This thesis critically evaluates the impact of globalization on different issue areas in the world. It is intended to present a picture of the outcome of the globalization process from the perspectives of the developed and developing countries. It starts with a historical background on globalization, a definition of globalization, and a discussion of its main features and aspects. These aspects are: economic, financial, and environmental. One major focus of this study is on the latest financial turmoil that hit East Asia in the 1990s. The effects of volatile capital flows and the negative ...