![]() ![]() The downside of globalization is most vividly epitomized at times of periodical global financial and economic crises. The risks and costs brought about by globalization can be significant for fragile developing economies and the world’s poor. A question that is often raised is whether the actual distribution of gains is fair and whether the poor benefit less than proportionately from globalization-and could under some circumstances actually be hurt by it. While the potential for povertyreduction is great, the extent of it will depend on many factors including, in particular, the pattern of growth followed by the developed and developing countries and the overall global policy framework. The process of globalization provides a golden opportunity for mankind to contribute to a major reduction of poverty world-wide.
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