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Chapter 6 : Looking Back Toward the Future -Using traditional practices in AFRICA as an entry to the global economy - Research Paper Example

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Whereas many studies have focused upon the realities of poverty that are exhibited within the nations that comprise sub-Saharan Africa, the reality of the situation underscores the fact that poverty reduction on a systemic level will only be able to be realized through an effective, combined, and concerted micro-financial international and national development that focuses upon the introduction of stable and regulated means of currency policy…
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Chapter 6 : Looking Back Toward the Future -Using traditional practices in AFRICA as an entry to the global economy
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Chapter 6 : Looking Back Toward the Future -Using traditional practices in AFRICA as an entry to the global economy

Download file to see previous pages... Such cases as have been evidenced within nations such as Zimbabwe within the past decade are evidence of the detrimental effects that an unstable economic policy of currency manipulation and run-away depreciation of the currency can have on the overall level of both economic development and levels of poverty exhibited within such systems.1 As a function of understanding the unique local of steps must be taken within sub-Saharan African nations in order to affect growth and integrate with the rest of the world’s economy, the following analysis will focus specifically on some of the means by which this can be leveraged in realized. Although a great deal of scholarship has been performed over past decades with regards to the level in which runaway globalization can negatively impact upon the economic development of given economy, the fact that matter is that globalization is one of the most effective means by which many of the issues that have thus far been introduced and discussed can ultimately be lessened. Ultimately, the economic development that is currently exhibited within sub-Saharan Africa is dependent upon the outside sources of funding and development that third party nations can provide. As such, it would be shortsighted to downplay the role that globalization plays with regards to varying and developing the economic resources and the exhibition of poverty that are currently extant within the system. It can and should be noted that globalization within Africa portends unnecessary risk which must be countered with robust economic policy and regulation.2 Even a cursory review of the realities of how Africa has been exploited the past several hundred years went to the reader to understand that without a robust and nuanced level of regulation, the African economies are at risk for a new round of exploitation as prior models of European colonialism had effected upon the diverse nations and economies of sub-Saharan Africa.3 Due to the fact that sub-Saharan Africa’s economy is almost solely reliant upon the production of raw materials and the exportation and sale of primary foodstuffs, globalization can have the ancillary benefit of diversifying the economy in ways that would not otherwise be realized. In much the same way that economies of Southeast Asia have benefitted from an increased level of globalization, it is possible and realistic to assume that sub-Saharan African nations can benefit from similar methods as a means of building and diversifying their otherwise one-dimensional economies.4 Yet another reality the globalization has presented is the fact that in order for an economy to develop it must have a rigid structure of advanced communications and place in order to link business and facilitate economics. Unfortunately, such an infrastructure does not oftentimes exist within many sub-Saharan nations.5 However, and potential for growth and relatively inexpensive development of this technology currently exists. Whereas the developed economies of Europe and the United States have been able to experience the full brunt of the industrial and technological revolution, this has a high cost. This economic cost is necessarily the fact that many intermediary stages of technological development must be integrated, utilized, and then abandoned is more efficient and appropriate ...Download file to see next pagesRead More
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