Globalization: A Critical Analysis for Consolidating International Economic Development

Torun M., Osundina O. A., Osundina O., Kırıkkaleli D., Bekun F. V.

International Journal of Innovation, Creativity and Change, cilt.8, sa.11, ss.22-36, 2019 (Scopus)

Özet

The intricacies surrounding element of consolidation in international development leaves much room for doubt. The contention resides on certain efforts upon which many reforms, systems, theories, ideologies and philosophies like the Marshal Plan have been implemented on the international arena. Therefore, the concept of globalization in the economic affairs of states around the world most especially in developing nations has become a great concern. The results of economic development in many developing countries are constrained by debt crisis, external loan, unequal exchange, marginalization and exploitation in the structural economic system of the world directed by the Britton Wood Institutions. This paper, in order to dissect its intent adopts a content-based analysis cum historical perspective on how the world economic system in generating “global wealth” has affected economic life of developing countries. Nigeria was used as the reference point depicting its integrated economic life in global world. Study found out that the global economic system is full of unequal exchange detrimental to developing countries in Africa, most especially Nigeria. Hence, the paper recommends that globalization processes should be holistically reviewed to support rather than constraint development of the weaker states.