TEXT 7. London

TEXT 6. Economic policy. Equity.

While efficiency has a fairly precise definition that can be applied with some degree of rigour, equity («fairness») lies in the eye of the beholder. Few people agree on what is fair and what is unfair. To many fairness implies a more equal distribution of income and wealth. Fairness may imply alleviating poverty, but the extent to which poverty should be reduced is the subject of enormous disagreement. For thousands of years philosophers have wrestled with the principles of justice that should guide social decisions. They will probably wrestle with such questions for thousands of years to come.

Despite the impossibility of defining equity or fairness universally, public policy makers judge the fairness of economic outcomes all the time. Rent control laws were passed because some legislators thought that landlords treated low income tenants unfairly. Certainly most social welfare programs are created in the name of equity.

Answer the questions:

1. What is equity in your own opinion? How can you define this social
   category?
2. Do all people agree on what is fair and what is unfair?
3. Does fairness imply any poverty? To what extent?
4. What principles have philosophers wrestled with for thousands of years?
5. Have they come to a common denominator?
6. How do you think, what guides social decisions in today's world?
7. Do students like to judge the fairness of economic outcomes? To what
   conclusions are they coming?
8. Do Russian people suffer from the unfairness of economic decisions
   now or not?
9. Are modern social welfare programs created in the name of equity or not?
10. Are students treated fairly or unfairly by the government?
11. To what extent can Russian administration be trusted now?
12. Does today's system of taxation in Russia meet ordinary people's
    interests or not?

London is the capital of the Great Britain and Northern Ireland. It is the largest city in Europe and one of the largest cities in the world with the population of 11 million people. About a fifth of the total population of the UK lives in the Greater London area, that is in London and its suburbs.

London is home for the headquarters of all government departments, Parliament, the major legal institutions and the monarch. It is the country’s business and banking centre and the centre of its transport network. It contains the headquarters of the national television networks and of all the national newspapers.

The original walled city of London founded by Romans was quite small. In the Middle Ages it did not contain the Parliament or the Royal Court, because it would have interfered with the interests of the merchants and traders who lived there. It was in Westminster, another city outside London’s walls, that these national institutions met. Today, both “cities” are just two areas in Central London. The city is home to London’s main financial organizations. The Royal Exchange, the Stock Exchange and the Bank of England are situated there. During the daytime, nearly a million people work there, but less than 8 000 people actually live there.

Other well-known areas of London are the West End and the East End. The former is known for its many theaters, cinemas, luxurious hotels and restaurants and expensive shops. The latter is known as the poorer residential area of Central London; the Port of London is situated there.

The two districts of London, the City of Westminster and the West End are the main tourist attractions in London. Westminster Abbey, the Houses of Parliament, Buckingham Palace and quite a number of world-famous museums are all located in this area.

There are many other parts of central London which have their own characteristics, and Central London itself makes up only a small part of Greater London. The majority of Londoners live in its suburbs, millions of them traveling into the centre each day to work. These suburbs cover a vast area of land.

London is a cosmopolitan city. People of several races and many nationalities live there. A survey carried out in the 1980s found that 137 different languages were spoken in the homes of just one district of London.

Answer the questions:

1. What is the population of London?

2. What part does London play in the life of the United Kingdom?

3. What is the history of Westminster and the City of London?

4. What are the West End and the East End known for?

5. What is the main tourist attraction in London?

6. Where do the majority of Londoners live?

7. What proves that London is a cosmopolitan city?

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