For example, the average American at the beginning of this century had a shorter life expectancy than the average person in the developing world today. He or she had only slightly more wealth than the average person in the developing world today. We should not allow the problems we are facing today define the meaning of globalization. The benefits still vastly outweigh the costs. These benefits of our modern world can make people more productive as workers and more informed and capable as citizens.
Globalization spurs creativity by widening the market for innovation.
This sense of the need to compete, when combined with a more effective international effort to help especially the poorer countries achieve sustainable development, can produce the growing and stable global economy we all seek. In a globalized world, governments must recognize that they have less control over their country's economic trends. Still they can create a favorable environment for investment, for capital inflows, and for increased productivity. They have to create confidence by investors. If instead their actions create fear, their countries will be relegated to watching growth take place elsewhere.