This essay discusses the term globalization in-depth together with how it intersects distant economies, and the role it plays in the improvement of economies by diffusion of resources from around the globe. Secondly, it highlights the manipulation of power exercised by the IMF (International Monet...
1. INTRODUCTION 2
2. WHAT IS GLOBALISATION? 2
3. OPINIONATED VEIWS ON GLOBALISATION 3
3.1 The benefits of globalisation in the African continent 3
3.2 The challenges of globalisation in Africa 5
4. CONCLUSION 8
5. BIBLIOGRAPHY 9
, 2|Page
1. Introduction
The identity of globalization is derived from the multiplicity of linkages from
distant individual firms and economies, that open up their borders to the
world by disengaging their economic activities, to enable them to promote the
flow of goods and services from around the world. Thus, leads to effective
improvements/ growth and development in nations. Globalisation is said to
have created great development benefits and challenges in African states.
This essay, firstly, discusses the term globalisation and how it intersects
distant economies, and the role it plays in the improvement of economies by
diffusion of resources from around the globe. Secondly, I will highlight the
manipulation of power exercised by the IMF (International Monetary Fund) and
the World Bank on underdeveloped countries in Africa. Then, I will discuss
the benefits and challenges that comes with global integration and
interconnections in Africa. Finally, I will conclude that globalisation has created
more positive outcomes than the negative, in terms of societal improvements.
2. What is globalisation?
As (referenced by Motsomotso, Mtimkulu, Phakathi and Sithole 1997:14),
globalisation is defined as the acquiring of social relations without feeling
distant so that human lives are increasingly felt in a single place.
This means that the distance between countries is filled by integration and
interconnected activities. The different forms of trade across countries are
effective enough to provide efficiency in the distribution of goods and activities
like different cultures and lifestyles . Globalisation is known to form
interconnections that support interdependency between nations, giving off the
feeling that all the countries are one global village that is intertwined by
interdependence.
Sila., Muthuri., Oginga., (2015:1) define globalization as “the elimination of the
nation’s physical or virtual trade limitations with an aim of increasing
integration of domestic markets into world markets”.
In other words, globalization is perceived as the interaction of global trades
and integration between distant economies. It creates the opportunity for
global diffusion of resources such as in the flow of economic goods and
services, technological software’s, the improved spread in communication and
information technology, and different cultural lifestyles etc. Globalisation
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