Extensive globalization choice of the emerging market economies from the Third World

Abstract

The post-Second World War international economic order integrated all the willing economies in world economic-political institutions under the leadership of the US. The leader floated the strategy of extensive globalization whereby the industrialized economies got the chance to extend their production possibility curves via penetration into the large economies in the Third World through the transnational corporations. Extensive globalization offset the potential threat perceived by the leader from the countries in G-7 and accommodated the emerging large market economies from the Third World through membership in groups like G-20. While the leader plans to prolong her command over the world economy, the large emerging market economies from the Third World can explore the possibilities to consolidate themselves in the same process. What is to be ensured is protection of a large number of small economies from the Third World who often remain left out from the umbrella of extensive globalization