NEW DELHI: Let Trade Run Free. Tie your currency to the US dollar. Align your foreign policy with America’s. The US and its Western partners wrote these economic rules, a cornerstone of the world order prevailing since World War II. Now developing countries, often called the Global South, are quietly revising them.
The Global South sees a chance to chart its own future. Nirupama Menon Rao, a former Indian foreign secretary, points to her country’s spreading of digital payments to developing nations. “India’s outreach to countries in the Global South has been successful,” the onetime ambassador to the US told Bloomberg Television in June.
