African Journal of
Political Science and International Relations

  • Abbreviation: Afr. J. Pol. Sci. Int. Relat.
  • Language: English
  • ISSN: 1996-0832
  • DOI: 10.5897/AJPSIR
  • Start Year: 2007
  • Published Articles: 381

Full Length Research Paper

Foreign aid, the Third World’s debt crisis and the implication for economic development: The Nigerian experience

Funso Aluko1 and Dare Arowolo2*
1Department of Political Science, Obafemi Awolowo University, Ile-Ife, Osun State, Nigeria. 2Department of Liberal and Extra-mural Studies, Rufus Giwa Polytechnic, Owo, Ondo State, Nigeria.
Email: [email protected]

  •  Accepted: 08 March 2010
  •  Published: 30 April 2010

Abstract

The nature of interdependence of nations necessitates granting of aid to needy countries. Theorists, however, vary in their approaches of the factors that contributed to the development of the underdevelopment of the Third World. While the bourgeois scholars argued that the underdevelopment and dependency situation of the Third World was due to the internal contradictions of this group of countries arising from bad leadership, mismanagement of national resources and elevation of personal aggrandisement and primordial interests over and above national interest, the neo-Marxian scholars, on the other hand, submitted and insisted that what propelled the development of the developed countries also facilitated, in the same measure, the underdevelopment of the underdeveloped countries. These are: colonialism, slave trade and unequal exchange. The interest of this paper, therefore, is to look at the two sides of the coin using dependency theory to scientifically analyse the arguments put forth by both schools of thought. It also looks at leitmotif of foreign loan and its implication on the economies of the Third World Countries (TWCs).

 

Key words: Bourgeois, colonialism, dependency, exchange, interdependence, leadership, underdevelopment.