Globalization in the 1990s provided both opportunities and challenges for developing and transition economies. On the one hand, it offered the chance to achieve economic growth through active involvement in an integrated and liberalized world economy, but on the other, it led to an increase in vulnerability to external shocks and volatility, as demonstrated quite dramatically by the Mexican peso crisis of 1994-5 and the Asian financial crisis of 1997-8.This book brings together an international team of contributors, including Barbara Stallings, Choong Yong Ahn and J.C. Ferraz, to analyze the different methods employed to manage globalization and development, as well as to examine the challenges of development and transition strategies at the beginning of the twenty-first century.