Anyone who doubts that global financial markets control national economies need only look at the crisis facing the "tigers" of the Far East. Last year, the value of their currencies dropped rapidly, after investors decided that their economic policies were not strong enough; now the region is suffering slower growth, lower living standards and rising unemployment.
The situation in Asia shows how power has shifted from individual governments to the markets. In theory, governments are free to set their own economic policies; in practice, they must conform to a global economic model or risk being penalized by the markets.
Adjusting to this new "economic order" is proving difficult, in the developed world, and in particular the European Union, globalization is facing widespread public resistance. Critics complain that, without the protection of trade barriers, jobs are being lost to workers in poorer countries, and wages for employees in rich count
A. Wages stop rising.
B. Wages are so high that there is no need to rise.
C. There is a pause in wages, but they will soon rise.
D. Wages begin to fall.
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