Globalization – the growing integration of economies and societies around the world – has been one of the most hotly-debated topics in international economics over the past few years. Rapid growth and poverty reduction in China, India, and other countries that were poor 20 years ago, has been a positive aspect of globalization.
This paper provides a review of recent empirical evidence, including some new research, on the effects of financial globalization for developing economies.
Globalization has economic roots and political consequences, but it also has brought into focus the power of culture in this global environment - the power to bind and to divide in a time when the tensions between integration and separation tug at every issue that is relevant to international relations.
Others stress the positive effects of globalization by, e.g. removing stumbling blocks of development; accelerating necessary reforms - but what of the impact of Globalization?
