1.1 BACKGROUND OF STUDY
Globalization has benefited the advanced countries at the expense of the less developed countries. To the Marxists, this is not surprising as they hold that globalization is a product of the capitalist. They argued that the capitalist system epitomizes exploitation, it involved class conflict and it is a system of unequal relation marked by an unequal exchangeBiesteker, (2008). It is a system where one group must benefit at the expense of the other. Thus globalization being of such a system is bound to be exploitative. Several scholars has traced the origins of globalization in modern times, others trace its history long before the European age of discovery to the new world. Some even trace the origins to the third millennium BCE. Sincethe beginning of the 20th century, the pace of globalization has intensified at a rapid rate, especially during the post cold war era. The term globalization has being in use since the mid-1980’s and since the mid 1990’s.However, the main originators of globalization can be traced to the classical economists that showed that trade can be beneficial to their nation. Globalization developed through thePre-capitalist era to the period of industrial revolution in England and evolved into what we are seeing today. The above quote underscores especially in developing countries to know the manner they pursue domestic economic policies. They should gear all the effort towards restructuring their economy to global economic changes in such a way that they will benefit from globalizationAdubakar, D .(2010).
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. Further, environmental challenges such as climate change, cross-boundary water and air pollution and over fishing of the ocean are linked with globalization. Globalization processes affect and are affected by business and work organization, economics, socio-cultural resources and the natural environment. The most Drastic evidence of globalization is the increase in trade and the movement of capital stocks, bonds, currencies and other investment from the period of 1950 Adubakar, D .(2010)
- The volume of world’s export rose by 20 times and by 2001, world trade amounted to a quarter of all the goods and services produced in the world. In the early 1970’s only $10 billion to $20 billion in national currencies was exchangedaily, by the early part of the 21st century, more than $1.5 billion worth of yen, Euros, dollars, pounds and other currencies were traded daily to support the expanded levels of trade investment which is as a result of globalization.
1.2 STATEMENT OF THE PROBLEM
One could say that the crises in Nigeria’s tertiary institution arising from corruption, mismanagement as well as the devastating effect of the defunct structural adjustment. The present socio-economic and political condition of Nigeria on ground suggests that we will have a long way to go in the globalcompetition of the 21st century. Also the Nigeria economy is made weaker by mono-cultural dependence and unfavorable terms of trade in its export trade as well as excruciating debt burdens. This problem can really make Nigeria not to benefit from the ongoing globalization process. The challenge is for Nigeria to use their enormous resources to build a strong, consistent self sustaining economy which will be competitive in the world market.
It is therefore, questionable whether Nigeria has been able to reap the benefit of globalization due to these weaknesses.
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