AFRICAN REACTION TOWARDS GLOBALIZATION
AFRICAN REACTION TOWARDS GLOBALIZATION
Theoretical claims on the benefits of globalisation are often contradictory. Given the current state of affairs in Africa, it is clear that something is seriously wrong with the global economic system's configuration.
Thus, Africa remains a midget in comparison to other continents as a result of the unjust economic sufferings caused by these disparities. Using the experiences of various regions of the world, this work aims to analyse and construct a link between globalisation and economic progress (general development).
According to the research, globalisation is multifaceted, spanning all aspects of human activity, and this feature has caused the world economy to grow significantly in the twentieth century, whereas Africa has not realised many of the alleged benefits of globalisation.
BACKGROUND OF THE STUDY
Globalisation is a global phenomenon that signifies different things to different people and the same thing to different individuals over time and geography. It does, however, relate to the increasing interdependence of the world's population.
Globalisation is the process by which the world's regions, nations, governments, businesses, organisations, and individuals become more interconnected and interdependent.
Globalisation promotes the development of a “global mentality” and conjures images of a borderless world by utilising information technology to construct partnerships that promote greater financial and economic integration. However, it is more than just a process that connects global economics; it also integrates cultures, technology, and government.
National policymaking has also become more globalised as a result of financial market liberalisation, technological advancement, and the actions of global institutions such as the World Bank, IMF, and World Trade Organisation. Although the economic side is widely seen as the heart of globalisation.
Economic globalisation refers to the process of increasing international economic integration through commerce, financial flows, technology and information interchange, and population mobility.
The basis of globalisation is open markets, with commerce, banking, and investment, as well as entrepreneurs, at its heart. The countries with the highest share of globalisation trade and investment are the most active and profiting from strong globalisation.
In this sense, Africa does not gain from globalisation, and they are exploited and abandoned. It should be noted that globalisation, which professes to be the last hope of many countries, particularly in Africa, has led to isolation, marginalisation, exploitation, and depression.
One example of such misery is the various authority packages designed by globalisation institutions in Africa during the 1980s, which succeeded in elevating the Africa continent as a monumental debtor continent, and thus globalisation is perceived by developing countries, particularly African ones, as the catalyst for the poverty cycle.
STATEMENT OF THE PROBLEM
Africa has the least integration into the global economy. While developing nations as a whole increased their proportion in global trade from 19% in 1971 to 29% in 1999, Africa as a whole performed poorly, with a share of global trade of less than 2% in 1999.
In particular, Africa's contribution of global trade fell from almost 3% in 1960 to 1.6 percent in 1997. Apart from that, Africa was the only major region in the globe to see an absolute fall in expert incomes per person between 1980 and 1996 (Sachs and Sievers 1999:13).
Africa, as one of the least linked parts of the global economy, has reaped the fewest benefits from globalisation, owing to its status as the world's poorest continent.
While other parts of the world are experiencing one type of development as a result of globalisation, Africa is dealing with a multidimensional developmental dilemma as a result of the same instrument.
In light of this, this research endeavour is positioned to enumerate all of Africa's difficulties as a result of globalisation, and a comparison analysis would be established as the problems affect other parts of the world.
PURPOSE OF THE STUDY
The primary goal of this study is to explain the Western exploitation economic philosophy towards Africa, that is, a continuous involvement of Africa in Western ideologies like globalisation would continue to drag the continent background, as well as to provide an understanding and insight into the negative effects of globalisation on the economies of African countries.
The following hypothesis underpins the conduct of this investigation.
Africa's limited progress can be directly attributed to globalisation.
Globalisation is a tool used to exploit the African continent in order to improve the developed countries.
The unequal integration of Africa into the global economy is a primary source of Africa's development crisis.
Globalisation has served as a smokescreen for industrialised countries to continue their exploitation of Africa.
OBJECTIVES OF THE STUDY
The purpose of the research is to provide a knowledge and insight into the effects of globalisation on the African continent, particularly its economy. Globalisation emerged in the early 1980s. It has a significant global impact, with Africa bearing the brunt of the negative consequences.
As a result, Africa will be the focal point of this investigation, with the emphasis shifting from the 1980s to 2008.
SIGNIFICANCE OF THE STUDY
The study's significance is that both the government and economies in Africa will find it valuable as a guide in the advancement of ideas for resolving Africa's economic and developmental crises.
Furthermore, students and aspiring political economists would be familiar with the self-interest politics employed by Western powers in the pursuit of their interests and the adoption of ideologies such as globalisation to achieve their goals.
limitations OF THE STUDY
Due to the sensitive nature of the study, this would place a constraint on the method analysis available for this study, as well as the high cost of sourcing for material, the non-availability of important literature texts, and the time constraint in which this study must be carried out.