Globalization: A Form Of Colonialism Essay

1296 words - 5 pages

Colonialism was a concept of superiority of one territory over another; it was a concept that originated centuries ago. Colonialism had been put into action throughout a long line of history and did not end after World War II in 1945. Even with resistance and efforts from independent states after the war, colonialism did not disappear and continued as a dominant system. It remained and changed its form, resulted in the process of globalization, which continued to control over newly independent states following World War II. Globalization, a form of colonialism, maintained power for the system over states or regions through economic terms with the development of the World Bank, and its derivation of structural adjustments. This financial institution was formed and contributed to colonialism; it assisted in the economic affairs of colonized nation(s). Along with class, professor Manfred B. Steger's book, Globalization: A Very Short Introduction, and I.B. Logan and Kidane Mengisteab's article, "IMF – World Bank Adjustment and Structural Transformation in Sub-Saharan Africa," discussed the indirect rule of colonial powers through globalization.
Globalization was derived from colonialism to control over previously colonized nations, and the way it did so was through the creation of the World Bank in 1945. Globalization is defined in Steger's book as, "the expansion and intensification of social relations and consciousness across world-time and world-space" (Steger 15). Globalization included numerous aspects but one that had heavily influence countries across the world was the World Bank, previously known as The International Bank for Reconstruction and Development. The World Bank was created during the Bretton Woods Conference, a town in New England ruled by the United States and Great Britain (Steger 38-39). Correlated to lecture on February 16th, 2011, economic globalization extended ties among nations, but the World Bank had structural adjustments. The adjustments were forced policies implemented by the World Bank on nations if they wanted loans. However, these policies defeated the purposes of the World Bank, and globalization as a whole, because they were forced conditions that only limited countries' activities. Also discussed in the same lecture, some of the conditions included: decrease of austerity, devaluation of currencies, removal of restrictions on trade, balanced budgets without overspending, privatization/reduction of state-owned enterprises, and removal of price controls along with state subsidies. These rules, supposedly designed to help countries, especially Third World countries, were forced upon them. In this case, it was the Sub-Saharan Africa region (SSA); they had no choice but to agree since they were poor. Circumstances worsened in that region, because although the purpose of the bank was to reduce poverty, it was not the same for structural adjustments. SSA got loans from powerful countries, but was obligated or forced to...

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