trade, information, finance broadened and expanded between countries,they act as on

global market, shrinking the world into one

and providing internation economic integration

-Internet/Technology acts as medium for globalization

level playing field for all countries- everyone can experience the benefits
exposure and access to global prices
erodes distinctions between countries
provides equality and equal access to some extent
removing advantages- fair treartment
medium for circulating the culture of various countries/ exposure
increasing interactions among international market
increasing trade from all countries
economic integration

-trade volume increases. productibvity increases, effieciency. opportunity for

development
MNC's or TNC's -have great economic power, unconcerned with social issues such as
poverty etc,
business organization that has multiple franchises globally
take advantage of developing countries. do not contribute back to the economy of
those countries, proftit sent back to place of origin. avoid taxes and tariffs on
goods

there is cheap labour in the caribbean. tariff breaks/ tax holiday. incentives,
freedom to repatriate profits ( send back profits)

if conflict arises. they can report back to countries which can result in
witholding foreign aid to the Caribbean
threatens the local industry

promotes job opportunities, improves standard of living, increased foreign exchange

technology enabled the world to be shrinked into one global village, exposure to
all countries in the world, able to see current events or anything thats going on.

comes with negatives and positives

negative- cultural imperialism where the culture of metropolitian countries are
forced into the caribbean culture. Caribbean starts to view the western and native
american culture as more superior or dominant. these countries control what is
published, sense of colonialism, cultural erasure, Caribbean culture is erased for
the western culture. traditions are replaced and discarded due to the influence of
these extra regional countries, due to the unlimited exposure to this controlled
media

positive-
world wide communication among countries. real time, increased trade among
countries and access, larger market, trade liberization among countries

WTO and World Bank- major organizations that use globalization to develop countries

trade liberization- free trade ( removing tariffs on imports)

workers are laid off to lower production costs and to maximize the benefits of
trade liberization. to increase competitiveness against other global industries.

tariffs are used to finance the production cost of industries in order to maintain
competitveness in the global market
market integration- increasing trade volumes leading to more productivity and
development among emerging countries, incresed capital flow

dominance of tnc's- provide little employment due to capital focus and

modernization, focusing on profits and lessening production costs, tnc barely
contributing to development as profit are repatriated to the original country.

organizations such as WTO IMF and World Bank were created with the idea of
providing economic development for all countries on a level playing field/ even
footing.
they have procedures to execute these goals
created to prevent occurences such as world wars and recessions/ great depression

imf-
provide financial stability through loans however conditional policies must be
implemented and followed by country, structured policies. Howver these policies
allow for a country to gain economic growth by reducing debt , the policies cause
widespread unemplotment, and poverty, very strict

reducing expenditure in sectors such as education, agriculture etc

privatizing state owned organizations or even selling them. government owned.

increasing interest rates in other to balance currencies

World Bank more available that the IMF, is there to promote economic development as
well as poverty reduction.provides loans for developing countries, implements
policies that reduce corruption, social injustice and issues that can hinder
development

WTO removes all borders , allows for economic and market integration. promotes
globalization, increases trade volumes, productivity and ultimately development in
countries, founded in 1995. unity among countries. handles trade disputes among
countries, administers trade agreements for countries, provides assistance for
developing countries.

protests, disagreeements, disputes against the WTO. developing countries dont agree
with the policies of the WTO because they are not as functional and competitive as
these developed countries, they need more leverage in order to achieve development.
it is difficult for them to adhere to the decisions of the WTO

EPA- Economic Partnership Agreement

Impact and Response to Globalization

The Caribbean Region is financially dependent on these industrialized and developed

countries,
Globalization highlights the control and power these nations still have on us, its
a fragment of colonialism in current times.

industrialization by invitation facilliated development through the advancement of

the infrastructure and empoyment sector in the Caribbean.
improved industries and commerce

labour is a factor of production, it is an integral and the first element to be

affected by globalization.
Due too the modernization of businesses, and the strategic processes that they
implement , they try to reduce production costs by laying off workers and
downsizing the private secter.
This is done to increase efficiency and competitiveness against these
industrialized and developed countries.

economies of the Caribbean arent enough to combat the problem of unemployement. A

solution among society is to migrate/migration

solution from gov.- providing scholarships and bonds for students to work in the
region

Globalization promoted the movements of the masses. united the global population
and their thoughts to influence and empower movements such as Black Lives Matter,
WAND, CAFRA

social movements intensified through the global mass media. influence to technology
producing a platform and interface for the entire world to communicate.

-caribbean Exports have decreased due to the removal of trade preferences.

for eg. The US traded with Jamaica in preference for bananas, 100K plus bananas
per year. However the WTO policy stated that for equal trade, there must be no
trade preferences among countries, this resulted in the US purchasing bananas from
Latin American as well to futfill the policies of the WTO. This resulted in
decreased consumer demand for bananas in Jamaica as there was the removal of trade
preferences, this severely affected the economy of Jamaica to a point where the
banana industry was abolished as profits were minimal.

lack of trade of local Caribbean Products from foreign countries.

Closure of large and small local industries since they cant compete with these
industrialized and developed countries.