One critical aspect of globalization is to fortify the integration with other countries, by trading which could eventually lead to syndication of prosperity throughout these countries. Globalization also contains how the local people view various things, to add, culture, religious beliefs and the improvement in technology. Countries would come across globalizing pressures since, the economic, political and ethnic development are in different levels among countries. The 3rd world countries are less developed than many other countries and their economies can be reported to be isolated from the globe current economic climate. (Arif, 2008).
Globalization makes the world a single place, which means it is common. With the advancement in technology, it has taken the world to be a connected place with the intro of the internet, telephones that have made created easy communication within the entire world. Therefore we can easily see a rise in modernity. (publisher mysterious, n. d)
Globalization can be termed as an activity which can assist in liberization of an country by the removal of government restrictions, which will lead to more investment within countries having an open market.
Although globalization can eventually develop the third world countries, additionally, it may cause the cultural barriers, which can eventually damage our cultural traditions. As Friedman stated in his publication, the globe is too connected because of globalization and this if one link in the string is loosened the complete interlink will be afflicted. He also discussed how the internet is very intrusive and that folks don't have any privacy any further. These are a few of the backlashes of globalization. He also mentioned that it'll be problematic for some countries to help make the transition economically, politically and culturally. (Friedman, 2000, pg. 427).
Globalization has its benefits and drawbacks, however, it could be used as the avenue to develop under-developed countries, because through globalization, every country can benefit after the proper operation systems are put in place. Third world countries would therefore have to focus on a lot more exportation of goods and services compared the importation. In the Caribbean, emphasis should be located on the travel and leisure, agriculture and processing industries to be able to compete on a global size. Bananas and Sugar are two essential foreign exchange earners for the Caribbean. However, both of these vegetation have been confronted with similar challenges. There has been no diversification in these vegetation and also the inadequate technological systems set up. The expense of producing banana and sugar and was very high and they were unable to meet up with the standard of the World Trade Firm. The absence of economies of range is another concern that has afflicted the sugar cane and banana industry in the Caribbean. (Balah Ahmed, 2001).
In Jamaica, tourism is another essential area which can help the country to compete on the global range. Inside the movie Jamaica ON THE MARKET, we have seen how Jamaica, the one of the very most indebted Caribbean Islands has tried out to boost its travel and leisure industry. As the agricultural industry has failed in some ways, the Jamaica is trying to boost the travel and leisure sector to be able to contend on a global market. You will find major tourism developments in the offing for Jamaica.
For example, the development of hotel companies, the building of another airport terminal and the building of more luxury resorts. While Jamaica is wanting to build up a sustainable travel and leisure sector, the people of Jamaica are being paid low salary and they also overlooked of the decision making process. (Ian Boxhill, n. d)
Barbados has desired to build up in their tourism industry by making their travellers attraction pleasing to the international market. They are suffering from an approach in improving their travel and leisure sector by sensitizing the neighborhood public. The government of Barbados recognized that due to resources Barbados has, tourism was a main area for producing, therefore, they placed a great deal of emphasis on the branding of this product, which made capital for the country. They saw the necessity to improve on quality and efficiency in the tourism sector. Barbados divided the tourism industry into industries; particularly, The Barbados Travel and leisure Product Development and the Barbados Tourism Marketing Company. Using this method, they were able to better be competitive in the travel and leisure industry and keep maintaining international expectations. They saw the need to widen the tourism industry for sustainable development. (Research and Planning Device, 2009).
Other Caribbean Islands have observed the need to develop its business like Trinidad, Grenada and the other islands. The Caribbean's current position in the global overall economy is not at its best. Firstly, it is crucial that the Caribbean areas realize the need for integration in order to be a benefactor in the global world. The need for integration is necessary. So far, the Caribbean has tried out to implement the Caribbean Solo Market and Economy, which is part of the integration process which allows for free movements of men and women including college or university graduates and music artists, trading of goods between islands, removing tariffs. Research and Development was another area that was undeveloped in the sweets and banana industry. (Tony Fraser, 2004).
The concept of the golden upright jacket must be executed in the Caribbean place for these islands to engage in lasting development. With regards to the golden straight coat, Caribbean countries need to recognize the position that they are in and use different strategies to suit the needs of the united states. For example, Trinidad, Guyana, Barbados and Jamaica tend to be developed in comparison with the OECS islands. Therefore, a technique that may help Trinidad might not necessarily be employed by Grenada. Each country must adopt ground breaking ways to compete on the global market by expanding competitive strategies which will lead to competitive advantages. As Friedman explained, "When a country wears the fantastic straight coat, the country's economy will increase and their politics will shrink. " (Friedman, 2000, pg. 106).
The Caribbean should adhere the gold straight jacket guideline by causing privatizing and sustaining the private sector that will fuel economic growth. The rate of inflation is relatively saturated in the Caribbean and prices have a tendency to fluctuate. Furthermore many of the Caribbean Islands have put in place the worthiness Added Taxes (VAT). In conditions of problem the Caribbean has to eliminate the problem with the government authorities. They need to reduce monopolies. For example, throughout the Caribbean, the utlility companies are monopolies, with the exception the telephone companies in a few islands. These factors constitute a section part of the golden straight jacket rules, which if implemented, the Caribbean can easily see itself on the global market and by further expansion have sustainable development. The Caribbean has a long way to move in implementing the guidelines of the direct jacket. Although this is only a theory, but this is a theory that can help the Caribbean in competing on the global market. The Caribbean must use its natural resources.
In order for the Caribbean to go from developing to growing market status, it is imperative these islands come together as one to be competitive in the global market. A great way they can do that is by having one currency. One currency allows countries to increase economically. One money permits more transparecny cost, less doubt and less transaction cost. Intially, this may result in a chance cost, however, in the permanent it will be benefical to the entire Caribbean. As well as the single money, the Caribbean should be more creative. We are a creative people, but we need more people to be creative. The Caribbean is developed in terms of its historical and ethnic forms, however, in order to develop financially into emerging marketplaces, education is an integral factor. "Education is strongly correlated with economical development. " (Cavusgil, Knight and Riesenberger, 2008, pg. 257)
Each Caribbean land needs to concentrate on one main area of export, as opposed to all the Caribbean islands focusing on the same region of exporting of goods and services. For instance, Barbados is an ideal travel and leisure industry. Therefore Barbados should give attention to travel and leisure. Jamaica and Trinidad are in the making industry, therefore they have to place focus on developing those areas. Guyana has a lot of land, therefore they can place focus on developing for the reason that area. These are simply a few exmaples showing the way the Caribbean is varied in several areas and if indeed they pool their resources and focus on different areas, they can eventually are more competitive and move from third world countries to rising markets.
Globalization is therefore a springboard to creating income for a country and the Caribbean can be an exception to this benefit. Although, there were backlashes from globalization it can still foster development and increase the trading across borders expecially on an international level. Under-developed countries need to adopt a few of the tactics of the developed countries and they'll eventually emerge into globalized market segments.
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