Post Cold-War world is a bastion of economists, strategists and cold calculators. It is a world of vehement competition and mergers in the name of economic intergration and the rise of market power, from the cradle to the grave. While the belligerence of world-wide military conflict recedes, yet the raison detre behind the passion for acquisition and political stratagem out of war, is all over being realized through the instrument of economic power. In this economic power resides institutional functions integrating dominant decisions in view of shared returns from a well-coordinated direction of change by design.

The questions then to ponder over are several in the context of this semblance of economic power: First, is the seemingly market process of economic expansion and integration called privatization, a process launched by the enterprises? By the same question: Is wealth being distributive, resources being shared both intra-and inter-nations in the midst of privatization? Second, to what extent is institutional interaction in the privatization process devoid of political interest? Third, if political interest remain interwined with economic expansion and growth, how does trade, macroeconomic coordination, and the world organizations prepetuate power and strategy?

Is conflict resolution possible in the midst of such dominant power and strategy? Or is it that the global order is inexorably proceeding toward a bi-polar state, although the instruments though not the spirit of globalization, present this global transformation as a unifying one? Where then is the genesis of the problems and their resolution?

The picture of globalization as a process of economic expansion and integration, institutional strategies towards attaining these goals, and long term contract agreements signed internationally and regionally, is painted by the West. Its imitative representations are found in the Pacific Rim, South-East Asia, the Middle East, Eastern Europe, the Commonwealth of Independent States and Russia. All of these developments in global partnership follows the end of Cold War. They picked up momentum with the announcement of a New World Order by George Bush and Gorbachev.

The IMF has been mobilized in Eastern Europe, Russia and the Commonwealth of Independent States. The formation of North American Free Trade Agreement is now being looked upon by the U.S. as a design to extend it to the Asian Pacific Basin by means of Asian Pacific Economic Cooperation. In the development field, World Bank's structural adjustment policies have now entrenched themselves in Official Development Assistance and have combined with IMF conditionalities to determine allowance for loans and assistance. The conclusion of the Uruguay Rounds of Trade Talks aim at globalizing future trade relation's between countries premised on the Bretton Woods surge for transformation in the external sector and in development matters. The future of global trade and market order is seen as an extension of the Most Favoured Nations Clause to all nations in a uniform claim for export orientation, import penetration and open linkages among capital markets.

Neo-Mercantilism

Problems of Trade and Development Policies of Bretton Woods Institutions

Eurocentric Economic Reasoning and Globalization Process

1. Neoclassical Individualism

The Islamic Concept of Globalization for the Muslim World

1. The Philosophical Premise of Globalization in Islamic Perspective
2. Institutional Aspect of Globalization in Islamic Perspective
3. Application of Shuratic Process to Globalization

State of Eurocentricity Within the Muslim World

1. Futility of OIC Resolutions

The Way Out for Muslim Countries in their Globalization Process

Conclusion