Globalization and the Underdevelopment of African Economies

Keyword : Globalization, Underdevelopment, African Economies.

Author(s) : UGO EBIKIBINA

Abstract :

The phenomenon of globalization involves a growing worldwide interdependence of individuals and nations in a social, economic, cultural and political relatives through the instrumentality of new technology as its main driving force. Globalization has brought the world closer as though it is one global community, making the movement of people, goods and services across transnational borders much easier than what it used to be centuries ago. However, the current wave of globalization accentuated by technological advancement has created new methods and avenues of interaction in a manner that some see globalization and economic development as two sides of the same coin, while to others it is a ‘necessary evil’ which has continued to enslave African economies and perpetually kept her at the dependent strata of economic development indices and increasing the gap between the rich and poor countries. This paper, has as its main object to discuss the cost benefit ratio of African economies vis-a-vis the developed economies of the world in the present era of globalization. The study revealed that Africa, widely perceived as the most
backward continent in the world is more at the receiving end, suffocating from the antics of global financial institutions that continued to enslave her economies, while the developed economies are feeding fat on them. The paper is analytical in nature
and concluded that although, globalization has made technological advancement possible to the extent that it has connected people and nations into one global community, African economies are inextricably caught in a web of continued dependence on the west and getting more and more impoverished.

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