Globalization as It relates to Neo-Colonialism

Globalization as It relates to Neo-Colonialism

Globalization as It relates to Neo-Colonialism –   Globalization can be seen as the process or mean by which an increased proportion of economic, social and cultural activity is carried out across national boarder. The process of globalization has significant economic, business and social implications.

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Is can further be described in two different perceptions as:
1. The geographical dispersion of industrial and service activities, for example research and development, sourcing of input, production and distribution and the cross networking of companies for example through joint ventures and sharing of assets.
2. From the international monetary fund “globalization is referred to as the process through an increasingly force flow of idea, people, goods services and capital leads to the integration of economics and societies. Globalization is perhaps best thought of as a process that result in some significant changes from market and business to addressed.
In the same vein, neo-colonialism is a term used by post-colonial which critics of developed nations, involvement in developing world. Writing within the theoretical framework of neo-colonialism argue that existing or past international economic arrangement created by former colonial powers were or are used to maintain control of their former colonial and dependence after colonial independence movement.
Globalization as a new name for neo-colonialism actually explains the tricks and a means by which the world economic powers exploit and tap the resources of less developed countries like Nigeria and other sub-saharan African countries. The western world does this indirectly to developing countries such as Niger-Nigerian and other sub-saharan African. Due to strong advancement in technology in western world, they have been able to gain more in bilateral or multilateral most business engagements or transactions as globalization involves the use of modern information and business gadget to enhance business transaction in international trade.
Those world economic powers such China, USA, Germany, Japan France and so on always gain heavily more than how they give out because their high competence in the use of technology whereas the weak trading partners for example, Nigeria, Cameron Ghana and some other sub-saharan African countries are still very far when it comes to the knowledge on use of those technology like computers.
However, one can say that as a result of unequal partners being the players in the globalized world today i.e the rich nations and poor nation like that of Nigeria, Gabon, chad and other sub-saharan African countries, the so called power countries of the world have been at a very severe disordvange in comparison to that western or rich nations of the world like USA, Japan, Germany.
Consequently, sub-saharan African countries and Nigeria as well have economically growing at a stagnant rate reflecting and resulting in
1. Poor standard of living
2. Low per-capita income and output
3. Increasing income inequality
4. Income distribution and poverty
5. Unemployment and underdevelopment
6. Low productivity and
7. Various circle of poverty and so on.
The above points are the maladies characterizing Nigeria and sub-saharan countries of which globalization has not been able to expunge rather it deepens it and makes life easier in industrialized nations of the world.
The Increasing Interdependence of Economies: The Key Result of Globalization.
The major impact of globalization in the world today is the rapid increase in the interdependence of economic both underdeveloped on industrialized and at the same time advanced to less developed economics. But this interdependence that exists among the world economic has both negative and positive consequences. For instance less developed countries/economics such as Nigeria and other Sub-Saharan Africa gain less in international trade. That is to say Sub-Saharan Africa countries are still almost in the same situation as during the time of neo-colonialism. As a matter of fact, globalization results in interdependence of economic as can be seen below:
– Most of the world’s countries are dependent on each other for their macro-economic health.
– Many of the newly industrializing countries are writing a growing share of world trade and their economies are growing faster than in richer developed nations.
– All countries have been affected by the credit crunch and decline in world trade, but many emerging market countries have slowed down rather than fall into a full-blown recession.

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