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Narula (1997), globalization is the convergence of income levels, consumption patterns and technical capabilities between industrialized and several industrializing countries and the increase in interdependence between the countries. Shenkar and Luo (2008, pp2), define globalization as the acceleration and extension of interdependence of economic and business activities across national boundaries.

The effect of globalization on countries and regions has not been uniform, majority of the developing countries are not benefiting from the gains of globalization no matter how laudable such gains are (Dunning & Narula, 1997). According to Dunklin (2005), globalization has largely resulted in inequality between developed and developing nations. Also in the view of Shenker and Luo (2008), globalization is associated with different kinds of reactions that are emotional resulting in globalization being defined in various ways. ADVANTAGES OF GLOBALIZATION According to UNDP human development report (1999, pg 25), globalization has both positive and negative aspects. Globalization gives the consumer the opportunity to choose among the wide variety of products and services and also affects peoples prospects in their career if they are educated ( Shenker & Luo, 2008). In the view of Shenker & Luo (2008), globalization gives a description of the worlds product and marketing of goods and services. It makes more people to have access to products and services at better price. It also makes available a better time, place and value oriented utilities (Shenker & Luo 2008). It opens competitive venues to small business and act as an agent of social growth, it helps in job creation, through globalization, a working class of people will emerge who will pay taxes to their various government indirectly generating revenue for these governments which translates to economic growth (Shenker & Luo 2008). For developing economies in particular, Gang (1999) stated the advantages to include the following: 1. Local producers have exposure to competition in the international market, they are also exposed to high standards in the process. 2. With globalization, new technologies and equipment are ushered in which will improve production capacity 3. Capital and management know-how are brought into the economy.

4. Economy becomes competitive which necessitates reforms in domestic corporations.

DANGERS OF GLOBALIZATION From the UNDP human development report (1999, pg 25), globalization destroys cultures and spread negative values. It causes marginalization of poorer countries especially those of sub-saharan Africa. It encourages trans-border crimes such as drug trafficking, human trafficking, prostitution, dumping of waste, depletion of environment. It also results in brain drain. Nsibambi (2001) a prime minister of Uganda highlighted some of the dangers globalization posed on African states. These include; 1. An over stretched capacity to regulate and meet up with the need for development through industrialization. 2. Power of the state is eroded, that is, sovereignty and power of state is undermined. These come in terms of policies and decisions mostly dictated by the IMF, world bank, UN and the WTO. 3. Poverty eradication becomes difficult. Gang (1999) put the dangers of globalization in developing economies to include the following 1. Its markets like commodity, factor and service and especially financial market suffers easily if there is crisis in global market. This is because in most developing countries, there is always slow change in domestic economic structure and institution to meet up with the change that globalization brings. 2. Emerging economies lack adequate capability to manage markets. 3. Domestic structural adjustment must be compatible with globalization, if such adjustment is not in place, globalization can result in unemployment in the commodity market, bring social unrest and cause decline in overall growth and disparity in income. HOW TO AVOID THE DANGERS OF GLOBALIZATION In the view of Gang (1999), developing economies must speed up reforms to balance globalization with domestic restructuring in order to benefit from globalization. Emerging economies must: 1. Develop education especially in the area of technology. This will translate cheap labor that is always available in developing economies into a factor of comparative advantage 2. Adjust economic structure so that it can be competitive 3. Capabilities of market management should be enhanced In conclusion, Nigeria has not been benefitting from the gains of globalization because of inadequate domestic capacity and social infrastructure which are needed for improved productivity, growth and competitiveness (Onwuka and Eguavoen, 2007) REFERENCES

Dunklin A L (2008) Globalization: A portrait of exploitation inequality and limits. Available [online] Dunning J H, Narula R (1997) Developing countries versus multinationals in a globalization world: The dangers of falling behind. Available[ online] at accessed 09/06/2012 Gang F (1999) Reform and opening in China: Sequecing or parallel partial changing Nsibambi A (2001) The effect of globalization on the state in Africa: Harnessing the benefits and minimizing the costs; Panel discussion,UN General Assembly, second committee Owuka & Eguavoen (2007) Globalization and Economic development: The Nigerian experience. Journal of social science Vol.14(1): 45-51 Shenkar O, Luo Y (2008) International business. 2nd Edition ,Thousand oaks ,CA: Sage publication UNDP, Human development report. 1999 World Bank: Globalization and international trade. Available [online] at accessed 08/06/2012