Every project has to be evaluated periodically. A famous business administration model states that endeavours have four stages: Planning, Doing, Checking and Acting (PDCA). Globalization was never a project of a group or individual. However, it does goes through those phases.
Usually, my country pops in the news as one of the developing countries or developing world. This definition or group can be very useful, however it exposes only one factor. Maybe it's the most important factor, but it's still only one factor.