AbstractThis article argues for a historical materialist approach, which exposes the condition of widespread routine poverty, unemployment and malnutrition in the world to be a modern worldhistorical product, the outcome of five centuries of global capitalist expansion under relations of imperialism. The bourgeoisie has, through its exploitation of its world-market, given a cosmopolitan character to production and consumption in every country. All established national industries have been destroyed or are daily being destroyed. They are dislodged by new industries, whose introduction becomes a life and death question for all civilised nations, by industries that no longer work up indigenous raw materials, but raw material drawn from the remotest zones; industries whose products are consumed, not only at home, but in every quarter of the globe. It creates wealth but also inequality. As a result of this globalisation, over 75 percent of the world population lives in underdevelopment, and extreme poverty has already reached 1.2 billion people in the third world. The revenue of the richest nations that in 1960 was 37 times larger then that of the poorest is now 82 times larger in 2002. The situation has such extremes that the assets of the three-wealthiest persons in the world amount to the GDP of the 48 poorest countries combined. The most affluent 5 per cent in the globe presently earn 114 times as much as the poorest 5 per cent. Even more mind-boggling, the 500 richest people currently own $1.54 trillion, which is more than the entire GDP of Africa. The central premise of this study is to analysis of the pattern of trade, development and inequality between the advanced industrial countries and the rest of the world. The growth of capitalism in nineteenth century Europe would have been possible to exploit of African and Asian markets and source of raw materials. In the new imperialism era, by the fact that Britain's predominant position in world markets was then beginning to be challenge by industrial rivals like the Americans. Both America and the European Union they have been possible to exploit of the Third World markets. This study is to evaluate to promote the local technological capacity co-operation among the south region for the development in the new era of globalisation. This co-operation is dealt with as agents for promoting industrial development in developing world, employment generation to locals, plus further export expansion from these regions.
Deceleration in World Economic Growth and Industrial Development in the Third World