| Pub. Date | : June, 2020 |
|---|---|
| Product Name | : The IUP Journal of International Relations |
| Product Type | : Article |
| Product Code | : IJIR012020 |
| Author Name | : Temitope Peter Ola |
| Availability | : YES |
| Subject/Domain | : Arts & Humanities |
| Download Format | : PDF Format |
| No. of Pages | : 13 |
This study examines the nexus between government, market and economic globalization of Africa. Data for the study is from secondary sources, analyzed using World System Theory to find that the impact of economic globalization is among the central issue facing the African society. The study contends that economic globalization is cementing the world into a 'dual' planetary society divided between a prosperous minority of persons and countries dedicated to dematerialized intellectual activities, inventing modern technologies and new products and services, while a majority of African people and countries live by the dint of their physical strength via routine bureaucratic work as they tap into their natural resources. The study concludes that economic globalization makes it more difficult to obtain the requisite balance between the role of government and global market in Africa, and therefore, it recommends the establishment of a preventive system of globalization for African nations.
According to Kaufman1 and Marks2, globalization encompasses many things: the international flow of ideas and knowledge, the sharing of cultures, global civil society, and the global environmental movement. The great hope of globalization is that it will raise the living standards throughout the world: give poor countries (like those in Africa) access to overseas markets so that they can sell their goods, allow foreign investment that will make new products at cheaper prices and open borders so that people can travel abroad to be educated, work and send home earnings to help their families and fund businesses. This paper, however, is mostly about Africa's participation in economic globalization, which entails closer economic integration of