The study was aimed at assessing globalization and politico-economic development of Nigeria, a case study of the fourth republic. The survey research was used in this study to sample the opinion of respondents. This method involved random selection of respondent who were administered with questionnaires. The target population of the study comprised residents of selected local governments in Lagos state in Nigeria. The questionnaire administered was one hundred and ten (110) copies and one hundred copies retrieved which constitute the sample size. The descriptive and analytical approach was adopted using Chi-square to test and analyze the hypotheses earlier stated. The findings revealed that there is a significant impact of globalization on politico-economic development of Nigeria’s fourth republic and that there is a significant relationship between globalization and politico- economic development in Nigeria’s fourth republic. It was therefore concluded from the findings that the global market is becoming more complex, competitive, and interdependent. Today, the new globalization has no room for corruption-laden, mismanaged, directionless, and distorted economies. It was recommended that the new democracy must go beyond party politics to include civil society grassroots initiatives and that the political leaders should adhere to the basic tenets of democracy and constitutionalism to promote good governance and foster national development.
1.1 BACKGROUND OF THE STUDY
Since the mercantile period globalization had boosted the interaction between states, especially in the area of exchange of goods and services and an increase in economic development. Globalization is a powerful real aspect of the new world system, and it represents one of the most influential forces in determining the future course of the planet. It has manifold dimensions: economic, political, security, environmental, health, social, cultural, and others. Globalization has had significant impacts on all economies of the world, with manifold effects. It affects their production of goods and services. It also affects the employment of labor and other inputs into the production process. In addition, it affects investment, both in physical capital and in human capital. It affects technology and results in the diffusion of technology from initiating nations to other nations. It also has major effects on efficiency, productivity and competitiveness (Intriligator, 2003). In the 1990s `globalization' has become a particularly fashionable way to analyze changes in the international economy and in world politics. Advances in technology and modern communications are said to have unleashed new contacts and intercourse among peoples, social movements, transnational corporations, and governments. The result is a set of processes which have affected national and international politics in an extraordinary way (Ngaire, 2000). In the age of globalization, the links between political economy and society are forged through terms like governance. An old word in the English language with a new lease on life, governance plays a role that on the surface appears benign but on closer scrutiny becomes more sinister. One of the perspectives for examining these links and penetrating below the surface appearance of a term like governance is political economy, an interdisciplinary tradition that spans the social sciences and humanities from sociology and geography to communications and education (Sumner, 2018). In the words of Canadian political economist Harold Innis, the task for engaged intellectuals involves “questioning the pretensions of organized power” (Neufeld & Whitworth, 2017:198). The term `political economy' is used advisedly for it has been used to describe a number of different things in political science and international relations; from the application of rational individualism to the study of politics, to debates over policy with an economic dimension. In this study, the term is used to describe the changing relationship between political systems (both national and international) and economic forces (Gourevitch, 2013). In other words, the study is concerned with how policy-makers are being affected by economic forces, as well as how they themselves affect these forces. Following in the classical tradition of political economy, the study also address the moral debates about globalization (challenges and benefits), and touching upon the possible ramifications for opportunity and inequality among a wide range of actors in a globalizing world (Hurrell and Woods, 2014). The research adopts the political economy approach, which treats social life and material existence in their relatedness (Ake, 2013). Political economy underscores the central importance of the mode of production and relations of production as a major casual factor in all social phenomena (Onimade, 2015). Thus an examination of the politico-economic development processes in Nigeria provides a useful background for the analysis of the Nigerian economic crisis.
1.2 STATEMENT OF THE PROBLEM
By its nature, globalization concurrently provides economics opportunities and economic threats. More so, it seems to be biased and has unequal considerations on countries. Above all developing economies are hold-out for benefiting from globalization due to their economic status. Cross-country capital flows are growing rapidly, and domestic systems are consequently increasingly exposed to shocks emanating from abroad. Since cross-border financial flows tend to be more volatile than domestic flows especially equity flows, such flows heighten the risk of financial crisis in many developing economies (Earnest, 2004). Really, exposure of developing economies to external shocks of global financial integration raises capital flight and inflows. This affects exchange and interest rates, hence pose new challenges of macroeconomic management of the economy. Dos Santos as cited in Suleiman (2004) believed that, "unequal exchange led to the development of dependency relationship where third world has their economies conditioned by the growth and expansion of another economy. Nigeria has an example experienced dependent economy which is considered among the factors responsible for economic slow growth rate. Globalization imposed a dependent capitalist social system and western values in the forms of industrialism, market principle and institutions on Nigeria. A culture of dependency also was institutionalized through internationalization of capital and social life…. underdevelopment and inferiority complex were also instituted as a cumulative product of Western hegemony on Nigerians (Suleiman, 2004). Nigeria has been experiencing disappointing performance in terms of growth in GDP and the general development of her economy. As a result there is no improvement in the reduction of poverty. In the last decades, the global economy suggest a challenge; the utilization of the opportunity engineered by globalization while at the same time managing the problem and tension it poses, for developing countries like Nigeria. Rather than strengthening the economy, globalization seeks to retrench it, thus Nigeria enters the global market at a competitive disadvantage as a largely mono-product economy with weak currency, shrinking indigenous industrial space, mounting debt profile, corruption-infested political and economic climate. This unacceptable posturing imposes a systematic dispossession and exploitation of initiatives and resources and also the misuse and squandering of the economic surplus by the regional and local power elites.
1.3 AIM OF THE STUDY
The major aim of the study is to examine globalization and politico-economic development of Nigeria. Other specific objectives of the study include;
H0: There is no significant impact of globalization on politico-economic development of Nigeria’s fourth republic.
H1: There is a significant impact of globalization on politico-economic development of Nigeria’s fourth republic.
H0: There is no significant relationship between globalization and politico- economic development in Nigeria’s fourth republic.
H1: There is a significant relationship between globalization and politico- economic development in Nigeria’s fourth republic.
The studywill be useful source of information particularly to Nigerian government for evolving means/strategies to rigorously monitor the implementation of her budgets in order to propel growth in the economy. Policy makers and the governmental agencies will find this study relevant, since it provides insight on the interaction between an effective budgeting and development index, and the factors inhibiting budgetary process and management in Nigeria. This understanding will help the government to be more result-oriented in enhancing economic development.The study would also be of immense benefit to students of hospitality department, researchers and scholars who are interested in developing further studies on the subject matter.
The study is restricted to globalization and politico-economic development of Nigeria, a case study of the fourth republic.
Financial constraint: Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview)
Time constraint: The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.
1.9 DEFINITION OF TERMS
Globalization: The process of interaction and integration among people, companies, and governments worldwide or globalization is the word used to describe the growing interdependence of the world's economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
Politico-economy: Is the study of production and trade and their relations with law, custom and government; and with the distribution of national income and wealth.
Development: The act or process of developing; growth; progress.
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