Table of Contents
Introduction
Globalization is the process through which countries realize increased connectivity and interdependence globally. The process has been increasing in the past two decades because of advanced technology that has led to more travelling and spread of information. Globalization is important to economies because it brings with it opportunities for countries to interact wit the rest of the world. However, despite the availability of these opportunities, a country must have enough resources to embrace the opportunities. Most African economies have been performing poorly and it is only those few good performing economies that have been in a position to embrace the opportunities of globalization. Most economies face the challenges of poor governance and misappropriation of economic resources. Therefore, most African economies have not fully benefited from the benefits of globalization. This study will examine the impacts of globalization on African economies with specific reference to Kenya.
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Study objectives
This research will examine the impacts of globalization on African economies with specific reference to Kenya. The study will seek to fulfill the hypothesis that globalization has positively affected the economic performance of Kenya. The objective will be to find out the impact of globalization on the Kenyan economy.
Globalization and its impacts on Africa
Globalization is the process through which there is an increased connectivity and interdependence of the world markets and businesses. For the last two decades, the globalization process has speeded up due to advanced technology that has made it easier for people to travel anywhere any time without difficulties. Additionally, the process has developed fast due to the development of advanced telecommunications infrastructure and the internet. According to Nsibambi (2001), the interconnection of the world economies provides many opportunities though the opportunities are accompanied by increased competition. Herbst (2005) argues that as globalization increases, the interconnectivity of countries increases bringing opportunities to every economy African economies included.
According to Herbst (2005), the African economies have always been exposed to globalization. Many opportunities come with globalization to African countries. However, despite these opportunities, the African economies have always performed dismally. According to Nsibambi (2001), the African economies such as the Kenyan economy have not always performed poorly and this has affected their efforts to integrate into the global economy. A large part of the continent is still a producer of relatively unprocessed raw materials.
Tsai (2006) argues that there are many reasons that many African economies perform poorly even with increasing opportunities arising from globalization. In one of the trends, the exceptionally large countries perform poorly. For instance, DRC, Ethiopia and Nigeria account for about 37% of the African population and they have a per capita income that is below the continental average. The problem with many of the African economies is poor governance. As many African countries fall into different categories of economic growth and development, it is only the good performing countries that can effectively embrace the opportunities that accompany globalization. The rest are unable. Additionally, most of the countries are faced with differential challenges of globalization. Therefore, despite the rapid increase in globalization, many African countries are yet to realize its positive effects on the economies.
Research methodology
Methods are the various techniques and approaches that a research can use. A research can use methods such as quantitative of qualitative approaches methods it can also take a subjective r objective approach. A quantitative research is that the employs statistical and mathematical tools in collection and analyzing of data. This method is commonly applied in natural sciences and it is applied in limited studies in social sciences. On the other hand, a qualitative study uses qualitative tools for collecting and analyzing data. This method is mainly used in social sciences (Harvey, 2006, p. 125).
A research can also take the form of a deductive or an inductive approach to the research phenomena. Moreover, surveys, experiments and case studies can also be used in a research. This study will use qualitative methods in data collection and analysis. A survey together with a case study will also be used (Yin, 2003). The sources of data will mainly be primary sources. Both published and unpublished works containing the economic performance of Kenya in relation to globalization will be examined.