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The world has been well served by economic globalization. Remarkable growth in the emerging economies has lifted millions out of poverty and created major new opportunities for investment and prosperity. This has helped great nations such as China and India to self-confidently assert themselves as global powers. Brazil also is finally fulfilling its great potential. In the West, the United States remains a global economic powerhouse and the European Union, too, has capitalized on globalization to consolidate its position as the world's major economy and trader.

But globalization also increases competition and exposes weaknesses. Workers globally fear for their jobs because they feel they are being by-passed by economic change. The economic crisis has exacerbated the perceived...