1.1 Introduction To The Study
One of the issues that is captivating international attention is globalization. Thus since the 1980s, the term globalization has become currency in the national and international discourses. Globalization according to Giddens (1990:14) is defined as the intensification of worldwide social relationships which link distant localities in such away that local happening are shaped by events occurring many miles away. Edmond and Marshall (1960:12) coined the popular phrase of the world being “a global village” when they argued that “post literate man’s electronic media contract the world to a global village or tribe where everything happens to everyone at the same time. Television gives quality of simultaneity to events in global village.
The available historical fact reveals that issue of globalization is not a recent phenomenon, its date back when trade link was established among nations of the world. It gains acceptability when in British industrial revolution gained momentum and other western countries before it expanded to the rest of the world including the African continent.
The 19th century set in motion the second phase of globalization process when Europe began the mass production of industrial goods. However, the sphere of globalization seems to be having the greatest impact on global economic system. The increasing interdependence of states provides the basis for globalization. The challenges of contemporary international political economy are in broad terms the coexistence of a territorially based political system with an economic system that is increasingly global in scope. The increasing interdependence of states has marked a movement from distinct national economies towards a single global economy.
Just as there are many gains and opportunities of globalization, so also are problems
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