‘We Are Poor, Because You Are Rich’: Revisiting the Equity Phenomenon in Geopolitics

Abstract

Many scholars and experts agree that the global economy is as heavily rigged in favour of rich countries today, as it was years ago when many of them stuck onto their colonies to fund their recovery. Today, rich countries have control over global economic governance structures and also use their power as creditors to dictate economic policy in debtor nations. The unequal exchange between developed and developing countries is lately causing deep consternations within the corridors of developing countries. Leaders of developing countries, dismayed at this trend, are now calling for the democratisation of institutions of global economic governance, so that poor countries could have a fairer say in setting the terms of trade and finance and also for new development patterns that can help share the fruits of the international economy much more fairly.