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  3. The world is going through the biggest wave of mergers and acquisitions ever witnessed. The process sweeps from hyperactive Ame

The world is going through the biggest wave of mergers and acquisitions ever witnessed. The process sweeps from hyperactive Ame

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问题     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 unsurpassing might. Many in these 【M1】______
countries are looking at this process and worrying: Won’t the wave of busi
ness concentration turn into an controllable anti-competitive force? There’s 【M2】______
no question that the big is getting bigger and more powerful. Multinational 【M3】______
corporations accounted less than 20% of international trade in 1982. Today 【M4】______
the figure is more than 25% and growing rapidly. International affiliations 【M5】______
constitute a fast-growing segment of production in economies that open up
and welcome foreign investment. In Argentina, for instance, after the re
forms of the early 1990s, multinationals go from 43% to almost 70% of the 【M6】______
industrial production of the 200 largest firms. This phenomenon has created
serious concerns over the role of smaller economic firms, of national busi
nessmen and over the last stability of the world economy. 【M7】______
    I believe that the most important forces behind the massive M&A wave
are the same that underlies the globalization process: falling transportation 【M8】______
and communication costs, lower trade and investment barriers and enlarged
markets that require enlarging operations capable of meeting customers’ de- 【M9】______
mands. All these are beneficent, not detrimental, to consumers. As produc- 【M10】______
tivity grows, the world’s wealth increases.
【M5】
选项
答案affiliations — affiliates
解析 名词“affiliation”表示“从属，联系”等抽象概念，而“affiliate”表示“下属的单位”等具体概念，要注意区分。
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