The concept of 'Third World' has been replaced by the term 'developing economies', as underscored in this era of globalization.
The other side of the coin reveals that institutions such as the IMF showed false hopes to the LDCs (least developing countries), resulting in major crises and disasters (Journal of Libertarian Studies, 2004).
James Mittelman in the 'Manifestations of Globalizationargued that globalization was integrally linked to 'multiple levels of analysis: economics, politics and ideology.' The predominance of a few satellite channels over others in international communication, have brought in this concept of 'cultural imperialism'. An aspect of globalization, cultural imperialism is a new form of traditional colonial domination. The fast developing cultural relations between the European nations and the small nation states in the late 19th and early 20th centuries made Pyenson coin the term 'cultural imperialism, which has been used scholars and historians today to describe this era of globalization.
Here we argue about the definition of cult ...