Globalization in the Caribbean

2638 Words Aug 14th, 2006 11 Pages
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
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The improvement of transportation technology around the globe is another important component of globalization. In the Caribbean, traveling from one country to another around the region has become less time-consuming and inexpensive. This is an advantage because regional tourists who purchase food supplies, clothes and stock for personal use or for business from neighboring countries, are a means through which governments in these countries generate revenue. Additionally, there is also the fact that regional governments also supplement their income with the money spent by regional tourists who travel around the Caribbean to attend cultural events like Trinidad's ‘Carnival', or Barbados' ‘Jazz Festival'. It must be noted that the improvement in transportation due to globalization has also strengthened the region's ‘international tourist' industry, as visitors find it more efficient and easier to arrive her by plane and by ocean liner. This is a crucial factor for the many countries in the region, where tourism provides most of their revenue. Improved transportation methods have also made it easier for the Caribbean to transport goods abroad to regions where it would have been impossible before to transport them because of their distance or inaccessibility, this widening of the regional market means an increase in export profits for the region's nations. There is also the related drop in transportation costs and the reduction in the loss of
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