Abstract

The glowing ambers of globalisation have helped hitherto protected economies to benefit from improved product qualities at far lower prices, as a result of foreign competition. Essentially, the technological and spillover effects of improved production processes have led to better quality products, national economic growth and better labour remuneration across the world. The drivers of globalisation, essentially technological innovation has helped to reduce poverty and the effects of its antecedents throughout the world. Evidence suggests that there has been an improvement in the level and prevalence of poverty throughout the world as a result of global integration of economies and interdependence of nations that globalisation galvanises. However, the benefits of globalisation have been observed to be lopsided. While the West have benefited substantially from globalisation, the less developed countries, which were purportedly identified as the main benefactors, have been deprived of the proceeds of this process. This article highlights the controversy that surrounds globalisation as a concept and ideology, drawing special lessons from the practical impacts and effects of globalisation on the diverse global regions (both in the developed and third-world countries). The article demonstrates that while globalisation has facilitated the current unsurpassed global prosperity and wealth creation; the process has also been criticised (inter alia) for the lopsidedness of global trade benefits, the prejudice of global institutions against the world’s poor, and its socio-political implications on national sovereignty and citizens in the developing world (especially Africa). 

Key words: Globalization, economic growth, capital flow, information and communications technology (ICT), Africa.