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 because economic regimes are inefficiently managed, and this weakness reduces their capacity to successfully compete globally (Schneider and Enste, 2002). International mobility of capital, resulting from advances in communications technology and liberalization of financial markets has intensified as the world economy witnesses the unleashing of market forces. Deregulation of domestic markets, their opening to competition, privatization and the retreat of 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 the freedom of capital and skilled labour to move to areas of high returns, the restrictions on the mobility 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 solve the South‟s development problems nor allow for a narrowing of the North– South divide.
CONCEPT OF GLOBALIZATION The word „globalization‟ was first employed in 1930, according to the Oxford English Dictionary, to denote a holistic view of human experience in education. An early description of globalization was authored by the American entrepreneur-turned-minister Charles Taze Russell who coined the term „corporate giants‟ in 1897. This term, however, was not widely used by economists and social scientists until the 1960s. Since its inception, the concept of globalization has inspired numerous competing definitions and interpretations, with antecedent dating back to the great movements of trade and empire across Asia and the Indian Ocean from the 15th century onwards. Globalization (or globalisation), in Wikipedia, describes a process by which regional economies, societies, and cultures have become integrated through a global network of communication, transportation, and trade. The term is sometimes used to refer specifically to economic globalization, that is, the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of
It should be noted that globalization seek to
. This may influence the stand of Salimono (1999) when he maintains that globalization is a process of harmonization of different culture and beliefs of the world in to one. and biological factors. Peter (2002) views globalization as a process of integrating economic decision-making such as consumption. creating structures to support and facilitate dependence and inter connection. According to Paulo (1998) the process of increasing global integration has accelerated dramatically in the technology. trade and information are integrated. services. The emergence of global market is increasingly weakening these autonomous units. socio-economic transnational and business undertones. socio-cultural. In the like manner. all nations are forced to participate. In other words. Globalization is the term used to describe the growing worldwide integration of the people and countries. This can be achieved through the creation of a global market place in which free markets. skill among companies which regards everywhere as their “home” market and serving customer with “globalized” tastes and preferences. Globalization is a multi-dimensional concept with political. The advancement in information technology has resulted in the opening and exposure of the people of the world to more than ever before. 2000). Garry (1998) views globalization as the harmonization of political system and enthronement of the culture of west. using the same or slightly different projects and strategies (Orunmoluyi. According to Awake (2002) globalization will heighten the level of interconnectedness between and among nations through a systematic integration of autonomous economies into a global system of production and distribution. and creation of a global market place (David 1997).technology. political. harmonization of the economic rules that govern the interaction or relationship between these sovereign nations. Among the features that characterize globalization include interconnection of sovereign countries through trade and capital flow. sovereign and autonomous environment has bearing on others. investment flows. globalization is usually recognized as being driven by a combination of economic. investment and saving all across the world. This means that globalization is a process of creating global market place in which increasingly. The process of globalization is not restricted to the economic sphere only. It is simply the integration of national economics leading to near free movement of goods. capital. globalization is a process of increased integration of national economy with the rest of the world to create a more coherent global economy. It is observed that decisions taken by countries operating under separate. different and alternative views and as a consequence influences almost all aspects of human life. technological. However.
economies and nations. Sourcing out all assets (not just product) on an optional basis. development involves a process of economic. economic. In
. it should have the following attributes as posited by Francis (2000): 1. Possessing a standard product that is marketed uniformly across the world. 3. 2. neutralizing the assets and competencies of global competitors. But the mere fact that a firm operates in a global world does not quality it a global company. economic and social. political and social change in a progress direction towards a better social well being for the member of the society. Considering the various views. development is a construct of many applications In a view expressed by Okobiah (1984).
CONCEPT OF DEVELOPMENT Development means different thing to different people. 4. 2000). creating structures to support and facilities dependence and interconnection. According to him.eliminate trade barriers through unfitted integration and interaction of global capital and labour thereby leading to an unhindered exchange of goods and service across border. Probably. national development encompasses social. cultural and political development. The ability to contest the asset as much as products when circumstance requires.e. In other words. i. solving their major problems. i. This may be the reason for Idode (1989) to describe development a problematic concept. global configuration and co-ordination of business activities with local responsiveness. Globalization is a process that affects firms. and creating a global market place (Salimono. industries. The key elements of globalization involve the inter connection of sovereign nations through trade and capital flows. According to Nwana (1998) development involves harnessing of the resources for the realization of their major objectives. 1999). (Bayo. and 5. Providing all functions (or competencies) with global orientation even when they are primarily local in scope. from wherever and whoever provided it is competitive.e. which describes development as the process aimed at improving the living conditions and circumstances of human beings both directly and indirectly. harmonization of economic rules governing relationship between these nation. In order to measure the globaliness of a company. This means that. Achieving market access in line with break-even volume of needed infrastructure. development has been used in many different ways including political. this justifies the view of Boateng (1990). development from the foregoing consists of activities required in improving the attitudes and potentials of people.
1999 and Aninat. In other words. political development and cultural development. globalization conjures the picture of a borderless world with greater economic integration that enhances the living standards of people across the globe. In concrete terms. Social development refers to positive social change. values. Political development refers to the process of evolving an acceptable political behaviour that would facilitate the achievement of the national objective such as a free and democratic society. a metaphor that is often invoked to depict global interdependence and the increasing interaction among and the integration of economic activities of human societies around the world (Ajayi. globalization is the intensification of cross-border trade and increased financial and foreign direct investment flows among nations. Thus.other words. In other words it refers to the process of transformation of the ways of life and structures of society over-time. Falodun. and needs of the society. According to Adeniyi (1995) social change is the process through which the patterned network rules and institutions are modified in the course of time. improved institution and values. 2002). Culture refers to the total way of life of the people.
. there is the development of civilized and refined political culture that corresponds with the objective of the country. Cultural development involves a process of improving the culture of the society. This means that economic development is concerned with the improvement in the quality of life of the people. the components of national development include social development. et al (1997) observed that economic development is the attainment of ideals of modernization such as the rise in productivity. It is also the attainment of a just and egalitarian society. The transformation or modification should lead to new behaviour which reflects improvement on the old attitude. Since culture is dynamic. promoted by rapid advances in and liberalization of communication and information technology (Islam. economic development. 2001). Adeniyi (1995) noted that improvement in culture of the people involves making the culture relevant and in line with the present and future interests. social and economic equity. it is expected that the culture of the society should reflect the socioeconomic requirement of the people from time to time. aspiration. The term economic development refers to the improvement in the general standard of living of the people of the society. DISCUSSION ON TRENDS IN GLOBALIZATION The world is fast becoming a global village.
2001. thus allowing them to better manage their risks. 2000.5-3 from an average of below 2 in the 1970s and 1980s (United Nations. their stock of outward foreign direct investments (FDI) increased from 1. The transnational corporations (TNC) with their intensive integration of production. their increased competitiveness and efficiency in the utilization of productive resources and major improvements in social development and human welfare are well documented in the literature (see. policy and competition are the forces driving globalization. leading to growth in size and power of corporations. 2000. Between 1990 and 2001. which enable traders to meet demand for financial instruments such as swaps and futures with relative ease. distribution and services globally provide the impetus for this process. which include exposure to new ideas and products. Crafts. 1998 and O‟Rourke and Williamson. Technology. for instance. the founding of the Latin Monetary Union in 1865 and the emergence of the gold standard in 1878 (Onwuka. 1998. Other benefits of globalization. the late 19th century was a period of dramatic integration of the world economy as evidenced by the rapid expansion in world trade. management know–how and access to market serve not only as essential link between national and enterprise competitiveness but as well as complements to domestic development resources in recipient countries (UNCTAD. the post– 1945 multilateralism has virtually permeated all corners of the globe. skill acquisition and institutional deepening. for example. 2001). globalization is not a novelty in the development process. the intangible assets of TNC such as knowledge. al. 2001b). increased trade and investment flows help countries to develop more quickly as trade generates income and the flows enable them to increase their stock of productive capital without compromising their level of consumption.Even then. technology. Sachs. This is attested to. 1999). Masson. Since 1990. 2003). In addition. Although the retreat into managed trade by the major trading countries between the first and second world wars dampened the outlook of global economic intercourse.6 trillion dollars and in 2001 alone their sales of 19 trillion dollars were more than twice as high as world exports that year (UNCTAD. marketing and technical know-how. Rodrik. Ayorinde. increased economic cooperation has lifted the ratio of the growth of world export volume to the growth of gross world product to a range of 2. by advances in computing technology. 2002a). No doubt. And when such flows are in the form of FDI. 2002 and Ocampo. improved transportation such as the advent of containerization in land–and sea–based shipping has reduced both the handling requirements and transit time by more than two
. IMF. they often improve access to international best practices in terms of managerial. 1999. On the contrary. for example. Moreover. et.7 trillion dollars to 6. greater specialization and expanded opportunities for mergers and acquisitions.
most governments have removed barriers to trade and controls on the movement of capital and services. controlled by the highly industrialized countries. This view is shared by Zuma (2003) who argues that the unequal distribution of political. Although this dropped to 56 per cent in 2000. which is heightened competition.4 per cent in 2001. The third force. Agriculture is also heavily protected usually in the form of subsidies.While responsibility for global economic reform is ceded to the International Monetary Fund and the International Bank for Reconstruction and Development (IMF/World Bank).6 per cent and 30.2 per cent of manufactures based on natural resources or 66. In the case of FDI inflows (Table 2). including shifting some of their activities abroad to reduce costs (UNCTAD. they accounted for 61.9 per cent during the same period.thirds. 2001). developed nations increased their share from 64. 2002 and Lankas. However. rich and democratic for a few who live in it. In 1985.2 per cent of primary products traded globally. clothing and footwear. Table 1 reveals that developing countries are mainly primary commodity producers and exporters. The shares of developing countries in these categories of manufactures that same year were 26. developing countries are losing out as they experience a worsening of existing imbalances and distortions in the global economy (Collier and Dollar. 2002). 2002a). particularly in sectors in which developing countries have a recognized comparative advantage like textiles. With this. about 50 billion dollars of it in lost exports for developing countries (for details. alienated and marginalized with hardly any voice to determine their own destiny. in which the majority are poor.8 per cent respectively. The developed countries use their competitive advantage to boost their share of world trade and finance. the policies of these agents of globalization. have failed to narrow the gap
. and so largely benefit from globalization (Khor. On the other hand. this drop cannot compensate for the 68. The data on tables 1 and 2 clearly show that there are actually two villages in the global economy.8 per cent of manufacturers not based on natural resources that developed countries exported that year. see McGuirk. The estimate of economic losses from agricultural protection in developed countries is around 150 billion dollars yearly. and the other. 2001 and UNCTAD. industrial countries protect their markets. Moreover. thereby allowing market forces to play themselves out. whereas the share of developing countries fell from 33 per cent to 27.4 per cent during 1990-1995 to 68. compels firms to explore new ways of increasing their efficiency. it has produced two contrasting global villages: one which is indeed prosperous. driving world prices down and hurting farmers in developing countries the more. The second force is policy liberalization. not every nation is a full member of the global village. 2003a). economic and military power has meant that whilst globalization created immense opportunities of wealth for some.
Salimono (1999). This means that globalization affects all aspects of Nigeria development including her economy. globalization offers many opportunities to Nigeria and other developing countries as well as other actors in the global economy. the economic fortunes of developing countries are hostage to the forces of globalization. 1998). we also share the view canvassed by Onimode (2003) that the desirable policies for them even in the context of globalization are those that promote selfreliance. The message from these concerns is that globalization is more than the free interplay of market forces since economic questions cannot be divorced from social issues. opined that globalization has reduced barrier existing in international trade.
IMPACT OF GLOBALIZATION ON THE ECONOMIC DEVELOPMENT OF NIGERIA: A DEVELOPING COUNTRY.2002). The transmission of shocks this entails can alter the prospects of growth particularly in uncompetitive economies. canvassed by globalization. For instance. Bresciani et al. 1999.between the richest 20 per cent of humanity and the poorest 20 per cent. That being the case. The economic internationalization process while not removing national sovereignty subordinates domestic economies to global market conditions (Kwanashie. 2002). In essence. the foundation of globalization has to be strengthened with broadly shared values and practices that would also reflect the needs of developing regions. to expand international trade in goods and services and to gain access to new ideas. Instead. Bayo (2000) and Salimono (1999) observed that globalization offers developing countries like Nigeria the opportunities to create wealth through the export-led growth.. The reduction in those barriers has opened the door for export led growth. aggravates their poverty and intensifies their marginalization in the global economy. the developing countries have ended up with 3 per cent more trade deficits and 2 per cent less economic growth in 2000 in comparison with the 1970s (Erb-Leoncarallo. 2000). which followed affected the growthof many of them (UNCTAD. The East Asian financial crisis of 1997/1998 testifies to this assertion as the contagion. Phillips (1991) noted that Nigerian economy has been mono-cultural since independence and
. In this respect. Free trade and market forces. which doubled between 1950 and 2000 (O‟ Rourke. As we acknowledge the peculiar economic circumstances of developing countries. so that all countries could benefit from the globalization process. This becomes imperative after the fact that globalization increases their dependence on foreign capital and the attendant exploitation impedes their growth. they have contributed to widening it because after the Tokyo and Uruguay Rounds of trade liberalization in the 1980s and 1990s. technologies and institutional designs. are not closing this gap.
agriculture has been pushed to a distant background. was used to provide life sustaining goods for the citizen. Onwioduokit and Ashinze (1996) observed that it was in the 1970s when Nigeria witnessed oil boom that brought about major shift from agriculture to petroleum. which in turn. Globalization. 8% or more per year. India and South Africa.
. The advantage here is that globalization allows Nigeria to export and import goods. This is due to the fact that globalization opens the economies to a wide variety of consumption of goods. Nigeria depended on agriculture for her revenue. Nigeria has depended heavily on crude oil and this has cause instability in the economy due to fluctuations in the price of crude oil in the world market. Then. Nigeria can and should borrow a leave from these countries experience.has so much depended on the western countries for its survival. it is therefore imperative that there is free and unrestricted movement of trade. the situation is different in Nigeria where real income is decreasing.However. Salimono (1999) opined that globalization offers economies with potentials of eradicating poverty. Coffee. Since then. palm-produce Groundnut etc. new technology and knowledge. to a large extent. finance and investment across the international border. Botswana that have managed to grow at very rapid rate of 7%. It is probably because of this advantage that Salimono (1999) asserted that for small and medium-size economy with limited internal market. according to Awake (2002) has enriched the world economically. Bayo (2000) and Evbuomwan (1996) observed that in the 1960s. Nigeria and other less developed economies exported raw-materials in form of cash crop such as Cocoa. scientifically and culturally. The discovery of petroleum by Nigeria marked the turning point for the country and by the turn of 1970. The reason for this belief may not be unconnected with the dramatic increase in prosperity that globalization has brought in its wake especially in South Korea. have relied on strong export growth. he stated that the experience of the last four decades shows that countries like China. Globalization promotes the rapid output growth that will increase national income and as a consequence enhance higher standard of living of developing countries including Nigeria. Ivory coast. capital and investment without restriction. Chile. the possibilities of economic growth lie. Oputa (1996) and Salimono (1999) stated that since globalization entails trade liberalization. To buttress his point. The bulk of the revenue of Nigeria now comes from petroleum. with export expanding at a faster rate than Gross Domestic Product (GDP). Awake (2002) noted that family‟s income has increased three times more than it did 50years ago . To buttress this reason. in production oriented towards international market.
technologies and cultural practices. new design. The greatest concern about globalization expressed by Awake (2002) is the ever-increasing gap between the haves and the have-nots. it has become concentrated in the hands of the few privileged individuals and few countries. only 15% of the East Asian population lived on US$1 a day compared with 27% ten years earlier. new managerial practice etc are made available to people. In an interdependent world economy. He also noted that. Thus. thereby enabling them to change their old practices. which was hitherto unknown to them. Awake (2002) noted that interaction among people has the potential for improving global solidarity. For example. But economic globalization as widened the gap between the rich and poor nations. there is decrease the possibility of wars among nations. This means that Nigeria now has access to opportunities to acquire new things.Through the Internet. globalization allows the access to ideas on new things and best practices in all areas of human endeavour. Globalization is a process of intensified and broadened interdependence among nations. Nigeria was among these eighty countries. For example. globalization creates global market place. It continued further that while wages continued to rise in wealthy countries. have benefited from integration into the global economy. In this process. The distribution of global wealth has never been fair. It is observed that while the global wealth has increased. Despite these positive effects many people are still of the opinion that globalization poses tension and dilemma to countries integrated to the economy. It was also noted in Awake that the net worth of the 200 richest people on earth exceeded the combined income of 40% of the people who live on the planet. However. These may lead to acquisition or imitation of foreign products. For instance. which. can be accessed by virtually any one from any location. ideas and technologies. production technology. which would have been made impossible without globalization. with the development in communication technology. It maintained that some human right organizations have been able to tap the resources of the people to promote their effectiveness. 80 impoverished countries have actually seen a decline in average income over the past ten years. in 1997 international treaty banning land mines was achieved through mobilization of the people of the world through Internet. India and Asia as a whole have seen improvement. For instance. it opens up a world of opportunities for business and also link them to market. some developing counties. According to Peter (2002). The propagation mechanism at work could be a decline in the import volume and
. the oil glut of 1982 and 1998 according to Salimono (1999) was more rapidly propagated. as observed by Salimono (1999). any adverse global shock affects other countries.
CBN (2000) viewed the instability on the economy as tax on growth and prosperity. The shocks are greatly amplified in more or less synchronized fashion with destabilizing effects on Nigeria economy. As a consequence. It is a worldwide
. Though. highly integrated financial market tends to transmit global. This is because they now imitate the European‟s consumption patterns. the highly educated people and people with sophisticated skills are better and more equipped to meet challenges of the competitive world. As noted by David (1997). For instance. Nigeria as a developing country has not evolved a mechanism that can absorb the shocks generated by the effects of globalization.change in the real price of commodities (oil). Majority of the people in Nigeria derived their income from labour. The social effect of globalization is another fear entertained by Dani (1997). it is noticed that this problem does not affect Nigerians only. The types of domestic policy response put in place by the government have increased the negative impact of these shocks in Nigeria and the people are worse off. regional. This financial volatility was largely unknown in the 1950s. modes of transport. One other area of globalization is that it tends to transmit the cultural pattern of developed countries to the rest of the world. the effects among other things job security. The income of the people of Nigeria is low and they are living below poverty line. 2000). without regard for the local culture. national or local shock much more rapidly than in past decades when financial markets were less integrated. 1960s early 1970s when multilateral lending aids and foreign direct investment dominated global capital investment (CBN. the volumes of financial intermediation and currency transactions are enormous nowadays. 2002). This may create industrial conflicts. when he states that since globalization is associated with instability of output and employment. The effect of globalization is the fear of uncertainty and volatility on capital formation and productivity growth with its negative consequence on economic growth. method of communication including their music. Furthermore. Furthermore. Nigeria depends heavily on crude oil as the main source of income or foreign exchange earnings such that the country‟s revenue is always hit hard by these shocks (Doguwa and Englana. It has been observed by CBN (2002) that portfolio shift affect the exchange and interest rates including other economic activities. Nigeria Youth have been culturally colonized. it is observed that the unskilled and the uneducated workers as well as the marginalised agrarian population benefit less than the people with sophisticated skills and high level of education. In Nigeria anything that affects their job is socially disrupted and thus bring tension to the fabric of the society. It should be noted that this problem of uncertainty is not from within but external generated.
according to Yakubu (1999). services. Economic globalization should not be driven by desire to make money. Also an unregulated economy dominated by corporation having the desire to make profit will only increase poverty. thereby eliminating or reducing Nigerian economy to nothing. However. in which poverty has increased since the 1970s. collective action is needed to safeguard global ethic that will
. we must not as Nigerians. assets prices with the resultant effect on output and employment and ultimately adverse social effects. eventually. This is because profit motive rarely takes into account the poor and the disadvantage or the long term need of the planet.
CONCLUSION The merit of globalization for a developing economy like Nigeria lies in the capacity for wealth creation through export-led growth and the benefit of expanded international trade of goods. It is therefore. The global economy should be regulated and should not be dominated by corporations that recognize money as their only value. despite the opportunities provided. This trend would. and in which government use up 70% of their GNP to service debts. A highly globalise and integrated financial market spread rapidly across counties financial shocks and loss of confidence that affect exchange rate. Finally. and access to new products and designed in the global markets. This is why Yakubu (1999) observes that much as we are enthused about then technological and economic wonder of globalization. it has been observed that globalization.phenomenon. Africa is the only continent. interest rate. forget that vast areas of our continent still remain excluded and invisible. that if globalization is to succeed. In spite of globalization for example. This problem shows that Nigerian economic development may remain only a dream and difficult to actualise. it must improve the life of every inhabitant of global neighbourhood without excluding Nigerians. Globalization gives rise to macro-economy instability that had characterized Nigeria government. lead to homogenization of economic values. Furthermore. is associated with serious problem that has to be managed in appropriate ways using appropriate fiscal policies. for globalization to succeed it must also deliver right no less than riches and provides social justice and equity no less than economic prosperity and enhanced communication. suggested by Annan (2000). It should be noted that unregulated global economy is inherently unstable.
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