Globalization of Knowledge Economy: Implications for Africa’s Economic Development

Communities and nation-states of the world have become increasingly interdependent in the last three decades. Encumbrances to trade, investment, and migration and the numerous barriers to socio-cultural and economic cooperation among states are being steadily dismantled. These rapid global changes are traceable to globalization, a process whose driving force revolves around technology, policy, competition and knowledge. Some of the most significant outcomes of these dynamics are the subordination of the domestic economy to global market conditions, the diminishing relevance of the capital, the industrial and the resource economy model and the overriding transformative capacity of the emergent knowledge economy for the economies of states that embraced it. This study derives its data from secondary sources, particularly textbooks, peer-reviewed journal articles, special reports and internet materials. Data were analyzed and treated qualitatively using content analysis. The study adopts the post-industrial theory to argue that countries that invest significantly in knowledge, information and services will reap stronger economies than those that rely on manufacturing and resource activities. The study concludes that such is the dilemma Africa faces in a globalizing world. It recommends, among others, that African states require a shift in leadership and citizenry perception of knowledge to become key players and partakers in the global knowledge economy.