In its ambit, it includes the conception and development of statutory and institutional frameworks that should be able to capture and manifest the quintessence of what is meant by globalization. Globalization is a phenomenon that is not only expected to redefine the political and business priorities throughout the world, but is also expected to lead to a forging of the novel alliances amongst nations that are sans boundaries, cultural limitations and narrow visions (Zeiler: 4). At least this is what the champions of globalization prefer to maintain. The reactions manifested by the individuals and interest groups towards globalization can broadly be classified under three categories that is one who avidly support globalization, others who denounce globalization and the third who prefer to be fence sitters or to be apathetic. However, considering the unprecedented levels of importance of the issue under consideration, it raises many issues that sometimes border on the verge of conflict or contention. There is nothing wrong with it considering the fact that any major change in any vibrant society aught to be accompanied by much intense soul searching and pragmatic catechism. The supporters of globalization declare it to be a complex and synergistic process that is expected to bring in vast amounts of investments, expertise, technological know how and international backing to the third world nations (Anshuman 2006: 11). It is boasted to be a panacea that is expected to cure all the ills prevalent in the third world. Positively thinking, it may turn out to be so. However, on the other side there also exist a parallel and staunch anti-globalization lobby that is an amalgamation of many loose knit and scattered groups that owe allegiance to a plethora of race, gender, ethnicity and labour oriented issues (Epstein 2001: 3). Realistically speaking, globalization is a gargantuan phenomenon that happens to be much larger then individuals and groups. It is impossible for any individual or isolated group to grasp the implications of globalization at one go. Hence it becomes imperative to bite and digest this phenomenon in bits and pieces so as to get hold of its full potential. Despite all the aversions to this narrow approach, this calls for taking sides. Infact this is what this paper intends to do. 'The purpose of this paper is to evaluate and analyse globalization from the vantage point of an underdog and to interpret the possible implications and interpretation of globalization as an extension and perpetuation of the colonialist tendencies of the yore.'
As already said that the paramount issue of globalization raises many throbbing issues and questions, it will be worthwhile to take a stock of these queries to get some insight into them. Will the advent and proliferation of globalization will give way to an internationally dominant class that will be in a position to perpetually exploit the