Globalization and the North-South Relations

Globalization is a process which has taken place in the past decade and the world community is moving in that direction. This process is taking place in social, political, cultural and technological arena particularly it is expanding in the field of economy.Many thinkers believe that the first move for globalization started in nineteen century. There was considerable increase in the volume of trade during 1870 till 1914 and some called this period the "golden period of economic integration" but later development slowed down this process. These developments were opposition to free trade by national producers, First World War, the Great Recession of 1929-1934 and the tendency of the governments to have independent economic policies.The main aspect of globalization of economy is the process of integration and dependence in different countries. It is in this framework that the North-South relations are discussed. Two important factors of globalization which have direct relations with each other are world target market and the problem of nation-states. The international competition transcends the national boundaries and they become like glass walls which one can see through them. In other words the advances in information technology and communication lead to integration and similarity of pattern of behavior, consumption, way of life and culture among the people of the world. Globalization also includes and affects the relations among political, economic and social units and wide range of interaction among them. Thus the process of globalization of economy has directed the orientation of national economies towards world economy and the activities which were formulated within national framework now are decided on world basis according to need of world markets. It is in this process that the future and the fate of the North and the South countries are tied together.The present article in the light of theoretical framework of globalization and with emphasis on globalization of political economy identifies the opportunities, the deterrent factors and the threats to the growth and development of the world. A world which is called the North-South.