By Surjit Bhalla, the Institute for International Economics, October 2002

A new era of globalization, which began in the 1980s, brought about a significant decline in costs of transportation, communication, and production; considerably improved intercountry competitiveness; and broke down trade and cultural barriers among countries. The concept of a sovereign nation has been increasingly questioned in recent years. Some, indeed, have imagined a world without boundaries, without countries. Others who doubt the benefits of globalization have called for increased protectionism and greater regulation of economic activity.

Has globalization made the world grow faster? Has poverty declined at a faster pace during globalization? If yes, why? If not, is it because the growth rate was lower, or because inequality worsened, or both? Who gained from globalization? Was it the elite in both the developed and developing world? What about the middle class? Who are they? How did they benefit from (or lose to) the forces of globalization?

This comprehensive study firmly debunks several popular myths such as the belief that globalization has resulted in lower overall growth rates for poor countries, increasing world inequality, and stagnating poverty levels. Through rigorous, integrated methodologies and an enhanced dataset, the author, Surjit Bhalla, answers some of the most pressing policy issues confronting us today.

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Book Contents (PDF):

Preface  

Acknowledgments

I. Received Wisdom on Poverty, Inequality, and Growth

1. Overview: New Results on Poverty, Inequality, and Growth in the Era of Globalization 152.1KB

2. The Pattern of Economic Growth, 1950-2000 198.8KB

3. Inequality as We Know It 271.9KB

4. Poverty as We Are Told It Is 224.7KB

II. Discussion of Knowledge on Poverty, Inequality, and Growth and Analysis of Data and Methodologies

5. Taking Stock of the Facts 250.0KB

6. Recounting Poor People 168.8KB

7. Surveys and National Accounts: Can a Choice Be Made? 260.1KB

8. Other Methodological Considerations 197.3KB

III. New Results on Poverty, Inequality, and Growth Based on Simple Accounting Procedure Methods

9. Poverty as It Is—and Forecasts for 2015 190.8KB

10. Reinventing the Kuznets Curve: Propoor Growth 287.1KB

11. Inequality as It Is 318.4KB

12. Globalization: A Second Look 181.7KB

13. Conclusion: Roads Not Taken 122.9KB

Appendices A-C 213.3KB

References

Index

Book Reivews:

"This book challenges the conventional contention that the world in recent years has experienced both increased poverty and increased inequality, attributed by some to integration of nations into the world economy." Foreign Affairs

"Bhalla rubbishes poverty estimates made by the World Bank and the Indian government to come up with dramatic findings that could shake up global development policy." Sandipan Deb, Outlook Magazine, October 28, 2002

"A brilliant new book" The Times of India, October 12, 2002

"Read the book ... it's stimulating." Sunil Jain, The Sunday Express, November 10, 2002

"A must read for anyone interested in these topics." Richard N. Cooper, Boas Professor of International Economics, Harvard University

About the Author:

Surjit S. Bhalla is managing director of Oxus Research and Investments, a New Delhi-based economic research, asset management, and emerging-markets advisory firm. He taught at the Delhi School of Economics and worked at the Rand Corporation, the Brookings Institution, and at both the research and treasury departments of the World Bank. He has also worked at Goldman Sachs (1992–94) and Deutsche Bank (1994–96). He is author of Imagine There's No Country: Poverty, Inequality, and Growth in the Era of Globalization (2002). His research interests are fiscal policy (flat tax?), economic history (do institutions cause growth?), and macroeconomic policy (the role of exchange rates in economic development). He has been a member of several government of India committees on economic policy, most recently the committee on capital account convertibility. He is on the board of India’s largest think tank and is an appointed member of the National Statistical Commission of India. He is also a regular contributor to newspapers and magazines on economics, politics, and cricket. His first book, Between the Wickets: The Who and Why of the Best in Cricket (1987), developed a model for evaluating performance in sports.

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