ABSTRACT
While the 'extreme' strand of the anti-globalisation activists may disagree, the 'globalisation institution' has come to stay. There is sufficient evidence to suggest that through its agents, especially FDI, the globalisation process can engender sustainable economic growth. Regional integration schemes among proximate developing countries, if based on an economic rather than a political foundation, can contribute towards introducing peace and political stability, inducing economic stability, creating a larger resource base, and creating a large economic bargaining unit. For globalisation to work, the aforementioned economic benefits should be distributed equitably while preserving the environment so that sustainable development for all is achieved. Most important, however, globalisation has an instrumental role to play in the development process of all countries. What is required are local, national, regional and global policy instruments that can maximise its potential benefits, and yet minimise its potential hazards.
