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Globalization has the potential to benefit the world as a whole when the removal of barriers to free trade and a closer integration of national economies are successful. However, the mismanagement of the processes especially in the form of privatization has often created more problems. Most disturbingly this mismanagement has caused a serious deterioration of people's quality of life and increased the deterioration of the environment.
While the term globalization may be rather new, the concept is not. In the late 19th century, there was already an open global economy, with a great deal of trade, including trade in currencies (Castells, 2000)...
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