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effects of globalization

Filed in archive Politics on August 30, 2003

I have another favorite topic: globalization. There is an interesting new paper from Stanley Fischer. The paper gives a very good overview about global economic developments in the last decade and future challenges of globalization (p. 29.) It focuses on several key issues:

  • Whether poverty and inequality are increasing or decreasing;

  • Whether integration into the global economy is good for growth;

  • Whether the international financial system is too crisis prone, and capital
    flows need to be banned or regulated;

  • The unfairness of the global trading system, and the inadequacy of aid
    flows;


Well you can guess the result, if a former IMF director is arguing. Just one main conclusion:
"Poverty rates have been declining, especially in Asia. So very likely has the absolute number of those living at below one dollar a day."
Especially India and China have found a way to nurture a comparative advantage of parts of their economies and raise the level of living for many residents. The phenomenon of a middle class has finally started to grow substantially.

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Tags: globalization    entrepreneurship  2003  technology  effects+globalization  venture+capital  hedge+funds 

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