Stiglitz on Globalization

Managing Globalization has a Q & A with Joseph Stiglitz, author of Making Globalization Work. An excerpt:

Small economies both are more vulnerable and face more opportunities. They are more vulnerable, because they are often less diversified, and an industry in which they have specialized can be wiped out almost overnight. But they face more opportunities, because if they find a niche in which China has a strong demand, their prospects may be very bright. Parts of Ethiopia are doing so much better today than they have in the past, because China has begun to buy sesame seeds. Iceland, with its highly educated labor force, will almost surely find a niche in which it will excel.