The Phantasm of Globalised Africa: discerning the imagery - a South African perspective.

Abstract

Globalisation is characterised by divergent interests and opinions. The term has widely been used, in recent times, to exhibit affluence of civilisation and erudition. This explains why a single Google search under the keyword “globalisation” yields almost 2 million hits within 0.07 seconds. Globalisation is widely seen as a connecting rod between trade and economic growth through the spill over and multiplier effects of its agencies (foreign direct investments and portfolio investments). As a process that facilitates global integration of economies and societies, its impacts over the past fifty years has been amazing.It has been widely praised for catalysing the spate of current unprecedented levels of economic prosperity, reduction in the level and prevalence of poverty, and improved quality of life, and life expectancy. Conversely, it has also generated a lot of criticism, which have emanated from its purported erosion of national sovereignty, disregard for labour and environmental rights, exacerbation of income and wealth gaps between and within nations, and Americanisation of the world over. This has been worsened by the prejudiced nature of the Institutions of Washington consensus that pioneered and nurtures it, casting doubt on the sustenance of such hegemony.