TITLE:
Examining How Globalization Shapes Africa’s Underdevelopment
AUTHORS:
Klayjue Tukon
KEYWORDS:
Globalization, Africa, Dependency Theory, Inequality, Sustainable Development
JOURNAL NAME:
Open Journal of Business and Management,
Vol.12 No.2,
March
18,
2024
ABSTRACT: The concept of globalization delineates a profound
shift in the contemporary world with a heightened interconnection among nations that has diversified
remarkably. This vital interchange significantly impacts Africa’s progress,
positioning African nations in an exceptionally vulnerable stance amidst these
global currents. This paper argues that globalization is nothing but a renewed
ideological onslaught by the western powers to reify their culture of
radicalized subjugation of Africa and other third world countries and explores
patterns in international economic integration and developmental disparities
stemming from the rise of globalization. It discerns distinct facets of
globalization, such as trade and capital flows. Within the framework of
dependency theory, the adverse effects of globalization on Africa’s development
were scrutinized. The research underscores the correlation between inequality
and globalization, emphasizing how Africa, as a continent, has been influenced
by the strategies of Western political entities. This manipulation arises due
to constrained market opportunities for nations with lower technological
advancement. Moreover, the North’s prioritization of profits over the
continent’s development further exacerbates this situation. To address these
challenges, the study proposes through recommendations that African countries
reevaluate certain economic policies, advocating for relaxation of stringent
conditions imposed by Structural Adjustment Programs (SAPs) and a reexamination
of multilateral policies imposed through World Trade Organization (WTO) agreements. It urges the adoption of
development strategies rooted in the principles of sustainable
development that best suits Africa characteristics.