Globalization and Societal Changes

Topics: Jamaica, Economics, United States Pages: 3 (755 words) Published: April 25, 2013
Globalization and Societal Changes

Globalization is simply the expansion of business facilities and operations across various geographical location and international regions, while maintaining cross border economic, political and sociocultural relations. Every Country has its own unique resources and products that other countries may not have and hence, whatever resources are lacking in the country could be found in another. This led to the up rise of the idea of globalization. Some general benefits of globalization to countries includes; countries are able to gain comparative advantage where they specialize in producing goods at a lower opportunity cost, lower prices for consumers, bigger export markets, greater competition, higher economic growth, increased investment and greater efficiency.

Some general benefits of globalization to countries includes; countries are able to gain comparative advantage where they specialize in producing goods at a lower opportunity cost, lower prices for consumers, bigger export markets, greater competition, higher economic growth, increased investment and greater efficiency. Jamaica being a globalized economy has benefited from bigger export markets from its local produced especially bauxite where it is a leading producer of the product. Jamaica has being able to export bauxite a number of countries world through globalization. Without globalization this wouldn’t have made possible because there will be barriers to communication and trade. Jamaica, being able to export bauxite has benefited the Jamaican Gross Domestic Product (GDP) where it makes up a portion of the country’s GDP. This in turn increases the capita per head of the country. The country is also able to export other goods such as banana, citrus, cocoa and labour. Also through globalization the country is able to export workers to work on farms in the United States of America, Canada, United Kingdom and other countries through a program known as the “Farm work...
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