"The world of Bretton Woods is not the world in which we live today," he said.
In his 30-minute long speech, Sen also made several pointed criticisms of the inequality within the U.S. While African-Americans in the U.S. are poorer than whites, he said, they are richer than people in developing countries.
But, he said, blacks in America have a lower life expectancy due to the lack of medical insurance and other inner city institutions, which the current economic boom has not fixed.
In spite of these doubts, however, Sen carefully avoided indicting the process of global integration.
"The opposite of globalization is seclusion and autarky," he said.
Sen summoned the image of a frog, living in a well, who is suspicious of everything outside.
"The frog has a worldview, but it's just inside the well," he said.
Several members of the audience regarded Sen's speech warmly.
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