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Economic Globalisation and its Policy Implications

The paper provides an operational definition of the concept of globalisation and reviews the pro-globalisers' case for the worrld-wide spread of free market capitalism through the implementation of the 'Washington Consensus'. The pros and cons of the case for capital account liberalisation and the policy measures required to combat the sudden eruption of financial crises are also reviewed. The case for reshaping the International Financial Architecture (IFA) is examined. The paper concludes with some obaservations on the policy challenges facing Sri Lanka as the economy becomes rapidly globalised or internationally integrated.