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WHAT IS GLOBALIZATION Globalization is the term that best captures the profound transformation of the world economy since the beginning of the 1980s. It refers primarily to the progressive elimination of barriers to trade and investment and unprecedented international mobility of capital. Governments around the world are adjusting their economic policies to face the new realities of integration into the new global market economy, trade liberalization and free trade. Globalization also refers to the rapidly improved communications systems (information and transportation) which have served to reduce distances between different countries and regions, bringing not only a greater exchange of goods and services but more exchanges between people and information from different countries. Globalization has given rise to a number of interrelated concerns with respect to its social repercussions. These include its impact on employment, the distribution of income, and the role of labour standards. Globalization has also generated considerable excitement...

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