borders with other countries to take full advantage of division of labor, specialization, and economies of scale.

In this sense, the enormous U.S. economy is less affected by globalization than most other countries.

Table 1.2 indicates that many medium and low income countries around the world, like Mexico and China,

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1.4 • How To Organize Economies: An Overview of Economic Systems 23

have also experienced a surge of globalization in recent decades. If an astronaut in orbit could put on special

glasses that make all economic transactions visible as brightly colored lines and look down at Earth, the

astronaut would see the planet covered with connections.

Despite the rise in globalization over the last few decades, in recent years we've seen significant pushback

against globalization from people across the world concerned about loss of jobs, loss of political sovereignty,
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