25 Aug 2022

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The Implications of Economic Globalization

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Globalization of economy is the combination of economies through trade, financial flows, and the exchange of both information and technology. Globalization today is one of the leading and first as a result of diversification, expansion and economic connection between countries ( Potter et al., 2017) . It has led to the bringing closer of the world through communications and interactions. It has been boosted by the commitment of national authorities across the countries, especially in Africa to sound macroeconomic policies and creation of a more stable environment for the individual states to invest and expand economic activities. 

There is need to focus on the accounts of globalization in the education system in post-colonial Africa. The discussion can focus on the sub-Sahara system of education in Africa, where learning realizations remain terrifyingly. This region of Africa has seen a massive turn in fortunes due to the globalization of the economy and the improved world trade. However, Kenya, Tanzania, and Uganda still have to deal with the low and uneven level of knowledge acquisition which has generated adverse implications for knowledge and skill acquisition in far ahead ratings and the long-term development and economic growth of the region ( Sewpaul, 2006) . About globalization theories, it is believed that most of the modern literature contracts with the Western industries countries and the newly industrialized countries they have an inadequate significance for low incomes countries ( Childs, 2014). 

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The introduction of economic globalization in Africa has seen massive hinderance by the African culture. However, there are enormous benefits that came with it such as increased trade, better exposure, and improved financial turnovers. The global business gives customers as well as producers a wide choice of low-cost goods and services. Global economies are also attributed to the facilitation of the more efficient use of global resources and the introduction of advanced technologies ( Sewpaul, 2006) . It is through global economic that countries have opened their economies with interests of promoting international competition. Such competitions always work to the benefits of the consumers in both quality and price fronts. Global traders still want to provide the consumers with high-quality products at the lowest cost possible. Something that has resulted in increased employment experienced labor in all tradeable goods and services subdivisions. With the globalization of the world economies, leading producers and manufacturers have found ways of decentralizing their operations. They have gone ahead to open companies across the globe, in different parts of the continents. These sister companies serve the locals best with better employment rates alongside improved fortunes such as better financial benefits ( Bakre, 2008)

Africa and the Caribbean have similarities on what their colonies wanted from them. Both Africa and the Caribbean territories were under the European colonies, majorly, Britain, France, and Germany. In both cases, the colonizers were in search of raw materials for their industries. The colonization period happened during the emergence of the industrial revolution in Europe and the period of economic boom ( Stoler, 2001) . There was a scramble for colonies as sources of raw materials and cheap labor in the form of slaves. Despite having these similarities they also had differences in the way that the colonialism developed them ( Stoler, 2001) . In the Caribbean, the colonizers moved into the continent and started life there. Such settlements by the European powers profoundly impacted on the culture and language of the Caribbean up to date. For the case of Africa, colonies found a more like a method in the trading system. This was because they could easily access free labor from the people there. They had batter trade and later introduced the commercial business which has evolved into the modern industry with electronic money transfers, commercial treaties, industrial blocks and establishment of expansive industrial capacities ( Johnson, 2006)

References 

Bakre, O. M. (2008). Financial reporting as a technology that supports and sustains imperial expansion, maintenance, and control in the colonial and post-colonial globalization: The case of the Jamaican economy.  Critical Perspectives on Accounting 19 (4), 487-522. 

Childs, P., & Williams, P. (2014).  Introduction to post-colonial theory . Routledge. 

Johnson, D. (2006). Comparing the trajectories of educational change and policy transfer in developing countries.  Oxford Review of Education 32 (5), 679-696 

Potter, R., Binns, T., Elliott, J. A., Nel, E., & Smith, D. W. (2017).  Geographies of development: An introduction to development studies . Routledge. 

Sewpaul, V. (2006). The global-local dialectic: Challenges for African scholarship and social work in a post-colonial world.  British Journal of Social Work 36 (3), 419-434. 

Stoler, A. L. (2001). Tense and tender ties: The politics of comparison in North American history and (post) colonial studies.  The Journal of American History 88 (3), 829-865. 

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