Theoretical postulations on the benefits of globalization are quite contradictory. In the light of prevailing conditions in Africa, it is obvious that something is quite wrong with the arrangement of the world economic system. Thus simple fact is that Africa remains a dwarf compared to other continents resulting from the unjust economic woes it is experiencing from these imbalances. This work attempts to analyse and create a link between globalization and economic development (general development) drawing from the experiences of the various regions of the world.
The research work notes that globalization is multidimensional, encompassing all facts of human endeavour and this fact has made the world economy to growth tremendously in the twentieth century and Africa has not realized much of the benefits inspites of the supposed benefits of globalization.
BACKGROUND OF THE STUDY
Globalization is a world phenomenon which means different things to different people and different things to same people across time and space. However, it refers to the growing interdependence of the world’s people. Globalization is about increasing interconnectedness and interdependence among the world’s regions, nations, government, business, institutions and individuals. Globalization fosters the advancement of a “global mentality” and conjures the pictures of a borderless world through the use of information technology to create partnerships to foster greater financial and economic integration. However, it is not just a process that integrates world economic but also cultures, technology and governance. National policy making has also been globalized as a result of the liberalization of financial markets, development in technology and activities of global institutions such as the World Bank, IMF and world trade organization. Although economic aspect perceived to be the heart of globalization.
Economic globalization refers to the process of change towards greater international economic integration through trade, financial flows, exchange of technology and information and the movement of people. Open markets constitute the platform of globalization, while trade, finance and investment and entrepreneur are the heart. The countries that are more active and benefiting most firm globalization are the ones with the largest share of globalization trade and investment.
African in this sense does not share in the benefits of globalization and they stand being exploited and abandoned. It should be know that globalization which claims to be the latest hope of countries, especially in Africa, has left a path of seclusion, marginalization, exploitation and depression. An example of such misery is the various authority packages designed by the institutions of globalization in Africa during the 1980’s which succeed in raising the Africa continent as a monumental debtor continent thus globalization is perceived by developing countries especially the African ones as the catalyst for the circle of poverty.
STATEMENT OF PROBLEM
Africa is the least integrated within the world economy. While developing countries as a whole increased their share of world trade from 19 percent in 1971 to 29 percent in 1999, Africa as a whole performed early with its share of world trade being less than 2 percent in 1999. Specifically, the share of Africa’s trade as a global trade fell from some 3 percent in 1960 to 1.6 percent in 1997. Besides Africa was the only major region in the world to experience an absolute decline in expert earnings per persons between 1980 an 1996 (Sachs and Sievers 1999:13).
Africa as part of the least integrated in world economy, its derived the least benefits from globalization since Africa has been the under day of the global economy. As other regions in the world are experiencing one form of development through globalization, Africa on its part is experiencing a multifaceted developmental problem through the same instrument of globalization.
In the light of this, this research work is positioned to enumerated all the problems bedeviling Africa as a result of globalization and a comparative analysis would be established as the problems affects other regions of the world.
OBJECTIVE OF THE STUDY
The primary objective of this study is to explain the exploitation economic philosophy of the western toward Africa that is, a continuous involvement of Africa in the western ideologies like globalization would continue to drag the continent background and also intending to give an understanding and insight into the adverse effects of globalization on the economics of the countries in Africa.
STATEMENT OF HYPOTHESIS
The conduct of this research is based on the following hypothesis.
- The stunted growth of Africa is directly traceable to globalizations.
- Globalization is an exploitation device on the African continent to improve the developed countries.
- Unequal integration of Africa into the world economy is a major cause of the developmental crisis in Africa.
- Globalization has been a smoke screen to continue the exploitation of Africa by the developed countries.
SCOPE OF THE STUDY
The research work is intended to give an understanding and insight into the effects of globalization on the African continent, especially its economy. Globalization came into being in the early 1980’s. Its influence is considerably felt across the globe and its negative influence is felt more by Africa.
Therefore, Africa would be the centre-piece of this study and the period of emphasis of this research will covers from 1980s till 2008.
SIGNIFICANCE OF THE STUDY
The significant of the study is that both the government and economies in Africa will find its useful as a guide in the advancement of strategies for solving the economic and developmental crisis in Africa.
Moreover, students and prospective political economist would also be equipped with the self-interest politics being played by western power in the procurement of their interest and in the adoption of ideologies such as globalization to achieve their aim.
LIMITATION OF STUDY
Due to the sensitive nature of the study, this would place a constraint of the method analysis available for this study, high cost of sourcing for material, non-availability of important literature texts and time constrain I which this study must be carryout, this research aim at carrying out a comprehensive and empirical work.