THERE is an ongoing debate on the impact and implications of globalization. One school of thought argues that globalization on the whole has been beneficial to mankind and is irreversible. Some of the better known books in this category are Martin Wolf, Why Globalisation Works (2007) and Jagdish Bhagwati, In Defense of Globalization (2004).

Critics of globalisation have pointed out that many of its effects are harmful, especially to the poor, and that whatever positive results exist are in any case very unequally distributed between the rich and developed and the poor and underdeveloped.

Those expressing concerns about the...

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