ABSTRACT
Globalization
is the term used to describe the growing worldwide interdependence of people
and countries. The process has accelerated dramatically in the past decades largely
due to advances in technology.
With the advent of globalization,
trade barriers between countries have come down, movement between countries has
become easier and world’s major financial market have been integrating. This
growing worldwide integration has produced diverse consequences may be
beneficial or detrimental.
This
work Globalization As A Correlate Of Economic Determinants In Developing Economy.The
instrument for data collection was the questionnaire. The analysis and findings
highlight the two – fold impact of globalization on developing counties.
Finally, this work recommends
implementation of sound policies in order to moderate the adverse effects of
globalization while consolidating its benefits.
TABLE OF CONTENTS
Title page – – – – – – – – – i
Certification – – – – – – – – ii
Dedication – – – – – – – – iii
Acknowledgement – – – – – – – iv
Abstract – – – – – – – – – v
Table of Contents – – – – – – – vi
CHAPTER ONE
1.1 Introduction – – – – – – – 1
1.2 Statement of the
Problem – – – – – 7
1.3 Objectives of
the Study – – – – – – 9
1.4 Research
Question – – – – – – 10
1.5 Significance of
the Study – – – – – 11
1.6 Scope of the
Study – – – – – – 12
1.7 Limitations of
the Study – – – – – 12
1.8 Definition of
Terms – – – – – – 13
References – – – – – – – 17
CHAPTER TWO
2.1 Review of
Related Literature – – – – – 19
2.2 Components of
Globalization – – – – – 21
2.3 Globalized
Economic Environment – – – – 22
2.3.1 The Economic
Impact on Developed Nations – –
23
2.3.2 Globalization
and Developing Countries: Opportunities and Challenges – – – – – – – – 25
2.3.3 Opportunities
and Challenges for Investment and Returns – 28
2.3.4 Opportunities
and Challenges for Human Capital
Development – – – – – – – 32
2.4 Cost/Losses of
Globalization for Developing Countries – 39
2.4.1 Global Meltdown – – – – – – – 47
2.5 Benefits of
Globalization to Developing Countries – – 47
2.6 Summary – – – – – – – – 54
References – – – – – – – 58
CHAPTER THREE
3.1 Research
Methodology – – – – – – 60
3.2 Research Design – – – – – – 60
3.3 Sources of Data – – – – – – – 61
3.4 Population of
the Study – – – – – – 61
3.5 Sample Size
Determination – – – – – 62
3.6 Instrument of
Data Collection – – – – – 63
3.7 Method of Data
Analysis – – – – – 63
References – – – – – – – 64
CHAPTER FOUR
4.1 Data Analysis
and Presentation – – – – 65
CHAPTER FIVE
5.1 Summary of Major
Findings – – – – – 76
5.2 Recommendations – – – – – – 78
5.3 Conclusion – – – – – – – 79
Bibliography – – – – – – – 81
Appendix/Questionnaire
– – – – – 84-87
LIST OF TABLES
Table 4.0: Distribution
and Return of questionnaires – – 66
Table 4.1: Are you
familiar with concept of Globalization – 66
Table 4.2: Do you
think Globalization is a necessary phenomenon 63
Table 4.3: How has Globalization affected the performance
of your organization – – – – – – 68
Table 4.4: Has Globalization had any impact on the
management of
your organization – – – – – – 68
Table 4.5: What kind
of impact had on your Globalization
organizations people – – – – – 69
Table 4.6: In what areas
have Globalization had a positive impact
on your organization and its
management – – 70
Table 4.7: In what
areas have Globalization had a negative impact
on your organization and its
management – – 71
Table 4.8: In what
ways are the positive aspects on Globalization
being maximized by your organization – – 71
Table 4.9: What
strategies does your organization adopt to
moderate the negative consequences of globalization 72
Table 4.10: What Global
flame works do you think has facilitated
Globalization – – – – – – 73
Table 4.11: At the macro
level, which countries are at greatest risk
of the negative aspects of
Globalization – – 74
Table 4.12: What
strategies can these countries adopt to ensure that
they transform these risks to their
advantage – – 75
CHAPTER ONE
INTRODUCTION
Background of the study
The phenomenon of globalization begin
in a primitive form when humans first settled into different areas of the
world; however, it has shown a rather steady and rapid progress in the recent times
and has become an international dynamic which due to technological advancement.
Has increased in speed and scale, so that countries in all five continents have
been affected and engaged.
The term globalization, cover a wide
range of distinct political, economic and cultural trends. It has become one of
the most popular topics of debate around circles. It has been used by
economists since the 1980s, social theorist have moved beyond the relatively
under developed character of previous reflections on the compression and
annihilation of space to offer a rigorous conception of globalization.
Human societies across the global
have established progressively closer conducts over many centuries, but
recently the pace has dramatically increased. Jet air planes. Cheap telephone
service, email, computer, huge oceangoing vessels, instant capital flows; all
these have made the world more interpedently than ever. Multinational
corporations manufacture products in many countries and sell to consumers
around the world. Many, technology and raw materials move ever more swiftly
across national borders. Along with products and finances, ideas and cultures
circulate more freely. Many politicians’ academics and journalists treat these
trends as both inevitable and welcome. But for billions of the world’s people,
business-driven globalization means uprooting old ways of life and threatening
livelihoods and cultures. Intense political disputes will continue over
globalization meaning and it’s future direction.
What is Globalization? it is defined
as a process which, based on
international strategies, aims to expand business operations on a worldwide
level and was precipitated by the facilitation of global communications due to
technological advancements, and socio economic, political and environmental
developments. Globalization, the growing integration of economies and societies
around the world, has sparked one of the most highly charge debates of the past
decade. Critics of globalization have argued that the process have exploited
people in developing countries, caused massive disruptions and produced few
benefits. Supporter point to the significant reductions in poverty achieved by
countries that have embraced integration with the world economy such as China, Vietnam. India
and Uganda.
Contemporary analysts associate
globalization with deterntorialization, according to which growing variety of
social activities takes place irrespective of the geographical location of
participants. As Jan Aart Schulte observe global events can via
telecommunication. Audio-visual media almost occur simultaneously anywhere and every
where in the world” (Schotte, 1996: 45) Globalization refers to increased possibilities
for action between and among people in situation where latitudinal and
longitudinal location seen immaterial to the social activity at hand. Business
people in different continents now engage in electronic commerce, academics
make use of the latest video conferring equipment to organize seminars in which
participants are located at different geographical locations. In this sense,
the term globalization refers to the spread of new forms of non-territorial
social activity.
Globalization also include reference
to the speed and velocity directly of social activity. Heterritorialization and
interconnectedness initially seem spartial in nature. Yet it is easy to see how
these spartial shifts are directly tied to the acceleration of crucial forms of
social activity. There have been various ideas and definitions by different
scholars, economies, social and political scientists.
Globalization as defined by Allansare
– Ouatera (1997) as the integration of economies throughout the world trade,
financial flows, the exchange of technology and information and the movement of
people. The extent of trend towards integration is Cleary reflected in the
rising importance of world trade and capital flows in the word economy.
An increasingly large scale of world
GDP is generated in activities linked directly or indirectly to international
trade. And there has been a phenomenal growth in cross- boarder financial
flows, particularly in the form of private equity and portfolio investment
compared with the past. In addition, the resolution in communication,
transportation technology and availability of
information have allowed
individuals and firms to base their economic choices more on the quality of the economic
environment in different countries.
Globalization as defined by OECD
(1993) as a process by which markets and production in different countries are becoming
increasingly interdependent due to the dynamics of trade in goods and services
and the flow of capital and technology.
Scholars like Ghai, Robertson feather
Stone and Ake, see globalization as the restructuring of global capitalism
characterized by the increased profile of international financial institutions,
corporations and information technology. In the sociological and cultural realm,
it is impossible to see elements of an emerging “global culture” which Tade Akin
– Aina argues, have combined to create new conditions of proximity, intensity
and Intimacy.
Globalization according to Omolayole
(2002), as the process by which the world has been made to shrink to a point
that accessibility of ideas and products of every nook and crannies of the world
is no longer a problem. They constitute the “army of the champion” of
globalization supported by most the government of highly industrialized
nations.
Globalization has become a process of
regarding the world as a single economic market and the ultimate in the push
for and all pervading market economy in the world. However, trade liberation is
the international process by which countries that belong to the trade
organization work towards the lowering or removal of trade tariffs and barriers
or the setting of a quota for certain goods from some countries.
Globalization according to Omoweh
(2000) is the transcendence of the economic, social, cultural, political
environmental constraints across territories. Globalization does not really
mean crossing or opening up borders, but the transcendence of borders.
Globalization according to lpie
Yamazawa (2000) is very much the “maga trend” of the current world economy and
the process is irreversible. Owing to rapid technological progress in
information, communication and transportation private enterprises have
intensified their efforts to do business across national borders and
constructed production and distributing networks on a global scale. The trend
towards globalization involves both large enterprises as well as their small
and medium sized counterparts in industrialized countries to developing
countries, this process has become inescapable.
Globalization as described by Akpotor
(1999) refers to the rapid integration of economies and markets world wide
intensified financial flows, the information revolution and cross cultural
currents. However Mitllmen (1994) explains that it involves the dissemination
of the economy, polity and culture of one sphere into another, if this is so
the human endeavor to influence or dominate has been evident throughout the
ages. In common usage, the notion of globalization encompasses a wide range of
phenomena from economic activities to the international of culture,
communication, technology and tastes.
According to Gidens (1996), he
explains it as not only to the emergence of large scale world systems but to
transformation in the very texture of every day’s life. It affect even
intricacies of personal identity. To live in a world where the image of Didier
Drogba is more familiar than the face of one’s next door neighbours is to move
in quite different contexts of social action from those that prevailed
previously.
From the different definitions of
globalization, one can deduce that globalization can be a powerful and dynamic
force for strengthening co-operation and accelerating growth and development .
At the same to time, it is accompanied by global constraints and amplified
disturbances in the supply and movement of production factors. that is why Amin
(1998) described it as a process that has led to a trend in which information,
events and ideas corporations and commodities, identities and lifestyles move
with such rapidity today and space have been compressed, tastes and consumption
homogenized by inequalities, socials exclusion and polarization. Globalization
can be a threat to a weak or capriciously governed state, but it also opens the
way for effective disciplined state to foster development and economic well
being and it sharpens the need for effective international co-operation
pursuant of global collection
- Statement of the Problem
GLOBALIZATION AS A CORRELATE OF ECONOMIC DETERMINANTS IN DEVELOPING ECONOMY
