|
|
Globalization also promotes growth in developing countries through a number of channels. For example, as a result of technologicl advances, the region has been able to attract foreign students from the U.S. and other industrial countries. The region exports highly skilled labour to industrial countries, and there are large Caribbean communities outside of the region whose remittances have helped raise the living standards of those of us remaining in the region.
The experience of small open economies world-wide demonstrates that globalization offers tremendous benefits in terms of new jobs, technology transfer, and higher incomes. The Caribbean nations have the potential, and indeed the right, to aspire to more of these benefits. The government's role is to make sure that we are doing all that we can to harvest these benefits and make sure that the gains are evenly distributed.
Globalization has also facilitated the decrease in infant mortality, and an increase in literacy rates, which have risen to more than 70%. Millennium Development Goal statistics show that world poverty has declined - in the 5 years after 1993, for example, the number of people living on less than $1 a day (the newly adopted international poverty line) fell by more than 100 million. Life expectancy in developing countries is now around 65 years, only about 10 years less than in the industrial countries. Economic growth has also raised the demand for democracy and representation. A large part of the world's population now lives under elected governments.
The Carribean region needs to cover at least three core elements. First, it needs to develop a more supportive macroeconomic policy framework; second, make economies more flexible, especially in the labor market; and third, strengthen domestic institutions in areas critical to entrenching growth and macroeconomic stability. Of course, policies in these areas need to be phased in with full ownership; there are some clear near-term priorities, while others would naturally need a somewhat longer timeframe to be developed and implemented.
Globalization will continue to be a threat to the Caribbean and it is therefore important that ministers and heads of government within the Caribbean prepare themselves to mobilize stakeholders, civil servants, business men and women, other non-governmental organisations and citizens to help in minimizing the risk and capitalize on the benefits of globalization.
|
Tags
You must be logged in to add tags.
|
Writer Profile
Jae
This user has not written anything in his panorama profile yet.
|
Comments
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.
You must be a TakingITGlobal member to post a comment. Sign up for free or login.
|
|
