ABSTRACT
The link between third-world countries and western capitalist countries is examined in this study. It depicts dependency as a phenomenon or relationship problem that has resulted in the western world’s economic growth and development at the expense of third-world societies, which are economically underdeveloped and lack the capacity and ability to control their societies’ economic systems or productive processes. We used dependency theory as an analytical framework and the documentary research method to gather and analyze data in our attempt to analyze and remedy this problem. The study discovered that the major problem is the unequal relationship between Nigeria and countries in the Western world, coupled with the negative role of the Nigerian economic elite. It was determined that this problem is historically rooted in the foundation of the society, as such, ordinary measures are ineffective, and instead, concrete measures in the form of socialist transformation are recommended.
CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY
Economic reliance is defined as a society’s lack of competence and ability to regulate its economic system or productive process to the point where the society as a whole is reliant on foreign developed economies for leadership and control via regulations and economic institutions. Nigeria is a typical poor third-world country, underdeveloped, that relies on the western world for economic policy decisions and implementation, thereby contributing to the western world’s economic development at her own expense.
For example, the Structure Adjustment Programme (SAP) of 1986, the National Directorate of Employment (NDE) of 1986, the Petroleum Trust Fund (PTF) poverty alleviation programme, and others, all appear to have failed after guzzling in estimated material and human resources, funded with loan and interest.
The inference is that the entire society is underdeveloped because the economic structure is disarticulated, being the basic structure; the base; on which rises the political superstructure; and which governs both intellectual and material output. The overall situation of underdevelopment in society alarms entire third-world countries as well as the international community. Historically, the majority of third-world countries have been dependent on others. Slavery, colonialism/imperialism, and current globalization have all gone through rigorous stages of growth. The escalation of the rate of suppression and exploitation imposed on poor third-world countries by the economically industrialized west distinguished one stage from the next.
STATEMENT OF PROBLEM
The ability to be independent of other people’s wills is what distinguishes humans. Because of their complete economic dependence on the industrialized economies of the West, people in the third world are seen as subhuman. The study’s difficulty is that Nigeria, like other third-world countries, has been suffering from underdevelopment as a result of the prevailing exploitative nature of western economies, on which the third world relies. The preceding raises several important questions:
What is the primary reason of Nigeria’s economic dependency?
What role does the Nigerian economic elite have in the country’s economic reliance problem?
What part do multinational corporations play in the perpetuation of economic dependency?
OBJECTIVES OF THE STUDY
In light of the foregoing, the goal of this work becomes the challenge of identifying the historical processes that have resulted in economic underdevelopment, which has continued to repeat itself to this day. From the time of colonialism until the present, the history of economic underdevelopment shall be examined.
The purpose of this research is to look into a few key topics that are linked to the problem of economic dependency and underdevelopment, specifically:
1. It will look into the root causes of Nigeria’s economic dependency.
2. To determine the impact or role of Nigeria’s economic elite on the country’s economic reliance crisis.
SIGNIFICANCE OF THE STUDY
This work will serve as a resource for other researchers, as well as a tool for the government in guiding policy implementation. These policies will serve as a roadmap for Nigerian growth.
This work lays out how the nation’s resources should be managed for the benefit of the general public, and it will determine the relevance of current government policies.
RESEARCH HYPOTHESIS
The researcher has given the following hypothesis for guidance and in order to meet the statements of difficulties and the study’s objectives.
Economic dependency is exacerbated by the uneven interchange between advanced capitalist countries and third-world countries like Nigeria.
Nigeria’s reliance problem is sustained by the efforts of the Nigerian economic elite.
Nigeria’s continuous reliance on advanced countries is a result of multinational corporations’ activity.
SCOPE OF THE STUDY
This research focuses on what contributed to Nigeria’s third-world dependency. This research, however, is limited to Nigeria’s underdevelopment.
DEFINITION OF TERMS
It is necessary to describe some ideas utilized in this work in order to avoid word distortion and misinterpretation.
The “process by which society or social institutions evolve or migrate from traditional or less developed ones to those that characterize developed ones” is known as modernization. For the purposes of this project, modernization is defined as a set of changes in institutions or societies that benefit citizens.
Economic Dependency: This refers to our reliance on developed countries for solutions to our economic issues, such as the wholesale purchase of western art crafts for our development needs. We rely on the west for items and services that we cannot produce with the resources at hand.
Economic development is a country’s ability to deal with its environment using scientific and technological knowledge and applying it to change its surroundings. As a result, development entails learning how to use local resources and human creativity to solve problems rather than a sweeping restriction of the way to a happy life that some civilizations have attained.
Underdevelopment: This refers to a country’s economic backwardness as a result of its inability to deal with its environment. It is characterized by a lack of indigenous industry, insufficient food production, and unscientific agriculture. Underdevelopment is not the absence of development; rather, it is a way of comparing levels of development.
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