A "package" that can help poor countries climb out and catch up with the rest of the globe has many components. The right conditions for investment and saving can be created by developing macroeconomic stability. Outward oriented policies will promote efficiency through increased trade and investment. Structural reform will encourage domestic competition. Strong institutions and an effective government will foster good governance. Education, training, research, and development will promote productivity. External debt management ensures adequate resources for sustainable development. Advanced economies can make a vital contribution to poor countries' efforts to integrate into the global economy by promoting trade, encouraging flows of private capital to the lower income countries, and by supplementing more rapid debt relief with and increased level of new financial support ("Globalization").
The argument that globalization is making the rich nations richer and the poor nations poorer is not unfounded, but it is unjust. …
