79-3-377
All of this does enormous harm. Weak firms need to exit the market, either by going bust or being sold to another firm, or the whole business environment gets stifled. Japan has far too much capacity in many businesseseight mobile-phone makers, for instance, few of which make much money. This squeezes prices and margins, thus denying better-run firms the surplus capital they need to hire talented people, buy competitors or invest in research and development. It also locks up resources, both human and financial, that could be used more productively by stronger firms. Before the downturn, Japanese companies' return on equity averaged around 10%, about half the level of American firms.
Tellingly, the shut-down rate of companies in Japan is around half that in America and Britain. And the number of corporate insolvencies is expected to increase in Japan this year by only 15%, despite the depth of its recession, compared with more than 30% in western Europe and 40% in America. Normally a scarcity of corporate bankruptcies is a sign of economic vitality in Japan, it is a sign of its economic weakness. Of course, keeping struggling firms alive protects jobs. But it also fossilises industry structures and hinders the development of a more flexible labour market and a business environment more supportive of new-company creationtwo areas where Japan is also sadly deficient.

A. 어휘
enormous 엄청난, 거대한. exit the market 시장에서 나가다(파산하다).
go bust 파산하다. cf. bust 파열하다, 파산하다, 치다. or 그렇지 않으면.
stifle 질식하다. capacity 용량, 능력. squeeze 壓搾(압착)하다, 짜내다.
surplus capital 剩餘資金(잉여자금). competitor 경쟁자.
lock up 자본을 고정시키다, 감금하다. return on equity 주식에 대한 이익배당금.
cf. return 이익, equity 普通株(보통주). average 평균....에 달하다.
tellingly 明示(명시)해주는 바와 같이. shut-down 폐쇄, 休業(휴업).
corporate 기업의, 법인조직의. insolvency 지불불능, 파산. normally 통상적으로.
scarcity 부족, 희귀함. vitality 활력. struggling 발버둥치는, 분투하는, 싸우는.
fossilise 化石化(화석화)하다. hinder 방해하다. flexible 유연한, 융통성이 있는.
supportive 지탱하는. deficient 결핍되어 있는, 불충분한.

79-4-378
And the zombies march on
With a general election due to be called by September, in which a new political party may take the reins of government after more than half a century of almost uninterrupted rule by the Liberal Democratic Party, no one has said a word about reforming the economy to introduce more competition in more industries. But this should be on the agenda. During its post-war boom Japan built its reputation on the back of innovative products and fastidious quality it has since become better known for zombie companies.
As governments around the world come under pressure to bail out everything from retailers to travel companies to automotive firms, Japan's experiencea downturn followed by years of stagnationserves as a reminder of the importance of destruction in capitalism. Instead of continuing to prop up struggling companies, Japan and other countries need to let them go under, so that new, better ones can be created.

A. 어휘
zombie 되살아난 시체, 얼간이. march on 계속 나아가다.
general election 總選(총선). due to be called 실시될 예정이다. reins 지배권, 고삐.
uninterrupted 중단 없는. agenda 의제, 협의사항. reputation 名聲(명성).
on the back of ...의 힘으로, ...에 더하여. innovative products 혁신적 제품.
fastidious 潔癖(결벽)한, 꼼꼼한, 까다로운.
zombie companies 걸어다니는 시체 같은 회사. bail out 긴급으로 구조하다.
retailer 소매상인. automotive firms 자동차회사. downturn (경기의)하강.
reminder 생각나게 하는 것, 遺品(유품). stagnation 불경기, 停滯(정체).
prop up 떠받치다. struggling 발버둥치는, 奮鬪(분투)하는.
go under 파산하다, 침몰하다.

B. 구문
- a downturn followed by years of stagnation
cf. =a downturn which has been followed . . .
=years of stagnation followed a downturn
[경기하강 후에 수년간의 불경기가 왔다.]