Globalization has created developmental opportunities for countries through diffusing technology, widening markets for goods and services, expanding investment, and internationalizing businesses and business processes. Yet there is concern about the potentially negative impacts of globalization, particularly on employment, working conditions, equality, international labour standards and social protection. The current financial and economic crisis has greatly deepened this concern. Fair Globalization is about harnessing the benefits of globalization while promoting sustainable economic and social development. A key premise of Fair Globalization is the importance of social dialogue among governments and workers and employers organizations within and across borders to achieve social cohesion and promote international labour standards
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DEFINITION OF 'ECONOMIC GROWTH'An increase in the capacity of an economy to produce goods and services, compared from one period of time to another. Economic growth can be measured in nominal terms, which include inflation, or in real terms, which are adjusted for inflation. For comparing one country's economic growth to another, GDP or GNP per capita should be used as these take into account population differences between countries.INVESTOPEDIA EXPLAINS 'ECONOMIC GROWTH'Economic growth is usually associated with technological changes. An example is the large growth in the U.S. economy during the introduction of the Internet and the technology that it brought to U.S. industry as a whole. The growth of an economy is thought of not only as an increase in productive capacity but also as an improvement in the quality of life to the people of that economy.