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