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

International Journal of Research and Innovation in Social Science (IJRISS) | Volume VI, Issue IV, April 2022 | ISSN 2454–6186

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

Udoh Ukeme Victor
Department of Political Science University of Nigeira, Nsukka

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.

Keywords: Third World, Dependency, Financial Crisis, Sustainability of Capitalism, Auto-Ecodemocratic System.

I.INTRODUCTION

The third world countries under the severe crisis of underdevelopment through the capitalist economic dependency integrated structure, have raise multi-disciplinary contested argument and a counter scholarship discourse on this state of third world economic nature. Countries that make up Africa, Asia and Latin America are the victim of Economic Dependency subdue by the capitalist system during the period of direct exploitative contacts that manifested in imperialism, colonialism, neo-colonialism, globalization and lastly regenerative globalization. These countries face endemic poverty and socio-economic underdevelopment which have metamorphosed into what is known as Decayed Development (Udoh, 2019).
According to Abraham (2010), third world countries are economically poor and technologically backward and

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