Despite the recent emerging market crisis, the forces of globalization continue inexorably to weave a web of interdependence and integration across the world. The precarious state of the world economy has tarnished the process of globalization, however, as doubts have arisen about whether the promise of globalization will be fulfilled. That promise is one where liberalization and integration, supported by the information revolution and the diffusion of technology, will power a significant, sustained increase in global growth. In turn, economic growth will produce a convergence in living standards between developing and industrial countries. Over the past two years we have seen crisis and uncertain recovery in Asia, collapse in Russia, strains across Latin America, and; apart from the United States, sluggish growth in the G-7. In April 1998, the IMF projected global growth at 2.3 percent for the year and growth in world trade at just 3.8 percent.1 The emerging market crisis has subsided, but the rekindling of interest in those markets on the part of international capital markets inspires worry as well as relief. That worry is whether the globalized economy will be stable enough to deliver on its promise.