The Brookings Institution Wei is also Director of the project on Corruption and Poor Public Governance Download Full Paper in PDF format. Shui Ke Zai Zhou, Yi Ke Fu Zhou. The statement by a 7th century Chinese prime minister quoted above can be applied aptly to the current discussion on globalization as well.
Globalization can be good, and globalization can be bad.
These are the questions that this paper hopes to shed some light on. Many things in life have a beneficial and a less beneficial sides. Rains can help crops to grow, but can also make some people sick, especially if they don't carry umbrellas. In the 1980s and early 1990s, there was a broad consensus that embracing globalization, liberalizing trade, foreign direct investment, and other forms of capital flows is a sure way for developing countries to develop. Starting from the late 1990s, there has been a new conventional wisdom that not all forms of globalization are necessarily good for all countries at all times.