George Soros on Globalization

Arguing that economic globalization (defined as "the free movement of capital and the increasing domination of national economies by global financial markets and multinational corporations") has led to the creation of wealth but that the distribution of goods has been lopsided, financier Soros puts forth some recommendations towards the reform of the global economy. He argues that the international financial and trade institutions need to be reformed to contain the instability of financial markets and to correct the built-in bias towards developed countries that largely control them. He further suggests that although the World Trade Organization's rules-based system is good for the transfer of private goods, it needs to be complemented by an incentives based system for the provision of public goods.