Neo-colonialism and the Scandal of African Poverty: A Review

Abstract

This paper argues that Neo-colonialism is an essential factor for the survival of Western capitalist countries since it demonstrates permanent exploitative relationship between the rich industrialized nations of Europe and North America and the poor dependent Third World countries of Africa, Asia and Latin America. It rejects the views of liberal economists who are of the opinion that global economic policies based on trade liberalization and price control system have been fair to all nations of the world both rich and poor since it is predicated on comparative cost advantage. This paper submits that the dependency syndrome occasioned by unequal trading relationship that exists between the industrialized countries of the world and nonindustrialized countries of Africa results in economic stagnation and inflation thus paving the way for poverty across the continent. Finally, it suggest that Africa's
economic transformation must be a function of internal dynamics through sustained political stability, exemplary and visionary leadership, adequate mobilization of abundant natural and human resources as well as marked improvement in indigenous technology.
Key words: Neo-colonialism, African Poverty, Economic Development