Sociology Assignment: Globalization and Africa's Economy

This essay examines the multifaceted impact of economic globalization, focusing on its effects on the African economy. The analysis is framed within the context of liberalization theory, exploring how this theory explains the dynamics of international trade, market integration, and the flow of technology, labor, and corporations across borders. The essay delves into the advantages and disadvantages of globalization for Africa, considering both the positive aspects, such as increased trade and potential for economic growth, and the negative consequences, including market disruptions and economic disparities. It critiques the slow and steady development experienced by Africa in the era of globalization, comparing its trajectory with that of more developed economies. The conclusion highlights the significance of economic globalization in fostering international trade and reducing economic barriers, while also acknowledging the unique challenges faced by Africa in this globalized environment. The essay utilizes several academic sources to support its arguments, offering a comprehensive overview of the topic.

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Globalization
Essay
Student
9/15/2019

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Introduction
Economic globalization means globalization of the market, technology, labor, and corporations.
In this assignment, through the support of liberalization theory, the impacts and importance of
economic globalization have been discussed comprehensively. Along with the impacts, the focus
has been placed over various advantages and disadvantages to the economy of Africa.
Economic globalization is one of the key areas of globalization as it displays the dependency and
relations of countries with one another, which encourages the cross border transaction of
essentials like goods and services, advanced technology. Such decisions have brought evolution
in an overall market that has eventually opened the employment opportunities for the people of
the society (OECD Insights 2019). .
To understand the overall concept of economic globalization and its impact on the economy of
other nations, several theories have been proposed and by the authors which can provide a
systematic review of the concept (Market Business Review 2019). From the proposed theories,
liberalism theory has been selected, as it is the most effective theory to explain the impacts of
economic globalization (Bekana 2011).
Liberalization theory is a procedure of globalization, which has brought revolution in the system
of trading and marketing of the products on the global level. This theory promotes economic
welfare and political independence (Coulibaly, Erbao and Metuge 2018). It maximizes the
interest of the people by making them accesses to the wide range of commodities and has opened
business opportunities for them. Liberalization is a diversified concept as it connects people from
all overall worlds through the medium of trade (OECD Insights 2019).

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Through the application of liberalization theory, economic globalization is creating a positive
impact on the world economy. As a government, authorities are following leniency in the
reforming and introducing the laws related to the economic transition between the countries
(OECD Insights 2019).
Positive as well as Negative impact of Globalization on Africa
In the era of globalization, numerous social scientists are disapproving that various
economically powerful and developed countries are facing difficulties in retaining their power
and sovereignty with the emergence of economic globalization (Okonjo-Iweala and Coulibaly
2019). Whereas, in the article, many authors presented their contradictory thoughts in the context
of it, as they believe that an advance economy encourages economic globalization. These
arguments can be understood from the case, Africa (Bangwayo‐Skeete and Prosper F. 2012).
In Africa, the situation was very critical, as in the past there was no sign of globalization and
economic development. Besides this, African citizens faced discrimination and received very
fewer benefits of globalization even though they are counted as 40% of the world’s population.
The development of Africa as compared to the developed economy becomes slow and steady in
the context of globalization (Bangwayo‐Skeete and Prosper F. 2012). With the introduction of
economic globalization, their market faced backlash and criticism in the global trade market,
which has almost barricaded and reduced their opportunities and chances of further development.
These incidents have created a great divergence in the financial status of the global North and
South (Petersen 2017).
Apart from this Globalization has also provided benefits to the economy of Africa to some
extent. With the rise in the level of earnings and more purchasing power, African traditional

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goods, and other commodities have started becoming so popular, they started supplying on a
global scale (Lere 2014). Currently, the focus is being placed on the formation of the policies so
that inequality and racism can be eliminated from society ( Ayenagbo, et al. 2012). This will
reduce the gap between Africa and powerful economies (Bekana 2011). Hence, it can be
assumed that globalization has provided benefits to Africa but slowly and steadily ( Gritsch
2005).
Conclusion
From the above essay, it can be concluded that economic globalization has a great significance in
the development of the nation. It has reduced the economical barrier, which has not only brought
the diversity but has also led to international trade. However, the case is different from Africa as
it has witnessed slow growth and development in the era of globalization.

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Bibliography
Ayenagbo, Kossi, Wang Rongcheng, Wang Wengjing, and Stephanie Nguhi. "The impact of
globalization on African countries economic development." African journal of business
management, 2012: 11057-11076.
Gritsch , Maria. "The nation-state and economic globalization: soft geo-politics and increased
state autonomy?" Review of International Political Economy , 2005: 1-25.
Bangwayo‐Skeete, and Prosper F. "Do Common Global Economic Factors Matter For Africa's
Economic Growth?" Journal of International Development, 2012: 304-315.
Bekana , Dejene Mamo . "Economic Liberalization as Development Policy: the Contemporary
Debate." The Romanian Economic Journal , 2011: 3-22.
Coulibaly, Salifou K., Cao Erbao, and Mekongcho T. Metuge. "Economic globalization,
entrepreneurship, and development." Technological Forecasting & Social Change, 2018:
271-280.
Lere, Ishaku . "Globalization and Development. The Impact on Africa; A Political Economy
Approach." OIDA International Journal of Sustainable Development, 2014: 153-162.
Market Business Review. What Is Economic Globalization? 2019.
https://marketbusinessnews.com/financial-glossary/economic-globalization/ (accessed
2019).
OECD Insights . Economic Globalisation - Introduction. 2019.
https://www.oecd.org/insights/economic-globalisation-introduction.htm (accessed 2019).

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Okonjo-Iweala, Ngozi , and Brahima Sangafowa Coulibaly. Making globalization work for
Africa. May 30, 2019. https://www.brookings.edu/opinions/making-globalization-work-
for-africa/ (accessed 2019).
Petersen, Thieß. The Mixed Blessings of Globalization in Africa. July 12 , 2017. https://ged-
project.de/videos/the-mixed-blessings-of-globalization-in-africa/ (accessed 2019).