At their London summit in April 2009 the G20 proposed major changes in the governance of the International Monetary Fund (IMF): a reallocation of voting shares to emerging and developing countries, an antedated reform of the quota system, a delinking of the managing director's election from...

On the basis of economic theory, what effects can globalisation be expected to have on trade and growth? Does the empirical evidence support this? What developments will the next phase of globalisation bring?