GLOBALIZATION AND UNDERDEVELOPMENT IN AFRICA

Abstract

The concept of globalization describes a fundamental trend in the modern world; the interrelationship among nations that have diversified to an unprecedented degree. This relationship has far-reaching implication on Africa’s development as African countries are inevitably in the most vulnerable position in the face of these trends. This paper surveyed trends in international economic integration and inequality in development as a result of the emergence of globalization. It distinguishes among the different dimensions of globalization (trade and capital flow). The negative impact of globalization on Africa development was analyzed within the dependency theory framework. The study notes that there is evidence on the link between inequality and globalization. Africa as a continent had been manipulated by the policies of Western political actors; this is because market opportunities are more limited for low technological nations like ours. Again, Africa was totally ignored by the North which has more interests in profit(s) than developing the continent. The study recommended for the African countries to strive on changing some of their economic policies; policy conditions imposed through Structural Adjustment Programme (SAP) have to be loosened and some of the multilateral policies exerted on developing countries through the World Trade Organisation (WTO) agreements be re-examined. This is by adopting development approaches that are based on the principles of sustainable development.