Introduction
Globalization, which describes the current state of affairs, refers to an ever increasing integration of world economies and cultures, resulting from unprecedented technological advances which have optimized conditions for the emergence of powerful multinational corporations and have transformed the way people do business. Despite the positive effects that globalization has had on the development of poorer countries, world poverty is growing at an alarming rate. It is one of the most significant problems in need of development solutions. Whether globalization can support sustainable development is a dilemma facing the entire world. In this paper, it will be argued that globalization, in its current form, cannot respond to the needs of developing countries. Though it has the potential to be a positive world force, globalization must undergo changes, accepting some form of intervention so that the interests of all, not only the very rich, can be safeguarded.
Visions of Development
Early economic theory defined "development" in the context of growth and industrialization. ?Third world' countries in Latin America, Asia and Africa were seen largely seen as "underdeveloped" or "primitive" versions of the developed European nations. With appropriate socio-economic policies, they would, in time, "develop" the sophisticated institutions and high standards of living of Europe and North America. However, in more recent years, we have come to include alternate views of development. More recent theories embrace multi-dimensional concepts and see development, not only in relation to the 'third world', as was the case in the past, but also in the context of different ideological perspectives and, since the end of the Cold War, in the contex ...