Reference no: EM132868202

Globalisation

THERE is an ongoing debate on the impact and implications of globalisation. One school of thought argues that globalisation on the whole has been beneficial to mankind and is irreversible.

Critics of globalisation have pointed out that many of its effects are harmful, especially to the poor, and that whatever positive results exist are in any case very unequally distributed between the rich and developed and the poor and underdeveloped.

Those expressing concerns about the professed benefits of globalisation/global capitalism include William Greider, One World, Ready or Not: The Manic Logic of Global Capitalism (1998).

A balanced approach to globalisation recognises that it provides opportunities and entails risks. The capacity to deal with both aspects differs widely and hence globalisation produces both winners and losers. The discussion of the consequences of globalisation is made complex by its all-encompassing and multi-dimensional nature and hence assessments have to assay a wide range of topics.

Globalization, by insisting upon the reduction or removal of import duties on some products, has been criticized as driving out some Jamaican producers from the Jamaican market. This follows from our failure to compete; as a factor in generating unemployment, then, this must be included among the negative aspects of globalization.

But there is a countervailing consideration. When import duties are removed, prices fall; and consequently, low-income consumers benefit from globalization by having access to cheaper imports. Where free trade prevails, it is also likely that Jamaicans will have access to goods of a higher quality, simply on the basis that variety and competition are likely to enhance production standards.

On the positive side, increased investment flows promote employment possibilities for Jamaicans at home. It may also mean that companies with the latest expertise in areas such as information technology will come to Jamaica as part of their global outreach. The establishment and rapid growth of Digicel in the Caribbean is an example of the contribution which foreign investment may make in developing technical skills and knowledge

Question

Globalisation has a had a significant impact on the Caribbean. Critically analyse