 Hi, welcome to the fifth video lecture. This is the beginning of the third module of the course, namely globalization international trade development aid and national debt. This video lecture is the first of the two lectures in this module and in this lecture, we are going to talk about globalization and international trade. So what is what do we know about globalization? Remember, last time we spoke about neoliberalism and David Harvey, the writer of a brief history of neoliberalism and also the person who came up with the accumulation by dispossession theory, says neoliberalism has not been very effective in revitalizing global capital accumulation, but it has succeeded remarkably well in restoring or in some instances creating the power of economic elite. The theoretical utopian, utopianism of neoliberal argument has, I conclude, primarily worked as a system of justification and legitimate and legitimation for whatever needed to be done to achieve the goal. So what is the goal that Harvey is talking about? The goal of creating power for an economic elite. Remember, his entire accumulation by dispossession talks about taking away resources from the masses and concentrating them in the hands of the elite. Jared Diamond gives you another way to look at it. He says globalization makes it impossible for modern societies to collapse in isolation, as did Easter Island and the Green and the Greenland North and the North and past. Any society in turmoil today, no matter how remote can cause trouble for prospering societies in other countries, and is also subject to their influence. So Diamond talks about the positive role of globalization and says, look, globalization is obviously going to result in sharing the opulence, sharing the well-being, sharing the technical advances that the world has. So the first thing we'll talk about in this presentation is how globalization is obviously not new. Globalization is time is a very long process, much before the rise of Europe as the center of world economic policy countries in Asia and Africa were known to be trading with each other to have ties, spread of technology, spread of science happened across these ancient civilizations. More recently, globalization can be thought of a process which started with Europeans seeking to expand their territory and secure resources from countries in Asia, Latin America, Africa to feed into the industrialization process in their own countries. This obviously was a process of colonization, which was carried out through plunder of physical capital, human resources, and natural resources in order to facilitate the expansion of colonial Europe. For instance, Leon Stecomana, who will be heavily cited in this module, says that Africa was integrated into the rest of the world through the plundering of its human resources, the slave trade that sustained agriculture in the new world. So those were some of the processes that globalization entailed in an era of colonization. And in our modern past, that would be the first wave of rapid globalization. Today, however, we understand globalization more in terms of expansion of trade, finance, technology, maybe migration, and financial flows, right? It also has malign influences like environmental problems and disease that happen through more contact. And it also has positive impacts, obviously, through shared technology, shared, you know, shared information, if at all, these supposed benefits are realized. Now, what this presentation is going to show you is that the way international trade infrastructure is organized, these very processes are hindered, and only those processes that benefit a select few countries or societies are promoted. Finally, this presentation is going to talk about the role of globalization in poor countries, the role of globalization in the international finance and trade network. I'm going to talk about how, what role does technology play? What role does trade infrastructure play in making sure that under the globalized climate, how do different countries embark upon their development journeys? Again, this brief introduction to this presentation will end here, but I really urge you to go through the entire presentation in detail. Let me know if you have questions, but also the questions of how globalization affects economic development are answered in this presentation, what is good about globalization, what is bad about globalization, exclusively focusing on the development process of countries is what this presentation talks about. So, all right, go ahead, go through the entire presentation. I will end this video here.