Globalization has set in motion a process of far-reaching change that is affecting everyone. New technology, supported by more open policies, has created a world more interconnected than ever before. This spans not only growing interdependence in economic relations – trade, investment, finance and the organization of production globally – but also social and political interaction among organizations and individuals across the world. A minimum level of social protection for individuals and families needs to be accepted and undisputed as part of the socio-economic ‘floor’ of the global economy, including adjustment assistance to displaced workers. Donors and financial institutions should contribute to the strengthening of social protection systems in developing countries. Rich countries have long been preaching to their poorer partners about the supposed benefits of economic globalization. They have argued that economic growth can only be achieved through open markets and free trade. Some developing countries such as China and India have listened to the suggestions and actually achieved substantial growth and global competitiveness. Globalization clearly opens up opportunities for development. We are all aware -and rightfully so- that national strategies should be designed to take advantage of the potential and meet the requirements associated with greater integration into the world economy. Quoting Greg Mankiw, “ It is a maxim of every prudent master of a family, never to attempt to make at home what it will cost him more to make than to buy”. If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it from them with some part of the produce of our own industry employed in a way in which we have some advantage. Globalized nations tend to pursue policies that achieve faster economic growth, lower inflation, higher incomes and greater economic freedom. The least globalized countries are prone to policies that interfere with markets and lead to stagnation, inflation and diminished competitiveness. A nation that become more integrated into the world economy, tend to maintain fewer barriers to trade and the movement of money. They are less likely to impose punishing corporate taxes and onerous regulations. Their technology policies are more favorable to innovation. Nations more open to the world economy score above the less globalized countries in respect for the rule of law and protection of property rights. More globalized countries also offer greater political stability. A nation open to trade can achieve greater production efficiency and a higher standard of living by specializing in those goods for which it has a comparative advantage to wit:  1. Countries that are open to trade typically enjoy greater prosperity. A report said, among developed nations , the open economies grew at 2.3 percent per year, while the closed economies grew at 0.7 percent per year Among developing nations , the open economies grew at 4.5 percent per year, while the closed economies again grew at 0.7 percent per year. Perhaps being closed to trade is correlated with various other restrictive government policies, and it is th