Globalization and Consumerism

8/3/2019 Globalization and Consumerism

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I shop therefore I am?

Globalization and Consumerism

If one needs to count what he or she has bought during the whole day before going to

bed, it is probably an effective way to hypnotize one into dreams, because the list

never seems to end. Our society has transformed into a community of consumers

rather than citizens and consumerism can in fact be one of the most appropriate words

to describe the globe. We spend more than what we need, we spend to make ourselves

feel better and the worst part is we spend to prove that we are actually living and a

part of the group. This act, defined as consumerism here, can be largely attributed to

the trends rising from globalization. Throughout this paper, globalization would mean

various trends resulting from the increasing connections and interdependence between

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countries, including developed and developing ones. In this paper, I try to prove the

hypothesis that globalization and consumerism form a cycle between them.

How does Globalization lead to Consumerism?

Mass production would be a major factor contributing to consumerism. Some

economists even pointed out that the consumer society is in fact the result of mass

production. In contemporary economics, mass production no longer means producing

the same product of same color and size but products of same function with some

varieties, these varieties could however turn basic good into luxuries. Even today,

consumers do not need much variation to value more on goods. Globalization leads to

specialization at national level as it is much more efficient for countries to exploit its

own comparative advantages. Mass production would certainly lower the costs of the

goods that are previously exclusive to the affluent due to the high prices. Therefore,

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now what was previously considered elite consumption has become mass

consumption and such phenomenon plays a major role in consumerism. In fact, when

comparing the expenditure pattern of an average US household in 1984 with that in

20091, we can see that while the total expenditure has increased for 210%, money

spent on entertainment has surged by 242%; we can see how people are using more of

their money on extras rather than the basics. Even though mass production leads to

lower price of goods through economies of scale and scope, consumers as a whole

still have to spend more on them.

Advertising, a fast growing industry under globalization, is one of the major factor

that turns citizens into shopaholic. Companies are spending millions on advertising

and signing contracts with celebrities as spokepersons. During 2009 and 2010, it is

extimated that the world has spent $1563bn on advertising, around 3% of the worlds

1 Consumer Expenditure Survey, Bureau of Labor Statistics, United StatesDepartment of Labor

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total GDP2. Every moment, we are bombarded by posters, sound clip and animation

that tell you how beautiful your life would become after consuming these products.

The emergence of online marketing makes advertising in commonplace. The message

that most of the advertisements carry is how your look and body-shape can be

improved. They benchmark the way that beauty is defined and make us feel inferior

for failing to fit with that definition. We consume so as to be consumed. Companies,

instead of informing customers through ads, aim to make use of the asymmetric

information by inducing customers to think that it is not up to them to choose, it is a

must. Although the effect of advertising on sales is hard to quantify, we could still see

a positive relationship between them. Moreover, the costs of advertising are shifted to

the consumers through raising the prices. Therefore, advertising would lead to an

increase in both the quantity and price of products.

2 Advertising & Branding Industry Overview, Plunkett Research4


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The rapid technological advancement and spread under globalization in fact makes

the act of shopping so easy that we do not feel we have spent that much by inventing

the Shopping Twins, namely Automated Teller Machine (ATM) and credit cards.

Psychologically, consumers tend to spend more when they do not see the money

physically as in the case of credit cards and by the same sense, they do not feel that

their savings are disappearing when they withdraw money from their bank accounts.

Such trend is accelerated by electronic money such as Oyster Card and Octopus Card.

All these make bank notes and coins unnecessary when making payments on our new

bags and clothes. In fact, since the introduction of general-purpose credit card in

1966, consumption as a percentage of GDP increased for more than 10% in US3.

There was once a Visa Card slogan as Could be cheap. Could be expensive. Visa. All

you need. It witnessed how widely used are the credit cards nowadays when there

were more than 350million4 transactions of less than USD5 alone in United States

3 Final consumption expenditure, etc. (% of GDP), The World Bank4 Credit Card Debt and Consumption: Evidence from Household-Level Data, Tufan Ekici &Lucia Dunn

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weighted average import ratios for the top 164 countries is 48.6% while six countries

have a ratio exceeding 100%6 (Appendix 1). These economies such as Singapore are

highly specialized and small and need to rely on other countries to satisfy most of its

necessities. Because of such a significant interdependence between countries, crisis or

downturns in one country will lead to chain. This is the reason why the leading

economies would have meetings and organizations between themselves as means for

coordinating economic strategies, such as G20 Submit and Organization for

Economic Cooperation and Development (OECD). They have to make sure that their

economies will not be severely affected but in fact agreements and commitments are

hard to achieve when leaders have incentives to cheat in order to gain a larger slice.

Such increasing interdependence in fact further enforces globalization by tempting

countries to open up their economies in the hope of raising the living standards of

6 Imports of goods and services as % of GDP (most recent) by country,NationMasters

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their people. China, as a communist economy, is a lively example to show the attempt

to open up the economy. This makes her people to increase consumption of foreign

goods and be closer to the global community. China joined World Trade Organization

(WTO) in 2001, with foreign trade valued at RMB 3927bn7and by August 2010,

trade has already increased 313% to RMB 12302bn while imports alone have

increased by almost 187% from 2001 to 20108. There is the increasing consumption

of foreign goods by Chinese consumers. According to the National Bureau of

Statistics of China, the average number of mobile phones owned by each 100

households increased from 19.5 in 2001 to 172 in 20099, an 883% rise (Appendix 2).

Ownership of other consumer goods such as automobiles and color televisions also

increased. We can see that the increasing domestic demand for more and better goods

together with the foreign demand for Chinas food and manufactured products urged

the world and China to jointly decide the opening of this giants door. Such move has

7 Total Value of Imports and Exports 2001, National Bureau of Statistics of China8 Brief Statistics on China's Import & Export (2010/08), Ministry of Commerce, PRC

9 Number of Major Durable Consumer Goods Owned Per 100 Urban Households at the Year-end, 2001&2009,National Bureau of Statistics of China

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not only affected the economic side but also the cultural side. Western cultures,

especially the American ones have now been generally accepted in China. The line

between West and East is now more indistinguishable than it was.

Consumerism enables everything to be exported and imported, including cultures and

festivals. Marketing people are motivated to find reasons for consumers to spend

while we are also willing to have new occasions that justify crazier shopping,

regardless the origins. Export of festivals is an easy way of achieving this purpose. It

is common to see Western festivals such as Christmas, Valentines Day and Mothers

Day exported to Asian cities and justified ridiculous price increases. According to

surveys done in China, over 60% of respondents responded that Christmas is a way

for them to their love to significant others while 35% of them regarded Christmas as a

day to relax10. More importantly, most of the students did not know that Jesus Christ

10 Chinese Spend Christmas Blindly, Liu Fang, Global Times9


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was the origin of this festival and some of them even thought that Santa Claus was the

origin. This proves the selective import of festivals by countries. Consumerism

leads to more connection between countries when they share same festive seasons,

although what is really exported is only the feature of spending rather than the actual

religious or cultural meaning. Such export of celebrations is supported by the fact that

169 out of 193 countries (87.56%) make Christmas Day a national holiday while only

114 countries (59.07%)11 have a majority of population as Christians.

Economic Implications

Consumerism leads to significantly increase in both domestic and foreign demand for

goods and theoretically, it would lead to increase in income and is definitely good for

economy. However, this is only true in the short run. In the long run, when people

11 Christianity by country, Wikipedia10


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spend all of their income on consumption and save basically nothing, the economy

would have nothing to support its development. United States proved the disastrous

effects of consumerism. With a constantly dropping saving rate and increasing debt

level from 1980 to 2008, the States is unable to use its peoples own money to pay for

its own investment and development and therefore has a low GDP growth rate less

than 3% per year during that period of time 12(Appendix 3). The increasing issue of

the government bonds is aimed at attracting foreign capital to finance the

development. The Global Financial Crisis 2008 did not only reveal the wrongdoings

of the investment banks, it also reminded the Americans of how they have spent

recklessly and unnecessarily for the past few decades. Their consumption pattern and

credit card debts have made them realize the importance of saving and resulted in a

significant increase in the national saving rate of the US. Consumerism changes the

12 United States GDP Growth Rate, World Bank11


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composition of a countrys GDP which would lead to a drop in capital accumulation

and therefore erosion of growth potential in the long run.

Furthermore, we can also see that consumerism is reducing the effectiveness of

economic policies of any particular country alone. As mentioned earlier, there is an

increasing interdependence between countries resulted from international trade and

openness of economy. In the past, when trade is not that significant for a country, she

could use either fiscal or monetary policies to achieve the desired output level, interest

rate and even unemployment rate. However, this is not the story of today. The

emergence of economic organizations and regular meetings between countries are in

fact restraining the ability of countries to implement their own economic policies and

the results are likely to affect their trading partners as well. Also, when there is

economic downturn in a lot of countries, such interdependence between them is likely

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to make the situation worse instead of the other way round. We can foresee that

recession would lead to reduce in imports, which is equivalent to reduction in export

of another country which would then suffer further reduction in income. Therefore,

while the increased degree of globalization can foster the interactions between

countries, it would also result in worse scenarios when things go bad. Due to the

financial crisis, US experienced almost a quarter of reduction imports and such

reduction has great impact on Japan, Mexico, China and Canada as they are the top

suppliers to US13. (Appendix 4) China has suffered a $229bn loss in exports and 18%

of the reduction has come from US14. While these countries already suffered from the

financial crisis, the reduction in import income makes things worse and formed a

chain effects that cannot be controlled by unilateral policies.

13 U.S. Trade Overview, International Trade Administration, Oct 201014 US-China Trade Statistics and China's World Trade Statistics, US-China Business Council

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Finally, the relationship between consumerism and globalization and the resulting

openness lead to curtailed competitiveness of small businesses. As the foreign demand

for unique domestic products increase, it is very likely that big businesses or chain

stores would be the first ones to export their products to satisfy the foreign demand

instead of the small ones. Therefore, the first exporters could gain the first mover

advantages together with a strong foothold in foreign markets which could enable it to

capture market power that is great enough for them to drive out future entrants. They

are also likely to swipe out the existing businesses in towns as well because it has

been shown that people are more confident in chain stores when they know equally

little in both. We can see that although McDonalds is market leader in many

countries, KFC is in fact able to outperform it by acting as first-mover. When a giant

failed to compete, small businesses are likely to have a high failure rate and can only

continue business with small market share. This trend is harmful for the industry

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development as it limits the competition and reduces the choices available for

consumers. By now, (Multinational Corporations) have taken up over 70% of

worldwide trade while developing countries lose $2bn per day because of unjust trade

rules15.

Ending remarks

Throughout this paper, I have tried to explain how consumerism and globalization

interact with each other. We can see that this is in fact a cycle in which one would

enforce the other and vice versa. Nevertheless, I believe that this is a pessimistic

phenomenon because consumerism in fact replaces the cultural values of a society

which has built up the shape of that particular country. With consumerism comes

emptiness as we can see that countries where consumerism is prevalent no longer

have their own distinctive values and traditions in the same way that they had 20

15 Trade liberalisation statistics, World Trade Organization15


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years ago. Consumption is a natural act as we need to purchase necessities with our

income. However, does it mean that we need to have a new mobile phone every year

and new bags every season? Economy cannot be sustained without peoples

consumption, yet economy may collapse with over-consumption and incredibly low

saving rates. Consumerism has huge impact on globalization as the products

consumed today come from everywhere in the world and this would lead to a more

connected but restrained world economy. With the trend of increasing specialization at

national level, further reduction in national control of economy is expected.

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References

United States Department of Labor, (2009) Consumer Expenditure Survey,

http://www.bls.gov/cex/, November 24 2010

Plunkett Research, (2010)Advertising & Branding Industry Overview,

http://www.plunkettresearch.com/Industries/AdvertisingandBranding/Advertisin

gandBrandingStatistics/tabid/70/Default.aspx , November 24 2010

The World Bank, (2009)Final consumption expenditure, etc. (% of GDP),

http://data.worldbank.org/indicator/NE.CON.TETC.ZS, December 5 2010

Tufan Ekici & Lucia Dunn (2006). Credit Card Debt and Consumption: Evidence

from Household-Level Data. Instructor and Professor Thesis, Middle Eastern

Technical University and Ohio State University.

Federal Reserve Statistical Release, (November 5 2010) Consumer Credit,

http://www.federalreserve.gov/releases/g19/Current/, November 24 2010

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NationMasters, (2009)Imports of goods and services as % of GDP (most recent) by

country,

http://www.nationmaster.com/graph/eco_imp_of_goo_and_ser_as_of_gdp

-economy-imports-%0bgoods-services-gdp#source, November 24 2010

National Bureau of Statistics of China, (2002) Total Value of Imports and Exports

2001, http://www.stats.gov.cn/english/statisticaldata/yearlydata/YB2001e/ml/

indexE.html, November 29 2010

Ministry of Commerce, PRC, (October 12 2010)Brief Statistics on China's Import &

Export (2010/08), http://english.mofcom.gov.cn/aarticle/statistic/BriefStatistics/

201010/0101007180368.html, November 29 2010

National Bureau of Statistics of China, (2001 & 2009)Number of Major Durable

Consumer Goods Owned Per 100 Urban Households at the Year-end,

http://www.stats.gov.cn/tjsj/ndsj/2009/html/J0910e.htm, November 29 2010

Paul Ransome. (2005), Work, Consumption & Culture, London: Sage Publications.

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Liu Fang, (December 24 2006) Chinese Spend Christmas Blindly,

http://world.people.com.cn/BIG5/57506/5205752.html, November 29 2010

Wikipedia, (2009) Christianity by Country,

http://en.wikipedia.org/wiki/Christianity_by_country, November 29 2010

World Bank, (Feb 2010) United States GDP Growth Rate,

http://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG, December 3 2010

International Trade Administration, (Oct 2010) U.S. Trade Overview,

http://www.trade.gov/mas/ian/build/groups/public/@tg_ian/

documents/webcontent/tg_ian_003095.pdf , December 3 2010

US-China Business Council, (2010) US-China Trade Statistics and China's World

Trade Statistics, http://www.uschina.org/statistics/tradetable.html , December 3

2010

Emily Starbuck Gerson and Ben Woolsey, (May 11 2009) Credit Card.com,

http://www.creditcards.com/credit-card-news/credit-cards-history-1264.php,

December 5 2010

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World Trade Organization, (2000) Trade liberalisation statistics,

http://www.gatt.org/trastat_e.html, December 5 2010

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Appendix 1 Imports of goods and services as % of GDP (most recent) by country

Rank Countries Amount

# 1 Equatorial Guinea: 173.48

# 2 Singapore: 151.84

# 3 Luxembourg: 134.85

# 4 Seychelles: 113.49

# 5 Guyana: 111.25

# 6 Puerto Rico: 100.44

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http://www.nationmaster.com/graph/eco_imp_of_goo_and_ser_as_of_gdp-economy-imports-goods-services-gdphttp://www.nationmaster.com/graph/eco_imp_of_goo_and_ser_as_of_gdp-economy-imports-goods-services-gdphttp://www.nationmaster.com/graph/eco_imp_of_goo_and_ser_as_of_gdp-economy-imports-goods-services-gdphttp://www.nationmaster.com/country/ek-equatorial-guinea/eco-economyhttp://www.nationmaster.com/country/ek-equatorial-guinea/eco-economyhttp://www.nationmaster.com/country/sn-singapore/eco-economyhttp://www.nationmaster.com/country/sn-singapore/eco-economyhttp://www.nationmaster.com/country/lu-luxembourg/eco-economyhttp://www.nationmaster.com/country/se-seychelles/eco-economyhttp://www.nationmaster.com/country/gy-guyana/eco-economyhttp://www.nationmaster.com/country/gy-guyana/eco-economyhttp://www.nationmaster.com/country/rq-puerto-rico/eco-economyhttp://www.nationmaster.com/graph/eco_imp_of_goo_and_ser_as_of_gdp-economy-imports-goods-services-gdphttp://www.nationmaster.com/country/ek-equatorial-guinea/eco-economyhttp://www.nationmaster.com/country/sn-singapore/eco-economyhttp://www.nationmaster.com/country/lu-luxembourg/eco-economyhttp://www.nationmaster.com/country/se-seychelles/eco-economyhttp://www.nationmaster.com/country/gy-guyana/eco-economyhttp://www.nationmaster.com/country/rq-puerto-rico/eco-economyhttp://www.nationmaster.com/graph/eco_imp_of_goo_and_ser_as_of_gdp-economy-imports-goods-services-gdp


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# 7 Malaysia: 97.96

# 8 Estonia: 94.39

# 9 Malta: 92.28

# 10 Sao Tome and Principe: 86.08

# 11 Lesotho: 85.55

# 12 Suriname: 85.17

# 13 Slovakia: 82.48

# 14 Samoa: 81.71

# 15 Swaziland: 81.19

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http://www.nationmaster.com/country/my-malaysia/eco-economyhttp://www.nationmaster.com/country/en-estonia/eco-economyhttp://www.nationmaster.com/country/mt-malta/eco-economyhttp://www.nationmaster.com/country/mt-malta/eco-economyhttp://www.nationmaster.com/country/tp-s-o-tom-pr-ncipe/eco-economyhttp://www.nationmaster.com/country/tp-s-o-tom-pr-ncipe/eco-economyhttp://www.nationmaster.com/country/lt-lesotho/eco-economyhttp://www.nationmaster.com/country/lt-lesotho/eco-economyhttp://www.nationmaster.com/country/ns-suriname/eco-economyhttp://www.nationmaster.com/country/ns-suriname/eco-economyhttp://www.nationmaster.com/country/lo-slovakia/eco-economyhttp://www.nationmaster.com/country/ws-samoa/eco-economyhttp://www.nationmaster.com/country/wz-swaziland/eco-economyhttp://www.nationmaster.com/country/my-malaysia/eco-economyhttp://www.nationmaster.com/country/en-estonia/eco-economyhttp://www.nationmaster.com/country/mt-malta/eco-economyhttp://www.nationmaster.com/country/tp-s-o-tom-pr-ncipe/eco-economyhttp://www.nationmaster.com/country/lt-lesotho/eco-economyhttp://www.nationmaster.com/country/ns-suriname/eco-economyhttp://www.nationmaster.com/country/lo-slovakia/eco-economyhttp://www.nationmaster.com/country/ws-samoa/eco-economyhttp://www.nationmaster.com/country/wz-swaziland/eco-economy


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# 16 Belgium: 81.09

# 17 Palau: 80.93

# 18 Nicaragua: 80.51

# 19 Ireland: 80.49

# 20 Mongolia: 79.96

# 21 Antigua and Barbuda: 79.34

# 22 Eritrea: 75.94

# 23 Tajikistan: 75.89

# 24 Maldives: 75.77

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# 25 Moldova: 74.42

# 26 Belize: 74.11

# 27 Czech Republic: 73.79

# 28 Guinea-Bissau: 73.63

# 29 Saint Kitts and Nevis: 72.94

# 30 Marshall Islands: 72.69

# 31 Gambia, The: 71.46

# 32 Belarus: 71.39

# 33 Ghana: 70.48

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# 34 Grenada: 70.1

# 35 Jordan: 69.02

# 36 Namibia: 66.21

# 37 Dominica: 63.82

# 38 Bulgaria: 63.18

# 39 Fiji: 62.85

# 40 Mauritius: 62.83

# 41 Djibouti: 62.8

# 42 Slovenia: 62.68

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http://www.nationmaster.com/country/gj-grenada/eco-economyhttp://www.nationmaster.com/country/jo-jordan/eco-economyhttp://www.nationmaster.com/country/jo-jordan/eco-economyhttp://www.nationmaster.com/country/wa-namibia/eco-economyhttp://www.nationmaster.com/country/wa-namibia/eco-economyhttp://www.nationmaster.com/country/do-dominica/eco-economyhttp://www.nationmaster.com/country/bu-bulgaria/eco-economyhttp://www.nationmaster.com/country/bu-bulgaria/eco-economyhttp://www.nationmaster.com/country/fj-fiji/eco-economyhttp://www.nationmaster.com/country/fj-fiji/eco-economyhttp://www.nationmaster.com/country/mp-mauritius/eco-economyhttp://www.nationmaster.com/country/mp-mauritius/eco-economyhttp://www.nationmaster.com/country/dj-djibouti/eco-economyhttp://www.nationmaster.com/country/si-slovenia/eco-economyhttp://www.nationmaster.com/country/si-slovenia/eco-economyhttp://www.nationmaster.com/country/gj-grenada/eco-economyhttp://www.nationmaster.com/country/jo-jordan/eco-economyhttp://www.nationmaster.com/country/wa-namibia/eco-economyhttp://www.nationmaster.com/country/do-dominica/eco-economyhttp://www.nationmaster.com/country/bu-bulgaria/eco-economyhttp://www.nationmaster.com/country/fj-fiji/eco-economyhttp://www.nationmaster.com/country/mp-mauritius/eco-economyhttp://www.nationmaster.com/country/dj-djibouti/eco-economyhttp://www.nationmaster.com/country/si-slovenia/eco-economy


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# 43 Hungary: 62.61

# 44 Saint Vincent and the Grenadines: 62.31

# 45 Angola: 62.26

# 46 Cambodia: 61.32

# 47 Saint Lucia: 61.21

# 48 Thailand: 60.2

# 49 Bhutan: 59.86

# 50 Netherlands: 59.73

# 51 Bahrain: 59.16

26
http://www.nationmaster.com/country/hu-hungary/eco-economyhttp://www.nationmaster.com/country/vc-saint-vincent-and-the-grenadines/eco-economyhttp://www.nationmaster.com/country/ao-angola/eco-economyhttp://www.nationmaster.com/country/cb-cambodia/eco-economyhttp://www.nationmaster.com/country/st-saint-lucia/eco-economyhttp://www.nationmaster.com/country/st-saint-lucia/eco-economyhttp://www.nationmaster.com/country/th-thailand/eco-economyhttp://www.nationmaster.com/country/th-thailand/eco-economyhttp://www.nationmaster.com/country/bt-bhutan/eco-economyhttp://www.nationmaster.com/country/bt-bhutan/eco-economyhttp://www.nationmaster.com/country/nl-netherlands/eco-economyhttp://www.nationmaster.com/country/nl-netherlands/eco-economyhttp://www.nationmaster.com/country/ba-bahrain/eco-economyhttp://www.nationmaster.com/country/hu-hungary/eco-economyhttp://www.nationmaster.com/country/vc-saint-vincent-and-the-grenadines/eco-economyhttp://www.nationmaster.com/country/ao-angola/eco-economyhttp://www.nationmaster.com/country/cb-cambodia/eco-economyhttp://www.nationmaster.com/country/st-saint-lucia/eco-economyhttp://www.nationmaster.com/country/th-thailand/eco-economyhttp://www.nationmaster.com/country/bt-bhutan/eco-economyhttp://www.nationmaster.com/country/nl-netherlands/eco-economyhttp://www.nationmaster.com/country/ba-bahrain/eco-economy


27/40

# 52 Cape Verde: 57.09

# 53 Vietnam: 56.76

# 54 Macedonia, The Former Yugoslav Republic of: 55.89

# 55 Lithuania: 55.85

# 56 Jamaica: 55.81

# 57 Honduras: 54.99

# 58 Ukraine: 54.47

# 59 Latvia: 54.19

# 60 Bosnia and Herzegovina: 53.85

27
http://www.nationmaster.com/country/cv-cape-verde/eco-economyhttp://www.nationmaster.com/country/cv-cape-verde/eco-economyhttp://www.nationmaster.com/country/vm-vietnam/eco-economyhttp://www.nationmaster.com/country/vm-vietnam/eco-economyhttp://www.nationmaster.com/country/mk-macedonia-republic-of/eco-economyhttp://www.nationmaster.com/country/lh-lithuania/eco-economyhttp://www.nationmaster.com/country/lh-lithuania/eco-economyhttp://www.nationmaster.com/country/jm-jamaica/eco-economyhttp://www.nationmaster.com/country/ho-honduras/eco-economyhttp://www.nationmaster.com/country/ho-honduras/eco-economyhttp://www.nationmaster.com/country/up-ukraine/eco-economyhttp://www.nationmaster.com/country/up-ukraine/eco-economyhttp://www.nationmaster.com/country/lg-latvia/eco-economyhttp://www.nationmaster.com/country/lg-latvia/eco-economyhttp://www.nationmaster.com/country/bk-bosnia-and-herzegovina/eco-economyhttp://www.nationmaster.com/country/cv-cape-verde/eco-economyhttp://www.nationmaster.com/country/vm-vietnam/eco-economyhttp://www.nationmaster.com/country/mk-macedonia-republic-of/eco-economyhttp://www.nationmaster.com/country/lh-lithuania/eco-economyhttp://www.nationmaster.com/country/jm-jamaica/eco-economyhttp://www.nationmaster.com/country/ho-honduras/eco-economyhttp://www.nationmaster.com/country/up-ukraine/eco-economyhttp://www.nationmaster.com/country/lg-latvia/eco-economyhttp://www.nationmaster.com/country/bk-bosnia-and-herzegovina/eco-economy


28/40

# 61 Chad: 52.79

# 62 Croatia: 52.77

# 63 Austria: 52.58

# 64 Barbados: 52.49

# 65 Tunisia: 51.61

# 66 Mauritania: 50.71

# 67 Togo: 49.75

# 68 Nigeria: 48.96

# 69 Kazakhstan: 48.68

28
http://www.nationmaster.com/country/cd-chad/eco-economyhttp://www.nationmaster.com/country/hr-croatia/eco-economyhttp://www.nationmaster.com/country/hr-croatia/eco-economyhttp://www.nationmaster.com/country/au-austria/eco-economyhttp://www.nationmaster.com/country/au-austria/eco-economyhttp://www.nationmaster.com/country/bb-barbados/eco-economyhttp://www.nationmaster.com/country/ts-tunisia/eco-economyhttp://www.nationmaster.com/country/ts-tunisia/eco-economyhttp://www.nationmaster.com/country/mr-mauritania/eco-economyhttp://www.nationmaster.com/country/mr-mauritania/eco-economyhttp://www.nationmaster.com/country/to-togo/eco-economyhttp://www.nationmaster.com/country/ni-nigeria/eco-economyhttp://www.nationmaster.com/country/kz-kazakhstan/eco-economyhttp://www.nationmaster.com/country/kz-kazakhstan/eco-economyhttp://www.nationmaster.com/country/cd-chad/eco-economyhttp://www.nationmaster.com/country/hr-croatia/eco-economyhttp://www.nationmaster.com/country/au-austria/eco-economyhttp://www.nationmaster.com/country/bb-barbados/eco-economyhttp://www.nationmaster.com/country/ts-tunisia/eco-economyhttp://www.nationmaster.com/country/mr-mauritania/eco-economyhttp://www.nationmaster.com/country/to-togo/eco-economyhttp://www.nationmaster.com/country/ni-nigeria/eco-economyhttp://www.nationmaster.com/country/kz-kazakhstan/eco-economy


29/40

# 70 Cyprus: 48.32

# 71 Philippines: 47.43

# 72 Turkmenistan: 47.09

# 73 Israel: 46.94

# 74 Armenia: 45.95

# 75 Costa Rica: 44.93

# 76 Mozambique: 44.03

# 77 Sri Lanka: 43.66

# 78 Papua New Guinea: 43.45

29
http://www.nationmaster.com/country/cy-cyprus/eco-economyhttp://www.nationmaster.com/country/cy-cyprus/eco-economyhttp://www.nationmaster.com/country/rp-philippines/eco-economyhttp://www.nationmaster.com/country/rp-philippines/eco-economyhttp://www.nationmaster.com/country/tx-turkmenistan/eco-economyhttp://www.nationmaster.com/country/is-israel/eco-economyhttp://www.nationmaster.com/country/am-armenia/eco-economyhttp://www.nationmaster.com/country/am-armenia/eco-economyhttp://www.nationmaster.com/country/cs-costa-rica/eco-economyhttp://www.nationmaster.com/country/mz-mozambique/eco-economyhttp://www.nationmaster.com/country/ce-sri-lanka/eco-economyhttp://www.nationmaster.com/country/pp-papua-new-guinea/eco-economyhttp://www.nationmaster.com/country/pp-papua-new-guinea/eco-economyhttp://www.nationmaster.com/country/cy-cyprus/eco-economyhttp://www.nationmaster.com/country/rp-philippines/eco-economyhttp://www.nationmaster.com/country/tx-turkmenistan/eco-economyhttp://www.nationmaster.com/country/is-israel/eco-economyhttp://www.nationmaster.com/country/am-armenia/eco-economyhttp://www.nationmaster.com/country/cs-costa-rica/eco-economyhttp://www.nationmaster.com/country/mz-mozambique/eco-economyhttp://www.nationmaster.com/country/ce-sri-lanka/eco-economyhttp://www.nationmaster.com/country/pp-papua-new-guinea/eco-economy


30/40

# 79 Trinidad and Tobago: 42.96

# 80 El Salvador: 42.88

# 81 Mali: 42.29

# 82 Lebanon: 42.08

# 83 Albania: 41.66

# 84 Romania: 41.62

# 85 Portugal: 41.24

# 86 Switzerland: 41.13

# 87 Iceland: 40.95

30
http://www.nationmaster.com/country/td-trinidad-and-tobago/eco-economyhttp://www.nationmaster.com/country/td-trinidad-and-tobago/eco-economyhttp://www.nationmaster.com/country/es-el-salvador/eco-economyhttp://www.nationmaster.com/country/es-el-salvador/eco-economyhttp://www.nationmaster.com/country/ml-mali/eco-economyhttp://www.nationmaster.com/country/le-lebanon/eco-economyhttp://www.nationmaster.com/country/al-albania/eco-economyhttp://www.nationmaster.com/country/ro-romania/eco-economyhttp://www.nationmaster.com/country/ro-romania/eco-economyhttp://www.nationmaster.com/country/po-portugal/eco-economyhttp://www.nationmaster.com/country/sz-switzerland/eco-economyhttp://www.nationmaster.com/country/sz-switzerland/eco-economyhttp://www.nationmaster.com/country/ic-iceland/eco-economyhttp://www.nationmaster.com/country/ic-iceland/eco-economyhttp://www.nationmaster.com/country/td-trinidad-and-tobago/eco-economyhttp://www.nationmaster.com/country/es-el-salvador/eco-economyhttp://www.nationmaster.com/country/ml-mali/eco-economyhttp://www.nationmaster.com/country/le-lebanon/eco-economyhttp://www.nationmaster.com/country/al-albania/eco-economyhttp://www.nationmaster.com/country/ro-romania/eco-economyhttp://www.nationmaster.com/country/po-portugal/eco-economyhttp://www.nationmaster.com/country/sz-switzerland/eco-economyhttp://www.nationmaster.com/country/ic-iceland/eco-economy


31/40

# 88 Gabon: 40.65

# 89 Sweden: 40.56

# 90 Denmark: 39.18

# 91 Canada: 38.64

# 92 Paraguay: 38.23

= 93 Azerbaijan: 38.14

= 93 Georgia: 38.14

# 95 Malawi: 37.96

# 96 Senegal: 37.61

31
http://www.nationmaster.com/country/gb-gabon/eco-economyhttp://www.nationmaster.com/country/sw-sweden/eco-economyhttp://www.nationmaster.com/country/sw-sweden/eco-economyhttp://www.nationmaster.com/country/da-denmark/eco-economyhttp://www.nationmaster.com/country/ca-canada/eco-economyhttp://www.nationmaster.com/country/pa-paraguay/eco-economyhttp://www.nationmaster.com/country/aj-azerbaijan/eco-economyhttp://www.nationmaster.com/country/gg-georgia/eco-economyhttp://www.nationmaster.com/country/gg-georgia/eco-economyhttp://www.nationmaster.com/country/mi-malawi/eco-economyhttp://www.nationmaster.com/country/sg-senegal/eco-economyhttp://www.nationmaster.com/country/gb-gabon/eco-economyhttp://www.nationmaster.com/country/sw-sweden/eco-economyhttp://www.nationmaster.com/country/da-denmark/eco-economyhttp://www.nationmaster.com/country/ca-canada/eco-economyhttp://www.nationmaster.com/country/pa-paraguay/eco-economyhttp://www.nationmaster.com/country/aj-azerbaijan/eco-economyhttp://www.nationmaster.com/country/gg-georgia/eco-economyhttp://www.nationmaster.com/country/mi-malawi/eco-economyhttp://www.nationmaster.com/country/sg-senegal/eco-economy


32/40

# 97 Kuwait: 37.41

# 98 Zambia: 37.32

# 99 Sierra Leone: 37.29

# 100 Kyrgyzstan: 36.68

# 101 Qatar: 35.87

# 102 Morocco: 35.71

# 103 New Zealand: 35.08

# 104 Panama: 34.87

# 105 Botswana: 34.67

32
http://www.nationmaster.com/country/ku-kuwait/eco-economyhttp://www.nationmaster.com/country/za-zambia/eco-economyhttp://www.nationmaster.com/country/sl-sierra-leone/eco-economyhttp://www.nationmaster.com/country/kg-kyrgyzstan/eco-economyhttp://www.nationmaster.com/country/qa-qatar/eco-economyhttp://www.nationmaster.com/country/mo-morocco/eco-economyhttp://www.nationmaster.com/country/nz-new-zealand/eco-economyhttp://www.nationmaster.com/country/nz-new-zealand/eco-economyhttp://www.nationmaster.com/country/pm-panama/eco-economyhttp://www.nationmaster.com/country/bc-botswana/eco-economyhttp://www.nationmaster.com/country/ku-kuwait/eco-economyhttp://www.nationmaster.com/country/za-zambia/eco-economyhttp://www.nationmaster.com/country/sl-sierra-leone/eco-economyhttp://www.nationmaster.com/country/kg-kyrgyzstan/eco-economyhttp://www.nationmaster.com/country/qa-qatar/eco-economyhttp://www.nationmaster.com/country/mo-morocco/eco-economyhttp://www.nationmaster.com/country/nz-new-zealand/eco-economyhttp://www.nationmaster.com/country/pm-panama/eco-economyhttp://www.nationmaster.com/country/bc-botswana/eco-economy


33/40

# 106 Kenya: 34.57

# 107 Ecuador: 34.19

# 108 Haiti: 33.36

# 109 Germany: 33.07

# 110 Poland: 33.01

# 111 New Caledonia: 32.99

# 112 Greece: 32.93

# 113 Chile: 32.66

# 114 Indonesia: 32.58

33
http://www.nationmaster.com/country/ke-kenya/eco-economyhttp://www.nationmaster.com/country/ke-kenya/eco-economyhttp://www.nationmaster.com/country/ec-ecuador/eco-economyhttp://www.nationmaster.com/country/ec-ecuador/eco-economyhttp://www.nationmaster.com/country/ha-haiti/eco-economyhttp://www.nationmaster.com/country/gm-germany/eco-economyhttp://www.nationmaster.com/country/gm-germany/eco-economyhttp://www.nationmaster.com/country/pl-poland/eco-economyhttp://www.nationmaster.com/country/pl-poland/eco-economyhttp://www.nationmaster.com/country/nc-new-caledonia/eco-economyhttp://www.nationmaster.com/country/nc-new-caledonia/eco-economyhttp://www.nationmaster.com/country/gr-greece/eco-economyhttp://www.nationmaster.com/country/ci-chile/eco-economyhttp://www.nationmaster.com/country/ci-chile/eco-economyhttp://www.nationmaster.com/country/id-indonesia/eco-economyhttp://www.nationmaster.com/country/id-indonesia/eco-economyhttp://www.nationmaster.com/country/ke-kenya/eco-economyhttp://www.nationmaster.com/country/ec-ecuador/eco-economyhttp://www.nationmaster.com/country/ha-haiti/eco-economyhttp://www.nationmaster.com/country/gm-germany/eco-economyhttp://www.nationmaster.com/country/pl-poland/eco-economyhttp://www.nationmaster.com/country/nc-new-caledonia/eco-economyhttp://www.nationmaster.com/country/gr-greece/eco-economyhttp://www.nationmaster.com/country/ci-chile/eco-economyhttp://www.nationmaster.com/country/id-indonesia/eco-economy


34/40

# 115 Cote d'Ivoire: 32.29

# 116 Dominican Republic: 32.06

# 117 Nepal: 32.03

# 118 Madagascar: 31.75

# 119 Finland: 31.58

# 120 Spain: 31.4

# 121 Ethiopia: 31.21

# 122 Turkey: 31.04

# 123 Syria: 30.75

34
http://www.nationmaster.com/country/iv-c-te-d-ivoire/eco-economyhttp://www.nationmaster.com/country/dr-dominican-republic/eco-economyhttp://www.nationmaster.com/country/np-nepal/eco-economyhttp://www.nationmaster.com/country/ma-madagascar/eco-economyhttp://www.nationmaster.com/country/ma-madagascar/eco-economyhttp://www.nationmaster.com/country/fi-finland/eco-economyhttp://www.nationmaster.com/country/fi-finland/eco-economyhttp://www.nationmaster.com/country/sp-spain/eco-economyhttp://www.nationmaster.com/country/et-ethiopia/eco-economyhttp://www.nationmaster.com/country/tu-turkey/eco-economyhttp://www.nationmaster.com/country/tu-turkey/eco-economyhttp://www.nationmaster.com/country/sy-syria/eco-economyhttp://www.nationmaster.com/country/sy-syria/eco-economyhttp://www.nationmaster.com/country/iv-c-te-d-ivoire/eco-economyhttp://www.nationmaster.com/country/dr-dominican-republic/eco-economyhttp://www.nationmaster.com/country/np-nepal/eco-economyhttp://www.nationmaster.com/country/ma-madagascar/eco-economyhttp://www.nationmaster.com/country/fi-finland/eco-economyhttp://www.nationmaster.com/country/sp-spain/eco-economyhttp://www.nationmaster.com/country/et-ethiopia/eco-economyhttp://www.nationmaster.com/country/tu-turkey/eco-economyhttp://www.nationmaster.com/country/sy-syria/eco-economy


35/40

# 124 Norway: 30.45

# 125 Mexico: 29.97

# 126 Guinea: 29.45

# 127 United Kingdom: 29.28

# 128 Cameroon: 29.17

# 129 Comoros: 29

=130 Uzbekistan: 27.97

=130 Guatemala: 27.97

# 132 Benin: 27.9

35
http://www.nationmaster.com/country/no-norway/eco-economyhttp://www.nationmaster.com/country/mx-mexico/eco-economyhttp://www.nationmaster.com/country/gv-guinea/eco-economyhttp://www.nationmaster.com/country/uk-united-kingdom/eco-economyhttp://www.nationmaster.com/country/cm-cameroon/eco-economyhttp://www.nationmaster.com/country/cn-comoros/eco-economyhttp://www.nationmaster.com/country/uz-uzbekistan/eco-economyhttp://www.nationmaster.com/country/gt-guatemala/eco-economyhttp://www.nationmaster.com/country/gt-guatemala/eco-economyhttp://www.nationmaster.com/country/bn-benin/eco-economyhttp://www.nationmaster.com/country/bn-benin/eco-economyhttp://www.nationmaster.com/country/no-norway/eco-economyhttp://www.nationmaster.com/country/mx-mexico/eco-economyhttp://www.nationmaster.com/country/gv-guinea/eco-economyhttp://www.nationmaster.com/country/uk-united-kingdom/eco-economyhttp://www.nationmaster.com/country/cm-cameroon/eco-economyhttp://www.nationmaster.com/country/cn-comoros/eco-economyhttp://www.nationmaster.com/country/uz-uzbekistan/eco-economyhttp://www.nationmaster.com/country/gt-guatemala/eco-economyhttp://www.nationmaster.com/country/bn-benin/eco-economy


36/40

# 133 Italy: 26.67

# 134 France: 26.35

# 135 Burkina Faso: 25.86

# 136 Rwanda: 25.83

# 137 Uganda: 25.62

# 138 South Africa: 25.29

# 139 Niger: 24.88

# 140 Bolivia: 24.49

# 141 Saudi Arabia: 24.45

36
http://www.nationmaster.com/country/it-italy/eco-economyhttp://www.nationmaster.com/country/it-italy/eco-economyhttp://www.nationmaster.com/country/fr-france/eco-economyhttp://www.nationmaster.com/country/uv-burkina-faso/eco-economyhttp://www.nationmaster.com/country/uv-burkina-faso/eco-economyhttp://www.nationmaster.com/country/rw-rwanda/eco-economyhttp://www.nationmaster.com/country/ug-uganda/eco-economyhttp://www.nationmaster.com/country/ug-uganda/eco-economyhttp://www.nationmaster.com/country/sf-south-africa/eco-economyhttp://www.nationmaster.com/country/ng-niger/eco-economyhttp://www.nationmaster.com/country/ng-niger/eco-economyhttp://www.nationmaster.com/country/bl-bolivia/eco-economyhttp://www.nationmaster.com/country/sa-saudi-arabia/eco-economyhttp://www.nationmaster.com/country/sa-saudi-arabia/eco-economyhttp://www.nationmaster.com/country/it-italy/eco-economyhttp://www.nationmaster.com/country/fr-france/eco-economyhttp://www.nationmaster.com/country/uv-burkina-faso/eco-economyhttp://www.nationmaster.com/country/rw-rwanda/eco-economyhttp://www.nationmaster.com/country/ug-uganda/eco-economyhttp://www.nationmaster.com/country/sf-south-africa/eco-economyhttp://www.nationmaster.com/country/ng-niger/eco-economyhttp://www.nationmaster.com/country/bl-bolivia/eco-economyhttp://www.nationmaster.com/country/sa-saudi-arabia/eco-economy


37/40

# 142 Tanzania: 24.33

# 143 French Polynesia: 24.23

# 144 Russia: 24.15

# 145 China: 23.41

# 146 Australia: 22.75

# 147 Bangladesh: 22.32

# 148 Algeria: 21.4

# 149 Zimbabwe: 20.67

# 150 Uruguay: 19.89

37
http://www.nationmaster.com/country/tz-tanzania/eco-economyhttp://www.nationmaster.com/country/tz-tanzania/eco-economyhttp://www.nationmaster.com/country/fp-french-polynesia/eco-economyhttp://www.nationmaster.com/country/rs-russia/eco-economyhttp://www.nationmaster.com/country/ch-china/eco-economyhttp://www.nationmaster.com/country/ch-china/eco-economyhttp://www.nationmaster.com/country/as-australia/eco-economyhttp://www.nationmaster.com/country/bg-bangladesh/eco-economyhttp://www.nationmaster.com/country/bg-bangladesh/eco-economyhttp://www.nationmaster.com/country/ag-algeria/eco-economyhttp://www.nationmaster.com/country/zi-zimbabwe/eco-economyhttp://www.nationmaster.com/country/zi-zimbabwe/eco-economyhttp://www.nationmaster.com/country/uy-uruguay/eco-economyhttp://www.nationmaster.com/country/tz-tanzania/eco-economyhttp://www.nationmaster.com/country/fp-french-polynesia/eco-economyhttp://www.nationmaster.com/country/rs-russia/eco-economyhttp://www.nationmaster.com/country/ch-china/eco-economyhttp://www.nationmaster.com/country/as-australia/eco-economyhttp://www.nationmaster.com/country/bg-bangladesh/eco-economyhttp://www.nationmaster.com/country/ag-algeria/eco-economyhttp://www.nationmaster.com/country/zi-zimbabwe/eco-economyhttp://www.nationmaster.com/country/uy-uruguay/eco-economy


38/40

# 151 Pakistan: 19.35

# 152 Colombia: 19.04

# 153 Burundi: 18.22

# 154 Cuba: 18.17

# 155 Peru: 17.28

# 156 Sudan: 16.15

# 157 Libya: 15.46

# 158 India: 15.43

# 159 United States: 14.95

38
http://www.nationmaster.com/country/pk-pakistan/eco-economyhttp://www.nationmaster.com/country/pk-pakistan/eco-economyhttp://www.nationmaster.com/country/co-colombia/eco-economyhttp://www.nationmaster.com/country/co-colombia/eco-economyhttp://www.nationmaster.com/country/by-burundi/eco-economyhttp://www.nationmaster.com/country/cu-cuba/eco-economyhttp://www.nationmaster.com/country/pe-peru/eco-economyhttp://www.nationmaster.com/country/pe-peru/eco-economyhttp://www.nationmaster.com/country/su-sudan/eco-economyhttp://www.nationmaster.com/country/ly-libya/eco-economyhttp://www.nationmaster.com/country/in-india/eco-economyhttp://www.nationmaster.com/country/in-india/eco-economyhttp://www.nationmaster.com/country/us-united-states/eco-economyhttp://www.nationmaster.com/country/pk-pakistan/eco-economyhttp://www.nationmaster.com/country/co-colombia/eco-economyhttp://www.nationmaster.com/country/by-burundi/eco-economyhttp://www.nationmaster.com/country/cu-cuba/eco-economyhttp://www.nationmaster.com/country/pe-peru/eco-economyhttp://www.nationmaster.com/country/su-sudan/eco-economyhttp://www.nationmaster.com/country/ly-libya/eco-economyhttp://www.nationmaster.com/country/in-india/eco-economyhttp://www.nationmaster.com/country/us-united-states/eco-economy


39/40

# 160 Central African Republic: 14.92

# 161 Brazil: 14.4

# 162 Argentina: 10.16

# 163 Japan: 9.81

# 164 Burma: 1.05

Weighted average: 48.6

Source: Imports of goods and services as % of GDP (most recent) by country, Nations Master

39
http://www.nationmaster.com/country/ct-central-african-republic/eco-economyhttp://www.nationmaster.com/country/ct-central-african-republic/eco-economyhttp://www.nationmaster.com/country/br-brazil/eco-economyhttp://www.nationmaster.com/country/ar-argentina/eco-economyhttp://www.nationmaster.com/country/ar-argentina/eco-economyhttp://www.nationmaster.com/country/ja-japan/eco-economyhttp://www.nationmaster.com/country/ja-japan/eco-economyhttp://www.nationmaster.com/country/bm-burma/eco-economyhttp://www.nationmaster.com/country/ct-central-african-republic/eco-economyhttp://www.nationmaster.com/country/br-brazil/eco-economyhttp://www.nationmaster.com/country/ar-argentina/eco-economyhttp://www.nationmaster.com/country/ja-japan/eco-economyhttp://www.nationmaster.com/country/bm-burma/eco-economy


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Appendix 3 GDP Growth Rates of United States

-4

-2

0

2

4

6

8

1950 1960 1970 1980 1990 2000 2010 2020

Grow

thRate(%)

Year

GDP Growth Rate of United States from 1960 to 2010

GDP Growth % Linear (GDP Growth %)

Source:United States GDP Growth Rate, The World Bank

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Globalization and Consumerism

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