III. Read the text Part 1 and explain the highlighted words.

Part 1

Over two hundred years ago, Adam Smith introduced some ideas which were to bring about a world revolution. If we enjoy a high standard of living in modern society, we owe much to this Scottish economist and philosopher. If we enjoy driving in sleek motor cars, wearing fashionable shoes, or flying away to distant places for exciting holidays, we should perhaps give an occasional vote of thanks to the man who made it all possible.

What then was Adam Smith's contribution? Like so many ideas which have earth-shattering effects, his was a disarmingly simple notion. He watched workers practicing their craft of pin making. One man would heat the strip of metal, stretch it out, cut off an appropriate length, shape it, cool it and finally smooth and shine it. Smith drew attention to the advantages which could be gained if these various tasks were performed by different workers. Let one be responsible for keeping the brazier glowing and preparing the metal. Another for stretching and cutting. Another for shaping. Another for finishing. He described this technique as the Division of Labor, whereby workers perform short work-cycles, repeating the same actions again and again and again. Smith convinced the world that specialization could solve the problems of poverty and want.

What was the result? The Industrial Revolution, specialization became the order of the day. Productivity was increased to an incredible degree. For Britain, where the revolution started, there was an upsurge in prosperity which made them the richest country in the nineteenth century world. British trains and railway lines spread out like a spider's web across the world, opening up the great continents of America, Asia, Africa and Australasia. British ships built of iron and steel were used to carry the new bountiful cargoes (including human beings) from every corner of the world, to every corner of the world.

The revolution is not over. It is still with us, but now it is a worldwide phenomenon. Everywhere, factories producing large numbers of more or less identical units are in continuous production. What were called mass-production lines yesterday are called robotic production lines today. If anything, the pace of change is increasing. And if these techniques have brought us prosperity, they have also brought us a trail of misery in overcrowded towns, boring jobs and, worst of all, unemployment.

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