Globalization and The Economic Formation of The Third World Countries: Interrogating the Prevailing Trends

Abstract

Globalization is a universal appeal, though the degree of involvement by countries varies considerably. Thus the extent to which countries are involved largely depends on which side of the divide a country belongs; whether on the side of the metropole industrialized world or on the side of the periphery, the Third World. However, the capacity of Third World countries to effectively participate in the globalization process remains a critical issue largely because the globalization process, like capitalism is perceived to epitomize unequal economic relations between the developed and the developing countries. Against the background of the highly prohibitive economic capacity required for effective participation in the globalization process, Third World countries are found to be developing a lot of allergies and weakness towards globalization. The paper examines the perceptual and contextual perspectives of globalization, the level of participation of Third World countries in the globalization process, and the implications of the globalization process for the economic development of Third World countries