International Politics of African Underdevelopment
- July 14, 2018
- Posted by: RSIS
- Category: Political Science
International Journal of Research and Innovation in Social Science (IJRISS) | Volume II, Issue VI, June 2018 | ISSN 2454-6186
Jibrin Ubale Yahaya
Department of Political Science, Nasarawa State University, Keffi, Nigeria
Abstract: – The aim of this paper is to give a critical discussion of contemporary global political economy by focusing the effect of reproduction of the global financial institutions, policies, and relations associated with neo-liberalism within the dynamics of global capitalist crisis. The paper has three dimensions, firstly, is the situation of global crisis and neo -liberalism has effect on the economy of underdeveloped countries as well as argue that crises have been functional product of capitalist system. Secondarily, the papers will overview level of response to the economic crisis of underdeveloped countries by international financial institutions (IFIS) with support efforts of regional organizations and civil societies groups. This paper will give playing ground for the new perspectives, either pro or anti neoliberal forces, but the paper will provides an opportunity to re-articulate the reflection given by the so called underdeveloped countries to heavily submit their economic development plan and strategy from global or developed countries owned financial institutions that only leads to exploited and manipulate the underdeveloped countries economy to a bear economic dumping ground. This paper thirdly, also understand that corruption in Africa leads to the continent’s underdevelopment is based on the assumption that funds that could be used to develop the continent are stolen by African leaders and stashed in foreign banks living their citizens in abject poverty.
Keywords: Neo-Liberalism, Developed Countries, Underdeveloped countries, Global Financial Institution.
African Political Economy emerged from the circumstances of her forceful integration with the international capitalist system, through the successive and combined impact of slavery, colonialism and neo-colonialism. African’s economy today is not only underdeveloped, but also almost prostrate.( Sikiru, 2009) The Human Development Report 2000 (UNDP, 2000) has highlighted about the freedom of discrimination, want, fear and injustice as part of the characteristics of African or Third World social structure or political economy. Human development structure is one of the driving engine that develop any economic system in the world, if human development shifts the conceptualization of development and poverty from a matter of charity to a matter of justice, then human right approaches added some implication on human development strategy advocated by various global financial institutions. However, in this respect various financial institutions denied various underdeveloped countries the right to develop their economic system despite the availability of all needed resources to achieve the level of development by putting some economic policies that only benefit the developed countries and deprive the third world from moving ahead of where they are today.