Misinterpretation of Globalization as Colonialism

Misinterpretation of Globalization as Colonialism

It was then that most developing countries suffered economic stagnation and political oppression Self-sufficiency and centralisation did not produce prosperous, united countries. Instead, they produced more than 100 weak,22 misgoverned countries which, by the 1990s, needed to be rescued by the IMF The collapse of the Soviet Union and the rise of Deng in China showed that mere Socialism was not the solution so developing countries began moving in a new direction, globalisation. Why did the post-independence leaders in developing countries go so badly wrong? Mainly because they equated globalisation with 19th-century colonialism. They failed to see that in the late 20th century, globalisation was not a political conquest but an economic partnership, creating unprecedented opportunities for the poor to rise. This faulty interpretation led to faulty policies aimed at de-globalisation....

Evolution of Globalization: From Colonialism to Decolonization

The Third World leaders knew that globalisation in the 19th century had produced alien rule, poverty, and transfer of wealth to colonial power They assumed that 20th century globalisation would do the same. They went wrong in several ways. In the 19th century globalisation represented colonialism In the 20th century globalisation has been the era of decolonisation. The capital has flowed the other way, through aid and foreign direct investment to the developing countries Globalisation has yielded GDP growth rates of up to 10% in many developing countries creating huge opportunities for the poor In recent decades, the fastest-growing countries have all been in the Third World, mostly in Asia but also in Africa (Botswana, Mauritius). Income per head is now higher in Singapore ($24,740) and Hong Kong ($ 25,920) than in their erstwhile colonial master, Britain (S 24,430)....

Conclusion

Many have been autocratic kleptocracies. No wonder they have failed.All opportunities carry risks. Globalisation has created unprecedented opportunities and unprecedented risks too. The World Trade Organisation, World Bank, and IMF, should be an issue of concern to any serious human being The significant threats to democracy, democratic participation, and fundamental human right posed by increasing concentration of wealth and power in the hands of an extreme minority of the world’s population cannot and should not be ignored. The ‘withering away’ of the state in many developing countries, the increased role of Multi-National Corporations (MNCs) in running both the global economy and national economies, and the weakening of such global democratic forums as the United Nations, are all challenges to the creation of the world order in which every human being has the opportunity to live a life of dignity, free from want, prosecution, and fear....