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Demerits: Economically: It puts people in developed countries out of work because they have higher income, hence higher salary needs and cannot compete with others in other countries. This creates higher unemployment that government taxes might have to help out. This harms the economies of more developed countries bringing down standards of living. Politically: It could force nations to take actions that are not in their best interests for the benefit of other nations, thereby depriving a measure of sovereignty that individual countries expect.
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What are some merits and demerits of globalization?
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