Empirical evidence suggests that globalization and trade openness have contributed significantly to the economic growth and development of many countries across the globe. During the period 1980 to 2002, there has been a spectacular increase in the world trade volume: nearly a threefold increase. Technological revolution ad the resulting decline in the cost of transport and communication have led to greater integration of the global economy. Reduction of trade barriers both regionally and globally have accelerated the growth of international trade, increasing global welfare. Offshore outsourcing activities by the developed nations have created ample employment opportunities in the developing nations. Through many lower and middle income developing countries have received the benefits of globalization and trade openness, they have not been able to translate the growth effectively and uniformly to all sections of the society.

Despite positive outcomes of globalization, the world community also faces several challenges. A major consequence of the globalization wave is increasing income inequality both within and between countries. Therefore, there is an urgent need to make the process of globalization more inclusive and pro-poor, so that the benefits reach to the population who are either been left out or neglected. Similarly, the impact of outsourcing or off shoring activities on the wage rates has received considerable attention in Europe and the United States. Evidences from countries like Canada, the United States, Mexico and many European countries suggest that outsourcing activities have adversely affected their local wage rates and employment scenario. With this backdrop, the book attempts to discuss various issues related to globalization, international trade and world welfare.