bentley40 - Bentley Ch. 40 After the collapse of communism,...

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Bentley Ch. 40 After the collapse of communism, the world became more of a global community. International trade and free trade also influenced globalization. The General Agreement on Tariffs and Trade and the World Trade Organization were established to promote and regulate trade. Companies expanded to other countries (becoming multinationals), which is positive for the companies because they can earn more profits by outsourcing but negative to the United States because they add fewer taxes to welfare programs. Japan needed some economic help, so the United States gave them financial aid and no restrictions on Japanese exports to the United States. Japan became very involved in technology and became a competitor with the United States for the largest economy. Economic growth happened in other parts of Asia as well, with the “little tigers” of Hong Kong, Singapore, South Korea, and Taiwan. China also established a stronger economy with economic reforms. Europe’s economy prospered as well, especially with the Treaty
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bentley40 - Bentley Ch. 40 After the collapse of communism,...

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