Globalization and its challenges; assessing the effectiveness of international organization in addressing global challenges

ABSTRACT

This research delves into the intricate relationship between globalization and the myriad challenges it presents on a global scale. The study aims to evaluate the effectiveness of international organizations in navigating and mitigating these challenges. Contrary to concerns that globalization might impede the efficacy of such organizations, our findings reveal an optimistic perspective. The majority of respondents strongly disagree with the notion that globalization hinders international organizations, indicating a prevailing sentiment that globalization serves as a catalyst for these entities to adapt and effectively address emerging challenges. Identifying key global challenges exacerbated by globalization, the study underscores the significance of climate change, economic inequality, and public health crises. The acknowledgment of regional variations in the manifestation of these challenges emphasizes the need for targeted and context-specific approaches in addressing their impacts. Encouragingly, respondents overwhelmingly express confidence in the adaptability of international organizations. This positive perception reflects a belief in the resilience and capability of these organizations to evolve in response to the dynamic global landscape. The findings underscore the importance of recognizing and leveraging the strengths of international organizations as pivotal players in addressing contemporary challenges.

CHAPTER ONE

INTRODUCTION

• BACKGROUND TO THE STUDY

Trading is an indispensable part of all international businesses, whether the company markets in one country or on a global market. Goods are produced in one country, distributed to another, and moved across borders to enter the distribution system of the target market(s). Most countries control the movement of goods crossing their borders, whether leaving (exports) or entering (imports). Some of the basic export and import documents are tariffs, quotas among others (Aimiumu, 2004; Adesoye, Ajike&Maku, 2015). They are barriers to the free flow of goods between independent sovereignties and are requirements that must be met by either the exporter or the importer or both. In order to ensure good trading relationship between countries and easy movement of goods, services and human capital, trade barriers are reduced or removed which is otherwise known as the economic globalization or globalization. Globalization is the process of international integration arising from the exchange of world ideas, products views and innovations (Omojolaibi, Mesagan&Nsofor 2016). It is the intensification of cross-border trade and increased financial and foreign direct investment flows among nations, promoted by rapid advances in and liberalization of communication and information technology (Aninat, 2002). It conjures the picture of a borderless world with greater economic integration that enhances the living standards of people across the globe. The foregoing shows that globalization is the integration of economies worldwide through trade, finance flows and widespread adoption of information technologies and internetworking. Hence, it is an increasing interconnected and inter dependent world in international trade management, administration, communication, investment and finance.

Globalization has over the years been widely celebrated as one of the keys to economic growth and development. The integration of the world economy through the progressive globalization of trade and finance has reached unprecedented level most especially in the recent times, surpassing the pre-world war I peak (Lall,  et  al.  2007).  The  international  competitiveness  brought  by  the  new  wave  of globalization has brought tremendous progress to the world economy. The global economy has continued to witness vigorous expansion since the first half of 2007 with growth running above 5 percent (IMF, 2007). In the face of the new wave of globalization, no country wishes to be left out in the distribution of the benefits resulting from trade, foreign investment and financial integration (international capital flows).

However, Adesoye, Ajike and Maku (2015) have argued forcefully that many highly globalized developing countries have not been able to profit from globalization and are still facing the same problems they have  been  facing  for  many  decades.  For  instance,  Nigeria  had  embraced globalization since  the 1980s  with the expectation  that enhanced free  trade, competitiveness, financial  integration,  foreign  investment  and  technological  advancement  would  ensure  theachievement of rapid growth of the economy. Contrary to expectation, the growth pattern of the economy  since  the  1980s  has  been  very  disappointing  with  poverty  incidence  escalating. According to  the World Bank (2002) report, about 65 percent of the Nigeria population lives below the poverty line,  with  Nigeria being ranked among  the  poorest countries  of  the world, despite its vast economic potentials as well as its attendant natural resources.As  developing  countries  attempt  to  open  up  their  economies  in  recent  years,  they  are  concerned  about globalization and its different effects on economic growth especially as poverty, inequality, environment and cultural dominance are increasing everyday(Samimi and Jenatabadi, 2014). As an important component of the developing world, Nigeria is faced with opportunities  and costs  of globalization.  Although Nigeria is endowed with natural resources, these resources are not being utilized appropriately. It is pertinent to highlight that exploring new ways to harness the Nigeria’s resource endowments more efficiently is important and necessary for the country to improve its economic situation and position in the global sphere.

1.2 STATEMENT OF THE PROBLEMS

Globalization is often blamed for the rising incidence of poverty and inequality observed in most third world countries and regions where the developed countries use their competitive advantage to boost their share of world trade and finance, and so largely benefit from globalization (UNCTAD, 2003a). On the other hand, underdeveloped and developing countries could be losing out as they experience a worsening of existing imbalances and distortions in the global economy (Collier & Dollar, cited in Onwuka&Eguavoen, 2007).This therefore raises  a  fundamental  question  on  the distributional effects of globalization which is often polarized between two points of view. While the proponents of globalization argue that globalization leads to a rising tide of income which raises all boats, the opposing group argues that although globalization may improve the overall income  level, its  benefits  are  not  equally shared  amongst individual  countries  of the  world. However, while there is a general consensus that the third world countries (Nigeria inclusive) can benefit from integration with the global economy, an unresolved issue is that of why the global poverty and stunted growth remain predominantly a third world phenomenon.Adesoye et al (2015) have argued forcefully that many highly globalized developing countries have not been able to profit from globalization and are still facing the same problems that they have been facing for many decades. For instance, Nigeria had embraced globalization since 1980s with the expectation that enhanced free trade, competitiveness, financial integration, foreign investment and technological advancement would ensure the achievement of rapid growth and development of the economy. Contrary to what is expected, the development trend of Nigeria from the 1980s has not been encouraging because poverty incidences are escalating. According to the world bank (2002) report about 65 percent of the Nigeria population lives below poverty line, with Nigeria being ranked among the poorest countries of the world, despite its vast economic potentials, attendant natural resources and most importantly its participation and membership in the league of globalised nations. In this view of this therefore, The need to carry out this research, stems from the gap in researcher’s conclusion on globalization and its challenges; assessing the effectiveness of international organization in addressing global challenges. Thus this research will emphatically ascertain the impact of international organization in addressing global challenges.

1.3 OBJECTIVE OF THE STUDY

The broad objective of the study is to examine the impact of international organization in addressing global challenges. The specific objectives are to

1. To analyze the ways in which globalization has contributed to the emergence and evolution of global challenges in the contemporary world.
2. To identify and categorize the key global challenges resulting from or exacerbated by globalization, and to explore their manifestation across different regions.
3. To assess the extent to which international organizations have adapted to the changing nature of global challenges brought about by globalization.
   • RESEARCH QUESTIONS

The following research question guides the achievement of the above stated objectives:

1. How has globalization impacted the emergence and evolution of global challenges in the contemporary world?
2. What are the key global challenges resulting from or exacerbated by globalization, and how do they manifest across different regions?
3. To what extent have international organizations adapted to the evolving nature of global challenges brought about by globalization?

1.5 STATEMENT OF HYPOTHESES

The study is guided by the following null hypotheses:

H0₁: Globalization has no significant impact on the emergence and evolution of global challenges in the contemporary world.

H0₂: Globalization does not contribute to the exacerbation or generation of key global challenges, and their manifestations do not differ significantly across regions.

H0₃: International organizations have not significantly adapted to the evolving nature of global challenges brought about by globalization.

1.6 SCOPE OF THE STUDY

The study seeks to ascertain globalization and its challenges; assessing the effectiveness of international organization in addressing global challenges.

1.7 SIGNIFICANCE OF THE STUDY

This research endeavor seeks to empirically ascertain globalization and its challenges; assessing the effectiveness of international organization in addressing global challenges, Thus, findings from this research will be of immense benefit to the government, as it will give them a better idea and outlook on the globalization and how it impacts various economy. The study will also be of importance to investors as the data indices employed to carry out this research will serve as a guide as to how globalization has performed over the years, thus the research will serve as a guide to them. Finally, thus research will be of immense significance to policy makers and the monetary authorities as recommendation made here will help in formulating better policies and regulatory frame works to help improve and further deepen globalization.

Pages:  57

Category: Project

Format:  Word & PDF               

Chapters: 1-5                                          

Source: Imsuinfo                            

Material contains Table of Content, Abstract and References.