ECONOMIC AND POLITICAL IMPACT OF GLOBALIZATION ON AFRICA

Abstract

Globalization impacts significantly on African states, particularly economically as well as politically. Economically, Africa was connected to the global market earlier than most of the other regions in our globe, but in a disadvantageous way. International division of labor that came with globalization place Africa's role as the producer of raw materials, which prices are externally determined. This led to marginalization of African economy. African politics is not independent and the foreign aid was one of the key factors that perpetuated and prolonged this issue. The poor economic conditions of the continent led their politics to be dependent on foreign aid and policies. These processes have impelled series of cumulative and conjectural crisis in the international division of labor and global distribution of economic and political power; thereby qualifying basic African fate to be poverty, underdevelopment, corruption and among other crisis of failed state. This paper is aimed to examine both the economic and political impacts of globalization on Africa.