Thesis Abstract

Thesis Overview

<p> </p><p>INTRODUCTION<br>1.1 Background to the Study<br>The concept of “globalization” is not more than twenty years old, but the social, economic, political, and cultural processes that have been associated with globalization have existed for many years. “Globalization” refers to the increasing movement and exchange of capital, commerce, communication, and culture world- wide. According to lugalla, globalization is not at all a new process. It is simply an expansion of capitalism as a mode of production at a global scale.<br>Human economy progresses from primitive accumulation to peasant farming through agriculture and industrial revolution to capitalism, colonialism, neo colonialism, imperialism and now to globalization which is the current economic system. Globalization is the most important phenomenon shaping the current environment for economic development. Globalization simply defined is the increasing interaction among, and integration of, the activities especially economic activities of human society around the world(Musa, 2000). Globalization is the summit of mankind‟s effort towards breaking down of the physical barriers among the various races of the world for the mutual benefit of humanity. In Ajayi(2008),description, globalization is “the latest economic fad that is turning the whole world into a global village”. Facilitating the attainment of globalization are such factors as technological advances in the transportation particularly maritime technology, which gave rise to slave trade colonization and the attendant exchange of goods and services among nations. Second is the international trade with its underlying comparative advantage, international gold reserve, euro dollar market, „offshore export platforms‟ and „supply side economics‟. The third factor is the advent of multinational companies, which forge a link among nations in the production of goods and services far beyond the headquarters of these multinationals. Fourthly, the advent and revolution in information and communication technologies makes it possible to have access to remote location in real time. Coupled with this are computer mediated communication (CMC), Computer-supported Cooperative Work (CSCW) and World Wide Web(WWW), electronic commerce, virtual communities, and virtual social structures, electronic achieves, virtual architecture, virtual imaging and information design. Similarly, the term „cable network news‟ epitomizes the revolution in the electronic media; and the name „Rupert Murdoch‟ the international imprint magnate, symbolizes the new industry and what globalization has come to mean to its ownership and distribution. Fifthly, the establishment of international and supernatural organization among nation and continent necessitating the union of regional, continental and world bodies.<br>The most challenging development in world history today is globalization. Globalization is the increased integration of world economies through trade and capital flows, facilitated by the phenomenal growth in information technology and the opening up of closed economies and societies (Ezike, 2009). The concept of globalization infers that the globe is a single unit which functions as one when it comes to decision-making. In other words, globalizations implies the free movement of goods, services and capital throughout the world. Globalisation involves the opening up of national economies to global markets (Rupali, 2008).<br>With the advent of globalization, the world has become a much smaller place where interaction between different countries has led to a situation where a country‟s economy and development are not only in the hands of the ruling government, but is highly influence by international organizations where international rules and legislations reigns. This naturally and simultaneously results in the simultaneous reduction in the role of the State to shape national policies. Many Socialists define globalization as a primarily economic phenomenon, which involves increasing interaction and integration of national economic systems. This leads in turn to growth in international trade, investment and capital flows. Moreover, there is a rapid increase in cross-border social, cultural and technological exchanges because of the phenomenon of globalization. Globalization affects virtually all the industries and the banking industry is no exception.<br>Globalization can be described as a concept or a phenomenon, which either rallies public support or evokes opposition or protest- sometimes- violent protest. It creeps up in virtually every discourse is it political, economic, social and cultural. Santarrelli&amp;Figini, (2010), defined it as a historical process driven by technology factors such as development of computers and the internet, which reduces the distance between people in terms of space and time.<br>Globalization is the term used to describe the growing worldwide integration of the people and countries. Globalization has reduced barrier existing in international trade. The reduction in those barriers has opened the door for exported growth. Nigerian economy has been mono-cultural since independence and has so much depended on the western countries for its survival (Salimono, 2009). Globalization according to Akinbayo (2007), is the process,…..</p><p><strong>1.2 Statement of the Problem</strong><br>The benefits of globalization have been less than its advocate claim, the price paid has been greater, as the environment has been destroyed, as political processes have been corrupted, and the rapid pace of change has not allowed countries time for cultural adaptation. The crises that have brought in their wake massive unemployment have, in turn, been followed by longer-term problems of social dissolution…. ( Stiglitz, 2002). In spite of the openness of the economy and the numerous opportunities associated with globalization, it has been observed that external trade performance has not been encouraging. Some countries like Nigeria are yet to benefit from it<br>The globalization orthodoxy contends the one major effect of the regime is the ability and ease of movement of labour, especially skilled labour, across national boundaries. They maintain that once the qualification are right and the cognate experience met prospective job seekers can apply to and be employed in given company in any region of the world. Harris (2006) observed a trend towards a simple global labour market, moving towards on price for labour for each skill grade regardless of whether the country compete with each other for unemployment, offering employers the lowest price at a given level of labour productivity.<br>The anti-globalization countered that rather than universalization of employment opportunities favouring LDCs the reverse has been the case. Technocrats and professionals are few and far between in LDCs and these few ones are attracted to North America and Western Europe due to „dollarized income‟. The next effect is brain drain in critical sector of the economy. Similarly, the „mad rush‟ to Western Europe and North America by African youth is detrimental to the growth and development of Africa.<br>The role of the state in a global order has been a subject of controversy by the schools of thought. Proponents of globalization contend that rather than being eclipsed the role of state has enlarged in the wake of globalization. On the contrary, anti-globalization element maintained that the role and place of international rather than national forces and institutions has assumed a particularly prominent profile in the era of globalization. It further argued that „it is no longer the state to which we should be paying attention but rather to the forces of the international arena‟ (Orford, 2009). Globalization orthodoxy pointed to the synergy between globalization and democracy, noting that global interconnectedness has engendered the global upsurge and spread of democracy in several ways. Beck (2009) opined that globalization “creates trans-national solid links and spaces, revalues local culture and promotes third cultures”. Schwartzman (2008) argued that global shocks have contributed to democratization by creating legitimacy crisis in authorized regimes.<br>On the other hand, antagonists maintained that „globalization is rendering democracy irrelevant and this it poses the most serious threat yet in the history of democracy‟ (Ake). As a result of globalization, people are becoming generally affected economic, culture and environmental factors that are beyond their borders and shores; and people are losing their ability to participate in decision making. The protagonist of globalization maintained that whatever the shortcomings inherent in global order could be ameliorated within the workings of international institutions such as International Monetary Fund (IMF), World Bank, World Trade Organization (WTO).<br>In respect of international law, many scholars have questioned what is international about international law. Africa and the Third World in general were not part of the originator of international law. Consequently, their values, social norms and expectations are not fully are not fully reflected or covered by international law (Anand, 1974). Anti-globalization thinkers opined that the knitting together of world economies which is the hall-mark of international capitalism, otherwise known as globalization has not insulated any part of the globe from crisis and shock in the capital and financial markets.<br><strong>1.3 Objectives of the Study</strong><br>Therefore, the main objective of the study is to examine the socio-economic implication of globalization for sub-Sahara Africa. The specific objectives of the study are to:<br>i] To examine the benefit and burdens of globalization in general and on sub Saharan Africa using Nigeria as a case study.</p><p>ii] To assess the effects of globalization on Nigeria‟s economy using gross domestic (GDP) in relations to that of international trade and foreign Direct Investment.<br>iii] To examine how globalization has led to economic breakdown and to know to what extent globalization has affected roles of states.<br>iv] To ascertain whether globalization has effect on democratization in sub Saharan Africa.<br>1.4 Basic Assumptions<br>The research is predicted on the following assumptions;<br>1] That globalization has theoretical advantage and disadvantage on the economies of sub Saharan Africa.<br>2] That the impact of globalization on Nigeria economy can be determined in the areas of import, exports and Foreign Direct Investment (FDI).<br><strong>1.5 Research Hypotheses</strong><br>These research hypotheses were tested:<br>Hypothesis I<br>Ho: There is no significant relationship between globalization and socio-economic development of sub-sahara Africa<br>H1: There is significant relationship between globalization and socio-economic development of sub-sahara Africa<br>Hypothesis II<br>Ho: Globalization does not influence economic growth in Nigeria<br>H1: Globalization influences economic growth in Nigeria<br>1.6 Significance of the Study<br>Effects of globalization are controversial among scholars and policy maker of the world. On one hand, some scholars are of the conviction is of devs ex machine an order that is meeting the needs of mankind in a variety of ways at affordable cost, quality material and service in real time even to remote locations.</p> <br><p></p>