NATURE AND IMPACT OF GLOBALIZATION ON THIRD WORLD COUNTRIES
Introduction
Is the contemporary world system qualitatively different from the past? The problem is that globalization itself is a contested concept. There are at least three different approaches to it.The first one is economic. It takes a rather narrow historical perspective as the term refers mainly to processes beginning in the 1970s,gaining strength in the 1980s, changing the rules of the game in the 1990s, and expected to become dominant in the twenty-first century. In this sense globalization has been linked to recent changes in the role of the state and to the growing influence of market forces. Governments have reduced public expenditure by eliminating social services and privatizing state enterprises. Liberalization of trade and capital movements as well as an overall deregulation of society have become dominant political ideologies.
Similarly, in many respects ,the globalizing economy of the 1990s is latest stage in the enlargement of spatial dimension of economic activity which dates back to pre-industrial times. Essentially, its speed and direction have conditioned by advances in transport and communications technologies, and by the actions of governments in affecting the creation , management disposition of physical and human assets. Globalization is defined by McGrew in a book jointly edited with P.G Lewis as “Globalisation refers to the multiplicity of linkages and interconnections between the state and societies which make up the present world system “.It describe the process by which events, decisions and activities in one part of the world come to have significant consequences for individuals and communities in quite distant parts of the globe. Globalization is internationalization, liberalization, universalization, westernization as well as deterritorialization.
THE NATURE OF GLOBALIZATION:
Since the 1980s the world economy has changed, rapidly and fundamentally, in its nature, operating modes , and relationships among countries and cities. These change have been driven by several emerging mega-trends that have led to global structural adjustments.
Firsts, a debt crisis emerged the resource exporting developing countries owing to the precipitous drop in the prices of primary commodities and fuel in the early 1980s and the corresponding advances in material sciences leading to a Sharp reduction in the use of raw materials in manufacturing product ion. This created unprecedented difficulties for the developing countries, which have traditionally depended on the export of these products to finance their national development. Countries in Africa, whose export earnings are dependent upon up to 90 percent of these primary goods exports, have been severely affected. They were, moreover, increasingly burdened by fast growing national debts. Similarly,south-east Asian countries that had hitherto depended heavily on the export of primary product for their export income were adversely affected. They were able to free themselves from the impasse because the period fortuitously coincided with Japan’s readiness to search for foreign locals to decentralize its industrial plants and secure its competitive edge in world markets in the wake of the plaza Accord In 1985.That event caused the Japanese Yen to double in value against U.S dollar almost overnight. This led to a massive flow of foreign direct investment to the large cities and new industrial locations in South-east Asia,but not Africa and Latin America.
Secondly, the relative decline in traditional raw materials in manufacturing has been accompanied by a commensurate increase; in the importance of capital, especially transitional capitals as a determinant in economic development. Nations and cities are in the race for foreign direct investment (FDI).Transitional corporations, on the other hand, are basing their decisions on the selection of factors of production, namely, land labour and capital.
In the 1990s,the inflow of (FDI) from mostly America and Europe accompanied by new technologies, increased its momentum in the Asia Pacific region. This has further intensified the structural interdependency of world economy, linking cities in Europe North America and Asia.The movement of (FDI) has also strengthened the structural interdependency of production and marketing in Cross-country linkages of city networks.

 

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