, DVA3701
ASSIGNMENT 3 SEMESTER 2
2026
DUE 9 SEPTEMBER 2026
The Unequal Exchange: A Critical Examination of Whether Neoliberal Globalisation Addresses the
Needs of the Global South
Introduction
The contemporary era is defined by an unprecedented level of interconnectedness, a phenomenon
collectively termed globalisation. At the ideological heart of this process lies neoliberal
globalisation, a powerful force that has reshaped economies, polities, and societies across the
world. This paradigm, characterised by the deregulation of markets, the liberalisation of trade and
investment, and the privatisation of state-owned assets, has facilitated the cross-border flow of
ideas, resources, labour, and capital, creating a world system that is more integrated than ever
before. Proponents of this system argue that it is the most effective engine for economic growth,
poverty reduction, and the diffusion of technology. However, the extent to which the benefits of
this global force are shared equitably is a subject of intense scholarly and political debate. A critical
examination reveals that while neoliberal globalisation has generated immense wealth, its
application in countries of the global South has produced profoundly uneven outcomes. This essay
will critically discuss whether neoliberal globalisation addresses the needs of the global South. It
will begin by defining the concept of neoliberal globalisation, tracing its historical and ideological
roots. Subsequently, it will analyse the multifaceted impact of these policies on developing nations,
focusing on economic, social, and political dimensions. Ultimately, this analysis will contend that
while neoliberal globalisation has offered certain opportunities, its structural biases and
conditionalities have largely failed to address the core developmental needs of the global South,
often exacerbating inequalities, undermining sovereignty, and perpetuating a system of
neocolonial dependency.
Defining Neoliberal Globalisation
To understand the impact of neoliberal globalisation on the global South, it is essential to first
define the concept with precision. Neoliberal globalisation is not merely an increase in cross-border
interactions; it is a specific ideological project that prescribes a particular set of policies to govern
the global economy. The intellectual architecture of this project was laid by economists such as
Friedrich Hayek and Milton Friedman, who championed individual liberty and argued that state
intervention in the economy inherently leads to inefficiency and a loss of freedom. This ideology
gained political ascendancy in the late 1970s and 1980s, most notably with the elections of
Margaret Thatcher in the United Kingdom and Ronald Reagan in the United States. The core tenets
of neoliberalism, as articulated by its adherents, include fiscal austerity, the deregulation of
ASSIGNMENT 3 SEMESTER 2
2026
DUE 9 SEPTEMBER 2026
The Unequal Exchange: A Critical Examination of Whether Neoliberal Globalisation Addresses the
Needs of the Global South
Introduction
The contemporary era is defined by an unprecedented level of interconnectedness, a phenomenon
collectively termed globalisation. At the ideological heart of this process lies neoliberal
globalisation, a powerful force that has reshaped economies, polities, and societies across the
world. This paradigm, characterised by the deregulation of markets, the liberalisation of trade and
investment, and the privatisation of state-owned assets, has facilitated the cross-border flow of
ideas, resources, labour, and capital, creating a world system that is more integrated than ever
before. Proponents of this system argue that it is the most effective engine for economic growth,
poverty reduction, and the diffusion of technology. However, the extent to which the benefits of
this global force are shared equitably is a subject of intense scholarly and political debate. A critical
examination reveals that while neoliberal globalisation has generated immense wealth, its
application in countries of the global South has produced profoundly uneven outcomes. This essay
will critically discuss whether neoliberal globalisation addresses the needs of the global South. It
will begin by defining the concept of neoliberal globalisation, tracing its historical and ideological
roots. Subsequently, it will analyse the multifaceted impact of these policies on developing nations,
focusing on economic, social, and political dimensions. Ultimately, this analysis will contend that
while neoliberal globalisation has offered certain opportunities, its structural biases and
conditionalities have largely failed to address the core developmental needs of the global South,
often exacerbating inequalities, undermining sovereignty, and perpetuating a system of
neocolonial dependency.
Defining Neoliberal Globalisation
To understand the impact of neoliberal globalisation on the global South, it is essential to first
define the concept with precision. Neoliberal globalisation is not merely an increase in cross-border
interactions; it is a specific ideological project that prescribes a particular set of policies to govern
the global economy. The intellectual architecture of this project was laid by economists such as
Friedrich Hayek and Milton Friedman, who championed individual liberty and argued that state
intervention in the economy inherently leads to inefficiency and a loss of freedom. This ideology
gained political ascendancy in the late 1970s and 1980s, most notably with the elections of
Margaret Thatcher in the United Kingdom and Ronald Reagan in the United States. The core tenets
of neoliberalism, as articulated by its adherents, include fiscal austerity, the deregulation of
