what is the impact of globalization in africa?
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Globalization as the process of intensification of economic, political, social and cultural relations across international boundaries aimed at the transcendental homogenization of political and socioeconomic theory across the globe, impacts significantly on African states through systematic restructuring of interactive ...
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Some argue that globalization is a positive development as it will give rise to new industries and more jobs in developing countries. Others say globalization is negative in that it will force poorer countries of the world to do whatever the big developed countries tell them to do.
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Globalization helps developing countries to deal with rest of the world increase their economic growth, solving the poverty problems in their country. In the past, developing countries were not able to tap on the world economy due to trade barriers.
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Recent years have shown how susceptible African countries are to economic shocks and fluctuations in currencies and commodity prices. ... Many benefits accrue from diversified economies, not least protection from external shocks. Trade volume grows and there is higher productivity in the economy.
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Broadly speaking, economic, financial, political, technological and social factors have paved the way to globalization. Economic factors mainly include lower trade and investment barriers. Expansion of financial sector is also considered an important force of glo- balization.
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Globalization Benefits World Economies Some of the benefits of globalization include: Foreign Direct Investment: Foreign direct investment (FDI) tends to increase at a much greater rate than the growth in world trade, helping boost technology transfer, industrial restructuring, and the growth of global companies. 2﻿
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In 2000, the International Monetary Fund (IMF) identified four basic aspects of globalization: trade and transactions, capital and investment movements, migration and movement of people, and the dissemination of knowledge.
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Developing countries such as India, China, Iraq, Syria, Lebanon, Jordan and some Africa's countries, have been affected by globalization, and whether negatively or positively, the economies of these countries have improved under the influence of globalization.
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When combined with good governance and political stability, intra-Africa trade and deepening market integration will significantly increase economic growth, job creation, employment, poverty reduction, inflow of foreign direct investment, industrial development, and better integration of the continent into the global ...
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Some of the intense effects of globalization can be seen on rural communities, both in developed and developing countries. Corporate globalization has impacted the rural communities in several ways. These impacts can be categorized into economic, social, political, environmental, and cultural.
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- Globalization enhances the student's ability to acquire and utilize knowledge. Globalization enhances the ability of learners to access, assess, adopt, and apply knowledge, to think independently to exercise appropriate judgment and to collaborate with others to make sense of new situations.
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There are a number of negative impacts globalization has had on cultural diversity, including the influence multinational corporations have on promoting a consumer culture, exploitation of workers and markets and influencing societal values.
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However, financial globalization for developing countries does not always bring gains; it can also lead to negative consequences. Opening up the financial system to foreign capital flows can and has led to financial instability and disastrous financial crises, which have a devastating impact on the economy.
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1- Economic and Trade Processes Field Globalization helps developing countries to deal with rest of the world increase their economic growth, solving the poverty problems in their country. In the past, developing countries were not able to tap on the world economy due to trade barriers.
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Evidence suggests that globalisation has a positive effect on the country's economic growth and employment. In particular, trade openness and foreign portfolio flows have contributed to higher per capita GDP growth in the Philippines, following the implementation of FX liberalisation reforms.
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There are a number of negative impacts globalization has had on cultural diversity, including the influence multinational corporations have on promoting a consumer culture, exploitation of workers and markets and influencing societal values. ... This promotes a homogeneous set of values and beliefs.
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Economic growth is the main channel through which globalization can affect poverty. What researchers have found is that, in general, when countries open up to trade, they tend to grow faster and living standards tend to increase. The usual argument goes that the benefits of this higher growth trickle down to the poor.