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globalisation and its impacts on the caribbean

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  1. 1. ALEX ELLISMANAGEMENT OF BUSINESGRADE 13QUESTION: What are the benefits of globalization to Jamaica economy?Globalization can be defined as the process by which regional economies, societies, and cultureshave become integrated through a global network of communication, transportation, and trade.The Jamaican economy is a mixed developing economy in located in the Caribbean. Jamaicabeing a globalised economy has benefit from this process.Some general benefits of globalization to countries includes; countries are able to gaincomparative advantage where they specialize in producing goods at a lower opportunity cost,lower prices for consumers, bigger export markets, greater competition, higher economic growth,increased investment and greater efficiency.Jamaica being a globalized economy has benefited from bigger export markets from its localproduced especially bauxite where it is a leading producer of the product. Jamaica has being ableto export bauxite a number of countries world through globalization. Without globalization thiswouldn’t have made possible because their will be barriers to communication and trade. Jamaicabeen able to export bauxite has benefits the Jamaican Gross Domestic Product (GDP) where itmakes up a portion of the countries GDP. This in turn increases the capita per head of thecountry. The country is also able to export other goods such as banana, citrus, cocoa and labour.Also through globalization the country is able to export workers to work on farms in the UnitedStates of America, Canada, United Kingdom and other countries through a program known asthe “Farm work Program” which is set up by the government and some private individuals. Theexportation of these people has increased the foreign earnings for the country over the years, ALEX ELLIS
  2. 2. these foreign earnings is known as remittances, remittance today has make up a lager amount ofthe foreign earnings for the country. This movement only could make possible throughglobalization because here we have seen communication, trade and transportation taking placebetween several countries.Jamaican consumers are able to enjoy a variety of products through globalization. They are ableto consume goods that are not able to produce locally such as machinery, transport equipmentand some food items. Consumers are also able to get competitive prices for goods and servicesthus increasing their purchasing power (the value of a particular monetary unit in terms of thegoods or services that can be purchased with it). This has benefited the Jamaican consumerssince through globalization they are now able increase the standard of living, since they can getto purchase and use products just like how the industrialized countries such as the United Statesof America.The Jamaican economy has benefited from globalization via investments. Through globalizationthe country has been able to increase the total investment in the country which will increase thecountry’s gross domestic product as well. Through globalization and trade liberationmultinational companies such as KFC, Burger, Digicel and others come in and investment in thecountry resources where by providing jobs for the unemployed and also help with thedevelopment of the country, where they sponsor cultural events such as rising stars, all togethersing and the Digicel Premiere League. These investments by these individuals and companieshave also help the country to use up some of its resources that were laid idle. Example Digicelemploys over five hundred workers throughout the island wide to do various jobs; all thosepersons that are employed by Digicel were previously idle resources or will be idle resources ifDigicel hadn’t come in with this investment. ALEX ELLIS
  3. 3. It can be concluded that globalization although has some negative impacts to society has benefitthe Jamaican economy in various ways such as a bigger export market for its product, widerchoice for its consumers and increase in investments in the country. ALEX ELLIS