2. There is no consensus on a single definition of
Globalization between all disciplines of life.
Economics focuses on transfer of goods,
services and funds in overall world.
Some other disciplines such as anthropology and
sociology concentrate on the interconnectivity of
different cultures
3. Globalization is a process that encompasses the
causes, course, and consequences of
transnational and trans-cultural integration of
human and non-human activities.
it is the widening, deepening and speeding up of
world-wide interconnectedness in all aspects of
contemporary social life, from the cultural to the
criminal, the financial to the Spiritual.
4. Development is, the process of economic, social and
political transformation.
This means, an increase, propagation, expansion,
improvement or change for the better.
Better health facilities, better education, clean
environment and better utilization of resources are
the important components of Economic
Development.
5. Economic growth emphasis on ;
Increases in labor productivity and in total output
Capital accumulation;
Condition in which “people in a country have
adequate food and job and the income inequality
among them is greatly reduced.
6. The attitude of the people to wards globalization,
it is regarded as an opportunity to promote growth and
poverty alleviation.
Globalization may improve growth rates, increase
productivity, enhance technological capability,
The main goal of globalization is to provide
organizations a superior competitive position with lower
operating costs, to gain greater numbers of products,
services and consumers.
7. Impacts of Globalization On World Economy
More efficient markets; It bring both sellers and
buyers together to sell or to buy based on their
willing.
Increased competition; businesses across
international borders, had standard into the
global marketplace.
Stabilized security, When your economy
depends largely on another country’s economy, it
is hard to imagine either one of the countries
attacking the other.
8. Generally, globalization can create new
opportunities, new ideas, and open new markets that
an entrepreneur may have not had in their home
country.
Negative Impacts of Globalization on World
Economy
Income inequalities, both between and within
industrialized and less industrialized nations.
Global commerce is increasingly dominated by
transnational corporations which seek to maximize
profits without regard for the development needs of
individual countries or the local populations.
9. Cultural uniqueness is lost in favor of
homogenization and a "universal culture" that
draws heavily from American culture
THE NATURE OF AFRICAN ECONOMY
African economy is characterized by:
Highly dependent, on the economies of the
industrialized countries.
Less export production and very limited range of
commodities and wide range importation of
consumer goods.
10. IMPACT OF GLOBALIZATION ON AFRICA
Positive Impacts of Globalization on Africa
made available information on how other countries
are governed and the freedoms and rights their
people enjoy.
It has also opened African countries to intense
external scrutiny and exercised pressure for greater
transparency, openness and accountability in Africa.
11. Negative Impacts of Globalization on Africa
Erosion of sovereignty; especially on economic
and financial matters, as a result of the
imposition of models, strategies and policies of
development on African countries by IMF, WB
and the WTO.
brain- drain from;
losing of cultural identity and interact with other
cultures
