Purpose - In the background of the global economic and financial crisis, one hears and reads nothing but excoriation and denunciation of globalization. The purpose of this paper is to provide an honest and objective analysis of the contemporary global economic scenario, which reveals numerous challenges that globalization engendered in different countries, country groups as well as in the global economy. This paper asserts that globalization has a positive side as well. The trauma of the continuing crisis is vitiating the enormous constructive contribution made by economic and financial globalization in the contemporary period. Design/methodology/approach - The paper looks at: globalization as a welfare-enhancing force; some front runners of globalization and particularly the ascent and economic integration of East Asia, China, India, the BRICS, etc. and latecomers to globalization. Findings - The essential findings of this paper are that country groups like East Asia in the past and China and India at present have benefited immensely from economic and financial globalization. Rapid group in the sub-group of economies referred to as the emerging-market economies is made possible by economic and financial globalization. The ascent of these economic groups is changing the contours of the global economy. The newest achievement of economic and financial globalization is a favorable impact over the former non-market economies and Africa. Both of these are regarded as challenging cases in the past. Originality/value - Economic and financial globalization has remained a controversial issue. This paper takes a bold and original perspective in focusing on its favorable contributions at a time point when it is being deprecated for causing a great deal of upheaval in the global economy.
