Economic Globalisation: How far and how much further?

Ramkishen Rajan & Graham Bird

Published: September 2001

The concept of globalisation has received a great deal of popular attention in recent years. However, the term is often used quite loosely. When defined to mean closer international economic integration, the evidence shows that the extent of globalisation may easily be exaggerated. This article examines the evidence and assesses the benefits from, and costs of, globalisation. It goes on to discuss how the costs might be mitigated, and briefly examines the role of the principal international trade and financial institutions.