31 This rapid process of economic integration has given rise to a number of concerns as the world becomes more globalized: many developed countries fear competition from low-wage economies, and firms from developing countries find it difficult to compete against powerful multinational enterprises (MNEs) from the developed world.32 Globalization, according to Torres, has been driven by the liberalization of international trade and foreign direct investment (FDI), and by the free capital flow, which manifest itself in several areas of a global economy, such as international trade in goods and services; capital flows (FDI and short-term flows); the role of multinational enterprises (MNEs); the reorganization of production networks on an international scale, and finally the adoption of new technology, notably information and communication technology (ICT).33 Globalization in the twenty-first century is creating a race to the bottom as transnational corporations search for cheap labor, an abundance of raw material, and most favorable infrastructure while playing off countries and individual locations against one another.34 Given the fact that this process of economic integration, i.e. globalization, for good or for ill, is unalterable and therefore nation-states cannot escape from its potential impact, what course of action should the developing world embark upon in order to maximize its gains and minimize its loses.
AFRICA IN T
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