Author Description

There is now a worldwide public backlash against the effects of globalization, which had once been thought of as an inevitable and universally good force. In this book, Dr. Mahathir Mohamad provides an incisive critique of the main aspects of globalization and an explanation for this changing tide of opinion against the concept of globalization. Globalization, deregulation and liberalization in a borderless world must be handled with care as they are means to an end - not ends in themselves. Globalization must result in a better life for all. Though the mobility of capital flows across borders is an efficient way of allocating resources globally and channeling them to developing countries, such mobility creates volatility and provides an opportunity for speculative attacks against currencies that threatens the economic stability of less developed countries. Dr. Mahathir has been warning the world of the inequities and dangers of globalization years before it was fashionable to criticize this concept. His lack of inhibition in speaking his mind - even when his opinions go against conventional wisdom - is now well documented. He pulls no punches when he describes the events of the Asian financial crisis of 1997, the mechanics of currency speculation and the effects of the volatile inflows and outflows of foreign funds, as well as the measures Malaysia took to counter the crisis. Policy makers, researchers and those who want to know about the current trends in globalization - and about its pitfalls - will find this timely and compelling reading.