Abstract

Globalization—the process through which an increasingly free flow of ideas, people, goods, services, and capital leads to the integration of economies and societies—has brought rising prosperity to the countries that have participated. It has boosted incomes and helped raise living standards in many parts of the world, partly by making sophisticated technologies available to less advanced countries. Since 1960, for example, life expectancy in India has risen by more than 20 years, and illiteracy in Korea has gone from nearly 30 percent to almost zero. These improvements are due to a number of factors, but it is unlikely that they could have occurred without globalization. In addition, greater integration has promoted human freedom by spreading information and increasing choices.