Globalization and Millennial Africa

Flashcards covering key terms and concepts from the lecture notes on globalization and Millennial Africa.

Neoliberal Globalization and SSA's Vulnerabilities

Sub-Saharan Africa was especially vulnerable to the rise of neoliberal globalization in the late 20th century due to internal legacies of colonialism and external shifts in the global economy.

Internal Weaknesses of SSA

Weak institutions, dependency, and underdeveloped economies.

External Pressures on SSA

Global economic changes, including debt, structural adjustment programs, and global market shifts.

Debt Crisis as SSA’s Entry Point into Globalization

In the 1970s–1980s, African countries faced rising national debt and foreign exchange exposure, marking their forced integration into the global economy.

Structural Adjustment Programs (SAPs)

Introduced by the World Bank and IMF to manage the debt crisis; came with strict conditions, requiring African states to liberalize their economies in exchange for loans.

Western lenders changed loan terms

Shorter loan periods; Higher and variable interest rates

Deindustrialization

Local industries collapsed due to foreign competition.

Economic Restructuring

Rapid and forced economic reforms including currency devaluation, lowering tariffs, incentives for foreign direct investment (FDI).

Social and Economic Challenges

Poverty and inequality increased as benefits of growth were not widely shared.

Afro-Optimism

Suggests Africa is experiencing a revival driven by markets, private entrepreneurship, and 'lean and mean' states.

Afro-Pessimism

Argues that growth is uneven, fragile, and misleading; African economies may still be trapped in marginalization and resource extraction.

Inclusive Political Visions

Africa needs inclusive, people-centered development visions, grounded in local realities and participation.

Africa’s Position in the Global System

Africa remains marginalized in global power and economic structures, yet it is also actively shaping its own path, with diverse and evolving local realities.

Globalization’s Impacts

Globalization has had ambiguous effects on Africa, contributing to economic shifts but also undermining sovereignty and development.

Neoliberal Globalizatio

Economic policies and practices promoting free markets, deregulation, privatization, and reduced state intervention in the economy.

Debt Peonage

A cycle where countries must borrow continuously just to service existing debt, reducing sovereignty and developmental capacity.

Structural Adjustment Programs (SAPs)

IMF/World Bank-imposed reforms focused on liberalization, privatization, and austerity aimed at stabilizing economies but often resulting in social hardship and economic stagnation.

Debt servicing

Payment made by countries to cover interest and principal on borrowed funds.

Policy Space

The ability of governments to use policies to regulate and protect their economies.

Kaplinsky’s Focus on Intra-Regional Trade

Suggests a greater focus on intra-African trade and regional cooperation to negotiate better terms with external powers.

Engaging with BRICS and China

Chinese and BRICS investments in countries aimed at capturing markets and local production , exporting profits outside the region.

Graham Harrison’s Perspective: The Historic Opportunity

Calls for a critical mass of independent thinkers, activists, workers, and businesspeople to generate new ideas and practices outside neoliberal norms.