HAS GLOBALIZATION GONE TOO FAR

The process that has come to be called ''globalization'' is exposing a deep fault line between groups who have the skills and mobility to fl ourish in global markets and those who either don't have these advanta ges or perceive the expansion of unregulated markets as inimical to so cial stability and deeply held norms. The result is severe tension bet ween the market and social groups such as workers, pensioners, and env ironmentalists, with governments stuck in the middle. The most serious challenge for the world economy in the years ahead lies in making glo balization compatible with domestic social and political stability-or to put it even more directly in ensuring that international economic i ntegration does not contribute to domestic social disintegration.