Japan and globalization

Having embraced international commerce and the global flow of capital for much of this decade, the governments of some developing countries now wonder whether they made a mistake. The dark side of economic liberalization has cast a nasty spell over key parts of once-booming, now-recessionary Asia and Latin America. It turns out that good times can turn bad as quickly as money, in the age of computers, crosses international borders. Globalization isn't the rosy deal everyone once believed it to be. But it's still the best deal available. Developing-country governments need to remember that. The problems with which most of them now struggle became manifest during specu...

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