Globalization and State Sovereignty

Globalization unarguably has many advantages, but the disadvantages far outweigh the advantages. The hopes in the early 1990s that growing international economic interdependence would provide the basis for a peaceful world order have not come to fruition. Worst of all, globalization leads to the diminution of states’ sovereignty thereby exposing weaker nations to the vagaries of economic manipulations of international financial institutions like the International Monetary Fund, the World Bank and the World Trade Organization. These organizations which are agents of globalization, founded and controlled by the highly industrialized nations have not the survival of the weaker nations at heart. Consequently, weak economic nations are put to the worst in the world system due to the high cost of economic globalization. This paper recommends that weak economies should first build strong economic base for their countries before opening up their economies to the international market economy if they are going to survive the global holocaust.