ABSTRACT. While globalization brings in growth and prosperity to nations, critics argue that inequalities in the current global trading system have caused massive disruptions in the socio-economic and cultural fabric of the developing countries. While this could be true, this paper argues that the future holds promises for developing nations that respond to global opportunities through strategically designed political economy frameworks and policies. The paper reviews the past three waves of globalization and introduces the concept of an emerging global business chain. It shows how countries have formed strategic groups to participate in the global chain as ‘opportunity exploiters’ and ‘opportunity providers’. Developing countries could act both as opportunity providers and opportunity exploiters and thus transform themselves into ‘twin advantage countries’ – with substantial enhancements in their Total Factor Productivity (TFP) and consequent gains in the quality of life of populations. Finally, the paper presents a global participation model for the developing countries to participate in and win the race of globalization. pp. 42–58
JEL Codes: O100, O110, N100

Keywords: globalization, developing countries, global business chain, strategic groups, political economy, twin-advantage countries

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College of Business and Economics
United Arab Emirates University

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