If the years before the global financial crisis – the period of the so called “Great Moderation” – demonstrated the benefits of globalization, the devastating toll of the crisis showed its costs. As emerging market economies (EMEs), we cannot withdraw from globalization. That is neither feasible nor advisable.
We have to confront globalization head on, but manage it in such a way that we exploit the opportunities and mitigate its costs. Surely, we have our concerns about the forces of globalization and how they might impact us. Many of these issues are on the global agenda that the G-20 is deliberating upon.