Translation Strategies of Economic Terms & Expressions

University of Medea
Faculty of Arts & Foreign Languages

Department of Foreign Languages
English-Arabic
Translation Strategies of Economic Terms &

Expressions
Lessons for the Young Economist as a study-corpus
A thesis submitted for Masters Degree

in Translation Studies
YOUNES MAROUF
SARA BENSAADA
Under the supervision of Mr. MOHAMED BABCHIKH
2016

22 -
And of His signs is the creation of the heavens and the earth and the diversity
of your languages and your colors. Indeed, in that are signs for those of
knowledge.
SAHIH INTERNATIONAL: QURAN [30:22]
If Im selling to you, I speak your language. If

Im buying, dann mssen Sie Deutsch
sprechen
Willy Brandt, Former German Chancellor
This page was intentionally left blank
ACKNOWLEDGMENT

.
All thanks are due to our families for the tremendous effort and the meaningful support
they have shown since our early schooling, let alone throughout the making of this thesis.
We would like to thank our teachers and professors to whom all respect is due, for the
guidance and tips they volunteer to provide during these two years course, we also
recognize that they have marked our memories with broadening the limits of the traditional
limited bonds between teachers and students, they have not been only our teachers, but
our colleagues and partners.
We would as well thank our colleagues and friends for the wishes and the support.
We also want to thank the scholars who were magnificently helpful with their instant
replies to our enquiries; Robert Patrick Murphy, our study corpus writer, who responded
several times to our questions and provided as much information as we needed; Raymond
Hickey and Alexandra Cavignaux, who provided us with a free account in one of their
databases.
Also, to our teacher and supervisor, Mr. Mohamed Babchikh, for the valuable comments
and tips regarding the methodology of research and the specialized translation.
To whom we owe every piece of knowledge we had ever acquired...
TABLE OF CONTENTS
Introduction.I
CHAPTER ONE: SPECIALIZED & ECONOMIC TRANSALTION

Chapter Introduction.1
1. General and Specialized Language....2
1.1. Common language and Specialized Language......2
1.1.1. Common Language.....3
1.1.2. Fundamental Characteristics of Language....3
1.1.3. Stylistic Features of Language..5
1.1.4. Specialized Language.6
1.1.5. Language for Specific Purpose (LSP).9
1.1.5.1. Different types of LSP users.......10
1.2. General Translation and Specialized Translation..11
1.2.1. Terminology and Specialized Translation..15
1.2.2. English to Arabic Translation.19
1.2.3. Specialized Translation Strategies & Procedures....22
1.2.3.1. Strategies..22
1.2.4. Technical Translation Procedures. ...24
2. Economic Translation.27
2.1. The Language of Economics....28
2.2. Economic Terminology.29
2.3. English, the Language of Economics....33
2.4. Economic Translation...34
2.4.1. Equivalence in Economic Translation..35
2.4.2.Economic Translator...................................................36
2.4.3.Difficulties of Economic Translation37
2.4.4.Resources for an Economic Translator39
3. Term Formation....42
3.1. Lexicology..42
3.2. Morphology...45
3.3. English Term Formation.47
3.4. Arabic Term Formation50
CHAPTER TWO: ANALYSIS

Chapter Introduction52
1. Study Corpus.53
1.1 An Overview......53
1.2 The Translated Version.54
1.3 Examples of Translated Terms...54
First Example: Arbitrage Opportunity...........54
Second Example: Guilds.........56
Third Example: Hyperinflation..........58
Fourth Example: Dissaving.............60
Fifth Example: Purposeful Action........62
Sixth Example: Fiat Money.......64
Seventh Example: Loan Sharking.........65
Eighth Example: Sin Taxes.............66
Ninth Example: Hazard Pay............68
Tenth Example: Speculator..........69
Eleventh Example: Collateral..........71
Twelfth Example: Default..........73
Thirteenth Example: Debasement..............76
Fourteenth Example: Maturity...........79

Fifteenth Example: Economies of Scale........81
Sixteenth Example: Marginal Utility.............84
Seventeenth Example: Depreciation.............85
Eighteenth Example: Delinquencies...........87
Nineteenth Example: Spread..........89
Twentieth Example: Credit Intermediary........91
Twenty First Example: Budget Deficit....92
Twenty Second Example: Monetary Inflation..........94
Glossary...97
Conclusion..98
Abstract Arabic......100
Abstract French.101
List of References...102
INTRODUCTION
This is a thesis submitted for the fulfillment of the requirements for Masters
Degree in Translation Studies, aiming to summarize what we have been taught and
discovered throughout the two years of course.
Our works main focus is on language, translation and economics, treating in
the first chapter various aspects of specialized and common language, general and
specialized translation, economic language and translation, then word formation, with
special care given to English and Arabic.
In the second chapter, we will deal with terms and expression and their
translation, provided in an academic book destined for economics students, entitled
Lessons for the Young Economist written by Professor Robert Patrick Murphy, and
its Arabic Translation by Rihab Salah Eddine.
Translation is one of the oldest practices, which had always existed along the
different languages and dialects, and is a mandatory tool to transfer thoughts and ideas
and facilitate communication.
Accordingly, we find that the greatest ancient civilizations had given this
practice its proper status and rewarded translators and interpreters very generously.
Eventually, economy is one of the most important axes of recent
developments in the last two centuries. A steady economy allows people to think
beyond assuring a loaf of bread. It instigates people to create, according to their
needs, what would make life easier, the thing that leads them to achieve such
developments.
INTRODUCTION
These developments contributed in enriching the economy of the world by

shortening distances and provided high technologies of communications aiming to
facilitate the transfer of information.
Translation also can be considered as a tool to convey information and
knowledge. In the field of economy, translations contribution is to fetch the different
experiences from the leading countries of the world economy, such as the United
States, where English Language is the official language, to low income countries,
especially those in way of development, to strengthen their economies.
English language is as a result one of the major languages in Economics, you
cannot teach or learn proper economics basis and theories without at least a slight
knowledge of English economics lexicon.
On the other hand, Arabic language in the field of economics remains a mere
recipient of translated specialized terminology, and poorly contributes in the evolution
of this science and its terminology.
This might be due to the Arabic countries economic status in the global
economic scene, and for what the Arab world suffers from, as the lack of unanimity on
the economic level, wealth disparity in addition to governments balking in funding real
industry projects and others.
There are multiple reasons that induce us to tackle such a subject in this
research paper, amid which we can state the necessity to possess, as future translators,
an intermediate knowledge of specialized translation in many aspects, and a rich
terminology of the economic field.
II
INTRODUCTION
Also, for the importance of Economics among modern sciences, and due to
the lack of researches in economic translation especially with regards to its lexicon.
The problematic that this thesis discuss mainly revolves around the role of an
accurate economic terminology in the economic growth at both the worldwide and the
Arabic level, the hurdles that a translator of a specialized field faces, and the procedures
he should follow to attain a high level of accuracy and render most of the important
part of the meaning that any term or expression underlies. We will also tackle the
Arabic language issues relating to economic language and economic current facts.
We will also respond to the next two hypotheses, consisting of:
- The specialized translator has to be proficient in, in addition to both source and target
language, the fields they are working on, i.e. they have to be either a translator with
some specialized background (for instance a deep knowledge of economics or law), or
an economist with good translational skills.
- Language reflects the reality of its speaker, in this case, Arabic and English languages;
while United States and the United Kingdom have been on the top of the world
economy leaders, English language had become the language of economics, while
Arabic language reflect the economic situation in the Arab world countries.
III
Chapter Introduction
Chapter One
This chapter is entirely vowed to the theoretical part of this
thesis. In this chapter, we will emphasize in 1. the main features of the
general language used in our daily conversation and documents, as well
as the features of specialized language and the differences between
them.
In 1.2 we will mainly deal with translation, its history and

theories, then with specialized translation and its intricacies, its
terminology, in addition to problems and obstacle that face a translator
of any specialized domain, with special reference to English-Arabic
translation.
2. is entirely devoted to the characteristics of economic language,

its terminology, its translation, the hurdles that an economic translator
face and the resources they use. We will tackle the economic translation
as a very specialized translation; alongside with general translation, its
theories and practices, the specialized terminology, the specific domain
terminology.
Owing to the fact that our research papers interest is the

translation of economic terms, we will scrutinize in 3. the processes of
coining new general and technical terms in both English and Arabic
languages.
1
Chapter One
Specialized Language & Translation
1. Specialized language & Translation:

Language is an asset. It is more than a tool by virtue of which
we communicate and express our thoughts, it was considered in the past
to be a luxury for those who acquire it. Linguist McWorther* compared
the meticulous knowledge of the intricacies of any language as the
knowledge of what is living under the sea for a man in the 1840s,
because it is so much about language is so hard to see or hear1, and
more importantly, to make people dive and see themselves.
1.1. Common and specialized languages:

Language is basically formed starting from several verbal
habits. It is a system of communication including both common and
specialized language, with its diversity and complexity. On the one
hand, we have the linguistic code that involves syntax, morphology,
orthography and phonetics of both common and specialized language.
On the other hand, we find their lexis. Thus, a language is a system that
is composed of sub-systems2, one of them is thematically unmarked
(common language) and the others are thematically marked, and the
difference between them is pragmatic (the use of language).
* John Hamilton McWhorter V, Associate Professor of English and Comparative Literature, University
of Columbia, B.A.: Rutgers, 1985; M.A., New York University, 1987; Ph.D., Stanford, 1993. (University
of Columbia, Bulletin 2014-2015, February 2nd, 2015)
MCWORTHER, John, What Language Is: And What It Isn't and What It Could Be, Gotham
Books, United States, 2011, Page 1-2.
1
gbfv
Translation Strategies of Economic Terms & Expressions
1.1.1.
Chapter One
Common language:
Common language is an unspecialized and unmarked

language, usually used in texts that do not belong to a specific field. The
current lexicon is formed by lexis and units used in situations
characterized in the first place by not being specialized. Its units are
used in situations that can qualify them as unmarked3 which happens
through the unspecialized exchange that takes place almost every day.
When we try to define the common language, which the
specialized language is derived from, we normally tend to use terms like
daily language and the language that everyone can understand.
The same applies to specialized language, it is the situations
containing specialized languages that can be considered as marked.4
1.1.2.
Fundamental characteristics of language:
Humanity developed tremendously all kind of sciences, art, and

technologies by the means of language, which is a systematic instrument
of communication characterized by the following5:
Arbitrary: there is no inherent relation between words of a
language and their meanings, or the message they convey. Being
arbitrary allowed the creation of other languages.
3
CABR, Teresa, Terminology: Theory, Methods and Application, Translation from French:
Janette Ann DeCesaris, Benjamins, Amsterdam & Philadelphia, 1999, page 59.
4
id. page112
5
NAEEM, Mohamed, Characteristics and Features of Language, NeoEnglish, Url:
https://neoenglish.wordpress.com/2010/12/16/characteristics-and-features-of-language, Date of
access: February 3rd, 2016, 09:34.
3
Chapter One
Social: it is the system of communication in the human society,

composed of certain rules that make exchange in a social group possible
and, in the same time helps developing new relations and cultures.
Symbolic: is it a set of diverse symbols used to indicate certain
objects or their meanings. They are usually accepted and widely
employed. A proper interpretation of these symbols is acquired, in order
to make a language more understandable.
Systematic: a language is based on systems of systems. In other
words, each and every language has its own system that is divided into
different sub-systems and within each one of them, there are other
systems. We take grammar for example, which is composed of syntactic
system that manages the order of words.
Vocal: it is mostly formed of vocal sounds that only the human
body can produce through a specific articulator mechanism. Vocal
sounds came first and are considered very important compared to
writing, which is only their graphic representation.
Conventional: language is the fruit of evolutions and conventions.
It did not simply happen in one day but actually the result of the
continuous transmission of conventions through several generations,
therefore, a language itself is a convention.
Non-instinctive: the human being is not endowed with the
knowledge of a language at birth. He should thusly learn and acquire it
as long as he lives.
Productivity and creativity: totally new statements can be created
and different structural elements are easily combined to form new
utterances and expressions made for the first time and yet
understandable.
Chapter One
In order to fully understand the concept of language,

linguists have established an analysis of its stylistic features and
managed to sum them up in a list of six elements, otherwise known
as levels6:
Object of study
All human sounds
Classified sounds
Words, forms
Sentences, clauses
Meaning
Language use
1.1.3.
Name of field
Phonetics
Phonology
Morphology
Syntax
Semantics
Pragmatics
Stylistic features of language:
Phonetics/phonology: Two identical but distinguishable disciplines,

they both focus on sounds. However, phonetics main emphasis is on
sounds that are possible for a human to make, while phonology is
relevant to classifying sounds used by a person in a certain language.
Morphology: It is the study of words, forms and lexicons; it is often
related to grammar, which is part of language and studies the internal
structure of words.
Syntax: This is the level of sentences, which means the combined
words that create phrases and clauses and their meanings, more
specifically it includes diversity in meaning whenever we change the
order of words in a sentence, modify, replace, remove or add.
HICKEY, Raymond, Levels of Language, University of Duisburg-Essen, 2016, Germany,

Url: http://www.uni-due.de/ELE/Levels_of_Language.pdf, Date of Access: February 4th, 2016,
Page 3-4.
6
Chapter One
Semantics: It is the study of meaning in language, this level is as

important as the other levels mentioned above; four types of meanings
are distinguished (lexical, grammatical, utterance and sentence
meaning).
Pragmatics: The study of language usage in communication, which is
very associated with the study of meaning.
Therefore, common languages are general systems from which
derive specialized ones, having several notions in common, and can be
distinguished from one another by other points, thoroughly explained
afterwards.
1.1.4 Specialized languages:
Specialized languages are linguistic codes known to the
specialist speaker (expert) and put into use in a perfect context of a
specific communication. Each specialized language represents some
lexical/semantic and pragmatic characteristics that are presented in the
speech by their lexis.
Lerat states that: cest une langue naturelle considre en tant
que vecteur des connaissances spcialises 7 meaning that specialized
language is one of the specialized knowledges vectors.
Specialized languages are considered as jargons related to a
given domain, which is surely not destined for the laymen to understand.
Nowadays, it is completely different; linguists emphasize that there is
more in specialized languages than just their vocabulary.
LERAT, Pierre, Les langues spcialises, Presses Universitaires de France, Paris, 1995,
page 20.
7
Chapter One
Due to the popularization of specialized communication that

was very useful, making the specialized language understood by more
readers than before and not any longer limited just for specialists to use
in communication.
Yet, it is necessary to make a clear distinction between
specialized languages and the unspecialized ones, in order to show that
there are many features in common which will lead these two types to a
harmonious coexistence and complementariness.
Indeed, general language and special languages are not
completely separate, but they coexist within a same language and there
is a continuous interchange of lexis between them.8
Therefore, in order to assign an accurate definition to
specialized language, it would be mandatory to enumerate the following
characteristics:
A. The distinctive elements of special languages are a form of
connected sets of characteristics.
B. The purpose of communication is the main distinguishing element
among the other functions.
C. The special nature is based on the differences existing in subject
field, user knowledge, and area of usage9.
7
BERRUTO, Gaetano, Masterclass in Sociolinguistics, Laterza, Twelfth Edition, Rome,

2015, page 102
9
CABR, Teresa, Op.cit, page 62.
8
Chapter One
The real meaning of the general languages sub-code, which is

a reference of the special languages that are characterized by the
following features:
Special subject fields do not belong to the general knowledge
of the speaker but are the goal of a certain learning process, specific to
experts, and here we find two types: originators and recipients. The first
kind are experts in a specific field of knowledge, which contribute in the
specialized communication. The second type is the ordinary people,
which can encounter the special field during their learning process10.
Special communication is always formal and takes place in
situations of professional or scientific nature.
Special language has features on which language is based,
these features are units and rules on which a text in based, for instance,
document types.
A special language depends on the usage and the
communicative situation by permitting the abstraction that is based on
the subject field, the information received and the purpose of the
communication that distinguishes the type of text, and the personal
style.
However, another distinction between general and special
language, can be spotted according to the context, the different use and
the situation that implies some changing linguistic characteristics:
General language and specialized language are part of one
natural language and the main difference between these two is a matter
10
CABR, Teresa, Op.cit, Page 65-66.
Chapter One
of degree, the level of use of fundamental special languages

characteristics and not a matter of kind11.
Furthermore, we bring into notice that there are two types of
specialized languages: highly specialized ones and the non-specialized
ones. The first type such as science and economics and have a specified
lexis, a distinguishing morphosyntactic and textual feature. However,
the second type that are used in certain specific domains like the press,
have no particular lexis and tend to use terms from the other type.
1.1.5 Language for Specific Purpose (LSP)

Among determiners of a language to be special, the purpose for
which the learner is acquiring it. A Language for Specific Purpose is
deemed as a natural language used often in a specific field, also for a
specific purpose within a certain professional setting. The natural
language and the professional setting are the basic variables in LSPs,
and consequently, gave birth to a Business English, Medical French and
so forth.
The emphasis of the word special then, in English for Special
Purposes should be firmly placed upon the purpose of the learner for
learning the language, not on the language he is learning. 12
Indeed, the expression Language for Specific Purpose, is
usually used by experts who deal with foreign languages for a
determined purpose and give priority to the learners needs during
teaching and training sessions, who might have faced a particular
11
Id., page112.
MACKAY, Ronald, and MOUNTFORD, Alan, English for Specific Purposes. A Case
Study Approach, Longman Group Limited, London, 1978, Page 5-6.
12
Chapter One
language that needs to be used in their education or work. Therefore, it

is truly a matter of purpose that pushes the learner to study the language
that is called special and not the language itself.
What is really special is the set of characteristics that are
typical. Some of these characteristics: the specific subject, and the type
of situation, the purpose, exchange and means of communication.
Furthermore, and from a pragmatic point of view, the features
of special languages are based on two things, the first is connected to
the situation containing the communication and the second involves the
participants and their aims.13
1.1.5.1. Different types of LSP users:
a) Experts: are the ones who took training sessions or have experience
in a given field domain.
b) Semi-experts: include students that are still learning a determined
field, or experts from related fields who may know some of the
specialtys terms.
c) Non-experts, who ignore an LSP but end up forced to use it in a
certain situation14.
Since there are divers LSP users with different levels of
knowledge, there are obviously several levels of LSP communication.
13
Id., page 129.

BOWKER, Lynne and PEARSON, Jennifer, Working with Specialized Language. A
practical guide to using corpora, Routledge, London, 2002, page 27.
14
10
Chapter One
When communication is between experts, the specialized

language used is usually of a high level because they have the
knowledge level and experience needed to understand. But if it takes
place between experts and semi-experts; experts are supposed to
maintain the exact same specialized conversation, but some kind of
clarification will be required in order make it understandable for semiexperts and in the same occasion, help them learn new terms of that
particular subject. the third and last type of communication is between
experts and non-experts; where less terms will be used, even words from
the general language may be put to use to simplify the specialized
concept15.
This type of communication is mainly used in newspapers articles,
for example, a case in which the ordinary reader is supposed to
understand the terms without the need to become an expert.
Specialized languages are also about being fathomable to a larger
number of persons. What differs would be the degree of specialization.
We have tackled language of a common and specialized nature,
in view of the major importance that they have in translational matters
and the common basics between language and translation.
1.2. General Translation & Specialized Translation

One of the mandatory questions that should be asked before
carrying out the translation of a text is on the aim of translation, the
purpose of the text and its potential reader. Once the purpose of the text
is determined, the scheme of the translation action becomes set, owing 11
the fact that texts are mainly distinguished by their purposes. However,
15
Id., page 28.
Chapter One
the nature of a text is what differentiate the aspect of translation.

Understanding what makes a text specialized is the key to fathom how
specialized translation proceeds.
Hence, a translational action is governed by its purpose16.
Every action is preceded by a chain of motivation aiming to achieve an
intended objective. Whilst translational action is more complex than a
general action, we do not only ask what we are translating or what we
provided as a translation, but rather to whom this translation is
destined17.
The skopos translational theory is the kind of theory that
answer the question: is it a correct translation? by another question: to
whom it is correct?18
Historically, until the mid-twentieth century, literary
translation had the lions share of translators interest, they did not only
vow their time to translate poems and novels, but also to write about
literary translation19. Nevertheless, it was not totally neglected. Many
authors allude to the specific-domain translation with regards to
commercial dealings and negotiations, where the objective of the
translation was exclusive on commerce and the context was specialized,
using both arithmetic and measurements vocabulary.
REISS, Katherina & VERMEER, Hans, Towards a General Theory of Translation: Skopos
Theory Explained, Translated from Deutsch by Christina, Nord, Routledge, 2013, Page 85.
17
Id., page 85.
18
Id., page 86.
19
GREGO, Kim, Specialized Translation: theoretical issues, operational perspectives,
Polimetrica, International Scientific Publisher, 2010, page 47.
16
12
Chapter One
Furthermore, some Greek scientific books were translated into

Latin throughout the Middle Ages. For instance, the Almagest of
Claudius Ptolemy, which was mathematical and astronomical treatise
written in the second century BC, in addition to multiple Islamic and
Arabic works on Mathematics, Astronomy, Chemistry, Medicine,
Psychology and Politics20, such as Ihsa Ul Ulum of Al-Faraby, were
translated into Latin around the years 1150s.
Generally speaking, translation is a complicated task, it
requires a profound knowledge of the structural basis of both target and
source languages, and also of the translation process, in which are
combined the elements that conceive a quality translation. Moreover,
we need to be acquainted with, especially regarding literary texts, the
targeted readers culture constituents, and those of the source language,
for that literary translation goes beyond being a mere linguistic transfer
operation.
General translation is deemed to use a simple, uncomplicated
terminology that is used in the common language, known to educated
people. However, it may contain structures and units that generates
ambiguity due to polysemy and misleading intention.
Specialized translation, on the other hand, is marked with its
relevant lexicon, objectivity and quantifiability21; a specialized
translator uses specialized lexical units relevant to the domain they work 13
with, called Terminology. It is also discernible amid specialized
1998 " " 20
.116
21
Polimetrica, International Scientific Publisher, 2010, Page 49.
Chapter One
translation a frequent use of terms with Greek affixes, short sentences

with a slightly variated complex of subordination, the tendency towards
impersonalization and objectivity and use of the passive voice and
impersonal sentences with third singular pronoun it.22
Technically, Specialized translation is not independent or
completely separated from general translation. Although, it is
considered as a sub-discipline derived of general translation, it submits
to most of its theories and practices. However, specialized translation
relies on the nature of the text and the purpose of translation.
Specialized translation requires also the competency of the
translator in the field of translation they are working on, the mastery of
both target and source languages and an up-to-date knowledge of the
specialization terminology (technical, mechanicaletc.).
Al-Jahith ) (was believed to be the first to establish the very

rudimentary conditions that a translator should fulfill, in his book
Kitab Al-Hayawane )( , Al-Jahith said that a translator has
to master both the language from which they translate (source language)
and the language to which they translate (target language), in addition
to, more importantly, the mastery of the field of specialization in
question.23
General translation, especially literary, can be said to be linked to
the targeted reader and its culture, while the specialized one is a
TALAVAN ZANON, Noa, A University Handbook On Terminology and Translation,
Netbiblo, La Corua, Spain, 2011, page 22.
.24 " " 23
22
14
Chapter One
mechanical activity that is related to the nature, purpose and the

terminology of the text.
1.2.1.
Terminology & Specialized Translation
Terminology is, following Cambridge dictionary, special

words or expressions used in relation to a particular subject or
activity24. These subjects are what we call specialized areas of study,
in which the communication has readily become one of any specialized
areas major pillar. Moreover, throughout the last century,
communication in these areas spread considerably. Thus, specialized
lexicons increased significantly.
Etymologically, terminology would mean the study or the
knowledge of terms, or of lexicon terms, towards which terminologists
have had an antagonism and strongly rejected this definition.
Terminology was first used to refer to technical vocabulary. However,
nowadays, it is narrowly likely to be defined as a consistent and
coherent set of terms belonging to a single subject field25.
Terms can differ from words for being unambiguous,
monosemic, invariable and independent of context, unlike words, also
called lexis, of general language, because they can be ambiguous,
polysemous, collocation-bound and register sensitive.
The practice of terminology, often referred as Terminography,
15
is divided into two scopes, the first is the resolution of specified terms
Cambridge Advanced Learners Dictionary, Page 1501.
SAGER, Juan, A Practical course in Terminology Processing, Benjamins Library,
Amsterdam, 1990, Page 3.
24
25
Chapter One
related issues, the second is based on the elaboration of terminological

repertories such as technical dictionaries.
It is unavoidable to speak about Terminology without
mentioning Eugene Wster, an Austrian scholar, who considers
terminology to be an interdisciplinary field of linguistics, logic,
ontology, information science and individual subject fields.26 He wrote
in his doctoral dissertation in the 1930s on the importance of
standardizing terminology, and was, to him, a tool to obliterate
abstruseness around technical and scientific communications. Also,
Wster founded the main principles for working with terms throughout
the three decades following his doctoral thesis and until his book the
machine tool was published, by which he checks the rationale and
sustainability of his methods.27
Terminology was not born out of the desire to create a new
different field, it was due to the need to standardize the various terms
belonging to the same domain, also to cope with the ever increasing
evolution of modern technology. Linguists were alarmed by the
proliferation of terms and the diversity of forms, their main purpose was
to combine between them in a logical and practical way. They
contributed to organize, by the means of theoretical terminology, the
concept-object relations, which can heavily eliminate ambiguity on the
special term.
RESCHE, Catherine, An Approach to Interface Terminology: The Example of

Environmental Economics in English Language as a Foreign Language, Meta Journal, Vol 45,
n 4, 2000, Page 629.
27
CABR, Teresa, Op.cit., page 5.
26
16
Chapter One
Therefore, terminology cannot be regarded as a mere practice.

Three European schools of terminology were established in the early
20th century, with three different approaches and theories regarding this
phenomenon: One says terminology is an interdisciplinary but
autonomous subject at the service of other disciplines; the other school
sees that its major interest is the logical classification of concept systems
and the organization of knowledge, the third thinks this science focuses
on the linguistic side as it is a subcomponent of a languages lexicon
and special languages as subsystem of general language.28
Terminology theories are indeed derived from the practical
works on terms and specialized areas, looking to find solutions to
communication and translation problems.
When it comes to translation, more specifically specialized
translation, the role of terminology in translation is basically functional.
It offers for the translation of domain-specific text a clear path to follow
through the terminological databases, made by technical writers,
terminologists
or
specialized
professionals
(Doctors,
Economistsetc.).
Translators, due to the nature of their work, did not express in
the past as much interest in terminology. By contraries, they deemed it
to be a spot on the genuine translation.29 They expected from
terminology to offer a list of words to refer to in their daily process of
translation. Be it the query for a terminological problem, as a translator
presents it to terminologists, or the simple act of consulting dictionaries, 17
28
29
Id., page7.
RESCHE, Catherine, Op. cit. page 629.
Chapter One
glossaries and term banks, the translator of a specified texts is liable to

interact and partake in the terminology process.
Specialized translators were among the earliest professionals
to acknowledge the need to know and manage terminologies as an
essential part of the process of translation30. It is worth mentioning that
this process -terminology knowledge and managing- can be intuitive,
enhanced by the daily operation of meeting new terms in several or sole
special area, or, more practically, can be done under training programs
aiming to increase the proficiency of managing the aforementioned
terms and their proper use.
Consequently, the necessity of teaching terminology to
translators is a moot point, for that terminology is an indissociably
essential component of specialized translation teaching programs.
Regarding the fact that professional profile of a specialized translator
relays on the combination of both understanding the domain language,
in addition to a deep and up-to-date knowledge of its relevant lexicon,
we must say that the formalized knowledge can be relatively efficient in
order to skillfully control the various types of terminologies within the
given area of specialization.
We must say, terminology is rather characterized by its
interdisciplinarity, due to the fact that it provides services for all
knowledge areas, i.e. every area has its own terminology, whether
sharing its terms with both general language and another specialized
30
BASSEY, Antia; GERHARD, Budin; HERIBERT, Picht; ROGERS, Margaret; SCHMITZ,

Klaus-Dirk and WRIGHT, Sue Ellen, Shaping Translation: A View from Terminology
Research, Meta Journal, Volume 50, No. 4, 2005, Page 1-2.
18
Chapter One
language, relatively different in the use or in the concept, or possess

utterly new terms created to designate a new concept, otherwise known
as neologism which is more often in the field of technology.
Modern technologies, especially Computer Science and its
related spheres, have contributed to the evolution of modern
terminology, in virtue of the enormous possibilities and features offered
to aid to easily store and retrieve information, creating terminological
databases and standardizing terminology through the documentation of
the unanimously agreed terms, by specialists of a specific field or
linguists, in order to be used uniformly within specialized jargons.
As for the field of Economics, we can notice that, due to the
link this discipline has with other disciplines, its terminology is not very
specified or complicated, we can identify several economic terms used
in the common language and known to any educated adult. However,
this does not exclude the existence of specified economic terms, created
for an economic concept, which we will not omit to adduce mention in
this research paper.
1.2.2.
English Arabic translation:
Technical translation plays a great role in the acquisition of

knowledge and the diffusion of new technologies across the world;
hence, the formation of new technical vocabulary is a crucial matter,
deeply necessary to enrich the Arabic language.
Translating from English into Arabic is a real challenge for
translator. In order to overcome this challenge, translators should have 19
some translational and extra-translational qualities such as intelligence,
Chapter One
patience, competence and the linguistic knowledge of both source and

target languages. Besides, translation can be easily achieved by
following enormous methods variating at multiple points.
Arabic vocabulary knows a serious deficiency with respect to
technical fields31, translators should take the latter in consideration
before undertaking the translation.
Consequently, Arabic Language has to append foreign terms to
fulfill this deficiency. Thus, terminologists have followed these two
stratagems for that purpose:
Transliteration:
This procedure consists of writing in Arabic letters a word or
an expression according to the pronunciation; which means
modification on the phonetic and morphological level of the term.
Although this method is widely used, it does not actually
convey the real meaning of the term, simply presents a written
pronunciation of the English term using Arabic alphabet.
This technique does not help enriching nor improving its
vocabulary. Using this technique by Arabic translators might mean that
they are not capable of minting new Arabic words and that they have
choose the easy way. Therefore, translators should not use it unless the
equivalent of the term in question does not exist or is too hard to find.
Naturalization:
This strategy is one step ahead compared to the transcription
thanks to it way of adopting the English term to the morphology of
MARZARI, Robert, Arabic in Chains, structural problems and artificial barriers, Verlag
Hans Schiler, Berlin, 2006, page 30.
31
20
Chapter One
Arabic word structure, in other words: changing the pronunciation of

the term in way it agrees with the phonology of the target language 32.
Translators find this method better than the first, yet the words
are not completely of an Arabic nature, the roots of terms are still
English.
Translators should keep creating and forming new terms that
comply with the Arabic linguistics, in order to preserve its identity, and
continue seeking for new methods to enrich its vocabulary.
What prevents an easy translation from happening and
intercept the translator to fully understand technical texts, are eventually
the lexical categories existing between the general and the mere
technical vocabulary, which create sub-technical, semi-technical and
non-technical vocabulary, used in scientific and technological texts.
Moreover, dealing with new technical terms with no equivalents
presents a real challenge for the translator when trying to find the same
meaning in target language.
It has been given by various Arab terminologists, translators
and linguists as a solution for most of the translational issues that
exclusively burden the Arabic language, the unification of terms, which
means each specialized term has one and only one equivalent in Arabic,
whether the translator is Lebanese or Algerian, they have to use the
proper equivalent put -after thorough studies and researches- by the
Assembly of Arabic Language. As a consequence, we can spare the
readers the huge ambiguity -caused by the terminological chaos-, 21
increase comprehension potential.
HASSAN, Ghazzala, Essays in Translation and Stylistics, Dar El-Ilm lilmalayin, Beirut,
2004, page 176.
32
Chapter One
We shall point out that the intention to endorse the unification

of technical Arabic terms is not recent. But, efforts to implement this
project were so humble, beside the natural and intended hurdles
preventing the union of the Arabic terminology.
In respect of the economic Arabic term, the fact that each Arab
country has its proper economic system and currency separated from
others; alongside with the different linguistic and economic influences
on Arabic countries due to the former French and British colonization.
1.2.3. Specialized Translation Strategies & procedures

The process of translation is divided into a set of procedures
and strategies, which the translator follows to provide a quality
translation.
The translator of technical texts has to follow some procedure
in order to fulfill the process of translation. First, they shall start with an
analysis of both source and target language, then establishes a complete
study of the source language text to finally summarize the semantic and
syntactic aspects before any attempt to translate the text in question.
1.2.3.1. Strategies
A professional specialized translator must follow some
strategies in order to overcome the difficulties the nature of technical
text and terms presents, stated inexhaustibly by Mona Baker in the case
of non-equivalence as follows:
22
Chapter One
A- Translation by a general term:

Also called superordinate, used in the situation when there
is lack of specificity in the target language; the translator gas to
choose a general term yielding the intended meaning at high level.
B- Translation by a neutral term

Especially used when the target language has no equivalent
with the same expressive characteristics. The translator then has to opt
out for a less expressive term that may convey the sought message.
C- Translation by a cultural substitution

Which is represented in the fact of substituting a culture
specific item or expression. They need to find an item that has the same
impact in the target language, but has not the same propositional
meaning.
D- Translation by loanword
Loanwords are used when there is no other option, no term can
bear the identical meaning of the source term, which is common with
modern concepts: when using a loanword for multiple times, the first
time they use it shall be followed by an explanation in the target
language, once the reader is acquainted of it, it would be ready to be
used solely.
23
Chapter One
E- Translation by omission
Although it may seem dire, the fact of omitting a term or an
expression that has no vital role in both the order or the sense of a
sentence, has indeed no harmful effect. 33
1.2.3.2. Technical Translation Procedures:

In their pioneer work Stylistique compare du franais et de
langlais", Vinay and Darbelnet defined seven basic procedures on three
level of style, lexis, morphology and syntax, and message. They
classified the technical procedure as direct (Literal) and Oblique.34
Literal translation can be useful when the two languages are
closely similar, and when there is equivalence on the structural, lexical
and morphological levels. Literal translations technical procedures are:
Borrowing:
The use of words taken from one language or more into
another, directly without really translating them, which is the case of
several English terms belonging to other languages. Many words are
borrowed from French, Arabic even from German. We mention for
example:
English words with Arabic roots: Alcohol , algebra , earth
.
English words with French roots: Dj vu, antique, fianc, coup-dtat.
33
BAKER, Mona, In Other Words: A Coursebook on translation, Routledge, First Edition,

1992, page 22-45.
34
MOLINA Lucia and HURTADO ALBIR, Amparo, Translation Techniques Revisited: A
Dynamic and Functionalist Approach Meta Journal, Vol 47, n 4, 2002, Page 499.
24
Chapter One
Calque:
Also called loan translation technique, is an expression literally
translated from another language, introduced into a language that is
daily used and widely accepted in the society. We take for example the
word cookie, which is the calque for the Dutch koekje, by heart is a
calque for the French par coeur and point of view for point de vue,
these words are naturally includes into English language.
Literal translation:
It is a direct translation, which means translating word by word
from language into another without paying attention -most of the timeto the meaning, but with the caution of keeping the same structure of the
source text. This technique might be considered as a mistranslation of
the text in question, and yet, it can create new terms in the target text.35
Whereas Oblique translation occurs when the literal translation
is impossible, its technical procedures are:
Transposition:
It is the act of reversing the order of speechs parts while
translating (red dress: robe rouge) this technique is frequently used
between different languages with diverse grammatical structures, the
grammatical gap existing between both source and target language leads
to the use of transposition; it is a sort of solution that translators refer to
when they are incapable of translating a certain word.
Modulation:
35
MOLINA Lucia and HURTADO ALBIR, Amparo, Op.cit., Page 499
25
Chapter One
It is about making changes in the semantic structure of the

source language and adjusting the idea of the message by turning it into
a stylistically appropriate translation, smoothly accepted by the reader
of the target language.
Equivalence:
this type requires creativity and intelligence to easily translate
and preserve the meaning, the main aim is simplifying and clarifying
the translated expressions in the target language. The translator has the
freedom of adding or deleting words if jugged necessary and yet still
correct.
Adaptation:
The translator put this technique into use while translating
expressions that are specific to the culture of a given language and
written in a whole other way but still common and known by the reader
of the target language. In other words, we adapt the translation of one
language to the culture of another language.
Compensation:
It is the act of replacing untranslatable terms from the text
source with other terms that have the same meaning and dont exist in
the source text but hold the same signification36.
26
36
MOLINA Lucia and HURTADO ALBIR, Amparo, Op.cit., Page 500
Chapter One
2. Economic Language & Translation

Economy has always been the vector of the society; for that the
development of the civilizations depended on, among other factors, a
well-established economy. Thus, economics -the study of economic
science- has become one of the most essential basis to found a stabilized
society, and to maintain the equilibrium in it.
Several populations have witnessed, especially in the
contemporary era, many revolutions which the major symptoms were
financial. Most of these revolutions were recommending in the first
place higher wages, more job openings and lower taxes. Historian Crane
Brinton sees that French revolution, for instance, was instigated by the
economic situation; France was put into huge debts after the costly wars,
Royals tried to overcome bankruptcy by heavily and unjustly taxing,
which was refused by all the estates and classes of the French
population37.
Economics is, therefore, the study of how society uses its
scarce resources38, this Dismal Science * is also defined by Adam
Smith, the founding father of Modern Economics, as the study of the
nature and causes of nations wealth39, and also by Alfred Marshall as
27
a study of man in his ordinary business of life. It examines part of
BRINTON, Crane, Anatomy of Revolution, Vintage Books, New York, 1965, page 73.
The economist newspapers website, Glossary A-Z terms, entry: Economics, December 21st,
2015, 11:49.
* Term coined by Thomas Carlyle, Scottish essayist and historian, to describe the discipline of
Economics.
39
Accounting and Economics magazine, Meanings & definitions of Economics, New Age
Publishers, url: http://www.newagepublishers.com/samplechapter/001983.pdf; Date of Access:
December 23rd, 2015, 23:13.
37
38
Chapter One
Economic Language & Translation
individual and social action which is most closely connected with the
attainment and with the use of the material requisites of well-being.40
The word Economics originates from the Greek word
Oikonomikos which is constituted of two parts:(a) Oikos, which
means Home, and (b) Nomos, which means Management.41
2.1. The language of Economics

The language of economics is very close in use to the common
one, in view of the fact that most people partake in the basic economic
transactions that are crucial in daily life. However, the economic
language is distinguished by the various terms with specific meanings
in the texts. Moreover, the more we delve into economics branches and
its texts, the more we find new terms that do not exist in the general
language, coming from other languages borrowed, or simply are
archaic words that are no longer in use.
The language of economy is a particular field that is divided
into several domains; each of these domains has a specific economic
lexicon, this language is a very practical one and the economic texts are
full of practical terms.
Economic texts are characterized by long sentences composed
of many subordinates, separated by commas, it might seem complicated
MARSHALL, Alfred, Principles of Economics, MacMillan, 8th Edition, London, 2011,
page 6.
41
MANKIW, Gregory, The principles of Economics, South-Western Cenegage, 5th Edition,
2009, Ohio, USA, Page 3.
40
28
Chapter One
but it is actually easy to understand. These texts have complex structures

usually formed of successive expressions or sometimes; a whole
paragraph is compressed in few sentences.
We can notice in the text of an economic nature the use of tables and
figures, two features that partake in the process of making the context
more understandable, very useful when it comes to facilitating, clearly
describing economic rules and simplifying complex theories. Figures
make reference to graphic representations of data with vertical and
horizontal axis, bar and pie charts, diagrams and pictures, while tables
are relevant to a set of data, facts and numbers arranged in rows and
columns, normally used to clarify some sort of data analysis42.
2.2. Economic Terminology

Due to the popularization that took place in the first three
decades of the 19th century, when a number of liberal British scholars
intended to make classical economics a flexible science, it was rather a
popularization of its laws and theories, Harriet Martineaus Illustration
of Political Economy is considered as one of the most successful of
such works43, in which he softened the sharp and edgy nature of the
economic texts and substituted some technical terms with a set of
common or resembling common terms. Nonetheless, it still is
considered hard to be understood from anyone, it needs an expert or
more specifically an economist to be able to reach this kind of
29
knowledge and understand each and every word in an economic text.
XUI, Changbai, English in Economics, China Agriculture Press, Beijing, China, 2008, page
75.
43
WOODMANSEE, Martha & OSTEEN, Mark, The New Economic Criticism, Routledge,
1999, London, Page 180.
42
Chapter One
Consequently, economic terms are usually vague and univocal,

readers face no problem to identify these terms and notions and can
properly reproduce them in a convenient context. However, some
economics sub-fields use sheer technical terms, that are both equivocal
and misleading.
Furthermore, there are some technical terms, that have a
specific meaning in the economic language. They can be a single word
or two combined terms. Multiple economic terms are eponyms, which
means they are named after a scholar or theorist of economics. For
instance, the Allias paradox44, one of the axioms theories of
economics.
Notwithstanding, students and generally laymen face some
ambiguity that covers economic terms of a low and medium
specialization degree. Despite that specialized terms are supposed to be
accurate, a large number of readers are misled by misnomers; terms with
familiar appearances but hide new or unexpected meanings, misnomers
are either frequently used terms with a fluctuating meaning, or terms
where the meaning and form are characterized by an unsettling
dichotomy.45
SEGURA, Julio and BRAUN, Carlos Rodriguez, An Eponymous Dictionary of Economics,

Edouard Elgar Published Limited, Massachusetts 2004, Page 4.
45
RESCHE, Catherine, Equivocal Economic terms or revisited terminology, Meta Journal,
volume 44, No 4, 2000, page 619.
* French term referring to a meaning, whether an object or a concept, used in the first place by
Austrian linguist Ferdinand de Saussure.
44
30
Chapter One
An example of a misnomer, negative saving46 to designate the

notion of spending more money than ones income, because literally,
saving is an action that does not submit to a negative or a positive aspect.
The other terminological phenomenon affecting economics,
reputed to be born out of the chronical and logical evolution of either
the fields of technology and linguistics or both, is Neologism.
Characteristically, newly-coined words are conceived to
replace older and archaic ones, which is more likely to end up creating
ambiguity and confusion in terminological databases, likewise for
terminologists, translators or teachers of any given domain.
Assuredly, other new terms are minted to designate a
completely new signif*; Neologisms are made following a linguistic
request, for that any recognized concept needs a name, especially in a
scientific field, indeed, a term cannot be formed to denote a quality or
an action that has no existence.47
There are other cases demanding to create new words, for
instance, the process of substituting older terms of a foreign origin with
domestic ones48, which is the case of Arabization of scientific
31
terminology, for that most of technical and medical terms are derived
ZHENGLAI, Deng, China's Economy: Rural Reform and Agricultural Development,

World Scientific Publishing, China, 2009, Page 225.
46
BAUER, Laurie, English Word Formation, Cambridge University Press, Cambridge,

United Kingdom, 1983, page 83.
48
PERPNIK, Jaroslav, English Lexicography, Palacky University, Olomuc, Czech Republic,
2006, page 77.
47
Chapter One
from either English or French language, and Arab scholars always

aspire to create or exhume an Arabic term.
Additionally, neologism may also serve to replacing a
degrading term with a more prestigious one. For instance: sanitation
worker in nowadays used instead of garbage man
Oxymoron is also a phenomenon that affects economic terms,
especially the combined ones. It is defined by the American Heritage
Dictionary of English Language as a rhetorical figure in which
incongruous or contradictory terms are combined. Which certainly
would create ambiguity.
It is a known fact to terminologists and economists that, since
economy is related to almost every existing fields, economic language
borrows a big number of terms from history, mathematics, geography,
to name but a few.49 Translation of economic texts and terms, due to the
aforementioned fact, is characterized by loanwords, sometimes from
other languages, other times inside the same language, but from another
field.
Economic terminology should keep up with the last recent
developments in the economic field in order to enrich it.
RESCHE, Catherine, An Approach to Interface Terminology: The Example of Environmental

Economics in English Language as a Foreign Language, Meta Journal, Vol 45, n 4, 2000,
Page 6
49
32
Chapter One
Our corpus, Lessons for Young economist, as its title refer to,
contains a set of lessons for newly graduated and current students of
economics. Consequently, the nature of the economic context and
concepts are popularized, and the text main scope is rather explanatory
using examples and metaphors with a high frequency; the used
terminology can be described as easy and understandable. Albeit, the
author establishes after the end of every lesson a list of the hard terms
with his own definition.
2.3. English, the Language of Economics

English has, since the 1970s, broaden its supremacy and
succeeded to become the first language in the world, chiefly regarding
Economics and Business, due to the dominance of English speaker
countries over technological, economic and cultural power 50, which
was the case during the Roman Empire, when Latin was a lauded and
most desirable language to be taught, the same applies to Arabic back
when Islamic Caliphates were powerful in science and artillery. Thus, it
is never up to the number of speakers, that makes a language global.
Nevertheless, its primacy is the motive for which non-native people start
to learn it.
Thus, most international professionals rush to learn Business
English in order to be in accordance with the international level, and
since the United States is one leader of world economy amid other
countries, it has become more likely to be mandatory to study 33
CRYSTAL, David, English as a Global Language, Second Edition, Cambridge University

Press, United Kingdom, 2003, page 8.
50
Chapter One
economics in English, to be at least be cognizant of the English

economic terminology.
Nonetheless, Business English and English for Economics
should be distinguished by learners and teachers, in order to fulfill the
convenient task, and because they are generally regarded as identical,
BE is a wide area of study, a Professionally-Oriented language that has
an end to achieve, using linguistic and extra-linguistic features to be at
help for Businessman and decision makers with their daily interactions,
and for companies to draft reports and memos, hold meetings and so
forth. Whilst economic English is an academic code and scientific
language used at specialist level, and has an informative purpose, its text
might appear to be rigid and peculiar compared with general English.51
2.4. Economic Translation

Theoretically, unlike scientific and legal translation, economic
translation is less present in the shelves of specialized literature and
translation studies books. On the other hand, the practice of economic
translation witnessed an outstandingly rapid changes52, accordingly
with recent economic evolution; more books on economy are translated
in the last decades, aiming to popularize new fundamental theories at an
international level.
PIERINI, Francesco, Definition and Main Features of Business English with A Special
Regard to Differences with the Language of Economics, University of Genova, Italy, page
111.
51
52
BEUCHAT, Alice, La traduction conomique, thorie et pratique , Master of Arts thesis,

Vienna University, Switzerland, 2012, Page 20.
34
Chapter One
2.4.1. Equivalence in Economic Translation

Equivalence in translation is simply finding an equal code in
the target language during the process of translation. Albeit, it is
considered as the most complicated and controversial area in translation
theory; it initiated endless debates and had been the object of thorough
researches. Kenny states that it is a central and controversial concept at
a time.53
Theorists have been found divided into two teams: the first
includes scholars such as Nida and Toury, acknowledges the existence
of a linguistic approach to translation. However, translation is more than
a linguistic subject; while some rejected the notion of equivalence from
a theoretical aspect, when a message is being translated, the translator
also deals with culture transfer. To them, equivalence it is either
irrelevant or damaging to translation study.54
Meanwhile, a third medium opinion sees equivalence notion is
being used for the sake of convenience because more translators are
used to it rather because it has any theoretical status.55
Four types of equivalence are put to furtherly explain the
theory of equivalence in translation: linguistic equivalence where there
is homogeneity on the linguistic level between the source text and the
35
translation, also known as word for word translation; paradigmatic
KENNY, Dorothy, Equivalence in Routledge Encyclopedia of Translation Studies,
Edited by Mona Baker, Routledge, London & New York, 1998, page 77.
54
Id., page77.
55
BAKER, Mona, Op.cit., page 5-6.
53
Chapter One
equivalence is when equivalence exists between the elements of

grammar in both texts; stylistic, otherwise known as translational
equivalence is a functional equivalence between the components of the
translation and the original message. Finally, the textual or syntagmatic
equivalence, which emphasizes the equivalence of shape and form.56
The equivalence of economic translation lies on its
terminology, when dealing with an economic term, a translator has to
be aware of the value and the role of the term in a given economic
context, in order to choose the accurate term of the target language that
represent the exact semantic field as the one presented at the first place
by the source language term.
However, among the difficulties that the economic translator
face, the case of non-equivalence, when they cannot find a proper
equivalent in the target language. Here, the translator has a series of
solution that they can choose one accordingly to the situation.
2.4.2 Economic Translator
An economic translator must be Familiar with economic terms
and continuously update their knowledge to be able of deeply
understanding their meanings. Being aware of many aspects of the
economic field will help them find the perfect corresponding terms.
They are required to profoundly understand before translating,
and be aware of the fact that inaccurate translation can not only cause
CHIFANE, Christina, Equivalence and non-Equivalence in Economic Translation,
University of Piteti, Romania, (unknown year), Page 74
56
36
Chapter One
confusion and incomprehensibility of the meaning, but can also lead to

worse, especially in fields such as medicine and legal when errors are
fatal. 57
Moreover, the three required principles for a translator to fulfill
are58, loyalty in conveying the intended message, the translator is
supposed to stay faithful to the source text, this includes avoiding any
kind of misrepresentation or addition in the source text for the purpose
of presenting a professional, honest translation.
He also has to be expressive and elegant by providing a quality
translation that would be interesting and not hard to follow or
understand, attracting the readers mind.
2.4.3. Difficulties of Economic Translation
Besides the deficiency of resources on economic translations
methodology and literary, economic translator confronts a number of
impediments, some regardless of the source and the target language,
others are specific for either one of them or both. The technical nature
of the subject and the terminology in an economic text constitute the
first fiendish challenge for a translator.59
Additionally, the most debatable and polemical phenomenon 37
that was the moot point amongst economists, and was the subject of
AREVI, Susan, New Approach to Legal Translation, Kulwer Law International, The
Netherlands, 2000, Page 201.
58
NIDA, Eugene, Context in translation, Benjamins, Amsterdam/Philadelphia, 2001, Page 1.
59
DIOP, Abdoulaye, Rle, place et perspectives de la traduction conomique et financire
Genve. A Masters Thesis. University of Geneva, Translation and Interpretation School,
2005, Page102.
57
Chapter One
many academic papers, is beyond any doubt the metaphor, how is it

reasonable that economics, a scientific study field, can use such a
nonscientific tool to express its rules and theorems. Some argue that it
is rhetorical and poetic in order for a readers attention to be attached
through their imagination, whilst it is deemed to create more ambiguity
than imagination. Indeed, the imprecision created by an ambiguous
meaning is presumably fine for poets, an anathema for scientists.60
Nonetheless, metaphors are accepted, embedded, widely used
and even ubiquitous in contemporary economic writing. Assuredly,
what we need to be focusing on here is how the translator would evade
such an impasse, would it be more effective and faithful at time to
translate with an equivalent metaphor? would the translation by a
metaphor affects the exact meaning that was sought to be understood in
the first place? Or he just opts out to explaining the metaphor by simple
words?
We can also state as another hurdle, neologisms and the
unceaseable change that occurs in the thick of terminological databases,
which are a major resource for economic translators in the economic
translation, as well as the fluctuation relations between objects and
concepts with respect to the economic term.
It can be said that the economic language characteristics
constitute most of the time the difficulties of translation, due the fact
KLAMER, Arjo & THOMAS, Leonard, So whats an Economic Metaphor? in Natural

Images in Economic Thought, Edited by Philip Mirowski, Cambridge University Press, United
Kingdom, 1994, page 20.
60
38
Chapter One
that equivocal terms, synonyms and oxymorons* consistently induce a

big challenge to a specialized translator.
Accordingly, culture, connotation and ideology of an economic
text must be taken into account, the potential reader, may it be a student
or an economist, might have a limited knowledge about the exclusive
source economic culture and intricacies, and which need to be
translated. Sarah Love mentioned that, although economic text is
claimed to be neutral, authors implies a certain connotation, which
create a difficulty of translation.61
Besides, texts of an economic nature are usually written by a
specialist in economics and the related fields, who is not very proficient
in the specialized writing. Thus, a non-specialist of economics and the
related fields will be required to readjust the text before the translation,
which is not always efficient, then they must also contact the writer of
the original text to clarify the intended meaning or justify the use of
some terms62.
2.4.4. Resources for an Economic Translator
Unfortunately, the economic translation resources are very
seldom. However, specialized dictionaries of economics and finance are
very frequent, as a consequence of the popularization of economics.
39
LOVE, Sarah, The Role of Connotation and Ideology in Economic Translation: a case
study, A Masters Thesis: University of Geneva, Translation and Interpretation School, 2009,
Page 28.
61
DURBAN, Christine. La traduction financire. In: Universits et Colloques Rennes 2,

University of Rennes 2, 2002, available online: http://www.colloque.net/archives/2002/SpecM%E9tiers/Specimet021.htm.
* The Latin plural oxymora.
62
Chapter One
Specialized dictionaries, glossaries and thesauruses are very

helpful in the matter of the forenamed terminological difficulties
regarding the economic translation, they contribute to effect a quality
translation and reduce the duration of the translation process. Withal,
the printed dictionaries and glossaries fail to cope with the constant
expansion of the domains lexicon, a translator has to possess and upto-date terminology of the area of his interest. He needs to buy new
versions every now and then in order for him to be cognizant of the rapid
changes that characterize the economic terminology.
When it comes to online specialized glossaries, there are some
specified glossaries for economic and finance terms available in
associations, for instance Association Suisse des Traducteurs,
Terminologues et Interprtes that put such glossaries into service
exclusively of its members63.
Economic translator may also recur to human resources,
modern technologies made it easier to communicate with experts of any
given domain. Many translators reveal that they frequently ask
colleagues, clients or experts of the domain in both source and target
language64.
Many translators of economic text depend on term banks and
databases, created by specialized translation agencies, economic
Genve. A Masters Thesis. University of Geneva, Translation and Interpretation School,
2005, 57.
63
BEUCHAT, Alice, La traduction conomique, thorie et pratique, Master of Arts thesis,

Vienna University, Translation and Interpretation School, Switzerland, 2012. Page 44.
64
40
Chapter One
institutes, financial companies. Usually, the accredited terms by

international terminologists and economists associations are the ones
that prevail at these databases. Accordingly, most of the worldwide
organization and official ministries create its own database to be of help
for the internal workers at the first place, and since they are available
online (open access), for any specialized translator or terminologists.
MINEFITERM is a term bank belonging to both the French

Ministry for the Economy, Industry and Employment and the Ministry
for the Budget, Public Accounts and the Civil Service, with up to sixty
thousand terms in seven languages, relating to the domain of Economics
& Finance65
41
65
http://www.minefiterm.finances.gouv.fr/
3. Term Formation
A term, exactly as a word can be defined, is an uninterrupted string of
letters followed by a blank space or a punctuation mark 66. However, a term
belongs in the first place to a specific lexicon, New American Heritage
Dictionary of English defines the entry term under the number four, as a word
or a group of words having a particular meaning67. So when we talk about term
creation, it may refer to the creation of a new word destined to be used in a
special language, or to start using a word, existing in the general language, to
label a given concept related to a specific field.
From a historical view, the English language as well as any other
modern languages, had to accept, due to the contact with foreign cultures and
disciplines, a number of words, which constitute now its modern lexicon; also,
it was due to the developments in the fields of art, literature and medicine in the
sixteenth century, that the English language was enriched by such a vocabulary
of the common speakers and the rhetorical speech.
3.1.
Lexicography
Nonetheless, lexicologists rush to label non-domestic or newly

discovered notions, using for that purpose, depending on the nature of notions
in question, a chain of procedures, aiming to accommodate all probable terms
in one dictionary.
42
66
67
PLAG, Ingo, The Word Formation, Cambridge University Press, 2003, Page 4.
New American Heritage Dictionary of English, Page 7352. Term 4. A
Chapter One
Dictionaries nowadays are so popular, but it was the fruit of a hard

work; in the case of Arabic dictionaries, it was at first a list of limited scope
vocabulary established in an uncertain order, then entire dictionaries were
made in anagrammatic order68. Thus, the alphabetically ordered modern
dictionaries only exist after a series of trials and errors69.
The first Arabic dictionary " " Kitab Al Ain, by Al Khalil

Ibn Ahmed Al-Farahidi ) ( during the eight century, was a
major linguistic project, made after foreign words threatened the Arabic
language eloquence. Al-Khalils work was based on the two foundations of
ancient Arabic Linguistics: Lexicology and Grammar70. He arranged the entries
according to the sounds and the utterance of letters, as per the sources of
characters 71 in an alphabetical order starting from the guttural to the labial
sounds. 72
Indeed, this pioneer dictionary represents not only a reference in the
Arabic Lexicology, but among all the languages of the world.
The first dictionary of the English language is believed to be written
in 1604 by Robert Cawdrey. However, it can be said that monks of the Middle
Ages underlined the Latin words in the Bible and wrote glosses under them.
These glosses were later gathered to create the first Latin-English dictionary73. 43
HAYWOOD, John, Arabic Lexicography, Leiden E. J. Brill, the Netherlands, 1965, Page 1.
Id., page1.
.12 2009 " " 70
71
KOAK, Abit Yaar, Handbook of Arabic Dictionary, University of Istanbul, Turkey, 2002, Page
19.
72
Id., page20.
73
GODDEN Malcolm & LAPIDGE Michael, The Cambridge Companion to Old English Literature,
Cambridge University Press, Second Edition, Cambridge, 2013, Page 277.
68
69
Chapter One
We can notice that the first dictionary provided definitions for English words
with some synonyms; while the second is a bilingual dictionary.
Moreover, specialized dictionaries are very recent compared to the
general ones, they are believed to firstly appear in the early twentieth century.
However, multiple specialized dictionaries were made hundred years ago, we
can mention the one that is believed to be the first, AlKhwarizmis Mafatih Al-Ulum, 997 C.E 74, in which he gathered various terms
belonging to the fields of Linguistics, Poetry, Philosophy, Medicine,
Numerology, Geometry and Chemistry.75
Dictionaries of a specialized nature are characterized by the fact that
they do not submit to the linguistic consideration on both the content, structure
or methods.76
Specialized dictionaries, both monolingual or multilingual subdivide
into general specialized dictionaries and subject specific ones, for instance, an
economic dictionary or a macroeconomic dictionary, in which is given the
definition of technical terms and often their synonyms, but they never provide
the grammatical category or such a linguistics feature.77
Any language is divided into two study branches with regards to its
lexicon, each term is studied in a morphological and lexicological area, the first
44
emphasizes the form of the term, while the second focuses on the ability of this
term to fit in the lexicon.
3 2004 " " 74

. 1989 " " 75
76
OPITZ, Kurt, Dictionaries for Technical Use, Hartmann, London, 1983, Page 163.
77
PEARSON, Jennifer, Terms in Context, Benjamins, Amsterdam & Philadelphia, 1998, Page 70.
3.2.
Chapter One
Morphology:
Morphology is a term minted by August Schleicher in 1859, referring

to a linguistic and grammatical branch of study, it is a combination of the Greek
words morph meaning form and logy meaning science. Hence, we are
dealing with the science that study the forms of words78.
Morphology is related directly to morphemes through word formation
processes. However, these morphological processes differ from one language
to another.
A word is a lexeme and this lexeme is defined as the meaningful lexical
unit that can be modified by many different ways to create new words. Indeed,
morphology deals with the specific processes related to the formation of
vocabularies. And it is made of several sub-fields, each one of them works on
the formation of lexeme.
Morphology is a large field that develops various methods of forming
new words, and studies the structure and form of words in all the living
languages, Morphology is relevant to any language because it explicates the
rules governing the transformational patterns of the word of that language.79
In order to give a full insight into this field we should probably start
by defining the term morpheme; the smallest meaningful unit, which has two 45
types of lexical meanings: the sense and the grammatical meaning. These two
PRASARD, Tarni, A Course in Linguistics, PHI Learning, Second Edition, New Delhi, 2012, Page
48.
79
MATTHEWS, Peter, Morphology: An Introduction to The Theory of Word Structure., Cambridge
University Press, Cambridge, 1974, page 47.
78
Chapter One
are rarely gathered in one morpheme, usually we only find one but not both.
The ones holding a grammatical meaning can be called grammatical
morphemes.
Affixes with a grammatical meaning like heart(s), affixes with a sense
meaning like heart(less). Grammatical meanings connect sense to grammatical
concepts (number, gender and tense).
Like we mentioned before morphological processes are made of subfields
and each one has a method of forming new words which leads us to this
definition: Word formation is the linguistic branch that studies the patterns on
which a language forms new lexical units80
Word formation is that branch of morphology which deals with
relations between a complex lexeme and a simple(r) lexeme.81, so it is a
process, a linguistic one that exists in all the living languages, and deals with
several methods to create new words within these languages. Also related to,
not only the rules of creating new words, but the relation that connects them
one another as well.
After many efforts from the interested linguists in the classification of
word formation fields like Valerie Adams in 1973, we are able to distinguish
two fields established by Hans Marchand who is considered to be the father of 46
the modern word formation theory in 1960.
MARCHAND, Hans, The Categories and Types of Present-day English: Word-formation, Second
Edition, C.H. Beck, Munich, 1969, Page 30
81
MATHEWS, Peter, Op.cit., page 37.
80
Chapter One
The first includes compounding, affixation and derivation, while the

second is composed of blending, clipping and word manufacturing. 82
3.3. English Term Formation
There are numerous processes of term formation in the English language,
briefly explained inexhaustibly:
Acronyms in English are formed by gathering the initial letters of
words and creating a new word out of it. The acronym is also pronounced as a
single word like NASA, this word-formation is considered as abbreviation. The
status of acronyms is explained as follows: some acronyms remain essentially
alphabetized such as CD (Compact Disk) or VCR (Video Cassette Recorder)
where the pronunciation consists of the set of letters. Typically, acronyms are
pronounced as single words, as in NATO, UNSCO, these examples have kept
their capital letters, but many acronyms lose their capitals to become everyday
terms such as laser (light amplification by stimulated emission of radiation).83
Affixation in English is a sort of derivation, a process of forming words
by adding affixes to the morpheme (root, stem or base or what is left of the word
after removing all affixes) to create a new form of word like: formed: (form)
plus (ed), Walker: walk plus (er). It includes both prefixation and suffixation,
and infixation.
Prefixes add another meaning to a word, it is placed in the initial of the
47
root. This morpheme has many forms according to its function:
82
Id., page2.
YULE, George, The Study of Language, Cambridge University Press, Cambridge, United Kingdom,
1997, page 68.
83
Chapter One
Reversative: unfinished, nonsense, dislike, illogical.

Pejorative: misunderstanding, maltreat.
Degree or size: superable, underactive, outrage.
Attitude: antiacid, coexist, counterattack.
Locative: transmigration, intercellular.
Time and order: prehistoric, postdoctoral, restart.
Number: Di, Bi, Mono, Uni, Tri.
Conversion: becharm, enable.84
Suffixes are attached to the end of morphemes like sadness: sad -plus-
ness.
Infixation: is related to the internal structure of the stem, it is placed within
the morpheme. that notwithstanding, it is appropriate to cite that this sub-type
of affixation is not very used in English.
Alternation: also called modification is a morphological process that
changes the vowels or the entire form of a word.
Backformation: is the reduction type, which forms words in English by
changing the function of a word from a noun to a verb.
Blending: a creative process and a very common one in English, actually
the combination of two separate forms to produce a single new term is the
QUIRK, Randolph, A University Grammar of English, Pearson Education, International, 2007, page
442.
84
48
Chapter One
process called blending85 like brunch: breakfast-plus-fast or motel: motorplus-hotel. And the words created are called blends.
Borrowing is a very used linguistic process in all the living languages by
taking a word from a language and using it in another language, the borrowed
words are very accepted and easily incorporated in the vocabulary of the
language and as a consequence, increases it. English language has many
borrowed words from pretty much all continents. We mention for example:
alcohol (Arabic), pizza (Italian), souvenir (French).
Clipping is a shortening process applied on a word by reducing its form,
which is a sort of an abbreviation. Most speakers dont find pronouncing the
whole word necessary to understand its meaning. thats why this method is
widely used and spread among societies who rarely say mathematics but math,
which keep giving this process a greater importance every day.
Coining is one of the least common processes of word formation in
English that is, the invention of totally new words86
Compounding in English is the most common, widely used process in
technical languages, the combination of two free forms or words that have an
otherwise independent existence.87 In other words, its gathering two words or
more to form a new one, which is called a compound.
49
85
86
YULE, George, Op.cit., page 66.

YULE, George, Op.cit., page 64.
87
ADAMS, Valerie, Introduction to Modern English Word-formation, Longman, London, 1979, page 30.
Chapter One
3.4. Arabic Terms Formation:

The formation of Arabic terms accommodates three major procedures,
the ancient Arabs used them from what is called ignorance era "" ,
they create terms to either Arabize the intruder terms coming from Persians,
Romans and Indians. These three procedures are:
Derivation ) (which is defined in Arabic to be the process of

coining a word from another in accordance with the morphology rules88, we
add letters to verbs to create nouns, and so forth. Hence, the semantic field of
Arabic language had enlarged and enhanced, derived words have in common
with the original word the root and the sound, but differentiate in the form and
the meaning89.
Derivation of Arabic words was the subject of research and writing
since the second century AH, ) (Al-Asmaai amongst other, wrote about
this linguistic matter in his book entitled " " Derivation of Nouns
Derivation is also used in the Arabization process i.e. instead of
borrowed terms transliterated from other languages. Linguists choose to derive
Arabic terms from Arabic roots to substitute these intruder terms; for
instance, Arabic speakers are so familiar with the word )(, being borrowed
from the word Facsimile, despite of the existing of an Arabic equivalent,
) (derived from the verb )(, which means to make a copy. However, 50
this term does not entirely designate the initial function of the machine, which
is according to the Oxford Dictionary of New Words allowing documents to
be scanned, digitized, and transmitted to a remote destination using the
. 489 " " 88
.6 2014 " " 89
Chapter One
telephone network90. Although other Arabized terms are semantically and

linguistically adequate to the concept they refer to, they were not minted in the
convenient time, for that the intruder terms have already been popular and
widely used.
Transfer of terms from a general ordinary meaning to another on a
metaphorical basis )( , which means giving a new concept a term that
has a natural meaning provided that these two semantic fields cross in a given
point, the first meaning is literal while the second is metaphorical. As for the
word glory in Arabic )(, which literally refers to an animal eating to the
brim, then it was metaphorically used to refer to the action of getting full
nobility and generosity91.
This transfer affected many terms after Islam, several general words
have taken another meaning in a religious lexicon, such as Pilgrimage )(
hypocrite )(, Alms )(.
Revival is another way to create terms, alongside with being very
efficient, this method is deemed in favor of Arabic language. It consists on
reusing the old unused and neglected Arabic words as equivalents of new terms,
in other words, according them new meanings.
Understanding the structure of terms sharpens the ability for a learner
of a new language, or a translator of an unfamiliar language of specialization,
to decode, especially with a mastery of affixes, the meaning that a word
conceals .For instance, the prefix anti-, once it is known that this prefix means 51
against, you can approach the meaning of the term starting with it.
90
Oxford Dictionary of New Words, Oxford University Press, 1998, page 276.
.11 2014 " " 91
Chapter Two
In light of the conclusions construed in Chapter One on
translation procedures and strategies, especially regarding equivalence
and non-equivalence cases relating to terms of an economic context, we
will analyze a list of terms and expressions that intrigued us due to their
nature and degree of complexity.
The intent of this chapter is not to provide criticism of the
quality of translation; it is rather an analysis of ways of translating
technical and general terms (used in economics) in economic texts.
The suggested terms herein written under the column Our
Translation are mere suggestions that we think fit better the given
terms, they might either be erroneous or right, but never unerring.
We analyze each term or expression in English, referring to the
definition that the author gave for this term or expression, and the
definitions in general and specialized dictionaries. Then, we present the
translation of Rihab Salah Eddine and the definitions of the term or
expression used by the translator in Arabic and bilingual general
dictionaries and specialized bi- and multilingual dictionaries.
We referred to a set of various dictionaries, including The
American Heritage Dictionary of English Language, A&C Dictionary
of Economics, Wortabets Bilingual Dictionary Arabic-English and
MIT Dictionary of Economics. Regarding Arabic general language, we
have used as reference some old dictionaries such as Lissan Al-Arab
, Mukhtar Al-Sihah , Al-Mujam Al-Wassit
, and other modern ones: Al-Raid , Mujam Al-Lugha Al-Arabia
Al-Muassira .
52
Study Corpus
The Translated Version
1. Study corpus
1.1 An Overview
Lessons for the Young Economist is an academic book
destined for students of economics. Robert P. Murphy introduces the
students to basic economics through thirty-one lessons. He provides an
introductory chapter in which he explains the basic theories and
practices of economics. He then presents the two major economic
systems of the world: capitalism and socialism, in addition to a chapter
entitled Interventionism: the mixed economy where he discusses
miscellaneous contemporary economic subjects.
Lessons for the young Economist was published in 2011 by
the Mises Institute, along with its Teachers Manuel, enclosing an
overall of four hundred pages, thirty-lessons and a glossary of new
economic terms, that the students are not acquainted with, briefly
defined and explained after each lesson.
Robert Patrick Murphy is an Economist, Professor and Scholar
at the Mises Institute, Texas Technical University, the United States92,
he is the author of many books on Economics and Climate Change,
including but not limited to Chaos Theory 2002, The Politically
Incorrect Guide to Capitalism 2007. Besides, he coauthored several
books: The Primal Prescription in 2015 with co-author Doug
McGuff 93.
Mises Institutes website, Robert Murphys Profile Url: https://mises.org/library/robertmurphy-teaching-mises-academy, Date of Access: March, 20th, 18:16.
93
https://lara-murphy.com/about, Date of Access: March 20th, 18:01.
92
53
1.2 The Translated Version

Rihab Salah Eddine, an alumnus of the American University in
Cairo, Department of Arabic & Translation Studies. She translated
Lesson for the young Economist into Arabic, under the title of (
) , which literary means Simplified Lessons in
Economics. Rihab Salah Eddine has also translated other seven books
from English into Arabic: Machiavelli: A Very Short Introduction by
Quentin Skinner, The Globalization Paradox by Danny Roderick,
Genuis: A Very Short Introduction by Andrew Robinson, Dance of
the Happy Shades by Alice Munroetc., all of them published by
Hindawi for Culture and Education, located in Cairo. 94
2. Examples of Translated Terms & Expressions

First Example: Arbitrage Opportunity Page 106.
The expression was used in the text as follows: Strictly speaking, the
astute trader would keep his or her eyes open for an arbitrage
opportunity, even in a monetary economy.
It was defined in the end of the seventh lesson in page 110 as:
The ability to earn a sure profit when the same good sells at different
prices at the same time.
The Arabic translation of this expression is , and the
definition was translated as follows:
"" " "
Hindawi for Culture and Educations website, Rihab Salah Eddines Profile, Url:
http://www.hindawi.org/contributors/39241484/ Date of Access, March, 20th, 2016, 23:30.
94
54
Study Corpus
First Example
The term Arbitrage, according to Macmillan Dictionary of

Modern Economics, is an operation involving simultaneous purchase
and sale of an asset (e.g. a commodity or currency) in two or more
markets between which there are price differences or discrepancies. The
arbitrageur aims to profit from the price difference; the effect of his
action is to lessen or eliminate it.95
The translator used here formal equivalence to present the
meaning of the English expression in Arabic.
The translation of opportunity in this example seems to be
correct, as the Arabic word " "is the right equivalent of the English
word. Hence, our main focus in respect of this expression will be on the
adjective " "which corresponds to arbitrage.
The adjective ) (qualifying the noun ) (is derived
from the verb ) (which is the literal equivalent of the verb to
balance, defined by Mujam Al-lugha Al-Arabiya Al-Muassira
as follows:
96
". :"
Balanced different things: compared them to each other. *

Thus, we can notice here that the translator used as a metaphor
the action of balancing the difference between the various prices, which
was eventually a convenient translation. However, the use of an adjective
deriving from the intransitive form of the verb which is would
have been more accurate in rendering the whole meaning of Arbitrage;
95
Macmillan Dictionary of Modern Economics, Macmillan Press Limited, Third Edition, 1986,
London & Basingstoke, Page 18-19.
.858 2008 " " 96
* Our Translation
55
because here, the opportunity itself is fluctuating in accordance to the

difference between the various market prices.
Consequently, the suggested translation resulted from the
aforementioned observation, is seemingly more accurate.
Nonetheless, the element that spurs this opportunity to fluctuate seems
absent, which is the difference between prices, the adjective
induces the reader to think that the opportunity randomly oscillates.
Therefore, we suggest as a final term that we assume does render the
whole meaning that the expression Arbitrage Opportunity presents,
the expression , which implies the existence of a factor
causing the oscillation of the opportunity.
English Term
Ribab Salah Eddines Translation
Our Translation
Arbitrage Opportunity
Second Example: Guilds - Page 75

The term Guilds was used in the fifth lesson as follows: In
medieval times, entry into the various professions was strictly regulated
by guilds. For example, someone couldnt simply announce that he was
a better tailor or carpenter than the other workers in town, and try to
outcompete them.
The author provided a definition of this term in page 78: The
organization of occupations in the medieval period, before the capitalist
era. A person who wanted to become a blacksmith or a carpenter would
first need to be accepted by other members of the guild.
The translator opted for as an equivalent for Guilds,
then defined it as below:
. "
56
Study Corpus
Second Example
" .

The translator here used the Dynamic Equivalence to translate

the term Guilds.
Following the American Heritage Dictionary of English
Language, guild is an association of persons of the same trade or
pursuits, formed to protect mutual interests and maintain standards. b. A
similar association, as of merchants or artisans, in medieval times.97
While the Arabic equivalent used by the translator is defined in AlRaid as:
: "
98
" .
Syndicate: An association of laborers or professionals or others under
organized groups to defend their rights and common interests*
Therefore, is the general equivalent of Syndicate, defined
by American Heritage Dictionary as an association of people or firms
authorized to undertake a duty or transact specific business; An
association of people or firms formed to engage in an enterprise or
promote a common interest.
We have noticed in the definition of Guild that it is relevant to
the Middle Ages, where the main professions were of an artisanal nature
(carpenter, blacksmith) and merchants.
97
American Heritage Dictionary of English Language, Third Edition, Page 3243.

.1523 1981 " " 98
* Our Translation.
57
We consider therefore the use of the Arabic word as an

equivalent of Guilds insufficient to render the whole meaning of the
term.
The Arabic word has also another meaning in the field of
labor, where it could also be translated as union which is an
organization gathering laborers or people of the same interest99 aiming
to defend their rights and unify their claims.
We suggest a simple addition of the adjective meaning
artisanal to , in order create in the readers mind a notion alluding
to the fact that these syndicates guilds were in an ancient era and does
not currently exist, with most of the artisanal professions were in the past
and not in the contemporary era.
Unfortunately, we cannot add any term to designate the era
where these guilds took place, the word Middle Ages is translated by
'' , and the use of the adjective would create ambiguity
instead of eliminating it.
English Term
Rihab Salah Eddines Translation
Our Translation
Guilds
Third Example: Hyperinflation Page 329

The author used this term when explaining the phenomenon of inflation
in the twenty-first lesson. We quote: Throughout history, whenever
there has been significant price inflation especially hyperinflation
when prices rise at inconceivable rates, such as one million percent (or
Dictionary of Politics and Governments, Bloomsbury, Third Edition, 2004, United Kingdom,
Page 252.
99
58
Study Corpus
Third Example
more!) per year we always find that the money stock rises significantly
during the same period.
Hyperinflation is a compound term of inflation which means
a situation in which prices rise to keep up with increased production
costs, with the result that the purchasing power of money falls100 and the
prefix hyper-refers to something being excessive or above normal101.
Hyperinflation was defined in the end of the text as a very
severe inflation. There is no precise boundary between inflation and
hyperinflation, but in a hyperinflation people begin buying anything at
all in order to unload their money holdings which are losing value by the
hour.
This term was translated in Arabic by the two words ''
and was defined in page 327 of the translation as:
"
".
The translator used Dynamic Equivalence to translate Hyperinflation.
We will try to define each word of the expression )(
separately: which is the equivalent of inflation is:
:"
102
".
Monetary Inflation: excessive increase of cash flow, leading to the
increase of prices and the decline of banknotes purchase value *
100
101
Dictionary of Economics, A&C Black London, United Kingdom, 2006, Page 101.
The Oxford Essential Dictionary, Berkley, American Edition, New York, 1998, Page 287.
.1351 " " 102
59
And which is an adjective derived from the verb ,

defined in the same dictionary as below:
."103 :"
Costliness: uncontrollable and continuous rise of prices. **
We conclude that the two Arabic terms combined, adequately
render the denotation of Hyperinflation. Hence, the translator used a
congruent and correspondent expression , that fully transmit
the notion of the source combined expression.
English Term
Hyperinflation
Fourth Example: Dissaving Page 136

The term dissaving was mentioned in the tenth lesson for
describing two economic facts, when the income is higher than
consumption or the opposite. We quote: When an individual spends less
on consumption than his or her income during a certain period, the
difference becomes savings. (If saving is negative meaning the
individual consumes more than his or her income then it is called
borrowing or dissaving.)
According to the Dictionary of Economics Dissaving is the
action of a household which spends more than its income either by selling
assets or by incurring debts.104
* Our Translation.
** Our Translation.
104
Dictionary of Economics, Op.cit., Page 53.
.381 103
60
Study Corpus
Fourth Example
The translator chose the term as an equivalent of saving,

and the expression as a translation of dissaving, basing in that
on the modulation procedure. This Arabic expression could have been
the adequate translation of negative saving. However, since the author
explained the term dissaving by this expression negative saving, it is
more appropriate to use a term for the translation of dissaving.
Moreover, the expression is an oxymoron. In Arabic
language, saving, cannot be negative , it is controversial and
affects the basic meaning of which is according to Al-Mujam AlWassit:
"105. :)" (
Saving (economy): hoard an amount of the income for future
events. *
Therefore, this adjective negative cannot be used to
describe the term which has a positive meaning itself. Practically,
there cannot be a negative saving, following the definition given by the
author, it is a matter of spending more money (consumption) than ones
income.
Nonetheless, the term dissaving is the opposite of saving,
referring to the inexistence of any saving due to the amount of
consumption being higher than income.
Therefore, we have suggested in the first place to add the Arabic
word that works as the prefix (non-); meaning the inexistence of,
to ;Nonetheless, the expression does not allude anywhere
to the notion of spending more that ones income. As a consequence, we
see that the only translation that fully renders the exact meaning
.274 1998 " " 105
* Our Translation
61
expressed by the definition given to dissaving is, , due to the

mathematical notion that the term ' 'underlies, which is needed to be
expressed in the Arabic expression to translate the negative aspect of
saving that the term dissaving expresses.
English Term
Our Translation
dissaving
Fifth example: Purposeful Action Page 33

The author mentioned the expression Purposeful action
multiple times. He precisely explains it in the third lesson, page 33 as:
When we decide to interpret an event as a purposeful action, we are
necessarily supposing that there must be an intelligent individual
carrying out the action.
First, here is a review of the definition given by the author in the
glossary of the book, a purposeful action is an activity undertaken for
a conscious reason; behavior that has a goal.
The translator opted for the expression , the noun
translates the noun action, while the adjective translates the
adjective purposeful; in which she used the literal translation.
Now, we take a look at the definitions of both terms in English.
The American Heritage Dictionary of English defines action as the state
or the process of acting or doing106; and Purpose as the object toward
which one strives or for which something exists; an aim or a goal.107
106
107
The American Heritage Dictionary of English, entry: Action, Page 153.

Id., entry: Purpose, Page 5879.
62
Study Corpus
Fifth Example
Then, we review the definition of :

"108. :"
An action: an act. *
The adjective derives from the noun , stated in another
dictionary as:
"109 ][ :"
Forethought: [] doing something on purpose, with intention and
willfulness. *
The translator rendered the meaning of purposeful as if it were
a synonym of the idiom phrase on purpose which means deliberately,
intentionally, as in: He left the photo out of the story on purpose.110
Purposeful action is, on the other hand, an action with a target,
aiming to achieve an intended goal. Therefore, we suggest as a substitute
of , the adjective deriving from the verb to aim defined
as follows:
111
. :
To aim (at something): set it as a goal or an objective to attain. *

Hence, the expression that we suggest for the translation of
purposeful action is .
.695 " " 108

* Our Translation
.1550 " " 109
*Our Translation
The American Heritage Dictionary of Idioms, Houghton Mifflin, Boston, 1998, on
purpose, Page 755.
.2333 " " 111
110
63
English Term
Our Translation
Purposeful action
Sixth Example: Fiat Money Page 330

The expression fiat money was mentioned in lesson 21 entitled
inflation, which is, according to the author, money that is not backed
up by anything, and the only reason people accept it in trades is the
potential to have a purchasing value in the future.
The term fiat is an arbitrary order or decree, and means also an
authorization or sanction, derived from the Latin verb fieri (to become;
to be done) and also means let it be done.112
The translator chose the adjective to qualify the noun
(money), using in that literal translation. Firstly, we will review the
translation of in two bilingual dictionaries. Wortabets Dictionary
states:
113
"Compulsion, act of necessitating :"
The bilingual dictionary Elias Al-Assri mentions:
114
" Compulsory, Obligatory: "
Consequently, we need to compare the definitions of fiat and

compulsory, the latter is defined as obligatory and required, whilst the
first, as we see above, is not related to a compulsory order, but to a
governmental authorization.
The American Heritage dictionary of English Language, Op.cit., Page 2725.

WORTABET, William Thomson, Wortabets Dictionary Arabic-English, Fifth Edition,
Library of Lebanon, Beirut, 1984, Page 620.
112
113
1972 "- " 114

.922
64
Study Corpus
Sixth Example
The term fiat is translated in the Oxford English-Arabic

Dictionary by 115 . And the expression fiat money in AlMawrid Al-Hadith by:
116
" :"
The adjective is derived from the noun , defined

as follows in Al-Raid:
117
". :"
Decree: A written order issued by the head of state in a given matter,

endorsed thereby by the force of law *
We therefore conclude that the expression given by the bilingual
dictionary Al-Mawrid Al-Hadith is more adequate and accurate,
rendering the whole meaning presented by the English expression fiat
money.
English Term
Our Translation
Fiat Money
Seventh Example: Loan Sharking Page 315

Loan sharking is, as Robert Murphy states, The practice of
lending money at high interest rates and using illegal methods to obtain
repayment.
The translator has chosen, due to the existence of interest, the
term , which is another noun deriving from the verb [ to
grow(money)] alongside of , which is the translation of usury, to
The Oxford Dictionary English-Arabic, Oxford University Press, United Kingdom 2010,
Page 435.
115
.437 "- " 116
.1359 " " 117

* Our Translation.
65
translate the term loan; this translation procedure is called dynamic

equivalence.
118
" :"
To Grow (money): multiply and increase

The adjective that qualifies the noun loan, Sharking, is
translated by Rihab Salah Eddine as , which means, according to
Mukhtar Al-Sihah :
119
" :"
anything that exceed the limit is extravagant *
The term shark reflects a person who engages in ruthless practices,
used here for the illegal and arbitrary increase of rates incumbing the
debtor for a long period of time.
As a result, the Arabic expression adequately
translate Loan Sharking.
English Term
Loan Sharking
Eighth Example: Sin Taxes Page 305

The author explains in the beginning of the twentieth lesson the
expression Sin Taxes, mentioning that these taxes objective is to
discourage people from buying liquor and cigarettes.
This expression infers to the fact that high taxes imposed on
liquor and cigarettes are aiming to instigate customers to reduce or even
quit these nocive products.
.841 " " 118
.206 1989 "" 119
* Our Translation.
66
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Eighth Example
The translator used to a literal translation . First,

is the plural of ( tax) and is the equivalent of sin. Elias
Al-Assri and Al Mawrid Al-Hadith cite the
following equivalences:
Sin, Crime120 :
Tax: 121
We can notice that the abovementioned two elements of the
Arabic expression are suitable and fully reflect the meaning of those of
the English expression sin taxes. We, nonetheless, have another
expression to suggest, which is inspired by the definition given by the
author, Sin Taxes are high sales taxes on goods such as cigarettes and
liquor that are imposed not merely to raise revenue, but also to
encourage people to reduce their purchases of these dubious items.
These taxes encourage the customers to reduce the consumption
of these items for the negative impact they have on ones health, and to
quit them completely. Thus, the term we suggest to change in this
expression is sin, to be substituted by the nous derived from the
verb ( to quit) defined as follows:
122
" :"
To quit (something): Abandon and relinquish it. *
.21 "- "

.1206 2013 "- "
.204 " "
*Our Translation.
120
121
122
67
Hence, the expression we suggest is , translated into

English as the tax that incites us to quit smoking and drinking.
English Term
Our Translation
Sin Taxes
Ninth Example: Hazard Pay Page 311

The expression Hazard Pay is mentioned in the twentieth
lesson, defined by the author to be the higher earnings necessary to
attract workers into an industry that is more dangerous than others.
Here is the definition of Hazard according to the American
Heritage: chance of being injured or harmed; danger.123.
The translator used the expression as a translation of
this expression, choosing as an equivalent of Hazard and to
translate Pay. The translator based on a dynamic equivalent in this
translation.
The term is defined according to Lissan Al-Arab
as:
124 :
replacement (of something): substitute *
This would mean that the additional payment they make for
risky jobs is considered as a substitute and as a reimbursement for the
dangers the laborers may face.
123
The American Heritage Dictionary of English Language, Op.cit., Page 3349

370 1883 " " 124
68
Study Corpus
Tenth Example
However, we can also elucidate the translation of Hazard Pay

by adding in the Arabic expression the term ( Labor), in order to
make the meaning more fathomable implying that this relate to a
hazardous job with more risk to be reimbursed. Hence, this addition gives
us the final expression: .
English Term
Our Translation
Hazard Pay
Tenth example: Speculator - Page 209

This term was mentioned in the fourteenth lessons comes: A
speculator buys a particular stock not because of the long-run potential
growth of the corporation, but rather because he expects the share price
to rise in the near future. The speculator does not seek out sound
companies to invest in, but rather looks for underpriced stocks to turn a
quick profit.
And was delineated along the unfamiliar terms at the end of this
lesson: Speculator: A person who buys an asset (such as a corporate
stock) thinking its price will rise, or who sells an asset thinking its price
will fall.
The translator chose a Dynamic equivalent in this translation, by
choosing the Arabic word that she defined as:
( ) : "
".
69
This noun refers in the A&E Dictionary of Economics, to a

person who buys goods, shares or foreign currency in the hope that they
will rise in value and so he or she will be able to sell at a considerable
profit.125
The noun is derived from the verb which is

declared in the Mujam Al-lugha Al-Arabiya Al-Muaasira as:
126
" :"
To speculate (in the market): buying cheap goods in the hope of the
prices to increase in order to make a profit. *
Additionally, another specialized dictionary called Dictionary of
Economic and Financial Terms, the term speculator the French
equivalent speculateur and most importantly, the Arabic equivalent
.127
Since the previous definitions lead to the same result, showing
that the translation is faithful and clearly flawless. We agree that
is the most appropriate equivalent.
125
English Term
Speculator
Dictionary of Economics, Op.cit., p 190.

.1345 " " 126
.808 2001 " " 127
70
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Eleventh Example
Eleventh example: collateral - Page 183

The author referred to the term Collateral in the twelfth lesson
as follows:
A secured loan has collateral backing it up, often the object
being purchased with the loan. Typical examples include a mortgage, in
which the house (and land on which it sits) serves as collateral, or a car
loan in which the vehicle is the collateral.
Which was thoroughly defined in page 188 to be An asset that

a borrower puts up when applying for a loan. If the borrower defaults,
the lender may take possession of the collateral as compensation. (For
example, if a borrower wants money to buy a house or a car, these items
themselves can serve as the collateral, meaning that if the borrower fails
to make his or her payments on schedule, the lender can take control of
the house or car.)
The translator transferred this definition into Arabic as:
. :"
(

".)
Thus, we can conclude that the translator used a Dynamic
equivalent in the translation of this term.
71
The term Collateral originates from the Old French word

collateral, and from the Medieval Latin collateralis, literally translated
to side by side. Nowadays, the adjective collateral actually refers, in the
field of Economics, to something taken as security of a debt or a loan.
As we said above, the definition of Collateral in the American

Heritage Dictionary is: Collateral: Situated or running side by side;
parallel. Which represents the general meaning, however, when it comes
to this term in economics, it would be rather defined as:
Of, relating to, or guaranteed by a security pledge against the
performance of an obligation: a collateral loan. Or, a Property
acceptable as security for a loan or other obligation.128
Additionally, Economics MIT Dictionary mentions that
Collateral security, loosely used, it means any security (other than
personal security such as a guarantee) taken by a bank when it makes an
advance to a borrowing customer, and which it is entitled to claim in the
event of default. More strictly it denotes a non- personal security put up
by a third party, i.e. not the borrower, and which offers certain legal
advantages to the bank in case of default.129
72
Trying to translate the expression security pledge we combined two
terms to get the Arabic expression following the translation
given in the Trilingual Dictionary of Financial and Economic Terms.130
American Heritage Dictionary of English Language, Op.cit., Page 1541.
PEARCE, David, The MIT Dictionary of Modern Economics, MIT Press, Massachusetts,
Fourth Edition, 1992, Page 67.
.355 " " 130
128
129
Study Corpus
Eleventh Example
According to Mujam Al-lugha Al-Arabiya Al-Muaasira, where

we find the verb defined:
131
". :"
to Pledge (something): keeping it to guarantee the restitution of a debt.

*
132
." :"
The pledged thing: a thing under a gage as a guarantee. *

Taking into account the several previous definitions and
arguments, we recommend the equivalent instead of just ,
because we think it transmit the meanings of the term collateral in an
understandable and unambiguous way, in which it could be knowable
from larger number of people.
English Term
Collateral
Our Translation
Twelfth example: default- Page 181

The author mentioned the term default in the twelfth lesson
entitled "Interests, credit and debt" as follows: The problem is that the
individual saver doesnt really know the couple very well, and even if the
couple is hard- working and sincere, a job layoff or medical condition
could make them default on the loan.
. 951 " " 131

. 132
* Our Translation.
73
Defined later in page 181 as:

Default: A situation when a borrower stops making repayments on a
loan.
The word was chosen to be its Arabic equivalent and the
definition was translated as:
. :
According to the American Heritage Dictionary of English
Language, the noun default is defined as follows:
Default Failure to perform a task or fulfill an obligation,
especially failure to meet a financial obligation: in default on a loan.133
As mentioned in the Dictionary of Economics as well: Default
A failure to carry out the terms of a contract, especially failure to pay
back a debt. While the verb means: to fail to carry out the terms of a
contract, especially to pay back a debt. 134
On the other hand, the translator had chosen a Dynamic
equivalent for the term default the Arabic noun , formed from the verb
was found in the 1456 from Mujam Al-lugha Al-Arabiya Al-Muaasira
as:
135
. :
Tripped: tumbled, stumbled, also something impeded. *
133
134

.1456 " " 135
74
Study Corpus
Thirteenth Example
In another dictionary entitled Mukhtar Al-Sihah, which provides

a definition to the noun:
136
". () :"
Stumble: a misstep, trip. *

The term default belongs to the Middle English and came from
the old French word default formed from the verb defaillir, which
means making a mistake. It also refers to words like: failure, deficiency
and lack when it concerns a matter of payment.
Indeed, it is clearly shown in the trilingual dictionary of economic
and financial terms several Arabic equivalents to the term Default:
137
"
".
Failure, non-fulfillment *
Since the term default is directly related to payments, the previous
dictionary also opted for equivalents as:
138
". "
Default in paying, default in payment *
75
.174 " " 136

.205 " " 137
. 138
*Our Translation
However, the Quran mentions in 2:280:
Translated in the Sahih International as

And if someone is in hardship, then [let there be] postponement until [a
time of] ease. But if you give [from your right as] charity, then it is better
for you, if you only knew.
The hardship stated here is related to debts, when someone
cannot pay his debts, we say in Arabic , Lissan Al-Arab defined
as :
139
".
: "
Creditor coerce the debtor to pay the debt when money is tight *
We therefore consider the following to be a more accurate
translation.
English Term
Default
Our Translation
Thirteenth Example: Debasement - Page 329

The term debasement was mentioned in the following: You
will probably not be surprised to learn that historically, government
rulers did not leave the money market alone. Instead governments
throughout the ages have systematically debased the currencymeaning
they reduced the market value of each unit of moneywhile enriching
.256 " " 139

*Our Translation
76
Study Corpus
Thirteenth Example
themselves. Where the author explained how governments make prices

rise.
The author bears the following definition at the end of the
lesson: Debasement: Government policies that weaken the money.
When coins were valued because of their precious metal content,
debasement meant melting the coins and re-minting them with baser (less
valuable) metals added to the mixture. Under fiat money, debasement
involves the rapid creation of new money, which reduces the value of a
single unit of money.
While the translation provided by Rihab Salah Eddine was:
. : "

.
".
Historically, the term debasement was derived from the verb
debase which it used to be abase in the late middle English, formed
from the French verb abaisser that translates the verb to lower. Since
our author was talking about the debasement of currency, we find it
evident to mention the following definition rendered by the Economic
MIT Dictionary:
Coinage debasement: A reduction in the quantity of the prime
metal in a full-bodied coin, without a corresponding reduction in its legal
nominal value. Debasement occurred in various ways: by clipping and
'sweating', by reduction in the fineness of the metal in new coins, and by
reduction in the actual weights of coins on recoinage. It was widely
practiced by rulers and ruled to obtain finance.140
140
PEARCE; David, The MIT Dictionary of Modern Economics, Op.cit., Page 66.
77
In other words, it is the economic technique of reducing the value

of coins by reducing its weight and mixing other cheaper metals for the
sake of producing more coins.
The American Heritage Dictionary presents the following:
Debase: To lower in character, quality, or value; degrade.141
While the Routledge Dictionary of Economics says that
debasing a currency is an action taken by a monetary authority to reduce
the value of the money it issues, e.g. by diminishing the intrinsic value
of the currency or by over-issuing banknotes. This is mainly done to
finance government expenditure and to extract a high level of
seigniorage*.142
The Arabic Dynamic equivalent given to the term Debasement was
. We can notice that the translator used a transposition
translation in Arabic to render the meaning of Debasement.
Throughout our research, we located in Mujam Al-lugha Al-Arabiya
Al-Muaasira that the verb derived from the noun is and was
defined as:
143
:"
".
To debase (something): to lower its height. *

144
:"
".

RUTHERFORD, David, Routledge Dictionary of Economics, Routledge, Second Edition,
New York & London, 2002, Page 147
141
142
*Profit made by a government by issuing currency, especially the difference between the face value of
coins and their production costs. (Oxford Dictionary)
.669 " " 143

670 144
78
Study Corpus
Thirteenth Example
To debase (a currency): to reduce in the value of exchange a given

currency *
However, the trilingual dictionary points out that the term debased
has for French equivalent the adjective dprci, and its Arabic
translation is .145
Which proves once more that our translator did the right choice
when she added the word to the expression to complete
the real economic meaning of the term debasement in a more explicit
way.
English Term
Debasement
Fourteenth Example: Maturity - Page 176

The term Maturity is mentioned by the author mentioned in the
text entitled interest as follows: By the same token, interest rates for
varying time durations or maturities allow businesses to keep track of
their books for operations that unfold over several years (not
countries).
Robert Murphy then defined the term in question as:
Maturity: The time duration of a specific loan, and the interest rate that
applies to it. (Loans and their corresponding bonds can have shorter or
longer maturities.)
79
The translator reproduces the definition in Arabic as:
( :"
".)
* Our Translation
.219 " " 145
We can notice that the translator used a Dynamic equivalent to

translate the economic term Maturity
The first meaning of Maturity that can occur to a reader is the
state or quality of being fully grown or developed. Or, the state or quality
of being mature. Notwithstanding, a specialist in finance and economics
will think of this meaning: Time at which a note or bond is due. Or,
The state of a note or bond being due. Following the American
Heritage Dictionary, stating that the term Maturity comes from Middle
English maturite, and from Old French, from Latin mataritas, from
matarus, mature. 146
Furthermore, the MIT Dictionary of Modern Economics adds
that Maturity is the date upon which the liability of the issuer of a bond
is due to be extinguished. The date for the repayment or the principal.147
Taking into consideration the precedent definitions, we noticed
that every definition of the term Maturity starting with words like: date,
terminal date or time, which might mean that the Arabic equivalent
should probably contain a word like to show that it is about time as
the title indicates.
Additionally, the Trilingual Dictionary of Financial and Economic
Terms clarifies the fact that the Arabic equivalent to the term Maturity is
but also .148
Moreover, was defined in Mujam Al-lugha Al-Arabiya AlMuasira:
146
147

PEARCE, David, The MIT Dictionary of Modern Economics, Op.cit., Page 283.
.254 " " 148
80
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Fourteenth Example
149
Debt Maturity: its due time

Thereupon, we go for the term as an equivalent to Maturity.
English Term
Debasement
Fifteenth example: Economies of Scale - Page 116

The expression economies of scale was mentioned as one of the
reasons that helps specialization in making labor more productive along
these lines: Economies of scale. This is a generalization of the first two
principles. For many operations, there are economies of scale at least
up to a certain level of output. This principle means a doubling of inputs
more than doubles the output.
Then, it was defined as follows: Economies of scale: A condition
in which output will increase more than proportionally as inputs are
increased. For example, there are economies of scale if doubling the
amount of inputs leads to a tripling in output.
Which was translated into Arabic as:
:"

" .
Therefore, it is discernible that the translator used a Dynamic
equivalent to translate this expression.
.531 " " 149
81
The Routledge Dictionary of Economics points out that

economy of scale is a reduction in long-run average cost, as a result of
an expansion in output leading to increasing returns to scale. To measure
a purely scale effect, it is necessary to make some strict assumptions:
that, as output changes, there is no change in techniques used, factor
prices are constant and the same degree of vertical integration holds as
output changes. Scale economies may arise in many aspects of a firms
operations its financing, marketing and production. An excellent
example of a scale economy is the spreading of a fixed cost over a larger
output, e.g. typesetting costs spread over an increased print run. In the
figure, there are economies of scale up to output OP but diseconomies at
higher outputs. 150
Furthermore, the American heritage dictionary explains that
economies Careful, thrifty management of resources, such as money,
materials, or labor. Or an example or result of such management; a
saving.151
A specialized dictionary adds that: economies of scale are
reductions in the average cost of a product in the long run, resulting from
an expanded level of output. The economies can be classified as internal
or external. The former arise from the expansion of the individual firm.
They may be technological, managerial, financial or risk-spreading.
External economies arise from the expansion of the industry, an increase
in whose size may make possible things like a specialist press or
specialist training, which reduce the costs of all firms in the industry.
152
RUTHERFORD, David, Routledge Economics Dictionary, Op.cit., Page 183.

152
150
151
82
Study Corpus
Fifteenth Example
However, when we tried to find the translation of each word

forming the expression we were analyzing by following the dictionary of
economic and financial terms, we ended up with:
Economies: .153
Scale: .154
And the suggested translation of the whole expression is .

But, Wortabets Dictionary, an Arabic-English, gives to the verb
, from which the noun meaning:
Wealth, affluence and abundance. 155
Therefore, and by taking in consideration the previous definitions,
we assert that the translator picked out a correct equivalent. Though, after
analyzing the definition already mentioned.
We think that substituting the word by the word , and
in order to fully render the meaning of the expression, we also suggest
adding the word , yielding by that an explanatory translation, in
order to present an unambiguous and fathomable translation.
English Term
Economies of scale
Our Translation
.261 " " 153

.254 154
155
WORTABET, William Thomson, Wortabets Bilingual Dictionary Arabic-English, Op.cit.,
Page 770
83
Sixteenth Example: Marginal Utility - Page 59.

To explain the fact that goods are valued unit by unit, the author
started by saying that one of the most important advances in economic
theory was the realization that people valued goods unit by unit, rather
than comparing entire classes of goods against each other. Using their
jargon, economists now say that people evaluate goods based on
Marginal Utility.
The expression Marginal Utility was later on defined as:
Marginal utility: A technical economics term referring to the subjective
enjoyments of one additional unit of a good or service.
And translated as:
: "
".
Rihab Salah Eddine relied on a formal equivalent in the
translation of Marginal Utility.
According to the American Heritage Dictionary, the first meaning
of the adjective marginal is: Of, relating to, located at, or constituting a
margin, a border, or an edge.156But from an economic point of view, it
has to do with enterprises that produce goods or are capable of producing
goods at a rate that barely covers production costs. Or it is related to
commodities thus manufactured and sold. However, marginal utility in
the economic MIT dictionary has the following definition: The extra
utility obtained from an extra unit of any goods.157
156
157
American Heritage Dictionary of English Language, Page 4427.

84
Study Corpus
Sixteenth Example
The same is underlined amid the aforementioned trilingual

dictionary that accredits the expression Marginal Utility for the Arabic
expression: 158
Furthermore, Marginal utility is defined according to Routledge
Dictionary of Economics like: the amount of satisfaction obtained from
consumption of the last unit of a good or service. 159
Hence, the expression can be said to fulfill the entire
meaning and sufficiently make the expression fathomable. Also, since
the economic equivalent should be concise and simple, we have come to
the conclusion that the translator used a very adequate equivalent.
English Term
Marginal Utility
Seventeenth Example: Depreciation - Page 59.

While explaining Robinson Crusoes ways of understanding
when it comes to income, saving and investment, the author adds that after
the completion of the pole, Crusoe only consumed his net income each
day; because he invested enough of his gross income to just balance the
Depreciation of his capital good.
The term Depreciation, according to the author himself, means:
The wearing away or using up of capital goods during the course of
production.
Translated by Rihab Salah Edirne, by means of a dynamic
equivalent for Depreciation the following:
159
.477 " " 158

RUTHERFORD, David, Routledge Dictionary of Economics, Op.cit., Page 361.
85
".
:"
According to the General Economic Dictionary, Depreciation

is the decline in value of an asset measured by various accounting rules
of thumb. Under the straight-line method, the annual amount of
depreciation is equal to a fraction of the capital expenditure (the value of
an asset divided by its life). Other methods include the declining balance
approach which makes depreciation equal to a fraction of the writtendown value of the asset, and the sum of digits approach under which a
fraction of the capital expenditure declines linearly over time. True
economic depreciation, the replacement cost of physical wear and tear, is
difficult to calculate as capital markets are often imperfect. Or the fall in
value of a currency under a Floating Exchange Rate regime. 160
Following the MIT Dictionary of Modern Economic,
Depreciation is the reduction value of assets, generally arising from
wear and tear. The consumption of capital is recognized as a cost of
production and an allowance for this is made before net profit is arrived
at. Conventional accounting seeks to allocate the decline in value of the
asset over its projected economic life. Annual provisions are
conventionally calculated by one of two methods. The first is the 'straightline method' where the cost of the asset minus the residual disposal value
is divided by the number of years of its expected life to give the annual
figure. The second is the 'declining balance method' where the figure
employed is a constant proportion of the value of the asset and so an
annually diminishing amount.161
The definition furnished by the American Heritage Dictionary is:
Depreciation A decrease or loss in value, as because of age, wear, or
160
161

86
Study Corpus
Seventeenth Example
market conditions. In accounting, it is an allowance made for a loss in

value of property. Or reduction in the purchasing value of money.162
The Arabic equivalent of the term depreciation given by the
Dictionary of Economic and Financial Terms was .
This financial term is originally related to currency derived
from the verb depreciate that has for meaning the loss or the lowering of
value of goods due to use or time.
After analyzing the definition of the author and taking into
consideration the following information furnished by Mujam Al-lugha AlArabiya Al-Muaasira:
163
To depreciate(something): ruin and damage it.
If something is ruined and damaged, its value or price is surely

reduced. Thusly, we agree that the translator chose the accurate
equivalent.
English Term
Depreciate
Eighteenth Example: Delinquencies Page 182.

The twelfth lesson contains the term delinquency which was
used while explaining the way of work of banks as follows: so long as the
bank has properly estimated the credit risks of its various borrowers, the
bank will absorb the expected number of delinquencies and defaults as
part of the cost of doing business. The interest rates it charges in its
American Heritage Dictionary of English Language, Op.cit., page 2052.
162
.2358 " " 163
87
various mortgage and other loan contracts will have already reflected the
riskiness of each borrower.
And the definition the author gave was: Delinquencies: Cases
where borrowers are not in good standing with the lender (such as a
bank), because they have not been keeping up with their required
payments.
Translated into Arabic, by using transposition to translate the
term Delinquiencies, as follows:
( ):"
.
The American Heritage Dictionary gave several definitions to
the term delinquency as: Delinquencies:
1. Juvenile delinquency.
2. Failure to do what law or duty requires.
3. An offense or a misdemeanor; a misdeed.
4. A debt or other financial obligation on which payment is overdue.164
The term delinquency was first used in the middle of the 17th
century, from the Latin delinquent that has for meaning the nonpayment of a debt in due time; which can be translated in Arabic as:
*
Therefore, we empirically draw the conclusion that the expression
given by the translator matches the term Delinquencies perfectly.
English Term
Delinquencies

* Our Translation
164
88
Study Corpus
Nineteenth Example
Nineteenth Example: Spread- Page 181.

The term spread was mentioned in the twelfth lesson:
successful bank is able to earn enough money on the spread (the
difference between the interest rate it charges borrowers and the interest
rate it pays to depositors) in order to pay its staff and other expenses, as
well as provide an income to the entrepreneur(s) running the bank.
Then defined in page 187: Spread: The difference between the
interest rate that a credit intermediary (such as a bank) earns from its
borrowers, compared to the interest rate it pays to its lenders or
depositors...
The translator used a dynamic equivalent to convey the meaning
into Arabic, and translated the definition as:
) ) :"
.

".
The term spread simply indicates the difference between the
buying and selling price. And more precisely the profits percentage.
Thats what the American heritage dictionary intended to explain by the
following definition A position taken in two or more options or futures
contracts in order to profit from a change in their relative prices. Or the
difference between the price asked and bid for a particular security, this
financial term is from the Middle English spreden, from Old English
sproedan.165
From an economic point of view, spreading is the price
arbitrage over time often practiced in commodity markets. It involves the
165
89
purchase of a contract in one delivery month and the selling of a contract

for a related commodity in a different delivery month. In option markets,
spreading is buying a call option at one striking price and selling it at
another.166
Following The Dictionary of Economic and Financial Terms,
the term spread has as an equivalent the noun 167 and the exact
translation of would be margin of profit, which is different
from the word spread (the difference between prices, more precisely,
between returns and costs).
Therefore, and after analyzing the previous definitions, we see
that spread would be translated by the expression as the closest
equivalent delivering the complete meaning in a more convenient way.
However, the expression translates into English as
Rate of Interest which is used for the interest that a debtor should pay as
interest of a loan; in order to make the economic student distinguish Rate
of Interest and Spread, we would use an explanatory translation for
Spread, and add in virtue of that the noun of which the spread is consisted:
gain , for that the difference in Arabic between ( interest of
a loan) and ( gain made out of sale) is the key to distinguish
Interest and Spread.
Also, we see that is more used to designate the notion
presented in the definitions above than . Therefore, we think that
our final suggestion for an Arabic equivalent of Spread would be
.
English Term
Spread
166
Our Translation
RUTHERFORD, David; Routledge Dictionary of Economics, Op.cit., Page 541.

.234 " " 167
90
Study Corpus
Twentieth Example
Twentieth Example: Credit Intermediary Page 181

Robert Murphy tackled in the fourteenth lesson, while explaining
the various monetary transactions, revealing that borrowers might use a
credit intermediary such as banks.
The author defined Credit Intermediary to be a person or
organization that is the middleman between lenders and borrowers.
Rihab Salah Eddine translated it into Arabic by using the
Dynamic equivalent: " " and translated the definition as:
." :"
Al-Mujam Al-Wassit defines which is here the equivalent of
Intermediary as:
168
" :"
Intermediate: a person who mediate between buyers or contractors *
The second part of this expression credit translated by which is
an adjective derived from the noun defined by economists in modern
economics to be:
"
169
".
when the creditor accords the debtor a period of time by the
end of which the debtor engages to reimburse the debt value, this investing
formula is adopted by all types of banks. *
.1031 "" 168
*Our Translation
" " 169
.194 2006 3 28
*Our Translation
91
Credit is defined in the Dictionary of Economics as: Credit is

the period of time a customer is allowed before he or she has to pay a
debt incurred for goods or services.170
Moreover, it was stated by various bilingual English-Arabic
dictionaries as equivalents, as for Al-Mawrid Al-Hadith stating:
Credit: 171
Therefore, it can be said that the expression used to translate
Credit Intermediary suggested by Rihab Salah Eddine " " is
very adequate and provides the intended meaning of the English
expression in question.
English term
Credit Intermediary
Twenty First Example: Budget Deficit - Page 20

The second lesson used only the term deficit while explaining
how to develop Economic Principle, we quote: One group of economiststhe Keynesians-believe that the Great Depression was caused by a
collapse in aggregate demand, and that President Herbert Hoover and
then Franklin D. Roosevelt should have pushed through massive
government deficits-spending borrowed money-to counteract the slump.
Then, Robert Murphy defined the whole expression Budget
Deficit in page 28:
170

.289 " " 171
92
Study Corpus
Twenty First Example
Budget deficit: The amount the government must borrow when it spends
more than it collects in taxes and other sources of revenue.
The translator used the expression "" as a dynamic
equivalent to translate the expression in question, defining it as follows:
: "
".
According to the Dictionary of Economics, the term budget
refers to a plan of expected spending and income (usually for one year).
In general, the term refers to the annual plan of taxes and government
spending proposed by a finance minister and the expression budget deficit
has for meaning: the deficit in a countrys planned budget, where income
from taxation will not be sufficient to pay for the governments
expenditure. It has to be financed by borrowing.172
Following the MIT Dictionary of Modern Economics, the budget
deficit is current expenditures in excess of current income. Most
frequently used to describe the situation where government income, Tax
receipts, fails to cover Government Expenditure.173
It is basically about the amount of expenditures that exceeds the
amount of incomes.
The term that can have for equivalent the noun balancing is
derived from the verb Which was defined in Mujam Al-lugha AlArabiya Al-Muasira as follows:
172
173

93
174
. :"
To balance two things: to equalize, to equilibrate. *

Which mentions as well that:
:"
175
".
Budget deficit: an unexpected shortage of revenues, the predetermined
amount of expenditures exceeds the predetermined amount of incomes.
The Dictionary of Economic and Financial Terms assigned the
the Arabic equivalent to the expression budget deficit176,
and the expression equilibrium of budget was translated into:
177
" . /"
This confirms that the more definite translation of budget is

eventually the term .
English term
Our Translation
Budget deficit
Twenty Second Example: Monetary Inflation- Page 325.

The twenty first lesson entitled inflation, and while trying to
distinguish between the meaning of money inflation and price inflation;
the author used the expression monetary inflation as follows: historically,
.2432 " " 174
.2434 175
.94 " " 176
.93 177
* Our Translation
94
Study Corpus
Twenty Second Example
the term inflation referred to an increase in the amount of money in the

economy. However, over the course of the 20th century the term gradually
came to signify the general increase in prices of goods and services in the
economy. To avoid confusion, in this chapter we will use the more specific
terms monetary inflation and price inflation
The author defined it in page 342: Monetary inflation: An
expansion in the total amount of money in the economy.
The translator opted out for a formal equivalent ,
which she defined it as:
". : "
Following the American heritage dictionary, we tried to give the
definition of each word separately to make it more simple and fathomable:
Monetary: relating to money or relating to a nations currency or
coinage. 178
Inflation: The act of inflating or the state of being inflated. Or a
persistent increase in the level of consumer prices or a persistent decline
in the purchasing power of money, caused by an increase in available
currency and credit beyond the proportion of available goods and
services. 179
According to the Routledge Dictionary of Economics,
Monetary Inflation is inflation brought about by an increase in the
Money Supply.180

180
178
179
95
Taking the Mujam Al-Lugha Al-Arabia Al-Muassira for

reference, we found that The expression has for definition:
:"
181
".
Monetary Inflation: excessive increase of cash flow, leading to the
increase of prices and the decline of banknotes purchase value *
The Dictionary of Economic and Financial Terms provided for the
expression monetary inflation the Arabic expression182
therefore, we agree that the translator used an accurate equivalent.
English term
Monetary inflation
96
.1351 " " 181

. 397 " " 182
*Our Translation
GLOSSARY
Our Translation
English Terms
Arbitrage Opportunity
Guilds
Hyperinflation
Dissaving
Purposeful Action
Fiat Money
Loan Sharking
Sin Taxes
Hazard Pay
Speculator
Collateral
Default
Debasement
Maturity
Economies of Scales
Marginal Utility
Depreciation
Delinquencies
Spread
Credit Intermediary
Budget Deficit
Monetary Inflation
97
CONCLUSION
This research was based primarily on economic translation from
English into Arabic, specialized translation and terminology in general.
We have shown that English is undisputedly the language of
Economics, from which most of works are translated, and Arabic is struggling
with the contemporary shortage of pure Arabic terms allowing it the self-reliance,
in addition to reasons behind which this issue persists.
In addition to revealing the nature of specialized terminology, we also
have shown the type of economic terms and their main characteristics, and the
hurdles that an economic translator will face during his career. These hurdles are
usually common to other domains translation.
Moreover, we have mentioned the main issues that relate to EnglishArabic translation especially with regards to technical terminology, and the ways
translator and terminologists overcome this deficiency such as the transliteration
and Arabization of foreign words.
We also have spoken about the case of non-equivalence, what should
a translator do when he cannot find any equivalent in the target language, among
which the translation by a general term is prevalent in the economic translation.
We stated several procedures and strategies of translation that allow to
overstep the difficulties presented by the linguistic difference between languages,
peculiarly when the cultural disparity is considerable.
98
Our works problematic is to determine whether the economy of a

country can reflect in any aspect its language(s) in the economic terminology,
since most of the Arab countries economy are not among the top ten in the field
of industry and goods exportation -Besides oil- and the lack of efforts to either
establish projects aiming to enrich their economy and to achieve the selfsufficiency, or to mark the world markets with their products; this might be the
reason Arabic Language can poorly contribute in the making of new terms or
notions in economics, likewise in most other fields, especially of a technical
nature.
Also, to see whether a translator should have deep knowledge about
the domain he is translating in, i.e. it is almost mandatory for a translator to have
a background in law or economy to be a translator of his specialization.
We can positively respond to both hypotheses presented by this
problematic. For that the economic situation, although this is not proved yet,
does reflect the economic local language, the same applies for any other domain
and its related jargons, otherwise, how would anyone explain the dominance of
the West in both concepts and terms of technical, judicial and economic lexicon,
at a very rate that other languages just integrate these terms in their languages
without hesitations.
In response to the first hypothesis, we can argue it by estimating a
translator experience and education, if it is vowed in the domain in question, this
will be the sought background.
We would like to say that this is a humble work made by beginner
researchers in the wide ocean of translational knowledge, open for suggestion
and criticism.
99

.
..

.

.

.

100
..
: ..
Rsum
Cette tude a pour objectif de mettre le point sur la traduction
conomique faisant partie de la traduction spcialise. Nous avons trait
plusieurs points ayant une relation avec notre thme de recherche. Nous avons
dissert la langue commune et la langue spcialise et leurs points de
convergence et de divergences et les proprits spcifiques chacune.
Ensuite, on a tudi le cas des langues dobjet spcifiques et leur
apprentissage ; on a aussi montr la diffrence entre lAnglais des Affaires et
lAnglais conomique et leurs similarits.
Nous avons aussi trait la traduction gnrale et la traduction
spcialise en montrant la diffrence et leurs les points communs.
En outre, nous avons galement abord lconomie, la langue
conomique et la nature des termes et expressions utilises dans ce domaine, puis
la traduction concernant ce domaine notamment les difficults qui entoure ce
genre de traduction technique.
Nous avons galement mentionn les diffrentes procdures et
techniques de traduction, et lquivalence et la non-quivalence concernant la
traduction des termes.
De plus, nous avons prsent le processus et les diffrentes mthodes
de former de nouveaux termes dans la langue anglaise et la langue arabe.
Dans le volet pratique, nous avons analys un chantillon de termes et
expressions, tirs depuis notre corpus intitule des leons en conomie pour les
dbutants en analysant leurs traductions conues par Rihab Salah Eddine, puis
on suggre notre traduction si nous trouvons un meilleur substituant.
Mots-cls : Langue gnrale, langue spcialise, traduction spcialise,
traduction conomique, terminologie.
101
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. " "
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104
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.1998 " "
2008 " "
"- "
.1972
.1981 " "
.1989 " "
.1883 " "
.2001 " "
105

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