Globalisation in African continent

A host of factors, including the continent-wide financial, industrial, and political difficulties since the end of the colonial age have reduced economic performance in Africa to often pitiable levels. Despite starting “from behind” and the current obstacles to economic growth, this editorial highlights progress Africa has made, and the future development that can be speeded up by proper governmental and economic policy. The current predicament in Africa, writes Syed Jamaluddin, an international economist, is in translating the worldwide potential brought about by globalization into tangible benefits for the people of the poorest continent on earth. The legacy of unbalanced trade practices that cheated African producers exporting to the rich North has left a system crippled and in need of reform. In addition, unfair trade practices increase the dependency of African nations on foreign aid. A culture constructed around a major wealth gap and a dearth of intellectual capital has now emerged. The author makes the case that certain economic policies in Africa have failed on such a large scale that a major restructuring is necessary. The construction of appropriate agencies or groups to ease the continent into reaping the benefits of globalization can make up for where Africa had lagged behind, the article suggests. Multilateral policymaking groups can help overcome the governmental and economic weaknesses of individual states. Globalization here is a facilitator. There are caveats, however: “the globalization challenges can tip states in the wrong direction-away from good governance and pro-growth policies and toward … further weakening of already inadequate social policies and institutions,” says the author. The legitimacy of organizations geared at improving Africa will have to come not from rich elites that control government, but from the overwhelming majority of Africans who are affected by economic stagnation: the poor. Credibility about economic aims cannot be established with out a mandate, the article suggests. “African states need to recognise the potential of collective action.”. –YaleGlobal