IMPACT OF GLOBALIZATION ON INTERDEPENDENCY OF DEVELOP AND DEVELOPING SOVEREIGN STATES

Abstract

Nigeria-United States relations remain a critical aspect of Nigerian foreign policy. The

demands, challenges and competition of this 21st century have made it pertinent

that Nigeria review her relation/interdependency with United States in order to

benefit maximally from their relation. One would have thought that Nigeria-US

economic relation since 1960 would have moved Nigeria from being a Third world

nation to at least a Second world nation but like the story of any other

developing economy dealing with developed economy, Nigeria has remained the

same if not worst. Nigeria has remained just a market for the U.S. to buy her

crude oil and sell her manufactured goods. United States, adopted the policy of

globalization, democratization, free market and liberalism. However, one may

say that the reason behind US democracy in Africa is to create “FREE

ATMOSPHERE” for the implementation of International Monetary Fund and World

Bank inspired Adjustment programs, thereby reinvigorating the type of market,

which made Europe prosperous.

Globalization has been viewed as the bilateral relations that exist between countries for

either political or economic purpose and also a means of developing the

underdeveloped countries with technological advancement from developed

countries. Globalization remains a subject on which there has been

comprehensive and unyielding misunderstanding especially concerning the

constraints that it is not placed on the power of government. It describes the

increasing flow of goods, services, capital, technology, information, ideas and

labour at the global level driven by universal policies and technological

changes (Okafor, 2014). At the top political and economic levels, globalization

is the process of denationalization of markets, policies and legal system and

at the economic level, it is seen as the process of cooperation between and

among their factories and products around the world at ever more rapid rate of

speed in search of cheaper labour, raw materials and government willing to

ignore or abandon consumer, labour and enforcement protection laws (Okafor,

2014). It is a process or set of processes which embody transformations in the

spatial organization of social relations and transactions generating

transnational and interregional flows and network of activities.

In concrete terms, globalization is the intensification of

cross-border trade and increased financial and foreign direct investment flows

among nations, promoted by rapid advances in and liberalization of

communication and information technology (Islam, 1999 and Aninat, 2002). Held

(1999) argues that globalization is multi-faceted phenomenon.

The broad objective of this study is to critically examine the impacts of

globalization on interdependence of develop and developing sovereign states,

examine the various impacts of globalization on political space of

interdependent sovereign states, and also investigate how globalization has led

to interdependence of developed nations and developing sovereign states.

A research study of this nature will shed light on some of the benefits of

globalization and its various impacts on interdependence of developed and

developing sovereign states. The study will serve as an important database for

federal, state and local government on ways of improving development in Nigeria

through globalization.

This research study will cover the impact of globalization on interdependence of

developing and developed sovereign states using United States of America and

Nigeria as case studies,

Five Chapters available