The Global South in the Changing World Order: A Marxist Critique of Economic Dependence

Abstract

The global economic order has long been characterized by stark asymmetries between the Global North and the Global South, perpetuated by historical legacies of colonialism, unequal trade relations, and the dominance of neoliberal economic policies. While globalization has accelerated economic integration, it has also reinforced patterns of dependence, where developing countries remain reliant on foreign capital, multinational corporations, and international financial institutions that often impose structural constraints on their economic sovereignty. From a Marxist perspective, this economic dependence is not incidental but an inherent feature of global capitalism, designed to maintain the hegemony of developed economies over the less developed world. This paper specifically examines the role of economic dependence in shaping the position of the Global South within the evolving world order, employing a Marxist critique to analyse the structural factors that sustain global inequalities. By exploring historical trajectories, trade mechanisms, financial institutions, and the influence of multinational corporations, this study argues that the economic subjugation of the Global South is a product of entrenched capitalist structures. It also considers alternative economic models and geopolitical shifts, particularly the rise of China and South-South cooperation, as potential counterbalances to Western economic hegemony. The findings of this research highlight the necessity for systemic reform, advocating for policies that enhance economic sovereignty, fairer trade practices, and reduced financial dependency.