In the context of the ongoing geopolitical tensions reminiscent of the Cold War, the Global South faces significant challenges that threaten its economic stability and development. Jomo Kwame Sundaram highlights that the first Cold War led to economic growth in the Global North, while the current climate, exacerbated by the 2008 global financial crisis, has left US presidents struggling to maintain full employment and improve real wages and working conditions [73fa1e71].
Since early 2022, the US Federal Reserve's interest rate hikes have triggered capital flight from developing economies, further destabilizing their financial systems. Additionally, illegal sanctions imposed by the US and its allies have significantly reduced investment in the Global South, contributing to economic stagnation and escalating poverty and inequality [73fa1e71].
In a recent forum held in Beijing, experts discussed the potential of China's modernization as a model for the Global South. Erik Solheim, former UN under-secretary-general, emphasized that China's rise from poverty to prosperity represents a global development miracle, rooted in ancient traditions and offering valuable lessons for other nations. He cited infrastructure projects like the Padma Multipurpose Bridge in Bangladesh and railways in Kenya as examples of China's investment in the Global South [c659c425].
The new Cold War has intensified these issues, making it imperative for developing countries to cooperate in order to achieve world peace and sustainable development. IMF's Gita Gopinath has suggested that developing nations should avoid aligning themselves in this new geopolitical struggle, indicating a need for a new form of non-alignment that prioritizes sustainable development and peace [73fa1e71].
China's pivotal role in the Global South is further underscored by its Global Development Initiative and Belt and Road Initiative, which invest heavily in infrastructure across Africa, Asia, and Latin America. These initiatives provide financial assistance without political conditions, allowing countries to pursue development on their terms [1f344545].
While BRICS is gaining importance as a coalition of emerging economies, it does not fully represent the interests of the Global South. The organization’s expansion, which includes countries like Saudi Arabia and Iran, reflects a shift towards a multipolar world but also highlights the complexities of uniting diverse nations under a common agenda [9f90bc47].
Xie Chuntao from the Beijing forum noted that Chinese modernization disproves the notion that modernization equals Westernization, highlighting the Global South's significant population and economic contribution. Ra’ed Mohammed BenShams called for cooperation based on understanding among Global South economies, while Donald Ramotar remarked on China's solidarity with developing nations [c659c425].
Chinese technology firms like Huawei and Alibaba are also contributing to technological advancement in the Global South, further solidifying China's influence in these regions [1f344545]. The global economic strategic game remains dominated by the Global North, which continues to exploit the resources of the Global South. African nations, for instance, engage in commodity cartels yet struggle to exert influence over international prices. The limited supply of critical minerals and rising costs further hinder their potential for convergence with the Global North [9aa99312].
As the geopolitical landscape evolves, the strategic position of the African and Middle Eastern Diaspora could emerge as a significant force against the Global North's dominance. The future of the Global South will depend on how these nations interpret and respond to the ongoing deceit and manipulation from the Global North [9aa99312].
In this context, the Bandung Conference's principles of non-alignment remain relevant, as developing countries must navigate a path of integration and cooperation rather than succumbing to protectionism and populism. Hong Dayong from the Beijing forum encouraged deeper research among Global South think tanks to promote mutual understanding, while Qu Yingpu stressed the importance of the Global South having its own voice in global affairs [c659c425].
Ultimately, the Global South's reemergence as a force in international relations presents both challenges and opportunities. Advocating for reforms in global governance, debt cancellation, and democratization of institutions like the IMF, the Global South seeks to reshape the international economic order to create a more just and equitable world [48ac1aaa]. Tamas Hajba concluded that modernization is essential for global stability, and Endalkachew Sime described the South as a source of light rather than poverty [c659c425].
China's commitment to green development and climate diplomacy further emphasizes its role in addressing global challenges, contrasting sharply with the actions of the US in the UN Security Council. At the 16th BRICS Summit in Kazan, Xi Jinping reiterated the importance of cooperation among Global South countries to tackle these pressing issues [1f344545].