globalization and its impact on Caribbean business organizations
Merika Alexander 16/9/13
Management of Business
Globalization and its impact on Caribbean business organizations .
Globalization is an economic process in which the barriers between countries which have both positive and negative effects are decreased or removed altogether and there is interaction among different countries brought about by dramatic advances in technology and communication. Therefore it implies the opening of local and nationalistic perspectives of a boarder outlook of an inter – connected and interdependent world with free transfer of capital, goods and services across nation frontiers. Therefore, globalization has caused many impacts on Caribbean business organizations. Firstly, a large volume of foreign capital is being invested in the Caribbean countries. The foreigners themselves open up small firms in the Caribbean due to strong relationships made through trade and can provide that Caribbean country with employment for its people and also the tax the foreigners may have to pay will bring some form of revenue to the Caribbean country. Another impact is that Caribbean countries have been opened as trade including imports and exports which accounts for more than a 100% GDP for most countries. This clearly states that since there are no barriers to trade, then the country is able to import as many good as it wants therefore accounting for a high percent of the country’s GDP. This is good for the local market because all the custom duties which had to be paid when goods were being imported are being decreased therefore they will not have to sell their goods at a very high rate for their local people therefore helping on the standard of living. Another impact is that the regions trading relationships tries to diversify its trading relationships beyond traditional partners for example US , UK and Canada therefore
Management of Business
Globalization and its impact on Caribbean business organizations .
Globalization is an economic process in which the barriers between countries which have both positive and negative effects are decreased or removed altogether and there is interaction among different countries brought about by dramatic advances in technology and communication. Therefore it implies the opening of local and nationalistic perspectives of a boarder outlook of an inter – connected and interdependent world with free transfer of capital, goods and services across nation frontiers. Therefore, globalization has caused many impacts on Caribbean business organizations. Firstly, a large volume of foreign capital is being invested in the Caribbean countries. The foreigners themselves open up small firms in the Caribbean due to strong relationships made through trade and can provide that Caribbean country with employment for its people and also the tax the foreigners may have to pay will bring some form of revenue to the Caribbean country. Another impact is that Caribbean countries have been opened as trade including imports and exports which accounts for more than a 100% GDP for most countries. This clearly states that since there are no barriers to trade, then the country is able to import as many good as it wants therefore accounting for a high percent of the country’s GDP. This is good for the local market because all the custom duties which had to be paid when goods were being imported are being decreased therefore they will not have to sell their goods at a very high rate for their local people therefore helping on the standard of living. Another impact is that the regions trading relationships tries to diversify its trading relationships beyond traditional partners for example US , UK and Canada therefore