Refer to Source 3A - NSC History - Question 3 - 2023 - Paper 2

1. Globalisation often leads to wealth concentration in powerful nations.
2. It can exacerbate inequalities between rich and poor countries.
3. Local economies may suffer due to competition from larger multinational corporations.
4. Cultural homogenization occurs, reducing local traditions and identities.

Powerful nations and financial institutions have strategically shaped globalisation to their advantage by promoting policies that favor free trade and capital movement. This has allowed them to access cheaper resources and markets in developing countries while retaining control over economic benefits. Moreover, practices such as Structural Adjustment Programs have tied financial aid to reforms that prioritize the interests of these institutions, further entrenching their influence.

Experiencing globalisation 'from below' could empower African nations by enabling them to leverage local resources and markets without excessive external influences. This approach supports the development of local enterprises and sustainable practices, ensuring that benefits remain within the community. Additionally, it fosters inclusive growth by prioritizing human development and addressing local needs.

1. African countries became reliant on financial assistance from Western nations to stabilize their economies.
2. Economic policies implemented favored the interests of Western investors over local populations.
3. Trade imbalances emerged where African exports relied heavily on primary commodities.
4. African countries fell into cycles of debt from loans provided by Western financial institutions.

Many African countries were hesitant to accept assistance from the IMF and the World Bank due to the stringent conditions tied to the aid, which often mandated austerity measures and structural reforms that could harm local economies. There was a fear that this reliance would perpetuate dependency rather than foster genuine development and self-sufficiency.

This statement implies that the IMF and the World Bank exert an overwhelming influence on African economies, akin to colonial powers. It suggests that the policies imposed often prioritize external interests over local development, reshaping African economies in ways that reflect global priorities rather than national needs.

Structural adjustments refer to economic reforms mandated by international financial institutions as a condition for financial support. These adjustments often include austerity measures, deregulation, and privatization, aimed at stabilizing economies but frequently resulting in negative social impacts, such as increased poverty and reduced public services.

The caption 'Dependence Theory' is appropriate as it highlights the unequal relationship between developed and developing nations. The cartoon likely depicts how dependency perpetuates vulnerability and exploitation, aligning with the core principles of Dependence Theory, which argue that developing nations cannot progress while remaining tethered to the economic interests of richer countries.

The oversized portrayal of 'rich nations' could symbolize their dominance and the disproportionate influence they have on global affairs. It reflects the critique of globalisation, suggesting that wealthier countries overshadow developing ones, thereby exacerbating inequality and sustaining a power imbalance.

1. He served as a Chief Economist at the World Bank.
2. He was a Professor at Stanford University.

Globalisation is often associated with development because it theoretically promotes economic growth through increased trade, investment, and technology transfer. The expectation is that integration into the global economy will provide developing countries access to markets, resources, and knowledge necessary for growth.

1. Infrastructure projects in rural areas that improve access to markets.
2. Educational programs aimed at increasing literacy rates.

This statement implies that despite the narrative that globalisation leads to prosperity, many developing countries experience little to no improvement in living standards. Instead, they may face challenges such as increased inequality and socio-economic instability, questioning the efficacy of globalisation.

The source provides critical insight into the perspectives of key figures like J Stiglitz on globalisation, highlighting the contrasting experiences of developed and developing nations. It offers historical context regarding how economic policies have shaped contemporary global economic structures, making it valuable for understanding the implications of globalisation historically.

Source 3C focuses on the critical perspective of globalisation through a visual medium, emphasizing the dependency and disparities between rich and poor nations. In contrast, Source 3D provides a more analytical view, discussing concrete examples and arguments from economists about the complexities and realities of globalisation. Together, they illustrate the multifaceted impacts on African countries.