Kazakhstan Development - Essay Example

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HISTORY AND POLITICAL SCIENCE Name: Date: Introduction Globalization is a complex aspect of the society and can be referred to the growth and development of economic activities as well as political activities of a country in a way that these activities have a major impact on the people in another region across the globe (Stohl 2004, P…
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Kazakhstan Development
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"Kazakhstan Development"

Download file to see previous pages International trade involves movement of people, movement of capital and movement of raw materials to and fro developed and developing countries. The beneficiaries of globalization are the developed economies since the companies and trade have spread to other regions in the developing economies. Despite the free movement of people and other business related resources countries are still struggling with unfair distribution of resources, slavery, limited use of technology in developing countries, destruction of natural resources and unemployment. Nigeria being a developing economy has not enjoyed the benefits of globalization due to slow export business, huge debts and poor economic conditions that scares away the investors (Onwuka1 and Eguavoen 2007, P. 45). This paper will critically evaluate the development of Nigeria’s economy as a result of globalization. Country analysis The Nigeria economic development has been influenced by the availability of oil. Before the oil exploration the economic grew by about 3.1 percent per year while from 1960 they was a positive growth by 6.2 percent per year but from 1980 there was a negative economic growth but rate due to adjustment and regulation the economic expended by about 4 percent. This positive economic growth due to oil drilling led to migration from rural areas to urban areas (Ekpo and Umoh 2013). As a result of industrial development, migration to urban areas and oil drilling the agricultural activities were neglected and therefore the country started to import fundamental food commodities. Domestic investment and savings also reduced while inflation rates increased to about 23 percent by the year 1976, 41 percent by the year 1989 and 72.8 percent in 1995 but later the inflation rate reduced to 9.5 percent in 1998 (Ekpo and Umoh 2013). Redundancy and joblessness was about 5 percent from 1976 to 1998 per year though its hard to document unemployment and its estimated that the rate of unemployment could be higher due to recession in 1990s(Ekpo and Umoh 2013). As the world trade and economic expansion were being experienced in several parts of the globe Nigeria was experiencing economic recession, unemployment, scarcity of vital food items and high rate of inflation and thus failure to catch the attention of international investors and low gross domestic product. Nigeria therefore need to address it export diversity, imports, minimize debts and provide conducive environment for the foreign investors (Onwuka1 and Eguavoen 2007, P. 45. Is globalization jeopardizing developing nations’ economic development? Udombana (2002 p.11-17) reports that globalization is an incentive that unfairly and unequally solve problems of developing nations by enticing them to democratize, privatize and decentralize ,yet, industrialized nations are at a comfort zone where their currencies are strong and terms of trade stable to handle any changes in the world’s economy. Hobdell (2001) asserts that this is seen so because, globalization is driven by the same colonial powers who launched global campaigns of imperial control of people and resources targeted primarily at the developing nations. In disguise this force is ...Download file to see next pagesRead More
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