ABSTRACT
The preoccupation with economic globalization is one of the most striking aspects of international relations and multilateral diplomacy since the end of the Cold War. As international economic issues grew in significance in foreign policy during the Cold War, the traditional national foreign policy establishment and its focus on strategic security and political issues began to change. The practice of "group diplomacy" and "associative diplomacy" came to typify international economic relations and is still practiced at the United Nations and in other multilateral economic institutions. After the Cold War, the world economy divided into two camps: the industrialized countries in the North and the industrializing countries of the South. Globalization dramatically affects the international political economy, reducing the scope of states' autonomy and limiting their power. According to Ambassador S. Azmat Hassan, writing, globalization is creating a "crisis in governance" and defining the role of the United Nations in the new century.
