What is the Global South? #TMS

Business Standard

5 Dec 202302:50

Summary

TLDRThe term 'Global South', often used to describe developing countries with lower economic and industrial development, has gained prominence in global summits. It replaced the term 'Third World' due to its negative connotations. The Global South, which includes nations with shared political and economic traits, is experiencing a rise in economic and political influence. With wealth shifting from the North Atlantic to the Asia Pacific, countries like China and India are leading economic growth. By 2030, the Global South is projected to have three of the four largest economies, challenging traditional power dynamics and suggesting a future where regional partnerships could play a crucial role in global affairs.

Takeaways

🌏 The term 'Global South' is gaining prominence in global discussions and summits, reflecting a shift in focus towards developing countries.
🏛 Historically, the 'Global South' replaced the term 'Third World' after the Soviet Union's dissolution in 1991, as 'Third World' had negative connotations.
📊 The 'Global South' lacks a precise geographical boundary and instead signifies shared political, geopolitical, and economic traits among nations.
🏙️ Many countries in the Global South, particularly in Africa, carry the legacy of imperialism and colonial rule.
🌟 The economic and political influence of the Global South has been on the rise, with a notable wealth transfer from the North Atlantic to the Asia Pacific.
💹 Projections indicate that by 2030, three of the world's largest economies will be from the Global South, with China and India leading the way.
🔝 The combined GDP of BRICS nations (Brazil, Russia, India, China, and South Africa) already surpasses that of the G7 countries.
🤝 The Global South has the potential to become a significant power through strengthened regional partnerships, such as BRICS, SCO, and BIMC.
🔄 These partnerships aim to collectively address global challenges and enhance economic cooperation among member nations.
📈 The current chair of BRICS, South Africa, declared its goal to advance the agenda of the Global South during the BRICS Summit held in September.
🌐 The script encourages viewers to engage with the content by sharing the video and subscribing to Business Standard for more news, views, and insights.

Q & A

What does the term 'Global South' refer to?
-The term 'Global South' is a shortcut to refer to developing countries that have a relatively low level of economic and industrial development and are typically located to the south of more industrialized nations.
Why has the term 'Global South' become more prevalent in global summits?
-The term 'Global South' is increasingly used in global summits because it denotes shared political, geopolitical, and economic traits among nations, and it has emerged as a neutral alternative to the term 'Third World,' which had garnered negative connotations.
What was the traditional list of nations that made up the 'Third World'?
-The traditional list of 'Third World' nations was based on their level of economic development, but this list is now considered outdated as these nations are spread across a large spectrum of economic development.
Why did the term 'Third World' fall out of favor?
-The term 'Third World' fell out of favor because it became associated with negative connotations such as poverty and instability, especially after the dissolution of the Soviet Union in 1991.
What is the significance of the 'BRICS Summit' mentioned in the script?
-The BRICS Summit is significant because it represents a gathering of influential developing nations (Brazil, Russia, India, China, and South Africa) that are increasingly playing influential roles in global affairs.
What is the current chair of the BRICS Summit and what is its declared goal?
-The current chair of the BRICS Summit is South Africa, and its declared goal is to advance the agenda of the Global South.
What does the 'Global South' share in terms of historical context?
-Many countries in the Global South share legacies of imperialism and colonial rule, which have influenced their economic and political development.
How has the economic and political influence of the Global South changed in recent decades?
-In recent decades, the Global South has undergone a transformative shift in economic and political influence, with a wealth transfer from the North Atlantic to the Asia Pacific, challenging traditional notions of economic power.
What economic projections are there for the Global South by 2030?
-Projections suggest that by 2030, three of the four largest economies will be in the Global South, led by China and India.
What is the combined GDP of the BRICS nations in relation to the G7?
-The combined GDP of the BRICS nations already exceeds that of the G7, indicating a significant economic shift in global power dynamics.
How can the Global South potentially emerge as a big power in the future?
-The Global South can potentially emerge as a big power through reinforced regional partnerships like ASEAN, SCO, BRICS, and BIMSTEC to collectively tackle challenges and bolster economic ties.

Outlines

00:00

🌏 The Global South: Definition and Evolution

This paragraph introduces the term 'Global South,' which is increasingly used in global summits to describe developing countries with lower levels of economic and industrial development. The term has replaced 'third world' since the 1990s to avoid negative connotations associated with poverty and instability. The Global South lacks a precise geographical boundary and includes nations with shared political, geopolitical, and economic traits. Many of these countries, particularly in Africa, have a history of imperialism and colonial rule. The paragraph also notes the economic and political shifts in the Global South, suggesting a growing influence in global affairs.

📈 Economic Shifts and Projections for the Global South

This section discusses the economic transformation within the Global South, highlighting a significant wealth transfer from the North Atlantic to the Asia Pacific. It challenges traditional notions of economic power and presents projections that by 2030, three of the largest economies will be from the Global South, led by China and India. The combined GDP of BRICS nations has already surpassed that of the G7, indicating a shift in global economic power. The paragraph also mentions the growing influence of countries like China, Saudi Arabia, and Brazil in global affairs.

🤝 Regional Partnerships for the Global South's Future

The final paragraph focuses on the potential for the Global South to emerge as a major power through strengthened regional partnerships, such as BRICS, ASEAN, and BRICSAM. These partnerships aim to collectively address challenges and enhance economic ties. The paragraph concludes with a call to action for viewers to share the video and subscribe to Business Standard for more news, views, and insights, providing links to their online platforms and social media channels.

Mindmap

Keywords

💡Global South

The term 'Global South' is a collective term used to describe developing countries that are typically located to the south of more industrialized nations. It is a replacement for the term 'Third World' and carries no negative connotations, unlike its predecessor. The script mentions that the Global South has a relatively low level of economic and industrial development and is undergoing a transformative shift in economic and political influence. This term is central to the video's theme, highlighting the changing dynamics of global power.

💡Developing Countries

Developing countries are nations with a lower standard of living, economic growth, and other aspects of human development compared to 'developed countries'. The script uses this term in the context of the Global South, indicating that these countries are experiencing economic growth and political influence, challenging traditional notions of economic power.

💡Third World

The term 'Third World' was historically used to describe countries that were not aligned with either the capitalist First World or the communist Second World during the Cold War. It has since fallen out of favor due to its negative connotations linked to poverty and instability. The script explains that 'Global South' has emerged as a neutral alternative, reflecting the shift in global dynamics.

💡Economic Power

Economic power refers to the strength and influence a country or group of countries has in the global economy. The script discusses the wealth transfer from the North Atlantic to the Asia Pacific, indicating a shift in economic power where countries in the Global South are becoming more influential.

💡Industrial Development

Industrial development is the process of economic growth and technological advancement in a country's industrial sector. The script notes that Global South nations have a relatively low level of industrial development, which is a key characteristic of these countries and a focus of the video's discussion on economic growth.

💡BRICS Summit

The BRICS Summit is an annual meeting involving Brazil, Russia, India, China, and South Africa, which are influential members of the Global South. The script mentions the summit held in September, where South Africa, as the current chair, declared its goal to advance the agenda of the Global South.

💡Wealth Transfer

Wealth transfer refers to the shift of economic resources from one region or group to another. The script cites the World Bank's observation of a wealth transfer from the North Atlantic to the Asia Pacific, which signifies the growing economic strength of the Global South.

💡GDP (Gross Domestic Product)

Gross Domestic Product is the total value of goods produced and services provided in a country during one year. The script uses GDP as a measure of economic strength, stating that the combined GDP of BRICS nations already exceeds that of the G7, indicating the growing economic power of the Global South.

💡Geopolitical

Geopolitical refers to the influence of geography, culture, and politics on international relations. The script mentions shared geopolitical traits among Global South nations, which is important for understanding their collective influence and potential for regional partnerships.

💡Imperialism and Colonial Rule

Imperialism is the policy of extending a nation's power and influence through colonization, use of military force, or other means. Colonial rule refers to the control of a territory by a foreign power. The script points out that many Global South countries bear the legacies of imperialism and colonial rule, which shapes their current economic and political contexts.

💡Regional Partnerships

Regional partnerships are alliances formed between countries within the same geographic region to address common challenges and promote economic cooperation. The script suggests that the Global South can emerge as a big power through reinforced regional partnerships like BRICS, which is a key strategy for collective growth and influence.

Highlights

The term 'Global South' is gaining prominence in global summits.

South Africa, as the current chair of the BRICS Summit, aims to advance the global South's agenda.

The 'Global South' is a term used to refer to developing countries with lower economic and industrial development.

These nations are typically located south of more industrialized countries.

The traditional list of 'Global South' nations is evolving due to the wide range of economic development.

The term 'Global South' replaced 'Third World' after the Soviet Union's dissolution in 1991.

'Third World' had negative connotations linked to poverty and instability.

The 'Global South' emerged as a neutral alternative to 'Third World'.

The 'Global South' does not have a precise geographical boundary and denotes shared traits among nations.

Many 'Global South' countries in Africa have legacies of imperialism and colonial rule.

The 'Global South' has seen a shift in economic and political influence in recent decades.

The World Bank notes a wealth transfer from the North Atlantic to the Asia Pacific.

Projections suggest that by 2030, three of the four largest economies will be in the 'Global South'.

The combined GDP of BRICS nations already exceeds that of the G7.

Influential countries like China, Saudi Arabia, and Brazil are playing significant roles in global affairs.

The 'Global South' can potentially emerge as a big power through reinforced regional partnerships.

Regional partnerships like BRICS, SCO, ASEAN, and BIMC are key to collective challenges and economic ties.

The video encourages viewers to share and subscribe to Business Standard for more insights.

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