By Outlining the Current Global Political Economy, Discuss to What Extent the Current Global Political Economy Undermines National Development in the South.
EXPLANATION AND DEFINITION OF TERMS 03
HISTORICAL CONTEXT OF GLOBALIZATION 05
• THE CURRENT GLOBAL POLITICAL ECONOMY 06
IMPACT OF GLOBALIZATION ON THE NATIONAL DEVELOPEMENT IN THE SOUTH 07
• IMPERIALISM AND GLOBALIZATION 08
• SOCIAL AND CULTURAL IMPACT 07
• POLITICAL AND ECONOMICAL IMPACT 07
EXPLANATION AND DEFINITION OF TERMS
Political economy originally was the term for studying production, buying, and selling, and their relations with law, custom, and government, as well as with the distribution of national income and …show more content…
The IMF (International Monetary Fund), World Bank and others remain convinced that 'globalization will continue to be a vehicle for closing the gap between the industrial countries and the rest of the world' (Saleh M. Nsouli and Francoise Le Gall: 2001). The IMF defines globalization as 'the growing economic integration of goods, services, and capital markets'. As such, it is not a new phenomenon, but rather an old one that has accelerated rapidly in recent years. In some parts of the globe the process has been guided primarily by 'the invisible hand' of the global political economy.
If we agree that any form of interaction result in a certain level of influence and hence consequences either good or bad, then it can be said that the South’s interactions and integration into the global system at any given period has played a role in what it is today. The consequences are both negative and positive. On a balance of probability, there is the temptation to conclude that the consequences of globalization on Africa have rather been negative.
With different arguments drawn from different angles in this paper; I will examine various facets of the implication of the “global political economy” with the intention of bringing to light its ways of undermining the national development in the South