Economic Globalization- Life and Debt

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Economic Globalization- Life and Debt

The world is constantly becoming smaller and smaller as time progresses. A process of globalization is rapidly turning the world as we know it into economic opportunity waiting to be exploited. A large factor in this process is due to the advent of technology which is becoming more and more readily available to lesser developed countries. Countries such as Jamaica and other LDC’s are primary targets of economic globalization. In the film Life and Debt by Stephanie Black, we see the effects globalization has on Jamaican culture, industry, and agriculture. In order to discuss the effects of globalization, it is important to assess what economic globalization is defined as. Economic globalization is the integration of the international economy through trading and investing. Scholars and analysts dispute many different concerns and aspects of globalization and its effects on LDC’s. It is imperative to recognize that many countries do not wish for a westernization of their culture. Many leaders of countries act under a policy of protectionism or isolationism and do not wish for their country to become part of a large international trade network. Economist Stanley Fischer of the International Monetary Fund (IMF) believes globalization represents the integration of global economies due to various reasons. Some reasons for the assimilation of the economies are the decreasing price of overseas travel, and a large increase in international communication. In response to protectionist countries, Fischer advocates the opening up of international trade by cutting import taxes. The IMF loaned fifty million dollars to Jamaica and in effect Jamaica would lower their trade barriers. Defending globalization, Fischer’s believed that Jamaica was better off being introduced into the international trade market and could integrate itself little by little with some help (Mussa). In contrast, the late Michael Manley, former prime minister of...
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