Okoli, Rowland Chukwuma (2015) Globalization versus Disintegration: The Travails of Regional Integration Agenda in West Africa. In: Sixth Annual Conference on Regional Integration in Africa (ACRIA 6), 1-2 July, 2015, West African Institute for Monetary and Financial Management (WAIFEM), Lagos, Nigeria.
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9. Okoli Rowland C. (Globalization and regional).pdf Download (1MB) |
Abstract
Globlisation is a multi-dimensional phenomenon with risks and opportunities for States of the world that have been inextricably linked in a complex and interdependent relationship. Regional integration has been adopted in various regions of the world as one of the strategies for mitigating the risks of globalization while maximizing the opportunities. Meanwhile, despite the quest for regional integration, Africa remains a mosaic economically. This study interrogated the neoliberal proselytisation of globalisation as an inevitable phenomenon that benefits all states and even fosters regional integration. It investigated the role of globalization in undermining regional integration in West Africa. Secondary data were collected from documentary sources while qualitative descriptive method of analysis was employed. We predicated our study on the complex interdependence theory. Hence, the study implicated multilateral trade liberalization and financial liberalization as two aspects of globalization that undermines intra-regional trade and creation of monetary union in West Africa respectively. We noted inter alia that most of the global trade agreements reached under the auspices of the WTO are detrimental to the integration effort of West African countries. The study demonstrated that West African countries trade more with developed countries of Europe and America than they trade among themselves leading to insignificant intra-regional trade. On its own, financial globalization was implicated for undermining the autonomy of West African States in domestic monetary policy making and ipso facto vitiates the efficacy of the mechanisms and strategies initiated for creation of monetary union in West Africa. As a corollary, West Africa also performs poorly in terms Foreign Direct Investment inflow into the region despite the global increase in the volume and value of FDI. By exposing and integrating the economies of Africa into the global market through the instrumentalities of trade and finance, globalization impedes intra-regional trade and creation of monetary union in West Africa, and engenders disintegration of West African economic community. Although regional integration is not an elixir, the paper maintains that regional integration is a veritable strategy required to mitigate the risks posed by globalisation and therefore advocates evidence-based reforms that would ensure involvement of the private sector in the integration agenda, diversification of economies, reduction of external debt owed to Bretton Woods institutions, provision of subsidies for small and medium scale industries to make them competitive locally and globally
| Item Type: | Conference or Workshop Item (Paper) |
|---|---|
| Subjects: | J Political Science > JA Political science (General) |
| Divisions: | Faculty of Management and Social Sciences |
| Depositing User: | mrs chioma hannah |
| Date Deposited: | 18 Apr 2019 10:30 |
| Last Modified: | 18 Apr 2019 10:30 |
| URI: | http://eprints.gouni.edu.ng/id/eprint/1166 |
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