The Challenge of State Sovereignty in a Globalized World: An Analysis

Abstract

Sovereignty is that characteristic of a state in virtue of which it cannot be
legally bound except by its own will or limited by any other power than
itself. However, the sovereignty of states is fast collapsing under the
massive weight of globalization, occasioned by the activities of
multilateral and supra national institutions like the United Nations
(UN), regional organizations like the European Union (EU),
Multinational Corporations (MNCs), and other international financial
institutions like the World Bank and International Monetary Fund (IMF),
cum other international Non Governmental Organizations. They have
weakened the supposed sovereignty of states by their promotion of
universal standards for nations. The target of globalization is world
without boundaries. Globalization de-emphasizes Keynesianism and
protectionism. The ousting of El Salvado of Chile in 1973 with the
help of ITT [a multinational corporation ] and the ceding of Nigeria oil
rich Bakassi Peninsula to Cameron upon the judgment and verdict of
the World Court on 10th October, 2002 are eloquent testimonies.
Appropriating the games theory, the paper relied on secondary sources
of data. It provided insight into globalization and how it has undermined
the sovereignty of states. The article also recommends that nation states
should take rational decisions in accordance with their national interests
and shore up their technological, economic and political base to remain
relevant in a globalized world.