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The Debate
Those in favor of free trade/free market economic policies say economic globalization:
- provides an engine of growth and new jobs for both developed and developing countries.
- stabalizes societies by eliminating economic inefficiencies that fuel inflation and stunt growth.
- reduces hunger and poverty as the benefits of low inflation and economic growth provide more resources and opportunities for people of all levels of society.
- encourages democratization and peaceful relations among nations by tying them together economically.
Those opposed to free trade/free market economic policies say economic globalization:
- increases joblessness, inequality and poverty in developing countries by reducing work forces, destroying small farms and businesses, and raising the cost of food, fuel, healthcare and education.
- lowers wages and degrades working conditions, via cut-throat competition for foreign investment.
- undermines democracy and public health and safety by allowing international trade laws and unelected "dispute settlement committees" to invalidate national and local legislation.
- leads to environmental degradation and the destruction of natural resources, as countries plunder their soils, forests, fisheries and minerals in order to earn export income.
- magnifies the power of global finance and transnational corporations at the expense of ordinary people.
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