This chapter is an attempt to correct the persistent misconception of the historical continuum of globalization. It therefore historicizes the internationalization of capital and labor. It concludes that in the present phase of globalization, skilled labor moves from the developing world to the developed countries, while capital flows within the developed economies almost to the exclusion of the developing world in what Hoogvelt has described as capitalist “implosion” or “involution.” The result has been the paradox of a dichotomy in a globalized world, the development/underdevelopment dichotomy or the north/south divide.
Globalization and Transnational Migrations: Africa and Africans in the Contemporary Global System This book highlights global asymmetries by interfacing the notion of "one world" or "flat world" with the challenges thrown up by transnational migration, brain drain, citizenship, identity, multiculturalism, religion and ethnicity. It presents researches and discourses on globalization across disciplines and across regions, and fosters ongoing inquiry into important assumptions, beliefs and perspectives about the implications of globalization for Africa and Africans. Through illuminating narratives and copious explanations, this book assists readers to make sense of globalization and the position of Africa and Africans in it.