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Unformatted text preview: o companies become clients of each other opposed to only competitors Lag time between globalization of private enterprise and domestic policies that regulate it o Formation of the European Union its global impact o common currency o everyone benefits o standards of living rise Page 2 of 2 o war between these member nations is highly unlikely Positive and negative consequences of global economic development: Positive Negative encourages exchange of info and tech. when this info is available to all, terrorists can access it as well millions of citizens have been lifted out of poverty-new middle class not all countries are benefiting from this rich getting richer faster than the poor are lifted out of poverty rampant corruption Longstanding criticism of globalization globalization takes jobs away from the home child workers sweatshops...
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