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Globalization

A Winning Formula with Too Many Losers?
Reference work entry

The attractions of globalization have worn thin. Why should this be so? When it first came into popular currency, globalization was tied to the breaking down of trade barriers and the spread of democracy, thoroughly good things by all accounts since free trade boosts prosperity while democracy promotes individual choice, the antidote to oppression and exploitation. In the closing years of the twentieth century the success stories of globalization were all around us, from the collapse of the centralized economies of Eastern Europe to the entry of India and China into the world market. Over the past two decades of globalization, the proportion of the world’s population in absolute poverty has dropped from 30% to 20%.1

And yet. The sheer pace of globalization has aroused hostility and not just from those who fear change of any sort. Unemployment, particularly amongst the unskilled in developed economies, has been blamed on the outsourcing of jobs to countries where labour is cheap. The...

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