Contemporary Phase of Globalization: Does It Have a Serious Downside?

There are many who logically or illogically regard the contemporary phase of economic globalization as a negative, harmful, destructive, marginalizing and malevolent influence. Notwithstanding its positive welfare implications, it has been a serious source of national, regional and global economic problems for many economies, both developing and advance industrial ones. Partial blame for the fall 2008 meltdown of the global financial market does justly go to globalization. It is also blamed for uneven distribution of income within and between countries. Consequently global policy environment has turned globalization-unfriendly. Without negating the affirmative aspects of globalization and its welfare-enhancing contributions, this article focuses on the negative aspects of the contemporary phase of economic globalization.