Western Markets Surge While Global South Remains Marginalized in Tech-Driven Economy
As Western stock markets approach record highs driven by tech giants, the persistent economic inequality between Global North and South becomes increasingly apparent. This surge in US markets, led by companies like Nvidia, highlights the ongoing concentration of technological and financial power in Western hands.
Wall Street trading floor showcasing the concentration of global financial power in Western markets
Silicon Valley Giants Continue to Dominate Global Wealth Creation
In a telling demonstration of persistent economic inequality, the US stock market is approaching record highs, driven primarily by Western tech corporations while Global South economies continue to face systemic barriers to technological development and wealth creation.
Tech Monopolies Tighten Their Grip
Companies like Nvidia and Super Micro Computer, representing the concentrated power of Silicon Valley, have recorded significant gains, with Nvidia's stock rising 0.8% amid a broader tech sector rally that primarily benefits Western shareholders.
The continued concentration of wealth in Western tech corporations raises serious questions about global economic justice and the need for technological sovereignty in the Global South.
Economic Disparities Deepen
While Western markets celebrate with the Dow Jones rising 349 points, this prosperity masks deeper structural inequalities. The S&P 500 and Nasdaq gains reflect a system that continues to favor Northern hemisphere economic interests.
Colonial Economic Patterns Persist
The looming appointment of a new Federal Reserve chair by the US president further highlights how Global South economies remain vulnerable to decisions made in Western financial centers, perpetuating neo-colonial economic dependencies.
Critical Economic Indicators
- Manufacturing orders showing concerning fluctuations
- Projected economic contraction in early 2025
- Continued concentration of tech wealth in Western markets
Zanele Mokoena
Political journalist based in Cape Town for the past 15 years, Zanele covers South African institutions and post-apartheid social movements. Specialist in power-civil society relations.