Translate the following two texts into Ukrainian. Use Vocabulary 3-4 and Exercises 3A-4A in case of difficulties.


TEXT 3


	In the 1930s with the United States reeling from the Depression, the U.S. government began to take an active role to promote economic growth and stability. An important influence was that of John Maynard Keynes, an English economist who developed a way to analyze and explain economic depressions. His influential work, “The General Theory of Employment, Interest and Money” ( 1936 ), seemed for a time to revolutionize economic thinking in America. Keynes observed the interrelationships among income, savings, consumption, investment and interest rates; he believed that the amount of private investment taking place in an economy dictates whether or not the system stagnates or expands. Keynes was one of the first to argue that it was the special duty of government to actively influence the economy through fiscal policies. He saw government spending or tax reduction as the primary instrument for meeting the twin goals of expansion and stability.
	Many of Keynes’s ideas were included in President Franklin D. Roosevelt’s New Deal program. After World War II, Keynes’s full-employment policies were accepted by the United States as well as many other nations. 


TEXT 4

During the Great Depression of the 1930s, Keynes said that nations should ‘spend their way back to prosperity’. He believed the unemployed should be put to work and that incomes should be redistributed so the poor could have money to spend.
	This perspective on how to deal with the economy proposed a much larger role for government than had been acceptable up to that time. Since the 1930s, the cleavage dividing American economists often has been related to the extent of validity they are willing to accord the Keynesian analysis. In the 1970s and 1980s Keynesian policies came under attack as allegedly responsible for contributing to the era of ‘stagflation’, which was an undesirable combination of high inflation and slow growth. In the anti-big-government reaction that resulted, Keynesianism did not disappear, but began to play a much less influential role in formulation of economic policies, particularly in times when conservative administrations were in power.



Study Vocabulary 4 below and then proceed to the exercises.


рrosperity	процвiтання
the unemployed	безробiтнi
to redistribute	перерозподiлити
the perspective on how to deal with the economy	погляди на економiку
validity	справедливiсть
allegedly	нiбито
to contribute to	бути причетним до
stagflation	стагфляцiя
high inflation	висока iнфляцiя
slow growth	кволий розвиток
conservative administration	консервативний уряд
to be in power	перебувати при владi


Exercise 4A. 

A	B
1. The unemployed should be put to work and incomes should be redistributed so the poor could have money to spend.	A. Aмериканськi економiсти найчастiше розходилися мiж собою саме в оцiнцi справедливостi Кейнсового аналiзу.
2. In the 1970s and 1980s Keynesian policies came under attack as allegedly responsible for contributing to the era of ‘stagflation’.	B. ‘Cтагфляцiя’ - це вкрай неприємне поєднання високої iнфляцiї та кволого розвитку.
3. During the Great Depression of the 1930s, Keynes said that nations should ‘spend their way back to prosperity’.	С. Безробiтним треба надати роботу, доходи краще перерозподiлити так, щоб бiдним було що витрачати.

4. The era of ‘stagflation’ was an undesirable combination of high inflation and slow growth.	D. У 70-х та 80-х роках теорiї Кейнса зазнали нападок через те, що вони нiбито були причетними до появи ‘стагфляцiї’.
5. The cleavage dividing American economists often has been related to the extent of validity they are willing to accord the Keynesian analysis.	E. У перiод Великої депресiї Кейнс заявив, що держави повиннi ‘повернути назад шляхом витрат заради процвiтання’.

Study Vocabulary 3 below and then proceed to the exercises.


reeling from the Depression	тремтiли пiд ударами Великої депресiї
to promote economic growth and stability	cприяти економiчному розвитку та стабiльностi
employment	зайнятiсть
interest	проценти
money	грошi
interrelationships among	взаємозв’язок мiж
income	доход
savings	заощадження
consumption	споживання
investment	iнвестицiї
interest rates	процентнi ставки
the amount of private investment	обсяг приватних iнвестицiй
stagnates	перебувати у застої
expands	сприяти розширенню
fiscal policies	бюджетнi полiтики
tax reduction	скорочення податкiв
the primary instrument for	головнi засоби у
full-employment policies	теорiя повної зайнятостi

Exercise 3A. 
A	B
1. Keynes observed the interrelationships among income, savings, consumption, investment and interest rates	A. Кейнс одним з перших почав стверджувати, що саме обов’язком держави є активне втручання в економiку шляхом здiйснення бюджетної полiтики.
2. Many of Keynes’s ideas were included in President Franklin D. Roosevelt’s New Deal program.	B. Пiсля Другої свiтової вiйни Сполученi Штати та ряд iнших країн скористалися теорiєю повної зайнятостi Кейнса. 
3. Keynes was one of the first to argue that it was the special duty of government to actively influence the economy through fiscal policies.	C. У 1930-х роках, коли Сполученi Штати тремтiли пiд ударами Великої депресiї, посилилася роль уряду США в економiчному розвитку країни та досягненнi стабiльностi.
4. After World War II, Keynes’s full-employment policies were accepted by the United States as well as many other nations. 	D. Багато iдей Кейнса склали пiдвалини нової економiчної полiтики президента Франклiна Д. Рузвельта.
5. Keynes believed that the amount of private investment taking place in an economy dictates whether or not the system stagnates or expands.	E. Кейнс вивчав взаємозв’язок мiж доходом, заощадженнями, споживанням, iнвестицiями та процентними ставками.
6. In the 1930s with the United States reeling from the Depression, the U.S. government began to take an active role to promote economic growth and stability.
	F. На його думку, урядовi витрати та скорочення податкiв є головними засобами у досягненнi подвiйної мети - зростання та стабiльностi.
7. He saw government spending or tax reduction as the primary instrument for meeting the twin goals of expansion and stability.
	G. Кейнс вважав, що застiй, або, навпаки, розширення економiчної системи залежить вiд обсягiв приватних iнвестицiй в економiку.