ECONOMIC DEPENDENCY AND THIRD world UNDER DEVELOPMENT.
ECONOMIC DEPENDENCY AND THIRD WORLD UNDER DEVELOPMENT.
This research looks at the interaction between third-world countries and western capitalist countries. It depicts dependency as a phenomenon or relationship problem that has resulted in the western world's economic growth and development at the expense of third-world societies, which are economically underdeveloped and lack the capacity and ability to control the economic system or productive processes of the societies.
In order to analyse and address this issue, we used dependency theory as an analytical framework and the documentary research method to collect and analyse data.
The study recommends concrete measures in the form of socialist transformation because the unequal relationship between Nigeria and countries of the Western world was discovered as the major problem. It was determined that this problem is historically rooted in the foundation of the society, as such, ordinary measures are not suitable.
Economic reliance is defined as a lack of competence and ability to regulate a society's economic system or productive process to the point that the society as a state is dependent on foreign developed economy states for leadership and control via regulations and some economic institution.
The countries that rely on the rest are mostly poor third-world countries. Nigeria is a typical poor third-world and underdeveloped country that relies on the western world for economic policy decisions and implementation, thereby contributing to the west's economic development to her detriment.
For example, the Structure Adjustment Programme (SAP) of 1986, the National Directorate of Employment (NDE) of 1986, the Petroleum Trust Fund (PTF) poverty alleviation programme, and others all appear to have failed after consuming estimated material and human resources and being funded with loan and the associated interest.
Because the economic structure, which is the basic structure; the foundation; on which the political superstructure rises; and which governs both intellectual and material output, is disarticulated,
the conclusion is that the entire society is underdeveloped. The overall underdevelopment of society raises severe concerns throughout the Third World and the international community. Historically, the majority of third-world countries have been dependent.
Slavery, colonialism/imperialism, and modern globalisation all passed through common harsh stages of growth. The escalation of the rate of suppression and exploitation imposed on poor third-world countries by the economically industrialised west distinguished one stage from the next.
1.2 statement Of the Problem
The ability to be independent of the wills of others is what distinguishes humans. People in the third world are considered as subhuman due to their complete economic dependence on the rich economies of the West.
The study's difficulty is that Nigeria, like other third-world countries, has been suffering from underdevelopment caused by the prevailing exploitative nature of western economies on which the third-world depends. The preceding presents several serious concerns:
What is the primary source of economic dependency in Nigeria?
What role does the Nigerian economic elite play in the country's economic dependency?
What role do multinational corporations play in economic dependency?
1.3 OBJECTIVES OF THE STUDY
In light of this, the goal of this book is to identify the historical processes that have resulted in economic underdevelopment, which has continued to perpetuate itself to the present day. This history of economic underdevelopment will be tracked from colonial times to the present.
The purpose of this research is to look into a few key ideas that are directly related to the problem of economic reliance and underdevelopment, specifically:
1. It will look into the root causes of Nigeria's economic dependency.
2. To ascertain the impact or role of Nigeria's economic elite on the country's economic reliance crisis.
3. To investigate the role of multinational corporations in Nigeria's economic dependency.