ABSTRACT. Moshirian analyses some of the underlying global financial forces and the process by which the international institutions have evolved and their present contributions to global financial issues in the 21st century. Koujianou Goldberg and Pavcnik discuss recent empirical research on how globalization has affected income inequality in developing countries. Nuti states that the achievement of liberalization of capital flows in all their forms has not been accompanied by that of labour migration. Alli et al. hold that the globalization process is characterized by challenges such as environmental degradation, over-population, over-consumption, public health, and education.