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And just like Scholte argued that situations occurring in a country thousands of miles have a way of affecting the economic, social and political situations in one’s country, the rising up of capitalism in the United States and Socialism/Communism in the Soviet republics were to Ghana’s benefit as they assisted in the achievement of independence.The same thing for Nigeria, Rwanda, and a whole lot of other developing countries in which occurring world events positively impacted their abilities to achieve self-rulership.This widely accepted definition shows the way in which globalization today connects the cultures and communities in one corner of the world to development occurring in another country.
Taking the case of Ghana for example, ‘the end of the Second World War was significant for Ghana’s gaining independence and a turning point in the history of the Gold Coast’ (Ofosu 2010).
The only catch to this is that the bulk of these capital flows so far is strictly limited to a small number of developing countries, especially the big ones such as Nigeria, Ghana, South Africa, India, Brazil, China, etc.
‘The report on financing for development prepared for the UN Secretary-General notes that, during the period 1993 to 1998, 20 countries accounted for over 70 per cent of all FDI inflows to all developing countries’ (Bertucci & Alberti 2001).
Looking critically at the concept, globalization in its broadest sense can be said to be a prismatic, complex, and multidisciplinary topic.
It can be examined from several angles which includes not only economic, the most common viewpoint, but also social, cultural, ideological and political ones.