Globalization: a guide for the concerned policymaker

Abstract

Although rolling back of globalization is feasible, the author contends that techno-economic forces will ensure its further expansion. The world economy will be more integrated tomorrow than today. Increasing number of countries and policy mandarins have begun to see the welfare effects of globalization and the constituency for it much larger than that against it. However, capitalizing from it is a challenge because globalization does entail some downside risks. This paper focuses on macroeconomic challenges emanating from the on-ward march of globalization. In the recent past, it has been observed that several globalizing economies suffered from volatility. Therefore, the author devotes a large part of this research to the vexing issue of volatility and how to manage it