Entering the 21st Century, the World Bank’s annual World Development Report for 1999/2000 was launched on Wednesday, September 15, 1999. The report states that localization-- the growing economic and political power of cities, provinces, and other sub-national entities--will be one of the most important new trends in the 21st century. Together with accelerating globalization of the world economy, localization could revolutionize prospects for human development or it could lead to chaos and increased human suffering, the report says. Transcript and presentation of the Washington DC press conference.
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"Globalization is like a giant wave, that can either capsize nations or carry them forward. Successful localization creates a situation where local entities and other groups in society 'the crew of the boat if you will' are free to exercise individual autonomy but also have incentives to work together"
— Joseph Stiglitz, Former World Bank Chief Economist and Senior Vice-President for Development Economics
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According to the World Development Report 1999/2000: Entering the 21st Century, improved communications, transportation and falling trade barriers are not only making the world smaller they are also fueling the desire and providing the means for local communities to shape their own future. Faced with popular demands for greater self-determination, national governments from Africa to Latin America, and from Europe to South East Asia are devolving power to the local levelwith mixed results.
The Report, written by a core team led by Shahid Yusuf.
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