There exists a disparity of ideology between developing and developed countries concerning economic matters. Globalization is sometimes characterized as controlled by the more powerful industrialized countries and corporations, often at the expense of the sovereignty of developing countries. Many countries in the Global South are highly critical of the status quo and want to see their challenges addressed, including poverty, trade fairness, the behavior of transnational corporations, unregulated capital flows, and debt relief. The different perspectives that fuel debates and disagreements suggest that the future of globalization is uncertain  and rests on decisions made today with respect to  trade, investment, and finance. 

There are many incentives for countries to keep trade open, but maintaining stable and cooperative trade relationships can be challenging. The World Trade Organization attempts to regulate trade, settle disputes between states, and facilitate negotiations, such as the Doha Round. However, many countries, particularly those of the Global South, are critical of its effectiveness and fairness. Some of the most hotly debated issues include protectionism, particularly in agriculture, and the effect of intellectual property rights on the spread of innovation. On the other hand, there has been greater success in regional trade pacts that connect neighboring countries, such as the North American Free Trade Agreement. Trade is subject to the volatility of the global economy, and recently emerging market economies have been playing a larger role.

Foreign investment is another important facet of the global economy, which often comes in two forms: portfolio investment and direct investment. At the heart of it all are transnational corporations, which invest in developing countries by opening regional headquarters, factories, or other operations. Many people point out positive effects of these corporations, such as increased employment opportunities and the transference of modern technology, but critics give voice to the ugly side of such investment, including poor working conditions and environmental degradation. Again, the international community has tried to address these issues through agreements, but it is difficult for countries to find a common ground.

Last, and perhaps most visibly, financial markets define the global economy. Unpredictable and sometimes unstable, these markets are highly interconnected, complex, and difficult to regulate. The International Monetary Fund and the World Bank play key roles in regulating the global financial system and supplying funds for development in the Global South. This system is often marked by crises that are enabled by securitization, or the pooling and sale of securities, and other highly profitable, yet excessively risky lending practices. Many countries have added to their sovereign debt by spending considerable amounts of money to bail out the banks that have caused these crises in the past.

To remedy the woes of a fluid and unpredictable economic system, the international community must come together and identify steps to reduce volatility. Multilateral leadership is critical. Established in 1999, the Group of Twenty Finance Ministers and Central Bank Governors (G-20) has played an active role, seeking an appropriate mix of policies that allow markets to operate with minimal government intrusion while having sufficient protections in place to curb excesses and abuses.