The political economy of international relations examines the intricate relationship between politics and economics on a global scale. The phenomenon of globalisation, the increasing interconnectedness of societies in which events in one part of the world have growing effects on people and societies far away, is a central theme. This process is driven by technological advances and policies that have lowered barriers to the movement of goods, services, capital, and ideas across borders. The architecture of modern global governance in the economic realm is heavily influenced by the Bretton Woods system, established after World War II. This system created key institutions like the International Monetary Fund (IMF) and the World Bank to promote international economic cooperation and stability. Alongside these, the World Trade Organization (WTO) later emerged as the primary body for negotiating and enforcing global trade rules. However, this system has faced criticism, leading to dialogues and new formations. The North-South Dialogue refers to the set of negotiations and debates between the economically advanced, industrialized countries (the North) and the developing or less-developed countries (the South) over issues of global inequality, trade, and development. More recently, new groupings like the G-20, which includes major advanced and emerging economies, and BRICS (Brazil, Russia, India, China, and South Africa) have emerged as significant forums for global governance, reflecting a shift in global economic power.