TRANSFORMATION IN THE WORLD ECONOMY South-South cooperation and development Introduction
Basically speaking, the biggest bottleneck in the development world economy is the unbalanced development of developing countries. Over long time, the unequal distribution of resource wealth and resource result in the vicious cycle of developing countries. Thus, accelerating economic and social development of developing countries is the important way to achieve prosperity of the world.
South-South cooperation is now playing an important role in the world economy. Since 1960, to reduce dependency and dominance from Northern powers, some developing countries like China, Brazil, India and South Africa which are known as countries of the global south have exchanged the resources, technology and knowledge. In 1978, the United Nations established the Unit for South-South cooperation to promote south-south trade and collaboration within its agencies. However, the idea of south-south cooperation started to influence the field of development in the late 1990s.
One of the main objectives of the cooperation is to strengthen and promote economical cooperation. Some of the areas which these "southern" nations look forward to developing further consist of mutual investment in energy and oil, and a common bank. The trade among developing countries not only lead to capital and technical flow on mutually beneficial areas, and also improve the competitiveness of developing countries through overcoming the trade barriers and condition.
Another area that the developing countries intend to see big developments is in the political area. It means that the cooperation will give the countries more political power in the matter of a global arena. Some leaders hope that the cooperation will offer a total freedom in choosing a political system. For example, Hugo Chavez hopes to use the South-South cooperation as a stage to get his message of what he calls "21st Century Socialism" across.

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