Impact of Global Capitalism on the Environment of Developing Economies: The Case of Nigeria

Abstract

Globalization may have generated gains in some countries of the world; it is nevertheless associated with increased insolvency, inequalities, work insecurities, weak institutions, and corrosion of established values. Against this backdrop, the paper takes a cursory look at the global flow of capital and how it has impacted the Nigerian economy. It posit that the system of global governance is not consistent with the objective of the domestic economy given that globalization results in the weakening of state capacity through dominance of the transnational flow of capital and investment. Hence, the transnational network of production and services is orchestrated beyond the regulation of policies of domestic countries. Consequently this paper offers recommendations on how the Nigerian economy should develop in order to keep pace with globalization. These include developing local technology, promoting domestic industry and manufacture of goods for exports as well as managing domestic affairs free from extraneous foreign intrusion.

Global Capitalism and the Underdevelopment of African Political Economy: Where Will Our Help Come From?

“…Therefore, robotics, machine language, 3D printing, nanotechnology, biotechnology, genetics and artificial intelligence (AI), key elements of the Fourth Industrial Revolution (World Economic Forum 2016), might lead to dehumanisation of people's socio-economic productivities in sensitive areas like values, integrity, creativity, innovation, ethics and morality (Shava & Hofisi 2017). Digital machines overtake the labour force, leading to lose of jobs and unemployment (Apostol 2016;Mesnard 2016;Shank 2016;Shava and Hofisi 2017) meanwhile, the digital machines that globalised the world are driven by technologies (IMF 1997;Osariyekemwen 2014;Udeh 2014;Achimugu et al 2015;Shank 2016;Robinson 2017) and the 4th Industrial Revolution (4IR) that is anchored on global capitalism with patent rights predominantly owed by the West, which Nnamani (2009) remarked that the West is neither ready nor willing to release to the third world countries, thereby serving as the central message and bone of contention in the politics of development among the developed and developing or underdeveloped countries across the globe.…”