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A few years ago, the rich world's worry about economic interaction with developing countries was that the poor could not profit from it. So unbalanced were the terms of exchange between the North's mighty industries and the South's weakling sweatshops that trade between the two could be nothing more than exploitation of the one by the other: far from helping the poor countries, global integration would actually deepen their poverty. This fear has now given way to a pessimism that is equal and opposite – namely, that trade with the developing world will impoverish today's rich countries.

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