“Development”, whatever the meaning we attach to this complex notion, does not take place in isolation. “Globalization”, in turn, is not new to the history of international economic relations, even if the degree of financial integration among national economies is now deeper than ever. Is globalization good or bad for development? Should developing economies liberalize their trade and financial relations with the rest of the world or is some degree of protection to be ensured? Of course, these questions are so big (and so political in nature) that it is not surprising there are different views on the subject. In this chapter, we will concentrate on three of them. Some argue that globalization in itself would be potentially beneficial; however, it is flawed and its flaws are to be found in the absence of governance of the world capital market (finance). Others believe that globalization inevitably provokes divergence rather than convergence since it fosters an international division of labor in which backward countries specialize in the production of those goods for which the potentials for learning by doing and labor productivity growth are most limited. Finally, there are theoretical views from which a more nuanced and complex view of globalization emerges—a process that can favor the transfer of technology from rich to backward economies but also the movement in the opposite direction of skilled labor force—and by virtue of which we must believe that the lack of convergence stems not from globalization per se, but from international economic policies that have failed to make progressive forces prevail over regressive ones. In the remainder of this chapter we will try to illustrate these views and offer some additional comments that will hopefully enrich them.