From their onset, SDRs could be held only by governments, central banks, and official bodies such as the IMF.

Special drawing rights (SDRs) are an internationally recognized unit of account and reserve assets issued by the International Monetary Fund (IMF). . .

Special and differential treatment (SDT) refers to provisions in World Trade Organization (WTO). . .

Clearly, theoretical reasoning suggests that globalization and openness along with other forces can foster harmonization in any direction: downward to the lowest common denominator. . .

Various forces are also at work to sustain a divergence in social policies. Lower-income countries, for example, may be caught in a ‘‘low equilibrium’’ trap rather than converging upward.

Although various forces foster downward harmonization, other forces, often associated with globalization and open economies, foster upward policy harmonization.

For such harmonization to occur and for it be to the lowest common denominator (i.e., to the jurisdiction with the least costly regulations and social policies). . .

Many of the same forces that are increasing the demand for social policies are also reducing the ability of governments to finance social policies.

The demand for social policy initiatives is increasing in part because of the interaction of three sets of interrelated forces. . .

Globalization and other forces are creating increased demand for social policies at the same time as they are restricting the ability of governments to supply such policies.