Globilisation, Trade and Financal Liberisation: Implication for the ...

832 International Conference on Applied Ecomonics – ICOAE 2009
tremendous growth within the past decade. See table 1. According to Hurst (6th edition) If China continues to
grow at the rate projected by the trends, then it is very likely that in the next twenty years, there will be a major
reallocation of power among the world leaders. China will have enough wealth, industry, and technology to rival
the United States for the position of leading world power. Globalization has brought about an increase in the
consumption of foreign products (e.g. food) and ideas by the developing countries, advent of new categories of
consciousness and identities which embodies cultural diffusion, and, adopts new technology and practices, and
participates in a "world culture"; loss of languages (and corresponding loss of ideas).
Ecologically, globalization and free trade interplay to increase pollution and accelerate it in the name of
an ever expanding capitalist growth economy in a non-expanding world. The detriment is again to the poorer
nations while the benefit is allocated to the wealthier nations. Globalization has brought about an increase in the
use of foreign assembled cars in Nigeria, increase in circulation by people from the developing countries to
developed countries to work as slaves and fewer restrictions on those from the developed countries to the
developing countries, Provided that the people of those nations are wealthy enough to afford international travel.
Finally, globalization has increased concentration of wealth in fewer and fewer hands. Media and other
multinational mergers leading to fewer corporations controlling vaster segments of society and production. The
decrease in the middle class and the increase in poverty observed within Globalized and deregulated nations.
THE WAY FORWARD/RECOMMENDATIONS
It was Nwosu (2000) who stated emphatically that there is only one way forward for third world and
developing nations of the world, research and development, harnessing their God given natural resources for the
good of their people and finally a good government.
With this in mind, developing countries have been called upon to rally together and stop the idea of the
advanced nations imposing any kind of policy on them without due consultation. The G77 made up of developing
nation should pull resources together and help one another in the areas of industrial development. Anything shot of
cooperation, sincerity of purpose, honesty and dedication to genuine development of their economies by
developing countries will always see the advanced nations imposing policies and programmes that will only
benefit them.
This paper is therefore of the view that there is no justification for globalization at this time in the
development of the developing nations. If the western world is desirous of making the world one global economy,
this paper is recommending that they should wait until we are industrially advanced as they are.
CONCLUSION
What really encourages globalization is a combination of good Macroeconomic policies and good
domestic governance, For example, countries with good human capital and governance tend to do better at
attracting foreign direct investment (FDI), which is especially conducive to growth and seriously lacking in most
developing countries.
Having critically analyzed this issue, which is about the justification of globalization, we are concluding
that applying globalization without taking into consideration the economic background of developing nations will
only ruin their already battered economy and therefore, there is no justification for the (whole) nations of the
world becoming one global village (in terms of international trade). That the basis of becoming one global village
is one-sided and therefore there is no justification whatsoever for it. We strongly argue that globalization has
brought about conflicts between the developing nations and the developed nations, so it should not be shoved
aside as another bureaucratic policy forced upon us by the western world. When values conflict, it should be
honestly discussed by all stake holders so that it can provide citizens the knowledge and information needed to
make intelligent judgments about the process of globalization.
REFERENCES
Alexander Lehmann, Natalia T. Tamirisa, and Jaroslaw Wieczorek1, (Dec 2003); IMF Policy Discussion Paper
Policy Development and Review Department International Trade in Services: Implications for the IMF
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Canicross, A. (1960) Introduction to Economics (3rd edition), Londong, Butter worth & Co (publishers) Ltd.
Charles Garofalo (2002) Globalization, Moral Justification, And The PublicService;Department of Public
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Chossudovsky, Michel.(2003) The globalization of poverty and the new world order. Edition 2nd ed. Imprint
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