ABSTRACT
In many countries, globalization has brought huge benefits to a few with few benefits to the many. But in the case of a few countries, it has brought enormous benefit to the many. The countries that have managed globalization on their own, such as those in East Asia, have, ensured that they reaped huge benefits and that those benefits were equitably shared; they were able substantially to control the terms on which they engaged with the global economy. By contrast, the countries that have, by and large, had globalization managed for them by the International Monetary Fund (IMF) and other international economic institutions have not done so well. The IMF has pushed these economics policies without a broader vision of society or the role of economics within society. Capital-market liberalization is inevitably accompanied by huge volatility, and this volatility impedes growth and increases poverty. Without adequate safety nets, the recessions that follow from capital-market liberalization lead to impoverishment.
