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Globalization has become a prevalent global framework since the 1980’s; many viewing it as a process that is beneficial to a country’s level of development and growth. Others believe that it increases inequality with and between nations, threatens employment and living standards, and hinders social progress.
The course of globalization reflects advances in technology, allowing international trade and financial flows to be completed quickly and easily. It is an extension of human economic activities, village markets, urban industries, or financial centres beyond the national borders, making them accessible to all.
Globalization is really a world-wide phenomenon that differs with regard to rich and powerful countries versus poorer underdeveloped countries like those of the Caribbean. There is no doubt that globalization promotes growth, providing countries worldwide, especially developing ones, with many opportunities for them to capitalize on. These opportunities of globalization do not come without risks – “risks arising from volatile capital movements and the risks of social, economic, and environmental degradation created by poverty,” [Globalisation: Threat or Opportunity? IMF Staff April 12, 2000]. It is therefore essential that Caribbean countries prepare themselves to embrace the policies/strategies and source support needed from the international community to reduce the threats and benefit more from the opportunities of present day globalization.
The processes of globalization threaten every aspect of a country, including political systems. These adversities must be dealt with, and appropriate strategies must be implemented to deal with them. Trevor Munroe, 2002 stated that there are some negative aspects of present day Caribbean politics. He believes that there has been a significant deterioration in systems of democratic governance. Therefore, there are some signs of decay in the criminal justice system; for example, corruption in government and the police force. He continued to argue that, “unemployment and underemployment are relatively high throughout the region.” This affects the high level of crime, increases in drug trade and poverty, as well as threatens the survival of democracy.
Certain characteristics of globalization have been promoting the drug trade and causing it to flourish. The technological advances have made communication and other technical issues easy, endowing trafficking networkers with new and more efficient working tools to adapt, and better export to the world economic system. This rise in drug trafficking has been affecting the economic potential of the Caribbean states. It is therefore necessary that the Caribbean invest in advanced technology that can help greatly to minimize the increase in drug trade within the region.
For many decades the income gap between rich and poor countries has been widening and has been giving rise to the high level of poverty in many developing countries. According to the UN Human Development Indicator (HDI), the quality of life for many countries has not improved, and many persons are still living in abject poverty. The ability of Caribbean countries’ businesses to turn over profits has been reducing greatly as a result of the high level of competition in the domestic and external markets, causing our economy not to be booming so as to implement proper welfare policies to improve the quality of life of many persons.
Globalization has been facilitating increased awareness and access to communication. As a result, Caribbean people are now aware of the happenings of many other countries around the world and are now able to compare their own country and systems of government to those of the advanced and more developed nations. This has been affecting the electoral turnout and the rise in unconventional political behaviour within Caribbean states. These practices show that citizens are not satisfied with democratic institutions, and these negative aspects affect the Caribbean states because more advanced countries are improving democratically. The Caribbean is threatened by many problems, but one must focus on ways in which to advance so it can be embraced worldwide. This can be done through the theory of comparative advantage; where countries will specialize in what they do best and therefore focus all their efforts in one area in order to receive profitable results.
Caribbean countries are quite small when compared to the other western countries and are measured largely by population size and their Gross Development Product (GDP) level. Because of their small populations and GDPs, domestic markets in the region are small, suggesting a limited supply of labour and few firms; thus, low domestic competition. In order for the Caribbean to improve, or to be able to compete on the international market, it must be able to produce sufficiently and receive enough profits.
In terms of trade and finance, the world markets are now more open. Openness in this sense speaks to the free movement of goods, services and investments in the region as a result of the countries' inability to produce high quality goods and services at reasonable prices, and to finance business returns without overseas assistance. Science, Commerce and Technology, Minister Phillip Paulwell at the Scientific Research Council (SRC) Press Conference on October 21, 2004, pointed out that globalization and free trade have put traditional exports such as sugar and bananas under threat and an, “urgent move must be made to diversify the economy by increasing non-traditional exports and capturing niche market products. We cannot continue to be a nation of samples…”
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Good idea but... Antony Felix O. O. Simbowo | May 20th, 2005
The idea is good but with the unbalanced and aunfair world trade practices, neocolonialism , poor leadership , looting of public property etc this cause may serve to benefit the few corrupt people from the developing nations of which the Carribean is a part. The majority who are generally poor and living on less than a US $ Dollar a day will sink to the oblivions of misery. Much more ground work should be laid down such as the TakingITGlobal is doing. Maybe then the developing nations will finally develop and highly reap the benefits of globalization.
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