As examined in this article, developing countries in the South and industrialized countries in the North have had a complicated relationship since World War II. On the other hand, modernization theorists claim that globalization and liberalization create new prospects for the South. Developing countries benefit from drawing in foreign investment, technology, and foreign knowledge. According to this article, it is essential to make fundamental adjustments to reverse this tendency resulting from globalization. Since the Cold War ended, it appears that South America's strategic relevance has been further weakened by competition for finance and investment and foreign aid from Eastern Europe and the former Soviet Union.
Prasanta Mujrai (2022) studied this question.