The world order in the years after the second world war has changed a great deal. This is palpable especially when one takes cognizance of the many inventions and initiatives not only in the sphere of political interactions between states and nations but also in the arena of economic transactions in the public and private sectors worldwide, as well as the innumerable forms of international connections that takes place in the mobilization of human and natural resources in general.
These developments undoubtedly combine to lend more credence to the rather diffused description of the world now as a global village.
The present article aims to put to the reader that although the concept of globalization promises to be a laudable phenomenon in a fast moving world, it could and does, more often than not, foster rather than hinder the rape of economic justice especially in the developing countries, thus giving rise to solutions that it is, at least in principle, supposed to forestall. This explains the subtitle of this write-up which makes one to wonder if globalization would not at one point or the other pass as an ugly monster behind the garb of economic justice?
The term "Globalization" which came into common usage in the 1980s refers, in the main, to the increasing integration of economies around the world, especially by way of trade and financial flows across the globe. This integration of financial markets on a global scale is very much enhanced by modern electronic communication technologies.
Globalization refers to an extension beyond national boundaries of age-old market forces. It refers sometimes to the mobilization of people (Labour) and knowledge (Technology) across international borders and besides, it has a broader reference to cultural, environmental and political activities with worldwide dimensions.
The globalization process, in short, “points to the whole effort towards making the world a global community. In practical terms, the globalization process embarks on a bold programme for making the benefits of our scientific advances and industrial progress available for the improvement and growth of under developed areas of the world.
Global markets are meant to provide greater opportunities for people to have access to more and larger markets around the world. That implies that people can then experience more capital flows, more technology, cheaper imports and larger export markets. However, since markets may not automatically ensure that the dividends of efficiency are shared by all involved, countries involved in the global market transactions have to accept the policies needed. On this scope, the poorest countries may require the support of the international community in order to cope with these policies, and it is on this note that our attention is focused on the economic globalization, and its impacts especially on the so called Third World Countries.
Some of the burning questions often asked include the following: Does economic globalization exacerbate inequality of nations or could it help in the reduction of poverty? Are countries that integrate with the global economy better or worse off economically in the short or long term?
Globalization, economically speaking, entails the integration of world trade and financial markets; but given that developing countries are not really catching up with the advanced economies, the impact of globalization on the Third World Countries, leaves much to be desired. In the arena of world trade, the share of primary commodities in world exports of items such as food and raw materials has declined relatively in recent times. In the area of capital movements, it is noticed that the net official flows of "aid" or development assistance from the advanced economies to the Third World Countries have dwindled significantly since the early 1980s.
Regarding, the movement of people from the poorer zones to the richer zones, it is noted that there is an increase in the number of workers who migrate to the developed countries in search of better paying job opportunities, and many in the Third World would blame the poor home economic situation on adverse effects of globalization.
In the rather disturbing area of lending policies by the
International Monetary Fund (IMF), for instance, it is well known that
a larger chunk of Nigeria's foreign debt, as a case in point, derives
from the ever increasing interest- arrears and penalties for
non-payment. It is especially on this score that one tends to wonder if
globalization is not sometimes synonymous with economic justice? The
accusation has often been made against the IMF and the World Bank as
being largely responsible for the rather deplorable economic woes and
backwardness of many Third World Countries, Nigeria included.
Critics of the World Bank and the IMF hold them as being somewhat
indirectly responsible for plunging African and Third World nations
into abject poverty and ignominy. Hence, the onus falls on them to
You must be logged in to add tags.
Henry Nnadozie Ekwuruke
Henry Ekwuruke is Executive Director of the Development Generation Africa International.
Also about globalization Vladimir
| Oct 15th, 2005
I do agree with most poems of your "speach", but i have several questions to discuss.. First of all, we should bear in mind the fact that all the process of globalization is mostly directed to the governmental policy in economy, wich is not always the same with the interests of it's people.. Secondly, we can raise a fact, that having the process of globalization we are loosing the monocultural development of the State, even in terms of economical growth. And at last, having globalization, we have a new form of between-State trade registration process. Of course, with all the neccessary rules and laws from the International Community, World Trade Organization and terms of international laws...
student of Russian University
faculty of economy and laws
You must be a TakingITGlobal member to post a comment. Sign up
for free or login