The Impact of Agricultural Subsidies on Global Welfare

increasing global nature of the world economy have sparked much debate as to whether globalization is a vehicle for growth and development or a bane to society. The debate is not simply one between the informed and the uneducated. Some of the most respected economists in the world disagree as to the impacts of globalization. Stiglitz (2002) refers to "the devastating effect that globalization can have on developing countries." On the other hand, Bhagwati (2004) holds that globalization can be beneficial for both developed and developing countries. He postulates that, for this to occur, there must be a set of new policies and institutions that will help developing countries handle increased volatilities result