Globalization is the process by which events in distant places affect people's lives and their opportunities. Trade and finance are among the most powerful forces transmitting knowledge and culture. This exchange of knowledge and culture has a much bigger effect on how people live their lives than international trade or finance ever thought.

East Asia has gained the most from globalization, and much of effects on Latin America appears positive. Sub-Saharan Africa shows little benefit at this time. Most of the absolute poverty reduction associated with globalization is likely to occur in East, South and South East Asia, where close to 70 percent of the world's absolute poverty is concentrated. The economies in transition of Central and Eastern Europe and of the former Soviet Union are also confronted with the challenges and opportunities associated with globalization.

The shift towards greater dependence on markets on all contine

One of the UN's central mandates is the promotion of higher standards of living, full employment and conditions of economic and social progress and development. As much as 70 percent of the work of the UN system is devoted to accomplishing this mandate.

The UN has played a crucial role in building an international consensus on action for development. The Secretary-General Kofi Annan contends that with all its problems, globalization can be a positive force for all the world's people. Beginning in 1960, the General Assembly has helped set priorities and goals through a series of 10-year International Development Strategies.

A round of world and ECOSOC conferences has identified practical ways of solving global problems in a range of areas such as education (1990), environment and development (1992), human rights (1993), population and development (1994) natural disaster reduction (1994), social development (1995), the advancement of women (1995), human settlements (1996) and food security (1996).

nts has been so fast and so strong as to raise concerns. Countries in early stages of develop

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