Twenty-First Century Globalization: A New Development Era

The article argues that twenty-first century globalization is markedly different from twentieth century globalization and reviews the major changes. The discussion focuses on the portee of these changes for development policies and notes three trends: new industrializing countries in the global South have become drivers of the world economy; the agency of development shifts from metropolitan institutions to developing countries; and the pendulum swings from unfettered market forces to growing state coordination. The upshot of these changes is an era of growing development pluralism, with ramifications for international development cooperation. North-South relations, between industrialized and developing countries have long been of pivotal importance, but in the twentyfirst century, the importance of North-South development cooperation is receding. At issue are two ruptures in the development field: the twenty-first century brings part of the developing world outside the grasp of Western institutions and the 2008 crisis brings slowdown and changing political economies in the West. The conclusion reflects on how twenty-first century trends hold up after the 2008 crisis, notes that the rise of emerging societies outlasts the crisis and argues that development pluralism is here to stay.