ABSTRACT
The world has been changing and changing rapidly. After the end of World War II, the political map of the world underwent significant transformations. During the Cold War and later, the countries of the world were arbitrarily divided into three groups, based solely on economic determinants rather than historical, social, or political criteria. Exponents of globalization highlight its social, cultural, political, economic, technological, and environmental effects in creating greater opportunities for the developing world. Globalization has been one of the most intensely contested issues in today's world. It has its fair share of skeptics and zealots. In the globalized environment, neither a Developing Country (DC) alone nor attempts at Regional Cooperation and Integration can succeed in attaining the goals of development. The alleviation of poverty remains one of the most daunting challenges for the DCs of Asia, Africa, Latin America, and the Pacific.
