The Global South breaks away from the US-led world order
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. Developing nations are demanding control of their resources, reordering a relationship from colonial times, in part by insisting on factories in their own countries. Joining Namibia and Zimbabwe, Ghana is preparing to ban exports of lithium—essential for electric vehicles.
Indonesia prohibited the export of nickel ores. Argentina, Brazil, Chile and Indonesia are welcoming investments in EV battery plants from China rather than the US. “We can’t keep begging and begging from you,” Luhut Panjaitan, an Indonesian investment minister, said in May.
“You may be angry at us for trading with other countries, but we have to survive.” While visiting China in April, Brazilian President Luiz Inácio Lula da Silva asked “who decided that the dollar” should be all-powerful. The Bank of Thailand is talking up fresh plans to diversify its basket of currencies, which it uses to establish the value of the baht, so it’s less tied to the dollar. Indonesia is shoring up local currency markets, as regional neighbors set up digital payment systems, reducing the need for the dollar in day-to-day purchases.
Africa is discussing a common currency. Adding a geopolitical component, countries are no longer picking sides in fights between the West and Russia or the US and China. Thirty-two countries abstained from a United Nations resolution in February demanding that Russia withdraw from
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