This paper contributes to the ongoing debate about the impact of globalization on the economic well-being of citizens in the developing world. It begins with a brief history of the process of world integration over the past century or so, highlighting the differences between the current and previous episodes of globalization. The study then attempts to provide answers to the following questions: Does globalization reduce or increase poverty? Does it equalize income across and within nations, or does it worsen income distribution? More broadly, does it improve the quality of life or not?