This chapter is committed to shed light on the discourses of globalization in relation to different aspects of modernity. It explores all the dimensions and factors that help reveal globalization, an integrated global project of cultural, political, and social development under the grand project of global capitalism. This chapter further attempts to classify modernity under three major phases: Western classical modernity (from the seventeenth century to before the First World War), transitory modernity (during two World Wars, from 1914 to 1944) and Globalizing modernity (from 1944 to present). Gradually, this chapter seeks to unravel the basic features of each phase of modernity with specific focus on the consequences of the Bretton Woods Agreement that constituted America a global economic and political superpower. This chapter finally concludes with showing the global dynamics of development and underdevelopment, demonstrating how economic “underdevelopment” of one region can be strategically used as an instrument of “development” of the other.