ABSTRACT
This chapter aims to sort out the different meanings of globalization. More generally, globalization itself has been governed in ways that are undemocratic and have been disadvantageous to developing countries, especially the poor within those countries. In short, the countries of East Asia benefited from globalization because they made globalization work for them; it was when they succumbed to the pressures from the outside that they ran into problems that were beyond their own capacity to manage well. With globalization, when the United States sneezes, much of the rest of the world risks catching pneumonia. Today, in much of the developing world, globalization is being questioned. With globalization, mismanaged macroeconomic policy in the United States—the failure to design an effective stimulus package—has global consequences. September 11 brought home a still darker side of globalization—it provided a global arena for terrorists.
