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Benefits of Globalization upon the public and private sector within Barbados and the Caribbean With the

exspansive effects of globalization, its impact upon Barbados and the Caribbean region has been and still is resulting in benefits at all levels of society, with its prevelance becoming more noticeable here as of late. Interestingly enough more efforts are being to made by states to fall in line with the globalisation trend and seize the advantages and benefits of operating in such a manner, despite some downfalls ofdoing so. As in most situations of pros being weighed against cons the sheer limitless reach and growth of globalization, begs for one to focus on the benefits to enable a better understanding of it, or atleast attain a better grasp as to why nations embrace it.. As a result a look into these benefits upon Barbados and the Caribbean region will be undertaken. The two main areas from which this discussion will take place will be the public sector and private sector within regional states. Generally speaking in relation to globalization, the positive results of globalization have similar effects/results on both sectors. It should also be noted improvement within one sector usually spurs improvement in the next. Inherently to better understand and discuss the benefits of it, the workings of globlization must be understood also. In brief globalization creates the ability for trade, culture exchange, education, provision of services cultures etc to be shared and exchanged amongst countries and regions by means of establishing relationships with each other. Becoming part of the 'global village'1 (term coined by Marshall McLuhan), has resulted in significant improvements for the public and private sectors of Caribbean nations. The PetroCaribe programme initiated by the Venezuelan grovernment

between 2004 and 2005 can be seen as an example. As a result of escalating oil prices, the programme agreed to by Caribbean government nations with the exception of Barbados and Trinidad & Tobago, allows them to purchase oil from Venezuela . "The benefit of the PetroCaribe scheme is that member countries are allowed to retain a part of their payment in the form of a very low interest loan repaid over a twenty five year period. This has enabled regional governments to use the programme for balance of payment purposes and budgetary support, while others have delayed due payments for long periods." 2 Additionally it allows payment in the form of produce such as bananas, rice, sugar. Through this preferential payment plan the funds remain available to the governments which can and may be used to reform/improve some other social or public sector aspect. It also encourages further trade between the nations. These developements now create improvement and oppurtunities for society and the private sectors within. Additionally initiatives such as the extablishment of the Regional Security System (R.S.S.) which provides a military and police relationship amongst several Caribbean nations. This body doesnt not specifically trade in tangible goods or produce, but provides the exchange of security information, expertise equipment & personnel, asisstance incases of national disasters and sercurity operations, as well as crosstraining. This relationship not only improves the capabilities of the individual nation's police and defence forces (with society becoming more secure and stable), as well as those of the region as a whole but it can also foster cultural exchange and a sense of unity These are but two examples of the somewhat countless public sector benefits in the region. Increased accountability, efficiency and less

corruption within government (and by extension the public sector), as well as the establishment of property rights and enforcement of laws in turn facilitates benefits for the private sector also. In relation to the private sector, as previously mentioned the increased competition and benefits casued by globalization affect the private sector in much the same way as the previously mentioned public sector. Access and introduction to new knowledge, services, technology etc, results in the improvement and evolution of business, which in turn impacts upon iverall efficiency and competition. The establishment of offshore companies within Barbados, can be used as an illustration. The exsistence of suitable infrastructure (relevant technology, adequate laws/regulations), encourage the creation of business and oppurtunities in this aspect. This business in turn encourages competition from within the global village to be attracted to such states, resulting in increased benefits and growth in the globalization effort.