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

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

Abstract

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

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