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1.1 Background to the Study
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.
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.
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).
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.
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&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.
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
of shifting autonomous economies into the global market or the systematic integration of autonomous economies into a global system of production and distribution. This invariably involves an efficient and dynamic financial sector that is necessary for the facilitation of intermediation and exchange of goods and services.
The world is fast becoming a global village a metaphor that is often invoked to depict global interdependence and the increasing interaction among the integration of economic activities of human societies around the world (Ajayi, 2009). In concrete terms, globalization is the intensification of cross border trade and increased financial and foreign direct investment flows among nations, promoted by rapid advances in liberalization of communication and information technology Since globalization entails trade liberalization, it is therefore imperative that there is free and unrestricted movement of trade, finance and investment across the international border. The advantage here is that globalization allows Nigeria to export and import goods, capital and investment without restriction (Oputa 2006). Hence, the place of Nigeria in the globalization agenda requires some in-depth study.
Very critical to our understanding of globalization is the dire need to use it as a synonym for liberalization and greater openness. The implication of this is that both domestic and foreign liberalization are said to imply globalization, since the formal brings domestic markets more in conformity with forces operating in markets abroad, and, the removal of administrative barriers to international movement of goods, services, labour and capital increases economic interaction among nations. It is within this purview that we can argue that globalization is mainly a phenomenon of capital mobility. Its two prongs are; (i) foreign direct investment and (ii) international portfolio flows.
In general, globalization summarizes a number of interrelated features of the world economy; rapid advances in the communication and transport technologies, expanding spatial scope for the business activities of uniformity in policy and institutional environment that set the rules of the game for economic actions and interaction on the part of private agent based in various countries (Court and Yanagihara, 2008).
However, despite the glowing advantages, globalization has its set-backs. It is remarkable to note that despite the giant striders that have accompanied the process of globalization, the statistics suggest that the rate of improvishment is growing on a global scale and the numbers of the poor and the excluded are rising in many parts of the world (UNCTAD, 2002). Although the evidence for these trends varies among the different regions of the world, it is
evidently overwhelming among the sub Saharan countries, Nigeria inclusive. Indeed if anything, the number of people living in absolute poverty has been on the rise. In Nigeria, globalization has been associated with the collapse of the middle class and the swelling number of the very poor and armies of unemployed people including university graduates.
The centrality of this project is to advance balanced and reasoned agreements for and against the global order in order to bring out in bold relief the effect of global order on the sub Saharan Africa, Nigeria in particular.
1.2 Statement of the Problem
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
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.
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.
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.
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).
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