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Globalization in the Caribbean

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Globalization in the Caribbean

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  • August 2006
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GLOBALIZATION IN THE CARIBBEAN

Introduction:

Globalization has been seen by some as beneficial where it is the key to future world economic development, it is irreversible and inevitable. On the other hand, some view it as a mode to increase inequality within and between nations, threatens employment and living standards and thwarts social progress. It is the result of human innovation and technological progress. Globalization refers to the integration of the world economies, predominantly through trade and financial flows. It is also used in regard to the emigration of people (labor) and knowledge across the international borders, which inherently is promoting international trade. This paper will examine how globalization has moved into the Caribbean like a hurricane. Globalization is like the calm before the storm; the many benefits are seen until the storm approaches and brutally demolish the many islands it roams through. The negative effects though are not seen as any kind of immediate threat, it is known what they are but the benefits are what people "see" and use as a façade to globalization.

Globalization refers to the emergence in the twentieth century, of a global community, whereby cultural, economic, environment and political events occurring in communities in one part of the world has quickly come to be significant to people in other societies. The way in which technology has ‘evolved' has resulted in an advance in communication, transportation, scientific discoveries, and information technology. These advances, which are the basis of globalization, have infiltrated and affected every possible nuance of Caribbean life so that it is almost impossible to imagine life without them. Like all entities that change the world in which we live, globalization has both negative and positive impacts; in the Caribbean its positive aspects include a basic ‘knowledge-sharing' and easier access to more resources. Disadvantages of globalization here in the...