Introduction
The existence of organizations like the IMF and The World Bank could not bring about generous change on the development of the nations especially in the south and the East. The Foreign Policy in Focus columnist and a senior analyst at the Bangkok-based research and advocacy institute Focus on the Global South, Walden Bello, explained the destruction of globalization as follows.
The current global downturn, the worst since
the Great Depression 70 years ago, pounded the last nail into the coffin of
globalization. Already beleaguered by evidence that showed global poverty and
inequality increasing, even as most poor countries experienced little or no
economic growth, globalization has been terminally discredited in the last two
years. As the much-heralded process of financial and trade interdependence went
into reverse, it became the transmission belt not of prosperity but of economic
crisis and collapse (W. Bello, The Virtues of De-globalization, 2009)
