<b>The Impact of Financialization and Globalization on Development: A Critical Literature Review of Power, Policy, and Economic Discourse”</b>

<b>Abstract</b>This literature review explores the interconnected roles of <b>financialization and globalization in shaping global development</b>. Drawing on key contributions from scholars such as Escobar, Powell, Baylis, and Bonizzi, the paper critically analyses how development has transitioned from being a sovereign-driven objective to becoming a subset of financial and global power dynamics.The study employs a <b>meta-synthesis methodology</b>, reviewing academic discussions on development discourse, postcolonial economic structures, and the evolution of financial capitalism. It highlights how post-World War II frameworks, such as the Truman Doctrine, IMF, and World Bank, facilitated the rise of globalization alongside financialization, often resulting in increased dependency and power asymmetries for developing nations.Through concepts like <b>subordinate financialization</b>, as applied to Mexico, and the exploitation of the Global South, the paper demonstrates how financial flows and capital markets both enable and constrain development. It further incorporates Foucault’s power analysis to reveal how global financial systems act as mechanisms of control, transforming development from a growth-oriented process into a tool of geopolitical influence.The conclusion asserts that development, financialization, and globalization now operate as interdependent forces of power rather than purely economic or humanitarian processes. The review identifies significant research gaps in how human perceptions and different ideological frameworks impact the definition and direction of development, prompting the key research question: <b>“How has the role of development shifted from a driver of progress to a byproduct of financial and global power structures?”</b>