IMPACT OF GLOBALIZATION ON GROWTH AND POVERTY ALLEVIATION IN DEVELOPING COUNTRIES
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IMPACT OF GLOBALIZATION ON GROWTH AND POVERTY ALLEVIATION IN DEVELOPING COUNTRIES
Chapter one
1.0 Introduction
Globalisation can be defined as the rapid integration of economies and entire markets, increased financial flows, the information revolution, and cross-cultural currents.
It can alternatively be defined as the restructuring of global capitalism, as seen by the rising prominence of international financial institutions, corporations, and technology.
According to Kwanashie, Mike (2003), economic globalisation is a historical process that results from human creativity and technical growth. The idea of “globalisation” is a growing and comprehensive phenomena that encompasses the movement of workers and technology across international borders.
The concept of globalisation has a solid theoretical foundation; the resurgence of laissez-faire economic theory explained these facts; it encapsulates both a description of changing patterns of work, trade, and finance, as well as a strong belief that deregulated markets will achieve optimal growth and human welfare outcomes.
The misconceptions surrounding globalisation include the expansion of the global economy, which is associated with an increase in human wellbeing.
According to Taiwo (2001), poverty alleviation is a term used by Nigerian political leaders since the return of democracy in 1999. They commonly use these words as a symbol of their commitment to create a better life for people.
However, it appears that many Nigerian officials lack an understanding of what it takes to alleviate the suffering of the country’s impoverished. Their poverty alleviation efforts are unlikely to improve people’s lives and living conditions.
Despite government poverty alleviation efforts around the country, it’s no surprise that many Nigerians remain impoverished. The struggle against poverty has not improved, and this is so pervasive that proof is not required.
Nigerian leaders should learn from the western world about actions done to alleviate their people’s suffering. These countries have been able to achieve the desired results by providing welfare programmes and leverage, job creation, affordable health care and counselling, investments in public schools, affordable housing construction, teen pregnancy debates, police protection (state policing), parenting and literacy programmes, and so on.
The Nigerian government could only reduce poverty by using this approach to eradicating the deplorable living conditions of many Nigerians. Any administration that is honest about reducing people’s suffering, whether at the federal, state, or municipal levels, should begin working in accordance with the aforementioned programmes in order to achieve results.
However, it is critical to note that globalisation does not exist in isolation; rather, it is embedded in a variety of other notions such as commercialization, privatisation, and deregulation.
There have been various national and international campaigns, symposiums, and seminars urging countries throughout the world to trade (both within and across borders), hence fighting for global economic development.
1.1 Statement of the Problem
Globalisation of the international economy provides enormous benefits to countries that are able to capitalise on the consequent chances for the effective development of their human resources.
Though globalisation is making Nigerian economic development easier and less expensive for the economy as a whole by bringing the benefits of capital flows, technological innovations, and lower import prices, the gains are distributed unevenly among countries, causing some groups to lose out, particularly Third World countries such as Nigeria.
However, the most significant gains have been made by advanced countries, and the income gap between high and low income countries has grown so large that the majority of low-income inhabitants live in abject poverty.
Nigeria as a country has not been able to fully reap the benefits of globalisation since the forces that drive globalisation are underdeveloped.
To be globally competitive, a country like Nigeria must have government alleviation programmes, a consistent electric power supply, advanced technology and innovation, the growth of Nigerian manufacturing sectors, and a general restructuring of all other sectors to complement the viable sectors.
Dumping has been one of the most serious issues plaguing Nigeria’s economy in recent years. Foreigners have taken advantage of our manufacturing sector, importing a variety of durable and consumable goods into the economy.
This has posed a significant challenge to domestic products, which have been ineffectual due to political instability, economic issues, and financial limits.
However, the primary reason for conducting this research is to investigate how globalisation affects Nigerian economic development as a whole.
1.2 Aim and Objectives of the Study
The purpose of this research is to look at “The Impact of Globalisation on Growth and Poverty Alleviation in Developing Countries”. The following are the study’s particular objectives:
1. Investigate the impact of globalisation on poverty alleviation in developing nations such as Nigeria.
ii. To investigate the causes of poverty in developing countries.
iii. To investigate the effects of globalisation and poverty alleviation efforts in emerging nations, with Nigeria as a case study.
1.3 RESEARCH QUESTIONS.
As a result, the problem statements are presented below by answering the following questions:
a. How do globalisation and poverty reduction affect the Nigerian economy?
a. Using Nigeria as an example, what factors contribute to poverty in emerging countries?
c. How do globalisation and poverty alleviation affect Nigeria’s economic growth?
1.4 Significance of the Study
Globalisation is widely regarded as a global and dominant phenomenon in today’s globe. Globalisation and poverty alleviation have played a significant role in varying socioeconomic development among nations, including Nigeria. In light of the foregoing, the significance of this study will include:
i. Globalisation has become a “threat to the poor,” rather than an opportunity for global action.
ii. Many economists and policymakers say that globalisation, notably the increased mobility of international financial capital, has damaged countries’ ability to engage in independent macroeconomic policies, whether fiscal or monetary in nature.
iii. As a result, governments are less equipped to protect poverty-relief projects and economies from the negative consequences of trade.
iv. Any administration that is “sincere about alleviating the suffering of the people,” whether at the federal, state, or municipal levels, should begin to operate in accordance with the above-mentioned programmes in order to achieve results.
1. 5 Research Hypotheses
Based on the research challenges and aims of the study, the following hypotheses have been developed for later verification:
Hypothesis One.
Ho: There is no significant link between globalisation and poverty reduction in underdeveloped countries.
HA: There is a considerable link between globalisation and poverty reduction in emerging countries.
Hypothesis Two
Ho: There is no significant link between globalisation and the causes of poverty in emerging countries.
HA: . Globalisation has a huge impact on the causes of poverty in emerging countries.
Hypothesis Three
Ho: No significant association exists between globalisation and its consequences on Nigeria’s economic growth.
HA: There is a considerable relationship between globalisation and the consequences it has on Nigeria’s economic growth.
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