The G8 and Development in Third World Countries in the 21st Century: The African Perspectives

Abstract

This paper examines the G8 and development in the Third world countries in the 21^st century from African Perspectives. It argues that African territories since their contact with the West have remained inferior participants in the global economy and in spite of efforts by African leaders since independence to get out of the cul-de-sac, no tangible result have been achieved with respect to socio-economic transformations. Indigenous initiatives with anti-capitalist goals and objectives were either stifled or circumvented by G8 capitalist entrepreneurs and in most cases replaced by neo-liberal ones dictated principally by the World Bank and its sister agency the IMF. Using historical approach this paper explains that Policy handouts to African countries by these multilateral institutions not only failed to lift the continent’s socio-economic fortunes but accelerated its decline. In addition, African continent provided the raw materials that fed most of the intractable socioeconomic crisis which the continent is today well known for. The grave implications this holds for global peace and stability in a fast globalizing world heightened the need to make Africa an environment for strategic intervention thus culminating in what became the New Partnership for African Development (NEPAD). It is argued that the major objectives of NEPAD is to facilitate Western capitalist penetration, stabilize global capitalism, fight international terrorism, secure alternative energy sources and contain China’s expanding influence in Africa. This paper concludes and recommends that Africa must increasing look inward for indigenous resources if it must break the jinx of underdevelopment and dependency.

Keywords: African Development, G8, 21^st Century, Scio-economic, NEPAD