Seventeenth Global Studies Conference

Abstract

Globalization is the growing interdependence of the world, people, and activities through shrinking space, time, and disappearing borders. It is a complicated phenomenon that has attracted scholarly critique. Particularly, some African scholars argue that globalization is the third phase of colonization. As a member of the international community, no country is shielded from the globalization process. It can be rightly said that no country in this contemporary world can really be an island (self-sufficient), either due to its vibrant economic strength, military might, or political stability - not even the United States of America. This paper argues that, although economic globalization presents many opportunities, it also exposes developing countries to many new challenges. To make this study comprehensive and comprehensible, the concepts of globalization and the place of globalization in the world’s economy are conceptualized and discussed. We also examine the negative effects of globalization, particularly on underdeveloped nations. Above all, the paper argues that for developing nations to effectively address the issues that present and impending globalization brings for them, they must radically restructure and alter their political economy. The study concludes with practical corrective solutions for developing nations to participate in the process of globalization in our modern global economy.