Foreign Capital As A Tool For The Third World Essay

1781 Words May 12th, 2016 8 Pages
Whilst national independence in Third World nation states was one of the main objectives of the Third World project, leaders quickly came to realize that this would not be possible without ensuring Afro-Asian economic independence first. These nations pledged their support for each individual country’s economic development – they vowed to rely on themselves rather than on Western foreign aid. Foreign capital was seen as a tool for ‘exploitation rather than for the development of the less developed parts of the world’. The project aimed at preventing the further economic manipulation of the Third World; this would hopefully result in these nations being able to retain their own capital for development and the establishment of internal markets for their own industries. And this would essentially lead to a decrease in reliance on economic and political foreign assistance, which would in turn lead to national independence and the beginning of new global dispensation. In the simplest of terms, the Third world project aimed for the possible departure of the Global South from the Washington Consensus.

When it came to economic development on the African continent, Kwame Nkrumah saw one solution – he believed that only a united Africa functioning under a union government would be able to bring about rapid change to the conditions of the economy on the continent. Nkrumah’s entire political manifesto around the time that the Third World project was being set into motion, was based on…

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