This paper treats the emerging new world order not as a thing by itself but as a continuation of the age long gospel of lasses faire or freedom of trade. That freedom eventually resulted in the colonial exploitation of vast tracts of land by the European powers. The same desire to dominate the world so that the resources of the developing economies and their markets remain available to developed nations now walks in the garb of globalization with three main elements: privatization, liberalization, and free movement of goods and capital across the national borders. There has been a history of resistance to freedom of trade in the past, especially by List in Germany, at the theoretical plane. The objectives of converting the world into what is fondly called the ‘global village’ are no different. Colonialism is reemerging wrapped in a new garb: the discomfiture of the developing countries is only to increase, so they are resisting its onward march. Muslim countries are economically weak and suffer from many disabilities; globalization is likely to work against them. They can ward off the danger by promoting inter alia self-reliance, human development, and mutual support.