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One positive effect of globalization in the modern world is having more efficient markets. That leads to increasing wages and taking on more investments. One negative effect of globalization in the modern world is excessive use of social media. The physical aspect of life will decrease.
It could be argued that it is "the media" that is the most important social institution in American life, since having a free press is one of the most important elements of a democracy.
Answer:
The rise of a jute manufacturing industry in India presents a case where, with respect to the industrial production of jute and its share in the world market, a colony out-stripped an imperial metropolis (Dundee, once known as "Juteopolis"). Ironically, this rise contributed to only limited growth of industrialization and capital accumulation in India. This study underscores the complex connection between colonialism and development by highlighting the interplay of forces that operated in the context of changing patterns of global trade and economy. It also outlines the role played by Indian raw jute in the growth of industrialization and capital accumulation in Dundee and the critical role of Indian jute products in balancing trade in the British empire.