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“Globalization is commonly described as the processes and forces leading to an ever-decreasing capacity of the nation state to govern within its territorial boundaries” (Levi-Farr & Vigoda-Gadot, 2004). Even though world trade is larger than ever before, national living standards vary according culture, the wealth of the state (nation), and domestic factors. The study of globalization requires a holistic approach and must be analyzed from all angles.
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