Globalisation and the Economic Impact on Small Island States: Caribbean

2195 Words Jan 2nd, 2011 9 Pages
Nottingham University Business School

MBA Programmes

N14M79 Business Economics

Globalisation and the Economic Impact on Small Island
States: Caribbean

January 6th 2011

Kole’ Mascoll

Student ID:

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Globalisation and the Economic impact on small island states: Caribbean
This paper conducts an analysis of Small Island States of the Caribbean, the Economic effects of Globalisation and addresses both the macroeconomic and microeconomic issues. The paper will begin by defining globalization from a generic perspective and then focus more specifically on Caribbean. In addition, the paper will briefly describe the present Caribbean Economic Environment highlighting historical reasons for the economic dilemma it
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These preferential arrangements gave Caribbean countries the primary source of their income and a contributed significantly to the social fabric of the society, through the provision of employment and economic growth. Market forces played a very restricted role in the dynamics of the Caribbean Business Environment which was largely due to these foreign preferential arrangements (e.g. England purchasing sugar from Barbados at premium price even though the same sugar can be sourced from another supplier considerably cheaper). However, organizations such as World Trade Organisation (WTO) have lobbied in favor of the removal of these trading arrangements, sighting that these forms of intervention prevent the law of demand and supply from efficiently allocating resources and result in market failure. Therefore Today’s Caribbean economic environment has had to evolve rapidly to meet the increasing global demand for high productivity at low cost as a result of global competitive forces.
Economic Barrier Removal and Its Impact
The traditional roles of the sovereign
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