The Scramble for Africa - Essay Example

Only on StudentShare

Extract of sample
The Scramble for Africa

The impact of globalization on Africa has illustrated its dangers. Just as capitalism needed to be regulated in the United States and other market economies in the industrial age to protect people from the abuse of companies in the name of profit, a worldwide effort arguably needs to be made to protect the most vulnerable people in the world from corporate abuse when their own governments will not do so. According to Simon Taylor, director of Global Witness, a globalization watchdog, G8 countries need to take the lead in preventing this kind of abuse, as their companies are the most likely to be benefiting from it. He asserts, "Western companies and banks have colluded in stripping Africa's resources. We need to track revenues from oil, mining and logging into national budgets to make sure that the money isn't siphoned off by corrupt officials" (par. 4).
The potential for Africa to produce huge profits for foreign investors is undeniable. The continent is shaping up to be the highest potential investment area in the world. "Sub-Saharan Africa may be the poorest region in the world but it is also its most profitable investment destination. ...
Download paper


The trend toward globalization has produced a new "Scramble for Africa" in which multinational companies have been seeking to capitalize on the natural resources and investment potential of the world's poorest continent. Similar to the undertaking of Europe's great colonial powers to carve up Africa into colonies in a bid to exploit its resources, corporations have been jockeying to strike deals with corrupt regimes to exploit those resources in the name of profit, often to the detriment of the local populations…
Author : uokeefe

Related Essays

Business in South Africa
As one of the world-renowned providers of information through search engine services, Google is trying to expand its coverage not only in the Asian subcontinent, but into the African territory as well. That is why, the current paper will study the various points for consideration, particularly the strategic implications of such a move on the company’s operations and financial conditions. The service will not just include providing Internet for the community per se, but it will also include providing the community with a place for socialization online, complete with business advertising,...
23 pages (5773 words) Essay
Business Environment In South Africa
In addition, the country has a sophisticated business environment that enables business to easily export and import goods. This is also advantageous to the global businesses that enter the marker because it increases their global competitiveness. Most global companies prefer South Africa because its manufacturing base for product exports is also not expensive. This is because it is easier to access other markets such as the Sub-Saharan Africa, Australia, and South American markets from the country (Chalmers & Godfrey 273). ...
3 pages (753 words) Research Paper
BP's Africa Strategy
BP is a multi-million multinational oil and gas company with regional branches in almost every part of the world. The company has a head office in the United Kingdom. According to the latest version of Forbes magazine, the company is ranked in the third largest among the energy companies, while it falls in the fourth position among the largest companies in the entire globe (Monasa, 2008). The company has ventured in almost all major process in the energy sector; this includes exploration, refining, production as well as marketing and distribution among other processes. Currently, the company...
8 pages (2008 words) Essay
Government corruption in Africa
It can also be defined as the misuse of entrusted power for private or individual gain. Corruption includes bribery, extortion and other misconduct acts like fraud and theft (Chauvin 2001, 81). Corruption is a word that has been observed in many different ways and by different researchers. Its conceptualization has drawn attention in current past challenging and several views and also approaches. It is therefore viewed as a worldwide phenomenon since it has been with almost all societies in the world. In what nature does corruption exist in Africa? Corruption exist s in all parts of the globe,...
9 pages (2259 words) Research Paper
Global Trade
Consequently, fair trade has not developed in Third World countries, such as those of Africa and Latin America....
9 pages (2259 words) Essay
International Organizations of Africa
(Draper, 2003)...
4 pages (1004 words) Essay
Got a tricky question? Receive an answer from students like you! Try us!