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Submitted by Smith Baker on

Although people still identify with their local communities and national governments, many increasingly see themselves as part of a global society. However, globalisation does not affect all regions in the same way. Individuals and corporations in industrialized countries tend to benefit more than those in developing countries do. Goods and services now move more freely among countries than ever before. Ongoing declines in the cost of long-distance communication and transportation and in national restrictions on international trade and investment have allowed world economies around the world to become increasingly integrated, thereby enhancing productivity growth and expanding consumer choices. In parts of the developing world and especially in East Asia, globalisation has been accompanied by an increase in living standard hardly imagined just a generation ago. At the same time, globalisation has also become the focus of widespread controversy. In particular, concerns about adverse consequences for income distribution have fuelled policy initiatives that threaten to turn back the clock.
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