The dawn of the 20th century witnessed an unprecedented level of international trade at a scale never seen in human history.
The proponents of globalized economy reckoned it as the panacea for the inequality in the world and most importantly it encourages free-market economic systems with an attendant increase in nations’ productivity and opportunities for trade and investments at a global scale.
While the huge impact of globalization on the world economy and its benefits cannot be over-emphasize, the league of highly industrialized nations led by the G7 nations under the principle of globalization has helped increased the economy output and productivity level of most Asian countries.
India, China, Singapore, Korea, Malaysia and Vietnam are examples of countries that have benefited immensely from the globalization. With the transfer of advanced technology from the large corporations in the west, the Asian countries have managed to acquire the technical know-how to transform their economy with a remarkable increase in the per capital income for most these countries.
Unfortunately, most African countries were either grappling with civil war, famine or political upheaval during the period globalization was gaining ground in Asia. Thus, the continent missed this important phase in the world economy.
The general outlook of Africa as a continent that perpetually needs aids rather than trade has not helped the situation. Africa is catching up with the rest of world in information technology and I think the continent is more than ready to join the cross-border trade and commerce. From Senegal, Ethiopia, Kenya, Ivory Coast, Nigeria and South Africa, the digital revolution is helping to bridge the knowledge gap. The new generation of Africans are ready to take on the rest of the world in trade and commerce and are more than willing to contribute their quota to human development.