Third World Dependency and 2008 Global Financial Crisis: An Analysis of the Sustainability of Global Capitalist System

Udoh Ukeme Victor
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Udoh Ukeme Victor: Department of Political Science University of Nigeria, Nsukka, Nigeria

International Journal of Research and Innovation in Social Science, 2022, vol. 6, issue 4, 42-48

Abstract: Since third world countries was created in the hands of colonial masters, from then still date their economic was link up with that of the western capitalist structures. By so, exposing them to deadly wars of capitalism. The integration of third world economic structures into the global capitalist system have exposed third world countries to the crisis of underdevelopment, exploitation and expropriation of their resources to the foreign land. And by so keeping them in a depending state, so that capitalist goals will continues to be achieved by the capitalist west. To this end, this study seeks to justify the argument “Whether Global Capitalist System is sustainable and what is the way out for third world countries from the woods of the current global system. The study is anchored on Dependency Theory as its theoretical framework. The study adopted secondary methods of data collection as method of gathering data and content analyzed. Also, ex-post facto survey design was employed. Tools such as percentages, chart etc to were used to corroborate the analysis. The findings of the study shows that capitalism as the current global system would face off in 2050, also that third world countries will completely face off, if they still continue in the capitalist ideology. In the light of this, the study recommended some alternative approach for third world countries like automatic Delink from Western capitalist ideology, and that Third World countries, especially in Africa, should adopt Auto- Ecodemocratic System Ideology.

Date: 2022
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