A STUDY ON THE IMPACT OF GLOBALIZATION IN DEVELOPING COUNTRIES

he phenomenon of globalization is having a major impact on systems around the world. The promoters argue persuasively that globalization will lead to global stability, reduction of poverty and inequalities within and among nations and a higher standard of living for all. However, experience on ground has shown otherwise. The third world countries especially those in African region have been made vulnerable. Instead of becoming more integrated into the world economy, Africa has been largely marginalized and excluded from the real benefits of globalization. Thus, this study aims at comprehensively investigating the implications of globalization in the economic development of Africa. Basically, the study is qualitative, utilizing mostly secondary source of data such as books, journals, newspaper articles, conference papers, internet publications, among others; all considered relevant in understanding the issue of globalization and its implications in Africa. The findings of the study reveal that globalization has raised some troubling concerns for a developing continent like Africa. And that since Africa"s economies are not competitive and lacking in technological innovations, it may be difficult for the region to maximize or access the full benefits of globalization. The study, thus, concludes by recommending among other things that Africa must position itself appropriately by making serious internal political and economic restructuring; deepening regional integration by creating a single market and investing on digital infrastructure which will make Africa visible in global trade regime as a respected participant.

The Development of Africa, 2017

Globalization as the process of intensification of economic, political, social and cultural relations across international boundaries aimed at the transcendental homogenization of political and socioeconomic theory across the globe, impacts significantly on African states through systematic restructuring of interactive phases among its nations, by breaking down barriers in the areas of culture, commerce, communication and several other fields of endeavor. These processes have impelled series of cumulative and conjectural crisis in the international division of labour and global distribution of economic and political power; thereby qualifying basic African feature to be poverty, diseases, squalor, and unemployment among other crisis of under development. This paper was aimed to examine both the negative and the positive impacts of globalization on African states, and suggest some recommendations among which are to improve democratization process, make the task of poverty eradication more indigenous, etc.

PINISI JOURNAL OF ART, HUMANITY AND SOCIAL STUDIES, 2022

Globalization is a highly contested and perhaps most hotly debated concept in the world’s socio-economic and political arena. It continues to engender anxiety, instigate debates and controversies, protests and demonstrations that are sometimes violent. The processes of globalization are posing new sets of complex challenges to the politically unstable, debt- ridden, technologically backward and dependent African countries. As a consequence, their individual capacity to function effectively and sustainably in the international market place is becoming increasingly compromised. The paper examined the concept of globalization, its history and challenges for the African Continent. While identifying globalization as one of the recent developments currently shaping the world, it focuses on its socio-cultural, economic and political challenges, its consequences and implications for Africa, particularly in the realm of benefits, requisite input into the policy-making process and the encapsulating assertiveness of the global village. The position of the paper is that, the challenges posed by globalization to Africa outweigh whatever benefits derivable from the process. The paper concludes that strategies on how these negative outcomes could be mitigated or ameliorated for the overall benefit of Africa should necessarily be formulated by African leaders themselves.

Journal, 2013

Globalization is one of the most important forces shaping the global economy. Globalization has led to an integrated and interdependent global economy. In this age of globalization, the developing countries, especially Africa, face special risks that globalization and the market reforms that reflect and reinforce their integration into the global economy will exacerbate inequality in trade and income and worsen the problem of unemployment. The theoretical approach adopted in the paper is structural approach on globalization which views globalization as a product of interaction networks inevitable in a world system. The paper reveals that under certain circumstances, globalization can lead to a higher unemployment and an increasing shrewdness in the distribution of income between developed and developing nations. It recommends bridging the digital divide and Africa's promotion of the tenets of good governance, accountability and transparency as envisaged in the NEPAD and AGOA mechanisms as measures to enhance Africa's effective participation in the globalization process.

2015

Globalization is a hot area in the economies of Sub-Saharan Africa, especially considering the unfavorable outcomes of the IMF and World Bank sponsored structural adjustment programs. Pan-Africanism has emerged as a political reaction to feelings that globalization is only a tool topropagate western interests in the region. We survey and compare empirical studies with a view to evaluate the validity of the argument that globalization has minimal benefit to African economies. Using surveys conducted by western as well as African researchers, the study recommends globalization to African economies because it has great benefits in terms of job creation and technical externalities. It also explores some opportunities and gaps that can be harnessed to the benefit of these economies. In this paper, a case is made for cautious and shrewd trade and fiscal policies in order to maneuver the numerous shortcomings that have been cited by other opponents of globalization and liberalization.

African Journal of Business Management, 2012

The term globalization captures the attention of everyone and especially economic development researchers. However, despite the prior prosperity promises of globalization and the benefits of an information accessing society, the afterwards benefits have not been universal and global inequality has increased instead. Some studies show that globalization has widened the gap between rich and poor countries in its relentless progression while others are unclear about its effect. Although the idea of globalization had gradually been developed since the Second World War, its impact gained momentum in the early 1990s; Africa has not been spared from the implications of this phenomenon. We used the KOF Globalization Index with a special bias on African countries. The purpose of this article is to examine the progressive position of Africa in the global economy and highlight key sustainable approaches which African countries can adopt as economic development priorities as it fits into a globalized economy. However, the losses could be higher for African countries or less depending on its approach. African governments' policies should be designed systematically so as to balance between its current low economic status, its political teething problems and the pressures to catch up and fit into the inevitable globalization trends. This would minimize the economic marginalization of Africa and increase it utilization of its raw materials and human resources.

Developing Country Studies, 2013

This paper will discuss the benefits and drawbacks from the point of view that globalization made in the developing countries in the three important fields such as economic and trade processes, education and health systems and culture effects. It is consists of four paragraphs. In paragraph one, the benefits and detriment of globalization in the economic and trade processes field will be discussed. Then, in paragraph two, the impact of globalization on education and health systems in both sides will be shown. In the paragraph three, the positives and negatives of globalization on culture will be illustrated. Finally, paragraph four, will deal with conclusion and offer an opinion.