Globalisation faces many other types of barriers A recent McKinsey report says that the process of globalisation is not only not uniform across all industries, but there are large differences in the extent to which developed and developing countries have been integrated into a single market (McKinsey 2003). These “large differences” give cause to worry. There are some winners and some losers in this game. It has been pointed out by globalisation scholars that disproportionate benefits of globalisation go to…...
Modernization theory is a theory used to explain the process of Modernization within societies. The theory looks at the internal factors of a country while assuming that with assistance “traditional countries can be brought to development in the same manner more developed countries have. This theory of modernization however failed because it can be argued that it was too Eurocentric in its methodologies. That is to say its centered focus was on Europe or European peoples. The theory never considered…...
Third world countries debt crisis Introduction Debt Crisis is a condition in which a country has heavy external debts and is unable to pay the principle of the debt. Moreover, it also refers to a situation where a state uses large percentage of its foreign exchange in serving the debts and even goes to an extent of borrowing more loans, so as to meet the most urgent and important duties in its economy(Aluko and Arowolo 2010a). This…...
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