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The Impact Of Globalisation In Africa

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Globalisation and Economic growth in terms of throughout are interlinked, in the sense that globalisation is a huge catalyst for economic growth for many countries in various sectors. In this essay i will present both negative and positive attributions globalisation has had on Africa as a whole as well as conclude whether on not globalisation overall inhibits or benefits african countries. African economies depend largely on natural capital.

Globalisation is the combining of different cultures and economies and lifestyles from across the world . “It is the restructuring of interactive phases among nations by breaking down barriers in the areas of culture, commerce, communication, through trading not only of goods and services, but of …show more content…

This was largely a result of the support of the two blocks to keep African countries in their respective camps. This has in turn, substantially reduced Africa’s international negotiating power and its ability to interact in the international system.The cold war and its collapse has worked against economic development in Africa. Political instability diminishes outside investment. There is a clear inversely proportional relationship between political instability and FDI which has a directly proportional relationship with economic growth.

Globalization has, on another hand, has strengthened the economic marginalization of African economies because their dependence on a few primary goods for which demand and prices are dictated by outside countries.This devalues the power and growth of African economies. They have no control over their own products and services. This has amplified poverty and economic inequality. This has been been achieved through foisting economic specialization based on the needs and interests of external forces and transforming the economies of African countries into series of enslaved economies linked to the …show more content…

“It is said that “the combination of technology change with the globalisation of markets is raising the demand for and wage premium to skilled labor faster than the educational system is supplying skilled and trainable workers but Philip Jennings, general secretary of the UNI global union, argues that The pay of the average worker has flat-lined but the pay of executives has taken off like a rocket. Jennings added that there was no evidence that today’s chief executives were better managers of the company fortunes than those 30 years ago. Rather, they were exploiting the system.” UNI Global union, which represents up to 20 million workers worldwide including in South Africa has made a call for executive salaries to be capped at 20 times the pay of the average

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