This work investigates the impact of globalization on the political economy of the Northern and Southern hemispheres, with Nigeria, Brazil, Germany and the US as case studies. It argues that though the disadvantaged position of the countries of the Southern hemisphere is obvious, the advanced economies of the North are not without their share of the frustrations and undesirable impacts of globalization on their political economy. It also argues that until the South stops perceiving globalization as a threat rather than an opportunity, no appreciable progress will be made in reducing the North/South economic dichotomy.

Apart from the collapse of communism, one distinct phenomenon that characterized the late 20^th century and early 21^st century is the gradual integration of the economies of states in the international system as a result of the growing interaction of economic forces. This transformation of the international system into a global enclave due to economic, social and political intermingling of states has bought about concerns on the future of states in the global village. Thus, Globalization has featured prominently in discussions on the nature of the new international order in the post Cold War period. The anxiety and concern raised by this experience stem from the ubiquitous divergence that has existed between the developed countries of the West, North America and the Asian nouveau-riche on one hand and the developing countries; African, Latin American, Caribbean, Asian and Pacific states on the other.

Economically, the South has been at a disadvantaged position, for the economic principle of comparative advantage with its reinforcement in scientific and technological, industrial and finance capital base, has perpetually subjugated it to the producer of raw materials for and the consumer of finished products of the North, absorbing the inherent contradictions associated with capitalist economies of the latter. This precarious disposition of the South has put it at the receiving end of the global relations of production with its speculative crises. Consequently, some pessimism has been raised on the desirability of globalization and its hypothetical benefits, since in relation to the North, the countries of the South comprising the poor and underdeveloped countries of Africa, Asia, Pacific, Caribbean and Latin America were perceived as fringe players in the global economic game. Globalization, as perceived by its advocates is for the realization of the economic goals of the participating state and non state actors, the equitable balance in the local economies and by extension the world economy; yet, in the first decade of the 21^st century, the gap between the poor and the rich countries of the world has only recorded an unprecedented exacerbation.

International Relations Journal, Globalization, International System, Economic Goals, Global Economic Game, Information Technologies, Global Economy, World Economies, Integration Process, Transnational Corporations, World Trade Organization, International Monetary Fund, World Bank Reforms, Transnational Investments, Multinational Corporations, Domestic Agricultural Policies, Economic Enterprises, Multinational Oil Companies, Privatization Process, Macroeconomic Policies.