In the following video Googles own Matt Cutts discusses how the tech giant handles duplicate content and what negative effects it can have on rankings from an SEO perspective.
I highly recommend checking out his other videos - they are all available via the Google Webmaster Help YouTube channel. Matt covers lots of interesting and important subjects including:
How Can I Make the Pages on My Site Unique?
How An Older Website Can Maintain its Ranking Over Time
How To Create Great Content that Performs Well in Google Search Results
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