Question

Discuss THREE ways in which globalization has positively impacted the Caribbean?

Answer 1

Globalisation has affected Caribbean in several positive ways, such as increased demand for raw materials, linked to strong economic growth in East Asia, China and India, and will continue to benefit, in particular, regional producers of mining products – Trinidad (oil), Guyana (bauxite) and Jamaica (bauxite and alumina). In recent years, several Latin American countries, such as Chile, Brazil, Venezuela and Peru, have undergone improved trading conditions, an export boom, expanded trade surpluses, substantially improved current account balances and an accumulation of reserves.

Historically, the first wave of migration in the Caribbean took place between 1870 and 1913, leading to a major international mobilization of migrants. This cycle was disrupted by crises of war , economic crisis and political turmoil between 1914 and 1945. The new wave of globalization in the late 20th century has been driven by the mobility of capital and international business. While today we are living in a time of high global mobility and few constraints for those with a high degree of human and financial resources, such as managers, foreign investors, technology specialists, and others, the international labor market.

However, the migration scene in the Caribbean has changed and continues to change in recent decades. In general, this is because today's world is undergoing complex and rapid patterns of globalization. As a result of this trend, the migration of Caribbean people is unquestionably widespread and varied.

The tourist industry has increased international travel growth and has become the biggest foreign exchange earner in most Caribbean countries, although it continues to be the fastest-growing export industry in the world as a whole in the 1980s and 1990s. Similarly, the globalization of finance has led to the development of the offshore banking industry in the Caribbean. Territories such as the Bahamas, Barbados, Antigua, Aruba and the Netherlands Antilles and the Cayman Islands have actively exported their financial services.