WIDER Annual Lecture 4
Globalization and Appropriate Governance
In this thought-provoking lecture, Professor Bhagwati presents us quite a different perspective on globalization than what we get in the polarized debates in the media between its proponents and opponents. He first argues that the different dimensions of globalization may have different impacts. Therefore, to analyse the debate, globalization needs to be disaggregated instead of being treated as a gigantic whole. Concentrating on international trade and direct foreign investment, Bhagwati shows that these two dimensions of globalization are economically benign. He then argues that they can even be socially benign, i.e. they can produce beneficial consequences for a variety of social objectives. However, this holds only as a general tendency, meaning that this is not always true and that downsides will occur. Consequently, appropriate governance is needed at both national and international levels to manage globalization. The maximal speed of globalization is not necessarily optimal.The 4th WIDER Annual Lecture was given by Professor Jagdish N. Bhagwati in Helsinki on 27th November 2000, under the title ‘Globalization and Appropriate Governance'.