Global Economic Order

As the long era of colonialism came to an end during the 1900s, the emerging independent countries adopted an industrial model based on Western economic principles and practices. The new countries sought to modernize, develop viable sustainable economies, and thrive as independent nations. After many decades, while some aspects of that dream have been fulfilled, for many the overall goal has not come to fruition.

The contemporary 21st-century global economic order is an interdependent global economy shaped by globalization and characterized by developed and developing countries—that is, advanced economies and emerging ones. Often the economic rules are still established by the larger industrialized countries and are highly influenced by the political, business, and commerce interests of the more powerful nations and the trade agreements they broker. ...