Globalization is Rooted in Neo-liberalism and Liberalism

1401 WordsJun 16, 20186 Pages
A closer look at the changes in the patterns of development in the contemporary globalized world denotes that globalization is a reality. Globalization is mainly rooted in the theoretical concepts of liberalism and neo-liberalism, which opine that the only means through which global development can be attained is through the promotion of a laissez faire state across the globe. In this way, it becomes easy to spur development due to the opening up of states for trade and other exchanges in the political, social, and cultural realms of development. (Bertucci and Alberti, 2003, p. 17-31.) However, concerns are continuously raised about globalization, especially when it comes to the role of states in promoting development and protecting…show more content…
213-231.). Based on the effects of economic globalization in the developing world, in this case most African states, Okogbule observed that most states in Africa can hardly fulfil the long-held mandate, which is the promotion of the well-being of citizens in all aspects of development. With the continued press for economic globalization by the developed world, the developing states keep losing their ability to determine the path of economic progress. As such, it is imperative to observe that economic globalization returns most states in the developing world to the states of dependency on the developed world. The developed world has adequate backup structures that enable them to take advantage of most of the opportunities that prevail in the globalized markets. In doing so, they either leave very little room or no room at all for the developing countries to make gains from the globalized markets (Okogbule, 2008, p. 213-231.). Therefore, the issue of economic monopoly comes into the picture here. Economic monopoly forms the foundation of the resentments that are made by the developing countries about their inability to make gains from international trade. Okogbule observed that the larger share of the global market is now controlled
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