Globalization must be expected to influence the distribution of income as well as its level. So far as the distribution of income between countries is concerned, standard theory would lead one to expect that all countries will benefit. Economists have long preached that trade is mutually beneficial, and most of us believe that the experience of widespread growth alongside rapidly growing trade in the postwar period serves to substantiate that. Similarly most FDI goes where a multinational has intellectual capital that can contribute something to the local economy, and is therefore likely to be mutually beneficial to investor and recipient. And a flow of capital that finances a real investment is again likely to benefit both parties, since the yield on the investment is expected to be higher than the rate of interest the borrower has to pay, while that rate of interest is also likely to be higher than the lender could expect at home since otherwise there would have been no incentive to send it abroad. Loose talk about free trade making the rich countries richer and poor countries poorer finds no support in economic analysis.
Nomadic pastoralism is of far greater importance to many economies than the relatively small number of nomads would imply. Nomads produce valuable products like meat, hides, wool, and milk. Traditional pastoralism turns grasslands to economic advantage.
The New Deal<span> was the set of federal programs launched by President Franklin D. Roosevelt after taking office in 1933, in response to the calamity of the Great Depression, and lasting until American entry into the Second World War in 1942.</span>
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The French and Indian War (1754–1763) was a theatre of the Seven Years' War, which pitted the North American colonies of the British Empire against those of the French, each side being supported by various Native American tribes. At the start of the war, the French colonies had a population of roughly 60,000 settlers, compared with 2 million in the British colonies. The outnumbered French particularly depended on the natives
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Global interaction refers to the ability of people to communicate all over the globe, no matter what positions they are occupying.
