Impact of Globalization on the Third World: Venezuela as Point of Departure
Publication Date: 06/06/2019
Author(s): Sheriff Ghali Ibrahim, Mustapha Abdullahialiyu.
Volume/Issue: Volume 2 , Issue 2 (2019)
Abstract:
The paper examines the concept of globalization and analyses its impact on the political economy and social well-being of the Venezuelan state. Using the descriptive method and library instrument, findings show that Venezuela and the Venezuelans are currently caught in the web of globalization as America and Europe designed-hence the state and fate of Venezuela even as an oil rich country appears to be on the brink. The paper concludes that globalization as a real political and economic packaging of American global hegemony, was designed to enforce on the world, American political views through United Nations and the American foreign policy directives and American economic interest through the World Bank and the IMF. In the context of globalization there is a rich neighbor (the U.S.A) suffocating life out of the masses of a poor nation Venezuela, all because of differences in political ideological lining. the paper recommends that for Venezuela to bring back its glory as a sovereign entity, the united states must withdraw from interfering in the affairs of Venezuela, which seems cumbersome, but this can be influenced by other foreign powers such as Russia and china. Venezuela must try harder to curtail the level of human suffering by soliciting aid from the outside. This will provide a room for essential services to be delivered and attract citizens who left the country to return for strengthening their own country, among other things.
