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

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

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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 unsurpassed might. Many in these countries are looking at this process and worrying: Won’t the wave of business concentration turn into an uncontrollable anti-competitive force?
    There’s no question that the big are getting bigger and more powerful. Multinational corporations accounted for less than 20％ of international trade in 1982. Today the figure is more than 25％ and growing rapidly. International affiliates account for a fast-growing segment of production in economies that open up and welcome foreign investment. In Argentina, for instance, after the reforms of the early 1990s, multinationals went from 43％ to almost 70％ of the industrial production of the 200 largest firms. This phenomenon has created serious concerns over the role of smaller economic firms, of national businessmen and over the ultimate stability of the world economy.
    I believe that the most important forces behind the massive M&A wave are the same that underlie the globalization process: falling transportation and communication costs, lower trade and investment barriers and enlarged markets that require enlarged operations capable of meeting customers’ demands. All these are beneficial, not detrimental, to consumers. As productivity grows, the world’s wealth increases.
    Examples of benefits or costs of the current concentration wave are scanty. Yet it is hard to imagine that the merger of a few oil firms today could re-create the same threats to competition that were feared nearly a century ago in the US, when the Standard Oil trust was broken up. The mergers of telecom companies, such as World Com, hardly seem to bring higher prices for consumers or a reduction in the pace of technical progress. On the contrary, the price of communications is coming down fast. In cars, too, concentration is increasing-witness Daimler and Chrysler, Renault and Nissan-but it does not appear that consumers are being hurt.
    Yet the fact remains that the merger movement must be watched. Not long ago, Alan Greenspan warned against the megamergers in the banking industry. Who is going to supervise, regulate and operate as lender of last resort with the gigantic banks that are being created? Won’t multinationals shift production from one place to another when a nation gets too strict about infringements to fair competition? And should one country take upon itself the role of defending competition on issues that affect many other nations, as in the US vs. Microsoft case?
From paragraph 4, we can infer that________.
选项 A、the increasing concentration is certain to hurt consumers
B、World Com 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
答案D
解析 推理判断题。由第四段最后三句可知，在电信和汽车行业，合并浪潮没有伤害消费者的利益，A项表述不正确，故排除；由第三句可知，World Com是一家电信公司，该句只讲到它的兼并没有提升服务价格，没有提及收益和盈利的问题，故排除B项；第四段没有提及全球化的问题，故排除C项。该段第二句提到，但是很难想象，当今的几个石油公司的合并会造成约100年前美国标准石油公司对竞争造成的同样的威胁，那时由于人们对该公司的这种担心而导致了它的最终解散。由此可知，标准石油公司可能威胁到竞争，故D项为答案。
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