Redefining The Sovereignty Of 3rd World Through Neoliberalism

Ashwary Kathed, LL.M. (Corporate and Financial Law Policy) O.P. Jindal Global University,

B.B.A. LL.B., Bharati Vidyapeeth Deemed University

ABSTRACT

In the era of globalization, the sovereignty of the 3rd world is compromised by the western countries through their perspective. It is imperative to redefine the sovereignty of the 3rd world with respect to capitalism which has colonial tendencies in its framing of regulation to serve its purpose through international institutions, to further have hegemony over different state worlds that can serve in their self-interest. This paper talks about the sovereignty of the of the third world which can be seen as a mythical sovereign state and tries to locate the sovereignty of 3rd world in the contemporary world. The origin of the neoliberal approach to gaining control of the state's sovereignty through regulation of the capitalist economy in order to favor them over the laissez-faire approach, which reduces the interference of the sovereign and can be dangerous to one's country, can be seen in the cases of Chile and Indonesia.

Keywords: Third World, Capitalism, Globalization, Laissez-Faire, Neoliberalism, Sovereignty