Globalization is an inevitable phenomenon in human history that's been bringing the world closer

through the exchange of goods and products, information, knowledge and culture. But over the last few
decades, the pace of this global integration has become much faster and more dramatic because of
unprecedented advancements in technology, communications, science, transport and industry.

While globalization is a catalyst for and a consequence of human progress, it is also a messy process that
requires adjustment and creates significant challenges and problems. This rapid pace of change can be
unsettling and most societies want to control or manage it.Globalization has been associated with rising
world income. It works as a boon for many countries and people however some countries and people
have been left out. Many LDCs have been marginalized in the world economy although they have
undertaken far-reaching economic reforms. International financial politics allows only developed
countries to enjoy the benefits of globalization by exploiting others.
Globalization, the current economic crisis and recent developments of welfare policies have been
claimed to give rise to new cleavages between winners and losers in terms of social risk positions and
in terms of political attitudes and party sympathy (Kriesi, 2006). There are, however, also reasons to
expect increasing cleavages in terms of political involvement and efficacy between groups. So far the
hypothesis of a relation between social and political marginalization has only been partly supported.
(Oskarson,2010).

According to a recent World Bank study many low-income countries, including LDCs, have sound
macroeconomic policies in place Sand according to the IMF index of trade restrictiveness, many low-
income countries, including LDCs, have relatively open trade regimes. Despite decades of reform, the
LDCs remain marginalized in the world economy. While some LDCs, mostly in Asia, have managed to
increase their share in world trade and income, and have also managed to reduce their high incidence of
extreme poverty, most LDCs mainly in Africa have seen decreasing shares in world trade and income,
and increasing incidence of extreme poverty4. The trends that can be observed for the different groups
of LDCs, based on their geographic location, are closely related with trends that can be observed for
different groups of LDCs classified by their export specialization. The Asian LDCs that have done better
have typically managed to diversify into manufactures and/ or services while the African LDCs which
have done less well continue to specialize in non-oil primary commodities
The ACP is under-represented in global institutions. Global governance through the Group of Twenty
(G-20), the International Monetary Fund (IMF) and the United Nations (UN) Security Council is driven by
the major industrialized powers. Some regional representative groups function in the World Bank, for
instance, but even there the interests of smaller economies are represented by the bigger states.
In Dowlahs words (p. 12): There are literally mountains of evidence that suggest that the LDCs have
increasingly been marginalized in the rapidly globalizing world economy, and much of this debacle can
be attributed to economic globalization, to the processes of economic integration of trade, migration,
technology, and nancial ows around the world, that took place during the second wave of
globalization (19451980)


Marginalization of Least Developing countries:
The World Bank and IMF exploit and oppress the "developing" countries for the benefit of the rich. In
this scheme, their partners in crime are the big Western banks and financial institutions. Simply
abolishing the IMF and World Bank is not enough. We need to break the power of the big banks that
carry out the same exploitative policies as the IMF and World Bank do in relation to the less developed
world. (http://www.socialistworld.net/pubs/imf/imf04.html)