How to address the social and economic challenges of globalization?
At a time when we are far from having completed our agenda for the economic progress of the poorest countries or the transition of the former centrally planned economies, already the first financial crisis of the 21st century has come upon us. Mr. Chairman, we have all been surprised by these developments, but we must not allow the crisis to develop perversely, and through its contagious effects to endanger many remarkable achievements–particularly the rapid growth of many developing countries, the substantial increase in private capital flows in their direction, and all the potential benefits of globalization for widespread social and human development. Already the IMF, in close cooperation with bilateral contributors, has taken unprecedented steps to contain the crisis and help Mexico recover quickly; but we must look now beyond Mexico to draw the proper lessons from it on how to make sure that globalization serves and does not destroy our objectives. I will only insist on three poi
