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THE IMPACT OF GLOBALIZATION ON ECONOMIC DEVELOPMENT OF DEVELOPING COUNTRIES: A CASE OF NIGERIA

THE IMPACT OF GLOBALIZATION ON ECONOMIC DEVELOPMENT OF DEVELOPING COUNTRIES: A CASE OF NIGERIA

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Published by kolawolebashir
A REVIEW OF NIGERIA'S EXPERIENCE ON GLOBALIZATION
A REVIEW OF NIGERIA'S EXPERIENCE ON GLOBALIZATION

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Published by: kolawolebashir on Oct 10, 2010
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INTRODUCTION
Over the past two decades, world output has been expanding and many countries are benefiting from increased cross-border trade and investments. Many others suffer becauseeconomic regimes are inefficiently managed, and this weakness reduces their capacity tosuccessfully compete globally (Schneider and Enste, 2002). International mobility of capital,resulting from advances in communications technology and liberalization of financialmarkets has intensified as the world economy witnesses the unleashing of market forces.Deregulation of domestic markets, their opening to competition, privatization and the retreatof the state from economic management are also features of the current global order.However, this same process encourages rising inequality among nations. The liberalization of the world economy, for instance, has proceeded in such a way that the growth prospects of developing countries are being undermined. Thus, while restrictions have been lifted on thefreedom of capital and skilled labour to move to areas of high returns, the restrictions on themobility of unskilled labour remain. Moreover, as developing countries have increased their capacity to produce and export manufactures, the developed countries have become active in promoting tariff peaks and escalations (UNCTAD, 2001a). Such measures can neither solvethe South¶s development problems nor allow for a narrowing of the North± South divide.
CONCEPT OF GLOBALIZATION
The word µglobalization¶ was first employed in 1930, according to the Oxford EnglishDictionary, to denote a holistic view of human experience in education. An early descriptionof globalization was authored by the American entrepreneur-turned-minister Charles TazeRussell who coined the term µcorporate giants¶ in 1897. This term, however, was not widelyused by economists and social scientists until the 1960s. Since its inception, the concept of globalization has inspired numerous competing definitions and interpretations, withantecedent dating back to the great movements of trade and empire across Asia and theIndian Ocean from the 15
th
century onwards.Globalization (or globalisation), in Wikipedia, describes a process by which regionaleconomies, societies, and cultures have become integrated through a global network of communication, transportation, and trade. The term is sometimes used to refer specifically toeconomic globalization, that is, the integration of national economies into the internationaleconomy through trade, foreign direct investment, capital flows, migration, and the spread of 
 
technology. However, globalization is usually recognized as being driven by a combinationof economic, technological, socio-cultural, political, and biological factors.Globalization is the term used to describe the growing worldwide integration of the peopleand countries. According to Paulo (1998) the process of increasing global integration hasaccelerated dramatically in the technology. Peter (2002) views globalization as a process of integrating economic decision-making such as consumption, investment and saving all acrossthe world. This means that globalization is a process of creating global market place in whichincreasingly, all nations are forced to participate. Among the features that characterizeglobalization include interconnection of sovereign countries through trade and capital flow;harmonization of the economic rules that govern the interaction or relationship between thesesovereign nations; creating structures to support and facilitate dependence and inter connection; and creation of a global market place (David 1997).The process of globalization is not restricted to the economic sphere only. The advancementin information technology has resulted in the opening and exposure of the people of the worldto more than ever before, different and alternative views and as a consequence influencesalmost all aspects of human life. This may influence the stand of Salimono (1999) when hemaintains that globalization is a process of harmonization of different culture and beliefs of the world in to one. In the like manner, Garry (1998) views globalization as theharmonization of political system and enthronement of the culture of west. It is observed thatdecisions taken by countries operating under separate, sovereign and autonomousenvironment has bearing on others. The emergence of global market is increasinglyweakening these autonomous units. Globalization is a multi-dimensional concept with political, socio-economic transnational and business undertones. It is simply the integrationof national economics leading to near free movement of goods, services, capital, skill amongcompanies which regards everywhere as their ³home´ market and serving customer with³globalized´ tastes and preferences, using the same or slightly different projects andstrategies (Orunmoluyi, 2000). In other words, globalization is a process of increasedintegration of national economy with the rest of the world to create a more coherent globaleconomy. This can be achieved through the creation of a global market place in which freemarkets; investment flows, trade and information are integrated.According to Awake (2002) globalization will heighten the level of interconnectedness between and among nations through a systematic integration of autonomous economies into aglobal system of production and distribution. It should be noted that globalization seek to
 
eliminate trade barriers through unfitted integration and interaction of global capital andlabour thereby leading to an unhindered exchange of goods and service across border.Globalization is a process that affects firms, industries, economies and nations. (Bayo, 2000).But the mere fact that a firm operates in a global world does not quality it a global company.In order to measure the globaliness of a company, it should have the following attributes as posited by Francis (2000):1. Possessing a standard product that is marketed uniformly across the world;2. Sourcing out all assets (not just product) on an optional basis, i.e, from wherever andwhoever provided it is competitive;3. Achieving market access in line with break-even volume of needed infrastructure;4. The ability to contest the asset as much as products when circumstance requires, i.e.neutralizing the assets and competencies of global competitors; and5. Providing all functions (or competencies) with global orientation even when they are primarily local in scope.The key elements of globalization involve the inter connection of sovereign nations throughtrade and capital flows; harmonization of economic rules governing relationship betweenthese nation; creating structures to support and facilities dependence and interconnection;global configuration and co-ordination of business activities with local responsiveness; andcreating a global market place (Salimono, 1999).
CONCEPT OF DEVELOPMENT
 Development means different thing to different people. This may be the reason for Idode(1989) to describe development a problematic concept. According to him, development has been used in many different ways including political, economic and social. In other words,development is a construct of many applicationsIn a view expressed by Okobiah (1984), development involves a process of economic, political and social change in a progress direction towards a better social well being for themember of the society. According to Nwana (1998) development involves harnessing of theresources for the realization of their major objectives, solving their major problems. Thismeans that, development from the foregoing consists of activities required in improving theattitudes and potentials of people. Probably, this justifies the view of Boateng (1990), whichdescribes development as the process aimed at improving the living conditions andcircumstances of human beings both directly and indirectly. Considering the various views,national development encompasses social, economic, cultural and political development. In

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