Against the background of the ascendance of globalization in contemporary studies and practical policies, this paper examines its utility, especially for the developing countries. It begins by a synoptic discussion of the concept of globalization. Drawing on existing studies on the subject, the paper reviews the arguments on the impact of globalization on different variables, particularly in relation to the developing countries. The paper contends that there are no unassailable evidences to uphold the espoused benefits of globalization to the developing countries. It argues further that the fact that ultra rightist capitalist countries sometimes adopt restrictive and protective policies underscores the point that a country that leaves its economy to the sole dictates of the so-called market forces endangers its development. The paper concludes that while benefits may indeed accrue from globalization, the extent to which a country derives benefits from globalization is conditioned by the ability of its leaders to appropriately position the country in the global political economic arena.