It's hard to figure how a term that once connoted so much good for the world has fallen into such disrepute. In the past decade, globalization--meaning the rise of market capitalism around the world--has undeniably contributed to America's New Economy boom. It has created millions of jobs from Malaysia to Mexico and a cornucopia of affordable goods for Western consumers. It has brought phone service to some 300 million households in developing nations and a transfer of nearly $2 trillion from rich countries to poor through equity, bond investments, and commercial loans. It's helped topple dictators by making information available in once sheltered societies. And now the Internet is poised to narrow the gulf that separates rich nations from poor even further in the decade to come.
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