
The world economy over the last 6 years has witnessed many turbulent moments starting with the subprime mortgage crisis in the US and continuing with escalating instability in the Middle East. Things are beginning to stabilize now albeit in a slow fashion. But there can be very less doubt about the fact that neoliberal globalization in the past few decades has succeeded in bringing down poverty levels. This can evidently be seen in the tremendous strides made by emerging economies of India,…