Globalisation, International Institutions and Imperialism
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Date
2024-12
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Lead City University, Ibadan
Abstract
Globalisation has made the world smaller and interactions among nation states closer. This has brought about situations where countries’ economies and developments are not exclusively decided by their governments but are also seriously influenced by international institutions and trade, administered by international rules and regulations. Countries experience various impact of globalisation on their economies. Many developing nations have not fully benefited from globalisation due to interference of Western institutions because of the natural resources from many of these developing nations, thus, facing challenges of economic globalisation. The study is hinged on dependency and modernisation theories. Secondary data were utilized to gather information for the study. The study found out that historical influences, including slavery, colonialism, and imperialism are responsible for driving and sustaining globalisation and economic imperialism in many developing countries which Nigeria is part of. Also, the research revealed that loss of human capital due to slavery, the exploitation of Nigeria's raw materials by colonial powers, and the dominance of Nigeria's political system by colonial masters significantly contributed to the present underdevelopment in Nigeria. However, it has also played a role in contributing to the country's development to some extent as seen today. Based on the findings, some of the recommendations made are: active engagement in international institutions, diversification of export market, balanced attraction of foreign investment, among others.
Keywords: Globalisation, Imperialism, International Institutions, and Capitalism.
Word Count: 220
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Keywords
Globalisation, Imperialism, International Institutions, and Capitalism.
Citation
Kate Turabia