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世界正在阅历一场史无前例的无量的并购浪潮。这个浪潮从异常活泼的美国席卷到欧洲，并以不可以比较的威力影响到正在鼓起的国家。这些国家的许多人面临这个浪潮初步担忧：“公司兼并的浪潮会不会变成一股不可以控制的反竞赛的力气？”
2、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.
无疑，大公司正在变得更大、更强。跨国公司在1982年只占有世界生意不到20％的比例。而如今，这个数字上升到25％强，而且还在灵敏上升。在那些对外翻开并鼓舞外资的国家的经济我世界分公司在国民出产中变成一个快速增加的部分。比方，在阿根廷，经过90年代初的变革之后，跨国公司在200家大型公司的工业出产中从43％添加到几乎70％。这个表象构成了我们对小型公司和民族本钱的作用以及世界经济的究竟平稳的严峻担忧。
3、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.
我认为，推进这股无量的并购浪潮的最首要的力气，也是推
进全球化进程的力气，包括日趋降低的运送与通讯费用，较低的生意与出资壁垒，以及商场的扩展和为满足商场需要而进行的扩展出产。一切这些对花费者来说都有利而无害的。跟着出产力的前进，世界的财富也在增加。
4、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.
当前证明这股兼并浪潮是带来利仍是弊的实例并不多。可是很难想像当今的几个石油公司的兼并是不是会从头构成约100年前美国标准石油公司比照赛构成的相同的挟制，那时因为我们对该公司的这种忧虑而致使了它究竟的闭幕。像世界通讯这样的通讯公司兼并如同没有给花费者带来更高的价格，或许降低技能前进的速度。相反，通讯的价格在灵敏降低。在轿车作业，兼并也相同在添加——比方戴姆勒与克莱斯勒，雷诺与尼桑的兼并——但花费者看起来并未遭到损伤。
5、Yet the fact remains that the merger movement must be watched. A few weeks 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?
可是兼并运动有必要遭到紧密监督这个实际仍然存在。就在几星期早年，格林斯潘对银作业的无量兼并宣告了警告。假定兼并后如此无量的银行呈现，谁来充当究竟的借贷者，发扬监督、标准和运作的作用呢？当一个国家对损坏公正竞赛的行为的处置过于严肃时，跨国公司会不会把它们的出产从一地转到另一地呢？在那些将会影响许多其他国家的作业中，如美国政府与微软公司的诉讼案，一个国家是不是大约担负起“维护竞赛”的责任呢？
