Critically examine the impact of the process of globalization from the perspective of the countries of the Global South. (UPSC CSE Mains 2020 - Political Science and International Relations, Paper 2)
- Global South is a heterogeneous group, a lot of countries in that category share common historical and contemporary realities that affect political, social and economic realities.
- The main political impact of globalization on the Global South has been the loss of political autonomy, especially in the context of implementing macroeconomic policies that are concomitant with the development imperatives of the Global South countries.
- The main social impact of globalization has been the penetration of Western culture, which often leads to the loss of cultural prestige among societies whose values are inconsistent with Western notions of liberalism.
- The two main economic impacts of globalization have been stagnant or receding economic growth, as well as deindustrialization. Globalization has been mostly negative for most Global South countries, primarily because of adherence to neoliberal economic logic that has been detrimental to achieving and sustaining economic growth and development.
- Prof. Ramesh Thakur: Professor Ramesh Thakur in his book “the dark side of globalization” said “Globalization has resulted into the deepening of poverty and inequality, prosperity for a few countries and people, marginalization and exclusion for the many.” Also called globalization as ‘Indirect capitalism.’ The rapid growth of global markets has not seen the parallel development of social and economic institutions to ensure balanced, inclusive and sustainable growth. Labor rights have been less sedulously protected than capital and property rights, and global rules on trade and finance are inequitable. This has asymmetric effects on rich and poor countries.
- Globalization is perceived by many less developed countries to be a system typified by the apex economic institutions such as the IMF and WTO in which the developed countries advance their national interests to the detriment of the less developed countries especially in areas such as trade and capital investment. They feel that the current globalization process has led to the worsening of structural poverty in less developed countries. In fact to compete in economic globalization they had to take external debt which further deteriorated their situation.
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