Introduction Globalization, widely recognised as a positive influence, is actually harming the socioeconomic development of the majority of African and developing countries, it has contributed to their decline in all sectors of the economy. Before further elaboration, it is fundamental to define the term ‘’globalization’’. Globalization is defined by the United Nations Poverty and Development Division, as “an increasing interaction across national boundaries that affects many aspects of life: economic, social, cultural and political” (Chanboracheat, 2012, p.1). However, “While many people warmly welcome these integrations, there are some who raise doubts over its benefits for developing countries” (Chamboracheat, 2012, p.1). The benefits of globalization are fairly widely recognized: a) decrease in technological differences, b)knowledge and information become accessible to all, c) the rights of nature and animals are more protected than before and d) nations of the world become more interdependent. Sports, entertainment of all kinds reinforce cohesion and reconciliation between different nationalities. Countries suffering from natural or human disasters quickly receive support from other countries etc. This support alleviate the suffering of victims, and man becomes a citizen of the world. However, if one does a cost-risk and profit-effect analysis, what can be said to the overall effect of globalization? Is it positive? Is it negative? Globalization, as it exist today, is broadly a negative sum game both economically and politically for the majority of developing countries. This research paper will focus on two negative aspects of globalization on developing countries: economy and politics and provide some recommendations in conclusion.

Economic Consequences of Globalization on Developing Countries Globalization, as it exists today, has been