The International Monetary Fund (IMF) And World Bank: An Assessment Of The Role Of Africa’s Integration Into Global Economic System

Abstract

The politics of globalization is the process of greater interdependence among countries and their citizens. The process is a multifaceted and complex one. Globalization seem to have evolved as an avenue to help the less developed countries to grow but it has rather worsened the developing nations growth quest. Globalization has brought to fore two prominent institutions (the World Bank and International Monetary Fund) which are supposedly to be rendering assistance to developing nations to be self sustainable but it have rather turnout to be means through which developing nations are economically subjugated. Using the Marxist capitalist theory, the work is aimed at taking a critical study of the position of African nations in the global economic system vis a vis the developing nations, specifically considering the roles of the International Monetary Fund (IMF) and the World Bank. The work in its conclusion posits that globalization is a neo-colonial structure aimed at tiring the developing nations permanently to poverty while developed nations make mines of them.