AFRICA AND SUSTAINABLE DEVELOPMENT IN THE AGE OF GLOBALIZATION: AN OLD WINE IN A NEW WINE SKIN

Dr Efanodor Harriet O.   (Published 2013)

Dr Harriet O.
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Abstract

Globalization as a paradigm of development emphasizes stabilization, structural adjustment, market forces, deregulation,
privatization and liberalization of trade. The realization of sustainable development through these policies by the
developing states is seriously in doubt. African countries are yet to attain sustainable development despite the various
arguments in support of globalization .The integration of all countries into the global economy is seen as a veritable
solution to their economic growth and development. In the light of this assumption, globalization essentially conceived as
the liberalization and univeralization of capital, is seen as the best policy option to world prosperity. For this reason, the
developing countries irrespective of individual circumstances are told to liberalize and integrate into the world’s economy
in order to achieve the prospect of globalization. Using secondary sources of data collection, the study examined the
theoretical and empirical evidences adduced in support of the above as it relates to the states in Africa. The finding of the
study reveal that, the theoretical arguments in support of globalization are not valid and the empirical evidence adduced
to back them up is not reliable as no convincing and direct link has been established empirically between the degree of
globalization and the rate of economic growth. Secondly, globalization is neither a new paradigm nor will its policies
usher in a meaningful prosperity for African countries because the expression of contemporary globalization in terms of
deregulation and liberalization of most African economies came about through the power of compulsion and pressure
available to the instruments of globalization. Globalization through relations of unequal exchange will put African
economies at a greater risk of income inequality which is a negation of sustainability objectives. The paper thus
concludes that globalization is an agenda for the continuous economic dominance of Africa and should be seen as neocolonialism.
The study thus recommends amongst others, that in order to position itself in the global economy and pursue
sustainable development, African continent should conceivably purse a regional economic integration bloc equal in
magnitude and potency with those of the European Union, to effectively challenge, and influence the process of
globalization.


Item Type: Journal article(non-copyrighted)
Format: PDF document,   248.91 KB
Copyright: Creative Commons LicenseCreative Commons license
Keywords: Globalization, Africa, Neo- Colonialism, Unequal exchange, Sustainable Development, Inequality.
Department: Political Science and Public Administration
Field of Study: Political Science
Uploaded By: Agbodekhe Barnabas Philip
Date Added: 08 Jun 2018 2:52pm
Last Modified: 08 Jun 2018
Journal URL: http://edouniversity.edu.ng/oer/journal/africa_and_sustainable_development_in_the_age_of_globalization_an_old_wine_in_a_new_wine_skin


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