Both globalization and development are contested terms. Establishing their meaning and exploring how the two interact in the real world are crucial to understanding the expansion of the global economy. This text addresses the implication of globalization for economic development prospects in the South in general, including references to the relatively open economies of Southeast Asia. The contributors take a critical perspective on the effects of trade liberalization, explore the challenges for development in the face of globalization and focus on financial liberalization and its likely implications for sustaining development with reference to the aftermath of the financial crisis.