Globalization and Economic Growth: Empirical Evidence from Nigeria

Globalization, especially economic globalization is one of greatest concerns of our generation that has more negative effects than it can benefit developing nations.. This is an economic system that has been conceived by capitalist nations, multinational, and the worlds largest cooperate bodies through carefully propagated policies to facilitate movement of their goods, products, investing capital, and ambitions. Their main driving tool is an idea called international free trade. What stimulates their interest is the ambition to get rich and richer. With the aid of communication, transport technological development, and other induced free trade, but unjust policies, economic globalization has gained a lot of grounds over the years. Very few developing nations have gained from it but majority of the developing nations continue to be penalized by the global economic village ideology. This is because the drive has not been balanced by intentions to give everyone

The term globalization can be defined as a process by which societies, regional economies and cultures have been integrated via a global network of transportation, communication and trade. It has both positive and negative impacts in all the areas that it touches on be it economical, social, technology, cultural, political, environment, health or any other. Globalization started to have an impact on businesses world wide in the eighteenth century since that time marks the merging of modernity and globalization. However, in the modern sence, globalization kicked off after the end of Second World War since its during that time that leaders felt the urge to break down the borders

Globalization describes the interdependence of nations, the opening up of markets through the removal of trade barriers, foreign direct investment, and enhancing of technological communications. Moreover, it is the shift towards the

Globalization is defined by the Levin Institute as "a process of interaction and integration among people, companies, and governments of different nations." The process itself is really driven by two main components those being international trade and investment.

The variables upon which indicates economic growth are created using quantitative methods, as stated above, using various data from the WTO , the UK Data service, WDI and the IMF . By analyzing data between the time period 2000-2013 (latest available data), I aim to show the main causations of growth in Brazil, as ultimately growth occurs over time. Ultimately current and past policies will be analyzed and the effectiveness of these will be proven throughout the paper.

Global business has imparted positively in various ways to the growth of the Kenyan economy and the general improvement in the social living standards of individuals. Globalization has imparted positively to the Kenyan economy in the following ways;

Globalization is the process whereby which there is integration and interaction amongst people, organizations, companies and governments of different countries. The process of globalization started a long time ago with the initiation of foreign trade with different countries. In recent years due to great advancement in technology, effective communication and better relations Globalization is a very common aspects of businesses, governments and other social segments of society. The process ‘has’ and ‘is’ effected by the social, cultural, economic and political aspects of different countries around the world. According to Thomas Friedman, globalization today is “farther, faster, cheaper, and deeper.”

Globalization is a process of multinational character by exchanging of capitals, goods, services and labour among the nations. Often it reforms the process of nation's social development on the lines of socio-cultural, environmental, political and geographical conditions.

Globalisation is the increasing level of integration between countries facilitated through the liberalisation of trade. The term globalisation is also used to outline the shift from the confines of national boundaries to encompass the world as a whole. Economic growth is change in gross domestic products (GDP) produced by an economy over a period of time. While economic development is a measure of welfare in a nation and the process of structural changes. Indicators that highlights the changes in economic development includes; education, health, standard of living and extent of poverty. The influence of globalisation on China is seen in its change in trade of goods and services, financial globalisation and improvement in technology, transport and communications. China has taken this opportunity to increase their economic growth and development through various strategies. Evident in their “Open Door” policy, the membership of the World Trade Organisation (WTO) and the revaluation of the renminbi (RMB).

Economic development refers to adoption of mechanisms that improve the economy well-being as well as the quality of life. Economic development captures the current situation and evaluates the methods useful for fostering growth that will preserve the quality of economy in future generations. Methods involved include globalization, proper utilization of natural resources, democracies, investment in health and agricultural technologies and creation of effective international institutions. An increase in gross domestic product is therefore important in assessment of economic development. However political problems affect international economic relations. To shape the world economy, several themes are applied on analytical, cultural and theoretical perspective. The paper will focus on readings with a comparative analysis on evaluation of the theme’s strengths and weakness to provide an insight on economic development.

Globalization is the increasing interdependence and connectedness of the world, its businesses and it markets, as well as flow of goods, ideas, technology, people etc. This phenomenon has increased vastly over the years due to technological advances, telecommunications and internet. As the world becomes a global economy, countries have the opportunity to advance more but with the catch that there is also increased competition. Thus as it becomes more common and powerful a feature, it also has some resistance as well. (InvestorWords, n.d.)

Nigeria's economy is estimated to be worth about $262bn, making it one of the largest economies in Africa. The estimates and analysis of various indicators is discussed in the

Globalization is taken as facilitator of international trade and economic growth. There might be various parameters for the measurement of the connection between globalization, international trade and economic growth that is derived from the mobility of investment, human capital to communication and transportation that fosters interdependency and other forms of economically beneficial and social relationship between countries.

During the period 1960-1997, Nigeria’s growth rate of per capital GDP of 1.45% compares unfavorably with that reported by other countries, especially those posted by china and the Asian Tigers such as Hong Kong, Singapore, Taiwan, and south Korea, viewed in this comparative perspective, Nigeria’s per capita income growth has been woefully low and needs to be improved upon.

Firstly, the widely used term “globalization” is a very old process; however it is a phenomenon that is constantly experiencing growth and development. In that regard, for one to understand the topic of this paper, it is ideal to begin by defining globalization, that being said, there are many definitions however it was best described by Richard J.Payne (2012) in his book Global Issues, which stated that globalization refers to the shrinking of distances among its continent as it creates a worldwide interconnectedness of important aspects of human life, including religion, migration, war, finance, trade etc. It is a world wide movement toward economic, socio-cultural, political and technological communication