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Synopsis The new era of globalization, which began in the 1980s, brought about a world without boundaries. It resulted in significant decline in costs of transportation, communication and production; considerably improved intercountry competitiveness; and broke down trade and cultural barriers among countries. However, the new order also raised several questions in its wake. Surjit S. Bhalla addresses these questions head on in this book. Has globalization made the world grow faster? Has poverty declined at a faster pace during globalization? If yes, why? If not, is it because the growth rate was lower, or because inequality worsened, or both? Who has gained from globalization? Is it the elite in both the developed and developing world? What about the middle class? Who are they? How have they benefited from (or lost to) the forces of globalization? This comprehensive study firmly debunks several popular myths such as the belief that globalization has resulted in lower overall growth rates for poor countries, increasing world inequality, and stagnating poverty levels. Through rigorous, integrated methodologies and an enhanced dataset, the author answers some of the most pressing policy issues confronting us today.