Globalisation and the New Realities

In this book, Dr. Mahathir Mohamad provides an incisive critique of the main aspects of globalisation and an explanation for this changing tide of opinion against the concept of globalisation. Globalisation, deregulation and liberalisation in a borderless world must be handled with care as they are means to an end - not ends in themselves. Globalisation must result in a better life for all. Though the mobility of capital flows across borders in an efficient way of allocating resources globally and channelling 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 globalisation years before it was fashionable to criticise this concept. His lack of inhibition in speaking his mind - even when his opinions go against conventional wisdom - 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. Policymakers, researchers and those who want to know about the current trends in globalisation - and about its pitfalls - will find this timely and compelling reading.