Globalizing responsibilities

While the globalization juggernaut has offered new possibilities and opportunities for raising the living standards of millions of people, it also is seen as a steamroller that can destroy lives, jobs and traditions in the blink of an eye. For more than half of the world's population who are not yet able to board the globalization-train, the new global economy has often deepened feelings of despair that the weak will never be able to compete with the already strong and powerful.

There is growing concern that new rules are needed to manage the global economy. These reflect the need for a new financial architecture to minimize the risk of financial crises, new trade laws to help level the playing field, and some ethical and moral rules to ensure that all peoples' needs are met in this new economy.