ABSTRACT
The world economy has undergone radical restructuring and reorganization over the past two decades, part of the promotion of a neoliberal capitalist globalization. This latest phase in the global expansion of capitalism has witnessed a push towards global economic integration through economic liberalization. In this vision the liberalization of trade is seen as a key element in the strategy to promote economic growth. However, this process of trade liberalization has had devastating effects upon economies and the environment, the peoples and societies of Africa and the rest of the Third World. This is because even though Africa needs trade for its development, it is locked into an international trade system that is unfair and whose rules are stacked up against it. Indeed, Africa’s share of world trade has decreased from 6 per cent in 1980 to 2 per cent in 2002. Even a 1 per cent increase in global trade would translate into about $70 billion more in export earnings to finance development and poverty reduction programs.
