Although globalisation is talked about as if it is something new to the world, the truth is that it isn't so. Globalisation has been taking place for centuries now, and it prominently arose to public notice in the late 1980s. However, the process of globalisation has been speeding up dramatically in the past 50 years and counting.
The article states that globalisation "used to have a universally hopeful ring to it" and now, "to some, the word represents financial markets ravaging economies, foreign competitors crushing local enterprises, and distant bureaucrats making decisions that turn societies inside out". There is some truth to this. With the rise in free-market-oriented businesses and other companies, economies have been overwhelmed by the rise of numerous financial markets.
Globalisation has also led to smaller, local companies facing much competition from overseas foreign competitors who have come in thanks to the massive integration of different markets. This has caused much of these companies to go bust, leading to much unhappiness from local business contenders. Meanwhile, the part about "distant bureaucrats making decisions that turn societies inside out" probably indicates how big business leaders and other prominent figures make decisions concerning globalisation that change much of another country's economic and social landscape.
Altogether, this article is about how globalisation - with all its advantages - also has a downside. It argues for a balance between preventing the bad side-effects of globalisation and globalisation's advantages. As mentioned in the article, globalisation has had a huge positive effect on the world - especially in Asia. In the case of Asia, it has opened this part of the world to not just trade and economy, but also to new ideas, ways of thinking, new lifestyles. It has created a huge positive boom in Asian markets. However, on the other hand, there are downsides, such as the suffering of local companies who have been 'run over' by huge multi-national corporations.
I feel that it is very difficult to achieve such a balance. If the economy is to be kept booming, I think it is very difficult to help and let everyone benefit from globalisation. Economies are booming simply because large companies are spreading worldwide. Because this is so, smaller, local companies are being marginalized. It is a cycle that needs to be kept going and will be kept going simply because globalization cannot be stopped, especially not at this point in time. However, these sacrifices should be minimalized as much as possible. A probable way would be to control the amount of global and local companies in a country.