What is it necessary to consider when choosing strategic approaches to the ascertainment of

prices in the world economy?

4. What kinds of price discounts in the world market can you name?

Written Practice

Summarize the unit in a paragraph of about 300—350 words.

P art II

World Monetary System

Unit 6. Stages of Evolution International M onetary Systems

Preview Basic notions

In this unit we are going to follow the deve international lpayments

Opment of peculiar features of different mon ethe gold standart

Tary rate systems and look through the corres

Floating rate

Exchange rate

P o n d i n g

T e rm i n o l o g i c a l

N o t i o n s.

The Bretton Woods monetary system

The Jamaica monetary system

The European m onetary system

The world money

Warm-up

Before you start reading the unit think and try to answer the following questions:

1. What is the world monetary system like?

2. What world monetary systems do you know?

What were the decisions made by the Bretton Woods International Conference concerning the

American dollar?

4. What is the basis of the Jamaica monetary system?

5. What was the answer of European countries to the instability of the Jamaica monetary system?

Rapid Reading (skimming, scanning, reading for general understanding

Of the basic Text 6.4)

Work in pairs or small groups.

Quickly skim the text to understand what the world money is and see if your ideas on it were