Friday, April 6, 2012

Globalization for Whom?

There is no doubt that globalization "can work" for poor people. Global integration can be a powerful force for reducing poverty and empowering people. The question of whether it "does work" is much less certain. According to Ian Goldin of the Oxford Martin School, the relationship between globalization and poverty reduction is far from automatic — and far from simple.

Globalization today is at a critical crossroads. It has provided immense benefits, but the systemic risks and rising inequality it causes require urgent action. The failure to arrest these developments is likely to lead to growing protectionism, nationalist policies and xenophobia, which will slow the global recovery and be particularly harmful for poor people.

The scope and scale of the required reforms are vast and complex. Urgent action is needed for globalization to realize the positive potential that increased connectedness and interdependency can offer. Action is also needed to address systemic risks such as pandemics, climate change, cybersecurity and financial crises. Read More