The book deals with the importance of globalisation for development, pointing out that globalisation has brought on new opportunities for developing countries though it has also thrown up new challenges like growing inequality in society, volatility in financial market and environmental deterioration. It first explains the concept and meaning of globalisation. It then takes up different scenarios and areas with respect to globalisation for detailed study: capital inflows, international business, inflation, inequality, poverty, social policy, sustainable development, environment and trade in service. It bears specific reference to economic liberalisation in India and the ongoing economic reforms that have progressively lowered the barriers to competition and hastened the pace of globalisation.