Stanley Fischer:

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• Stanley Fischer
• "Globalization and Its Challenges"
• Sections I, II, III-Trade and Growth, III-The
  International Trade System, IV, V pp. 3-16,
  24-26, 29-33.
• T. N. Srinivasan
• "Globalization Is It Good or Bad?"

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• Fischer (2003, p.5)
• In terms of peoples daily lives, globalization
  means that the residents of one country are more
  likely now than they were fifty years ago
• to consume the products of another country
• to invest in another country
• to earn income from other countries
• to talk on the telephone to people in other
  countries
• to visit other countries
• to know that they are being affected by economic
  developments in other countries and
• to know about developments in other countries.

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Fischers discussion points

• Whether poverty and inequality are increasing
  or decreasing
• Whether integration into the global economy is
  good for growth
• Whether the international financial system is
  too crisis prone, and capital flows need to be
  banned or regulated
• The unfairness of the global trading system, and
  the inadequacy of aid flows
• The role of the IMF.

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• T. N. Srinivasan (2003, p.3)
• Globalization is, in essence, a process that
  creates opportunities for faster growth and more
  rapid poverty reduction in those poor countries
  in which the domestic economic and political
  environment is conducive.
• Countries in which corruption is endemic, the
  legal system is not effective or is corrupt, the
  financial system discourages risk taking, and
  civil strife and conflicts with neighbors are
  pervasive surely are not fertile grounds for
  globalization to yield its fruits.
• The primary challenge for the DCs who have been
  left out of the globalization process is
  domestic how to transform the domestic
  environment into one that is conducive to
  globalization.

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