The
effect of globalization and liberalization of the economy in our country shows
us the development revolutionary change we have attain since 20th
century. Globalization and liberalization have develop and free us from
struggles in our daily activities.
There are instruments by which we
propel globalization and liberalization in our economic as stated below:-
1.
Computer
technology is one fundamental instrument for increasing transformation in
technology and the evolution of low cost, global communications system which
constitute major challenges that will dominate and fundamentally shape
developments in the 21st century, particularly in the economic and
financial sectors. Which has in turn enhanced the level of information
transmission and business transactions across the global system and has brought
about tremendous improvements in all facets of human endeavour.
2.
Globalization and
information technology have thrown up formidable challenges for national
economies, especially the financial system, by reducing the world further into
a global village, and as well by providing enormous information through a wide
range of inter-connectivity. Furthermore, information technology in particular
has combined progress in electronics, telecommunications and computing to bring
about a highly dynamic process of strong, transmitting processing and presentation
of information.
3.
Secondly is the
economic liberalization which refers to the process of achieving un-obstructed economic activities. It seeks to remove all
obstacles to trade, production and investment, emphasizes freedom of economic
activities and dominance of private enterprises; and aims ultimately at the divorce
of the stale from the economy.
In
addition economic liberalization have used other policy instruments to expand
foreign Direct Investment (FDI) and has attain higher economic growth as:-
i)
Developing a
strong production based
ii)
Opening of new
investment areas; as well as designing and implementing should macro-economic
polices.
iii)
Creation of a
conducive climate and stable political and economic environment to attract
foreign investments
iv)
It also lead to
rapid growth and development of FDI.
Thus,
it is obvious that economic liberalization is now a common features among
nation state.
Lastly it boosts the democratic
system of governance.
The globalization in contemporary world is the general
acceptance of democratic forms of governance. This is in view of its
relationship to good governance with its inherent features including rule of
law, democratic participation, probity, integrity and transparency. Preference
of democracy also springs from the fact that it demands that people should be
availed equal opportunities to participate in the administrative and decision
making machinery of the state, and that there should exist a free, fair and
independent judiciary; equality to all before the laws supremacy of the law;
and fundamental human rights of the people.