Changing a Countryã¢â‚¬â„¢s Technological Environment Can Change Its Economy.
What Is Globalization?
And How Has the Global Economic system Shaped the United States?
After centuries of technological progress and advances in international cooperation, the world is more continued than ever. Only how much has the rise of trade and the mod global economy helped or injure American businesses, workers, and consumers? Here is a bones guide to the economic side of this broad and much debated topic, drawn from current inquiry.
Globalization is the word used to describe the growing interdependence of the world's economies, cultures, and populations, brought almost by cross-border merchandise in goods and services, engineering, and flows of investment, people, and information. Countries take built economic partnerships to facilitate these movements over many centuries. Merely the term gained popularity after the Cold State of war in the early 1990s, as these cooperative arrangements shaped modern everyday life. This guide uses the term more than narrowly to refer to international merchandise and some of the investment flows amongst advanced economies, mostly focusing on the U.s..
The wide-ranging effects of globalization are complex and politically charged. Equally with major technological advances, globalization benefits society every bit a whole, while harming certain groups. Understanding the relative costs and benefits can pave the way for alleviating bug while sustaining the wider payoffs.
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Today, Americans rely on the global economy for many of the things they buy and sell, and to aggrandize their businesses and make investments. Many products and services have become affordable to the boilerplate American through the coordination of production across countries.
Today, Americans rely on the global economy for many of the things they purchase and sell, and to aggrandize their businesses and brand investments. Many products and services have become affordable to the average American through the coordination of production across countries.
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THE HISTORY OF GLOBALIZATION IS DRIVEN By Technology, TRANSPORTATION, AND INTERNATIONAL COOPERATION
Since aboriginal times, humans have sought distant places to settle, produce, and exchange goods enabled by improvements in technology and transportation. Just not until the 19th century did global integration take off. Following centuries of European colonization and trade activity, that first "wave" of globalization was propelled past steamships, railroads, the telegraph, and other breakthroughs, and also by increasing economic cooperation amid countries. The globalization tendency eventually waned and crashed in the catastrophe of Globe War I, followed past postwar protectionism, the Great Depression, and Earth War II. Later World State of war II in the mid-1940s, the Usa led efforts to revive international trade and investment under negotiated ground rules, starting a 2d wave of globalization, which remains ongoing, though buffeted by periodic downturns and mounting political scrutiny.
GLOBALIZATION IN CHARTS
Foreign direct investment (FDI) involves establishing ownership or decision-making involvement of a business in some other country.
Foreign direct investment (FDI) involves establishing ownership or decision-making interest of a concern in some other country.
China, India, and Brazil dropped their rates to enter the World Trade Organization (WTO).
China, India, and Brazil dropped their rates to enter the Earth Trade Organization (WTO).
Global supply chains are product networks that assemble products using parts from around the earth (known asintermediate goods). Today, lxxx pct of globe trade is driven past supply chains run by multinational corporations. Trade in intermediate goods is now nearly twice equally large as trade in final appurtenances and is particularly of import in advanced manufacturing, like autos.
Global supply chains are product networks that assemble products using parts from around the world (known asintermediate goods). Today, 80 per centum of world merchandise is driven by supply chains run past multinational corporations. Trade in intermediate goods is now virtually twice every bit large as trade in final goods and is especially important in advanced manufacturing, like autos.
The surplus in services suggests the competitive strength of US services in the global market. The United states of america had an overall trade deficit of $447 billion in 2017, co-ordinate to the US International Merchandise Committee, every bit a result of Americans spending more than they earn and financing the departure with foreign credit. For more, watch the video, "Is the The states Merchandise Deficit a Problem?"
The surplus in services suggests the competitive strength of US services in the global market. The Usa had an overall trade deficit of $447 billion in 2017, according to the US International Trade Commission, as a result of Americans spending more than they earn and financing the divergence with strange credit. For more, sentinel the video, "Is the United states Trade Deficit a Trouble?"
FAQ: What has been the role of international financial flows?
Separate from trade in goods and services, global fiscal integration is a much-debated but of import topic. Hither is a quick summary.
Many countries have large international financial flows or investments, consisting of assets and liabilities. These include FDI, securities (which are bought and sold), and debts. They are mostly held by or owed to firms, banks and other financial institutions, or governments. This chart shows how yearly US transactions grew over time as the global economy and financial system became increasingly integrated but dropped dramatically during the global financial crisis of 2008–09. (Total Usa strange assets in 2022 were $26 trillion, equal to 140 per centum of Us GDP. Full US liabilities to foreigners were $34 trillion in 2016, or 185 percent of GDP.)
This chart shows how FDI has grown steadily while the growth of portfolio holdings (foreign disinterestedness or foreign debt) and "other" avails (which are largely equanimous of depository financial institution loans) has been more volatile. Reserves are international assets held by the US government.
This chart shows the collapse of financial inflows to South Korea during two periods, the 1997–98 Asian financial crisis and the global financial crisis of 2008–09, especially in "other liabilities" like banking company loans. Korea was hit in 2008–09 even though the epicenter of the crunch was in the United States and Europe.
"I saw that y'all could non separate the thought of commerce from the idea of war and peace. ... [and] that wars were oft largely acquired past economic rivalry conducted unfairly. ...I embraced the philosophy that…unhampered merchandise dovetailed with peace; loftier tariffs, trade barriers, and unfair economical competition, with war. ...[I]f we could go a freer flow of trade—freer in the sense of fewer discriminations and obstructions—so that ane country would not exist deadly jealous of another and the living standards of all countries might rising, thereby eliminating the economic dissatisfaction that breeds war, we might have a reasonable chance for lasting peace."
Cordell Hull, Secretarial assistant of State nether
President Franklin D. Roosevelt, written in his memoirs in 1948
GLOBALIZATION AS A TOOL FOR PROSPERITY AND PEACE
After Globe War Two, the U.s. helped build a global economic gild governed past mutually accustomed rules and overseen by multilateral institutions. The idea was to create a better earth with countries seeking to cooperate with one another to promote prosperity and peace. Free trade and the rule of law were mainstays of the system, helping to prevent most economic disputes from escalating into larger conflicts. The institutions established include:
EFFECTS OF GLOBALIZATION
More than Goods AT LOWER PRICES
Globalization encourages each country to specialize in what it produces best using the least amount of resources, known as comparative advantage. This concept makes production more efficient, promotes economic growth, and lowers prices of goods and services, making them more affordable especially for lower-income households.
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SCALED UP BUSINESSES
Larger markets enable companies to reach more customers and go a higher render on the fixed costs of doing business concern, like building factories or conducting inquiry. Applied science firms have taken special advantage of their innovations this fashion.
Ameliorate QUALITY AND VARIETY
Competition from abroad drives US firms to meliorate their products. Consumers have better products and more choices equally a effect.
INNOVATION
Expanded trade spurs the spread of technology, innovation, and the advice of ideas. The best ideas from market leaders spread more easily.
JOB CHURN
Globalization supports new job opportunities but likewise contributes to job deportation. It does not significantly change the full number of positions in the economy, as job numbers are primarily driven past business concern cycles and Federal Reserve and fiscal policies. Nevertheless, a Peterson Institute study finds 156,250 United states of america manufacturing jobs were lost on cyberspace each year between 2001 and 2022 from expanded trade in manufactured goods, which represents less than 1 percent of the workers laid off in a typical year.ane Low-wage workers in sure regions are most affected. Many of them besides face lower earnings or accept dropped out of the workforce. Bigger factors than merchandise that bulldoze task displacements are labor-saving technologies, like automated machines and bogus intelligence. Improve-paying positions have opened upward in manufactured exports—especially in high-tech areas, such as computers, chemicals, and transportation equipment—and other loftier-skill piece of work, notably in business organization services, such as finance and real estate (come across Jobs department).
Pass up IN INEQUALITY GLOBALLY, Merely WIDER WITHIN UNITED STATES
Globalization has helped narrow inequality between the poorest and richest people in the world, with the number living in extreme poverty cut by half since 1990. But within many countries, including the Usa, inequality is rise. A consensus of scholarly work holds that globalization has contributed marginally to rising US wage inequality, putting this factor at 10 to 20 percent. A leading explanation for ascension US inequality [pdf] is that technology is reducing demand for certain depression- and eye-wage workers and increasing demand for high-skilled, higher-paid workers. Wages have also stagnated, though economists are still debating the exact causes. Countries exposed to globalization accept alleviated inequality to unlike degrees through tax and welfare systems. The Usa has done the least amidst advanced economies to mobilize regime policies to reduce inequality.
iIn 2016, xix.9 million workers [pdf] were laid off or discharged (i.eastward., involuntary separations).
GLOBALIZATION HAS DISPLACED SOME WORKERS, WHILE SUPPORTING High-SKILL JOBS
Globalization changes the types of jobs bachelor but has fiddling effect on the overall number of jobs in the ever-irresolute US labor market. That existence said, some workers have directly benefited from expanding global commerce, while others have not. Certain manufacturing and manufacture workers in specific geographic regions lost out, such as those in furniture, wearing apparel, steel, car parts, and electrical equipment industries in Tennessee, Michigan, and the mid-Atlantic states. A widely cited study [pdf] shows that between 1991 and 2007, lower-wage manufacturing workers within industries that faced import competition experienced big and lasting earnings losses, while college-wage workers in these industries did not. The lower-wage workers may accept lacked the skills and mobility to transition to other lines of work, whereas higher-wage workers relocated to companies outside manufacturing. Studies bear witness that globalization has as well macerated US worker bargaining leverage to demand higher wages.
FAQ: What has happened to American manufacturing employment?
The per centum of Us jobs in manufacturing has steadily declined since the 1940s, earlier the rise of China, NAFTA, or the WTO, mainly considering technology has made it easier to produce goods. American industrial product is at historically high levels, merely fewer people are needed to accomplish this success. Manufacturing employment share has also declined because consumers are spending a smaller percent of their incomes on manufactured appurtenances and more on services, which include housing, health care, dining out, travel, and legal services. Employment in service industries has grown from about half to 84 percent of all nonfarm, nongovernment employment.
Because Us firms oftentimes beat international competitors at supplying loftier-skill services—like technology, legal, consulting, research, management, and it—workers in these fields take benefited the most from globalization.
Business-service employment expanded more 20 percent betwixt 2006 and 2016. These jobs pay more than xx percent higher wages than the average manufacturing job.
Foreign-owned companies that do business in the United states of america have hired Americans at a faster charge per unit than Us private employers between 2007 and 2015. They also pay amend, practise more than research and development, export more than, and invest more than the average US firm. The same is true, by comparison with local averages, of US firms that invest away. I in five American manufacturing workers is now employed by a foreign-endemic company operating in the United states.
Need will likely increase for more highly-skilled manufacturing workers, in areas such equally engineering, management, finance, computer and mathematical occupations, and sales. The greatest areas of job growth now in the Us are in professional and concern services, wellness care and social assistance, and educational services. More chore preparation and education is needed to prepare workers for these jobs.
WHY SUPPORT GLOBALIZATION IF IT DISPLACES JOBS?
Economists wait at the furnishings of globalization across the entire economy to counterbalance the pros vs. cons. Since the overall payoff is so much greater than the costs to private workers or groups who accept lost out, well-nigh all economists support having an open up global market versus closing it off (encounter example).
Annotation: Merchandise expansion refers to the effects acquired by additional manufactured imports and exports.Source: Gary Clyde Hufbauer and Zhiyao (Lucy) Lu, The Payoff to America from Globalization: A Fresh Look with a Focus on Costs to Workers. For chart sources, see Effigy 3 in Policy Brief. Total manufacturing task separations from Job Openings and Labor Turnover Survey, Bureau of Labor Statistics.
Note: Trade expansion refers to the effects caused past additional manufactured imports and exports.Source: Gary Clyde Hufbauer and Zhiyao (Lucy) Lu, The Payoff to America from Globalization: A Fresh Look with a Focus on Costs to Workers. For chart sources, see Figure 3 in Policy Brief. Full manufacturing job separations from Chore Openings and Labor Turnover Survey, Agency of Labor Statistics.
Other common arguments:
- Globalization is similar technological progress. Both disrupt some livelihoods while enlarging the economic pie and opening up new and better-paying job opportunities. The internet, for instance, made many jobs obsolete merely too created new higher-paying jobs and industries unheard of merely a few decades agone.
- Protectionism helps select groups simply at a higher toll for everyone else. Imposing tariffs on steel, for instance, helps certain domestic steel producers, but many more than jobs depend on businesses that need some imported steel to brand appurtenances that are affordable. US consumers end up paying more for foreign appurtenances considering of the tariff and more for domestic goods because domestic producers ofttimes heighten prices in the absence of strange competition. Impairment worsens when trading partners retaliate with their own tariffs on The states exports. US agriculture is particularly vulnerable to retaliation.
Ane study shows that US tariffs on Chinese tires nether President Barack Obama saved 1,200 tire manufacturing jobs. Simply US consumers paid $900,000 per job saved and 3,700 retail jobs were lost equally tires became more than expensive.
- The United States must continue open markets to stay competitive globally. Other countries are continuing to open their markets to each other, forming regional supply chains that make production more efficient and products more than affordable within their trading blocs. Past not joining these deals, US exports have a hard time competing. Us businesses may also opt to move operations abroad to gain access to strange markets.
US real income in 2030 is estimated to be $133 billion less than it would take been if President Trump had remained in the Trans-Pacific Partnership (TPP) trade bargain. Other countries signed a deal in 2022 without the Usa, giving them preferential admission to each other's markets.
- Operating inside a rules-based system allows for peaceful conflict resolution. There are cases when unfair trade practices and abuses harm The states producers. Maintaining international systems to address those problems is key to preventing mutually destructive trade wars—even real wars. Economic integration strengthens Us security alliances, while trade wars weaken the power of the United States to collaborate with allies.
FAQ: How can the United States help workers find new jobs without sacrificing trade gains?
In an ideal globe, displaced workers from trade competition could detect new jobs, sometimes by moving or gaining new skills. In reality, it has been very difficult for many of these workers to transition, with lasting effects on individuals and their communities. Trade good Gary Clyde Hufbauer points out that the national income gains from expanded merchandise are at least 10 times greater than what is needed to meaningfully assistance workers who lose their jobs to import contest.
Instead of sacrificing trade gains, many economists recommend domestic policies similar wage insurance, expanded tax credits, better unemployment benefits, and subsidies for health insurance for all displaced workers regardless of the cause. Such policies could reduce worker feet about job turnover across the board, whether it be from trade or other bigger factors. Currently, in that location is government support through a program called Trade Adjustment Help (TAA), though information technology only helps workers directly impacted by trade and the amounts paid are express. The U.s.a. spends only a fifth of what other advanced economies spend on average to help people observe new jobs through education, preparation, task search assist, and other active labor market programs.
Broader domestic policies tin also help workers adapt to the continuously irresolute chore market place, such as access to college education and health care, just Americans remain conflicted about the government's part in these social safety net programs. Other advanced economies accept by and large increased the size of government programs equally they opened up to merchandise.
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CHINA'South Rising IN THE GLOBAL Economy CREATES COMPLICATED PROBLEMS
As a major globe trading partner and manufacturing hub, Mainland china has go one of the most dominant forces in the global economy. It entered the World Merchandise Organisation in 2001 and undertook many reforms, cutting tariffs and other trade barriers. Merely it still has not completely transformed into a market place-oriented economic system equally its trading partners expected. Many big Chinese companies have close ties with the government, and certain practices have skewed the playing field in trade. For example, China's government unfairly demands that The states intellectual property exist handed over in certain cases as the toll of doing business organisation there. And Beijing routinely subsidizes its industries. These practices discriminate confronting not only Americans but besides Us allies.
US administrations take taken dissimilar approaches to deal with these concerns. Negotiated under President Obama, the Trans-Pacific Partnership (TPP) agreement was intended to entice Red china to improve its practices by allowing the country in on the lucrative deal but if it agreed to new rules, but President Trump withdrew from the deal. In that location are ongoing efforts started in Dec 2022 past the European Union, U.s., and Nihon to negotiate new rules that would potentially be embedded within the WTO.
In 2018, the Trump assistants started imposing tariffs on China citing a variety of reasons, including helping American manufacturing, countering forced technology transfers, and reducing China's large bilateral trade surplus in goods. Beijing retaliated with its own tariffs on US goods, escalating into a trade war. By late 2019, tariffs had increased to around 20 pct and new duties covered over half of exports from each state. To prevent further escalation, Mainland china committed to a "phase one deal" to expand purchases from the The states in 2022 and 2021, just it is unlikely Communist china will come across its targets, and the bargain does non address many concerns, including China'southward industrial subsidies. Bear witness to date is that the toll of tariffs has been borne by importing companies, sometimes resulting in higher prices for consumers. Tariffs remain elevated nether President Joseph R. Biden Jr., as of mid-2021.
The merchandise state of war with Cathay illustrates how globalization has become so widely entrenched in the US and world economies that undoing its complicated web of activities risks other dissentious consequences. Beneath is a list of various protectionist deportment and their economic, diplomatic, and national security risks.
| Trade actions | Risks |
|---|---|
| Engaging in a trade war, with escalating tit-for-tat tariffs |
|
| Withdrawing from gratis trade agreements |
|
| Violating WTO rules or circumventing established processes |
|
| Promoting "Buy America" policies |
|
| Imposing tariffs to save US manufacturing jobs at specific companies |
|
| Restricting imports from specific countries to try to reduce bilateral merchandise deficits |
|
THE PUBLIC HAS MIXED VIEWS ON GLOBALIZATION
How exercise Americans experience about globalization? Listening to the debates tin be disruptive. Not surprisingly, polls vary widely depending on how and when the question is posed.
Globalization can be a hard sell to the public because the benefits are widely distributed and non as easily understood, compared with the personal costs to very specific companies or workers.
The problem is compounded considering policymakers accept done little to help workers and communities adjust at a time when the wealthiest Americans have gained the nearly in recent years. In full general, younger people are more supportive of free trade, equally nearly accept never known a earth without the current organisation.
Before 2016, Republicans generally favored US trade deals and Democrats mostly voted confronting them. President Trump canceled TPP and threatened withdrawing from NAFTA, the Korea-Us Free Trade Agreement (KORUS) (subsequently revised and signed), and the WTO. His administration negotiated the US-United mexican states-Canada Agreement (USMCA) to replace NAFTA; the understanding entered into force in 2020. Some GOP congressional members spoke out against Trump on sure trade bug (see case) or drafted bills to limit his say-so on tariffs. The Trump assistants pushed for more ability to impose tariffs.
This Pew Research poll finds more than support than not for free trade agreements. But a 2022 Bloomberg poll asked, "Exercise you lot call up U.s. trade policy should have more restrictions on imported foreign goods to protect American jobs, or accept fewer restrictions to enable American consumers to have the nigh choices and the lowest prices?" This resulted in 65 percentage of respondents wanting more than restrictions, the opposite of the sentiment expressed in the Pew poll.
This Pew Inquiry poll finds more support than not for free merchandise agreements. Just a 2022 Bloomberg poll asked, "Do you call back US merchandise policy should have more than restrictions on imported foreign goods to protect American jobs, or accept fewer restrictions to enable American consumers to have the virtually choices and the lowest prices?" This resulted in 65 percent of respondents wanting more restrictions, the opposite of the sentiment expressed in the Pew poll.
SUSTAINING GLOBALIZATION THROUGH POLICY ACTION
The global economic system has yielded enormous economic gains for the United States, but problems undoubtedly remain. There are abuses within the system and rules need to be updated. Merchandise agreements should business relationship for the modern digital historic period. Disputes continue on the trade of certain goods—whether items are flooding other markets too much, how industries are existence subsidized, lingering protections on specific goods or economic sectors, etc. Solving these types of issues, which will inevitably arise and change over fourth dimension, is all-time done through negotiation and coordination with trading partners—applying due process—in society to prevent plush trade wars, where more and more than barriers stop upward hurting all sides.
But merchandise negotiations tin just go so far. Not enough has been washed to help those who take lost out from trade competition. And the reality is that the bug people confront today make it beyond the effects of globalization. Transmission piece of work is increasingly beingness automatic, lowering demand for workers. Wages are stagnant, every bit health care and college pedagogy costs ascent. Inequality is widening.
Domestic policies that support not just those left behind considering of trade competition but all Americans will maximize gains while ensuring inclusive growth critical for national well-existence and preventing erosion of multilateral systems that the United states helped build and that have served the country—and the world—well for most of the last century.
The global marketplace withal has swell potential for the US economy. With anyone in the world now a text, click, call, or plane flying away, 95 pct of potential customers for goods and services are outside the United states of america, ready to buy appurtenances and services from other countries if US producers are barred from their markets. If American producers want to reach those consumers, the United States must let producers from overseas reach American consumers, every bit they accept over the years for cars, appliances, smartphones, and other products Americans want. More open trade could add some other $540 billion to the United states of america economy by 2025, equivalent to $1,600 a year in income per person.
Here are some of the crucial areas that economists have proposed the Usa should focus on, equally outlined in many studies at the Peterson Institute and other policy organizations. While these goals are but stated and obviously will pose challenges to resolve, the stakes are high to rebuild trust in a global arrangement that has helped secure prosperity and peace.
Invest in meliorate and more inclusive teaching to prepare people for tomorrow's economic system.
Requite all displaced workers sufficient financial and authoritative support to find new jobs and some compensation for lost income.
Address growing income inequality through the revenue enhancement organization and spending programs.
Brand sure the healthcare system does not impede workers from finding new jobs or cause pregnant fiscal hardship.
Employ free trade agreements to better the competitiveness of The states businesses, increase total trade, and heave overall economic growth.
Work within the WTO and diverse free merchandise agreements to settle disputes, ensure fairness, protect intellectual property and investment rights, and promote reciprocity and growth. Improve the rules of the system rather than abandon them.
Coordinate with allies to confront merchandise abuses.
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GLOSSARY
Goods are physical, produced items traded between countries, like corn, machinery parts, or chemicals.
Services are business concern activities conducted betwixt countries, such equally tourism, finance, insurance, real estate, scientific discipline exchanges, professional services, business direction, teaching, wellness care, arts, amusement, accommodation, and nutrient services.
Exports are goods and services that are sold to individuals or companies outside of their country of origin.
Imports are goods or services purchased from outside the country.
A trade arrears occurs when spending on imports exceeds what is earned from selling exports. A trade surplus is the opposite, when earnings from exports top spending on imports. A country's merchandise balance, either a surplus or deficit, is not affected by tariffs or trade agreements but by larger economic factors, like government spending and monetary policy.
Protectionism is the term for government restrictions on international merchandise aimed at blocking foreign products and driving companies and consumers to purchase domestically produced goods and services. The government may enact taxes on imports (chosen tariffs), limits on the quantity of imports (called quotas), subsidies to domestic industries, or other regulations. Tariffs are paid by domestic importers, not foreign governments or exporters.
Merchandise liberalization is the opposite of protectionism—when countries allow people and businesses to purchase and sell across borders with fewer restrictions. In this context, liberal refers to more free or open merchandise.
CREDITS
Written by Melina Kolb
Edited by Madona Devasahayam, Helen Hillebrand, and Steven R. Weisman
Graphics by William Melancon
Videos by Daniel Housch
Chart information nerveless past Christopher G. Collins and Soyoung Han
Boosted research by Anjali Bhatt, Cathleen Cimino-Isaacs, and Zhiyao (Lucy) Lu
Special thank you to C. Fred Bergsten, Chad P. Bown, Cullen S. Hendrix, Gonzalo Huertas, Gary Clyde Hufbauer, Douglas A. Irwin, Fredrick Toohey, Jeffrey J. Schott, and Eitan Urkowitz for their contributions.
This feature was first published on Oct 29, 2022 and last updated on August 24, 2021.
© 2022 Peterson Found for International Economics. All rights reserved.
The Peterson Establish for International Economics is an independent nonprofit, nonpartisan research organisation defended to strengthening prosperity and man welfare in the global economy through proficient analysis and practical policy solutions. The Institute discloses all sources of funding, which comes through donations and grants from corporations, individuals, individual foundations, and public institutions, also equally income on the Institute'due south capital letter fund and from publishing revenues. Donors do not influence the conclusions or policy implications fatigued from Institute inquiry. All Plant research is held to strict standards of replicability and academic integrity. Visit piie.com to learn more.
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PHOTOS
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Library of Congress
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Senate of Berlin
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U.s.a. Census
US Marine Corps
William Henry Fox Talbot, Public Domain
World Trade Organization
WTO/Jay Louvion, Studio Casagrande
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Source: https://www.piie.com/microsites/globalization/what-is-globalization
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