Limits to Globalization

North-South Divergence

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Hard on the heels of putting the Cold War bogeyman to rest, economic globalization has loomed, at least for some, as the world system's next crisis carrier. Globalization creates winners and losers and tramples on the distinctiveness of local cultures and sovereignties. There is an assumption that if the market does its job, the poor will catch up to the rich via trade-driven growth and that in the global North and South developed and less developed countries cleavages will disintegrate and the world will be a better and Pareto-optimal, happier place. Accepting the existence of economic global...