Caribbean Studies Globalization

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Cipriani College of Labour & Co-operative Studies
Caribbean Studies CAS 130
Student’s Name and Number-Kevin Gouveia 2014030534
Lecturer’s Name-Henry Sealy
Date of Submission-28-Oct-14

Define the term globalization and describe its effects on small sizes states and economies. State its profitability and/or non-profitability to Caribbean countries and/or African, Caribbean and Pacific countries including Trinidad and Tobago.

This paper seeks to define what is globalization and the effects it has on the Caribbean and African nations.

Globalization can be defined as a process which is hinged on international integration strategies arising from the interchange of world views and which aims to expand business operations on a worldwide level. This has been hastened by the advancement of global communications, transportation infrastructure and changes in the political and socioeconomic scenery. Globalization has had both positive and negative effects on Caribbean and African countries, it has been seen by some as constructive and strategic to the world’s economic development in the future but it is not limited to economics because it also affects the cultural, social and political landscapes of these nations. The supporters say it is unchangeable and unavoidable for developing and developed countries alike. As with everything else, there are also detractors who see globalization as a way of increasing the inequality that already exists within these nations and a way of stunting the social growth. Some positive effects which globalization has brought are as follows:- Increased standards of living - These developing nations within the regions now have much more access to foreign lending from organisations such and the World Bank and the International Monetary Fund (IMF) so the funds gained from these loans are used to upgrade infrastructure such as highway networks, health care, education, and social services, the standard of living in the country increases because the population now has easier access to these facilities and a wider range of products and services to choose from. Access to more trade avenues – Countries now have a freer way of trading between themselves which is maybe one of the greatest benefits of globalization to developing nations as most smaller countries now have access to much larger international markets and this in turn enables them to develop new technologies, products and services from knowledge and expertise gained by the exposure to these new markets. An example of this is the foreign used car industry, Japan is a major trader of foreign used cars to the European, American, Caribbean and African markets and these cars present a cheaper alternative to purchasing a new vehicle and it also creates a lot of jobs in this particular industry within these various countries. Increased employment levels – Because international companies are now investing in developing countries, this has created vast employment opportunities for nationals of those countries. For an international company, it is cheaper to set up a production or manufacturing unit in a developing country since labour costs tend to be cheaper and this in turn creates employment for both skilled and lesser skilled workers. Educational enhancement – Another powerful effect of globalization is a higher educated population. The greater advances in communication and technology are at the fingertips of these developing nations as well as the ease of transportation so the peoples of the various nations can now access the best educational institutions with the click of a mouse or direct enrolment in a foreign university. A person living in Trinidad and Tobago can now go to a university in Singapore and learn that country’s financial sector’s modus operandi and in turn return to Trinidad and Tobago and apply that knowledge and experience to our financial...
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