Globalisation and the Economic Impact on Small Island States: Caribbean

This new wave of globalization has brought both positive and negative outcomes. Foreign goods are sold much cheaper than the locally produced ones. Goods such as fruits, vegetables, meat, and dairy products are imported from other countries and thus, impacting local producers. On the other hand, new opportunities and jobs are offered. This expands and develops the economy in the country. Furthermore, globalization has helped Jamaica increased its tourism, which in turn has become one of the country’s main activity. Regardless of the benefits, Jamaica has not been the same due to this global

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.

“Life and Debt” is a documentary that examines the economic and social effects of globalization on Jamaica. The movie mainly describes the affects of the International Monetary Fund and the World Bank’s structural adjustment programs. While these funds are created to help developing countries become more developed, the documentary shows how the reforms were not successful in Jamaica and put the country in debt. This paper will discuss the portrayal of globalization in the documentary, and how globalization can affect people through different scale—both locally and globally.

Latin America and the Caribbean’s trading system had now become global but exported the same things.

I will be discussing how the country of Puerto Rico’s impact of resource scarcity, issues with boundary delineation, separatism and sovereignty issues, poverty, migration, legacies of colonialism and imperialism, global climate change and its impact. The once poor nation of Puerto Rico now seems to be a stepping stone for trading in the Caribbean. With its location in the Caribbean, Puerto Rico is a major asset for shipping lanes. One of the main reasons the U.S. wanted to take over this land. Its geographical location is important in helping to move resources around the world, as well as keeping an eye on Cuba. The economic system of

Globalization is when international organization influence on other countries. It seems that Haiti is a country with a strong dignity that oppose globalization as a force that have an effect on most aspects of economic experience. However, globalization has had both positive and negative effects. Globalization has impacted poverty in Haiti by free trading and many workers works unpaid for many international factories. For many years Haiti was the center of tourism, which was helping the economy, but now it has declined as a source of income . Official data say Haiti is one of the poorest countries in the Western Hemisphere( Global Finance) . The free trade promoted by global financial organizations has involved the country's economy in a deep retrocession that obliges to neglect barriers and not obstructive goods of developed countries.

One aspect that demonstrates the effects of globalization in Antigua is the never ending poverty of Antigua. Even though a vast amount of tourists come to Antigua one may think that it would be flourishing and rich with wealth; however, in reality the natives and the land of Antigua are extremely poor. Another aspect would be how Antigua is surrounded by a sea and an ocean, but continued to be in a drought. While the natives still have to watch every drop of water they drink, tourists waste water as if Antigua’s has hundreds of puddles waiting to be

As a result, Mintz completely transformed my ideas on industrial capitalism. As a consumer and lover of sugar, I have now given a considerable amount of thought to the sugar that I consumed so often. The extent to which the Caribbean people and land were exploited is unfathomable. When speaking of a “plantation”, Americans usually think and refer to the cotton plantations in the South. Even those Americans with roots in the Caribbean are completely unaware of the exploitation of their land and people. The long-term effects of this exploitation led to the underdevelopment of these Caribbean countries. These effects are still evident today as most of the Caribbean islands are labeled as “Third World Countries”.

Let us free it; it seems that Jamaica has a problem with free trade. The idea behind free trade is an

Since the mid-20th century, countries have progressively reduced barriers, subsidies to domestic industries and diverse restrictions on international commerce in order to promote specialization and greater efficiency in production. In theory, free trade allows nations to focus on their main comparative advantages and profit from cooperation and voluntary trade. This strategy is usually reinforced by treaties between two or more countries where commerce of goods and services can be handled across their common borders, without tariffs and other trade obstacles. As a key component of regional integration in the Americas, CAFTA-DR is one important example of this economic ideology.

This paper explores a great number of academic research journals and databases on the impact that the tourism industry has on the countries in the Caribbean. Tourism impacts the Caribbean in three different sections. Tourism has a social impact that allows for increases in revenue, jobs, and service for the people living there. Tourism’s cultural impact allows the history and heritage of the Caribbean to be acknowledged and practiced not only here but around the world as tourists come and go. Tourism’s environmental impact effects the natural and geographical diversity that can only be found in these countries. Although tourism brings about many advantages in all three categories, there are still negatives attributes that appear from tourism that must be handled properly to maintain a successful industry. This paper examines 12 different research journals that suggest all of the positives and negatives of tourism in the Caribbean and how they can effect not only the tourism industry but the area in which they are practiced.

In “Life in Debt” Dr. Michael Witter talks about “IMF wanted to de value currency” (0:14:17) the devaluing of the currency impacts the business and social life of Jamaican. It also gives the IMF the power to make sure that Jamaica’s economy cannot recover and grow. American corporation use “Free zone” this is a place that embodies a sweat shop. These corporations use the Caribbean because there are no laws against the way they treat the employs and there are no union to help the employs get what they deserve. In the video of “Life in Debt” it is said the average “two-week wage is thirty dollars” (0:53:00) This is not the American dollar the employs get paid but instead they are paid in the Jamaica currency. Early in the video we found out that “exchange rate is huge the American dollar but can only by little with the exchange given” (0:04:00). The power that and American driver’s license carries when entering Jamaica is second to none. When a Jamaican citizen want to travel to America they travel with “card board boxes carrying supply that are needed for relatives.” (0:03:00) While Americans can breeze through customs with no problem. The power that is present that customs scrutinize a citizen when trying to get into their home country but yet a foreigner can waltz right in with no problems. The World back was set up to help countries recover and grow. The “U.S. Bank granted a loan of 50 mill to help with

dependencies and mini-states that specialize in export of services and relatively high per capita incomes. The more populous islands and the Guianas still have large agricultural sectors and relatively low per capita incomes. The economic diversity within the Caribbean reflects the inequalities and uneven development characteristic of the world capitalist economy. And intra-Caribbean diversity was addressed in the plantation models. Best-Levitt saw regional integration as a complement to changing internal structures of production and accumulation. The plantation economy school is at its strongest when it analyses the coincidence of class and race relations in the plantation societies and the bases on ethnic antagonism in ethnically plural plantation societies like Trinidad and Tobago and Guyana. The model is strongest in its pure plantation economy version where it represents the situation of island economies in which slave plantation was the dominant unit of production as in British and French west indies islands. Where slave plantations were not dominant as in the Hispanic islands or were part of continental hinterlands.

Many argue that size is a major weak point for ‘small states’ in the Caribbean. Small

The international trade of goods across the world accounts for approximately 60% of the world Gross Domestic Product (The World Bank, 2014). A great proportion of goods transactions occur every second. The primary question is whether international trade benefits a country as an entirety, and, if so, why would a country implement protective trade policies to restrict particular exports? To address this question, this essay aims to explore the impact of trade on various economic stakeholders, including consumers, producers, labour and government and, furthermore, will compare models and theories with reality to ascertain the true winner/ loser in the international trade market.