Globalization, by which is meant the increasing economic interdependence among nations, has been a critical ingredient in enabling enormous improvement in mankind's condition. While progress has not always been smooth, and has not come without dislocation for some, the economic policy challenge has been, and is, to enable the realization of the large potential benefits of globalization while simultaneously reducing the negative side effects and providing safety nets for those whose lives are disrupted in the process.This volume focuses on the successes of globalization, and some of the main economic policy challenges and solutions that arise to enhance the benefits and lower the costs. It covers different aspects of globalization, sovereign debt restructuring, development of the financial sector and financial crises in Asia, Turkey, Brazil, etc. The final part of the book covers multilateral international organizations, namely the World Trade Organization, the IMF and the World Bank.
Overview; Successes of Globalization: Be Careful What you Wish For; Trade Policy and Economic Development: How We Learn; Increased Understanding of Supply Side Economics; Economic Policy Reform: DeToqueville's 'Dangerous Moment': The Importance of Getting Reforms Right; The Crucial Role of Financial Intermediation for Rapid Growth; Lessons from the Asian Financial Experience; Economic Policy Reforms in Brazil and Turkey; Sovereign Debt Restructuring: A New Approach to Sovereign Debt Restructuring; Sovereign Workouts: An IMF Perspective; Multilateralism for the Twenty-First Century: The Founding of the Bretton Woods Institutions: A View from the 1990s; The Clash between Economics and Politics in the World Trade Organization; At the Service of Nations: The Role of the IMF in the Modern Global Economy; An Enduring Need: The Importance of Multilateralism in the Twenty-First Century; Looking Forward: Postscript.