Winners of globalization

Abstract

In itself globalization is neither good nor bad. Its economic impact can be both welfare-enhancing and dislocating. This paper dwells on the former, that is, the positive and constructive impact of the contemporary phase of globalization. It examines the evidence for its beneficial effect on several country groups as well as over the global economy. Without making any assertions of universality of positive impact of globalization, this article provides wide ranging evidence of its being a definitive transformative force for several economies and groups thereof. By successfully exploiting market-led outer-oriented development strategy and climbing the ladder of development by first producing and exporting labor-intensive manufactures and then switching to exports of capital- and technology-intensive manufactures several country groups integrated with the global economy and have commendable results to show. Global economic and financial integration on balance yielded rich dividends for many economies as well as the global economy. It concludes that, going by the available evidence, globalization on balance is a welfare-enhancing force