Global Macroeconomics and the
Caribbean Business Environment
Can small developing countries survive in a globalized environment?
Can Small Developing Countries survive in a Globalized Environment?
This paper examined the arguments for globalization with respect to the survival of small island developing states primarily in the Caribbean region. Arguments for globalization focused on the development of new markets, free trade agreements, income generation and the building of human capacity through technology and technological advancements and new business opportunities. The merits offered by globalization include a better standard of life to the citizens along with other positive impacts and in particular, the enrichment of lives through the mixing of cultures, ideologies, food, music and fashions. Paramount to this is the development of technology, communication and travel among member states in order to achieve any measure of success. The benefits of globalization from the exploitation of a country’s natural resources and a sign of its economic prosperity is the level of the observed infrastructure. Arguments on the negative side are the risk of the damage to the environment, air and water pollution, security issues, health issues and the economic dominance of transnational corporations. Can small developing islands really survive in a globalized environment? The answer is not a simple “yes” or “no” because the depending factors are not restricted to improving trade relations or elimination of tariffs and the removal of trade barriers or increased competitiveness through greater productivity but rather the cost of leading a quality life by the citizenry and the ability to manage and sustain a fragile ecosystem which is inherent in almost all small island developing states.
Table of Contents
1.1.1. Definition of Globalization1
1.1.2. Definition of Globalization1
1.1.3. What is a small island developing state1
1.1.4. Concept of Globalization1
1.1.5. Research questions1
1.1.6. Thesis Statement3
Chapter 2 7
Chapter 5 14
The advantages and disadvantages of globalization has been heavily debated and intensely scrutinized over the past decade. Proponents of globalization say that it helps developing nations to “catch up” to industrialized nations quicker through increased employment and technological advantages. Some critics say that it weakens sovereign states and allows wealthy nations to shift domestic jobs overseas where labor is cheaper so that multinationals can make greater profits. The list of developing nations outnumbers that of the developed (industrialized) nations. As the debates continue whether small developing states can survive globalization the measurement criteria used is “free trade” and open markets, financial independence, technological advancement, food security, natural disasters, exploitation of natural resources and capacity building for developing countries as indicators of survival mechanisms. What is Globalization?
Globalization is the system of interaction of the countries of the world in order to develop the global economy through economic, political, cultural and technological exchanges which are facilitated by developments in transportation, communication and information technology, deregulation of financial markets, privatization and trade liberalization. The Globalization Concept
The concept of globalization is primarily the impact of free trade and increased competitiveness. The pronouncement is that smaller firms are most vulnerable and are under enormous pressure to adapt in order to survive and become competitive. Definition of small developing island states?
For the purpose of this paper small island developing states...
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