Therefore, the European and the western nations set out their strategies to explore the world and landed in the other continents such as Africa and Asia. This formed the colonialism period when many countries in Africa served under the nations super power nations. When the European nations entered the African countries, they took advantage of the defenceless nations to develop their industrial sector from different cheap raw materials and to source forced labour that would work well for their growing industrial sector. the reason why these countries colonised African nations is because they intended to dominate and become the super power nations in terms of economy and strength.
Since this was a war of the weak against the strong, it would be right as the highest level of imperialism in a globalization era (Perraton, 2004). Countries that were already poor continued to be poor as their natural resources were exploited by the powerful nations. most economists have arrived into a concession that the reason why developing countries have stagnated economies is because they suffered an economic exploitation during the colonialism period.
The globalization strategies after the colonialism period were under the hand of the international bodies such as the world bank and the inter-monetary funds. These powerful banks were located in the western countries and endowed with the power of controlling the global monetary policies. Stiglitz (n. d.) asserts that these organizations designed policies that showed disparities between the super power nations and the developing nations. To begin with, the IMF and WB provided policies that treated nations differentially often favouring the developed countries. While these bodies were supposed to administer equity-based policies that would contribute to the development of weak economies, these bodies designed policies that acted differently.
For instance, the high interest loan rates that these organizations charged the developing countries frustrated the strategies of the developing countries to globalize. the fiscal policies weakened the currency in third world countries and killed the banking industry. These monetary policies were oppressive since majority of the developing countries were in the state of recovering from the blow of colonialism. The implication of this is that the stronger nations were able to access development loans while the weaker nations were frustrated and their efforts to rise against this form of dominance were suppressed.
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